Full text of H.16 Capital Market Developments : February 20, 1979
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% % Oc % vw Capital Market Developments % February 20, 1979 Prepared by the CAPITAL MARKETS SECTION in conjunction with the MORTGAGE and CONSUMER FINANCE SECTION DIVISION OF RESEARCH AND STATISTICS BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM Washington, D C. 20551 i Index SUBSCRIPTION RATES: Weekly $ 1 5 . 0 0 per year or $ . 4 0 each in t h e United States, its possessions, Canada, and Mexico; 10 or more of t h e same issue t o * o n e address, $ 1 3 . 5 0 per year or $ . 3 5 each. Elsewhere, $ 2 0 . 0 0 per year or $ . 5 0 each. Address requests to Publications Services, Division of Administrative Services, and m a k e p a y m e n t remittance payable t o t h e order of t h e Board of Governors of t h e Federal Reserve System in a f o r m collectible at par in U.S. Currency. TABLES 1 - 6 7, 8 SECURITY VOLUME AND YIELDS STOCK MARKET AND SECURITY CREDIT 9 - 1 6 MORTGAGE MARKET SYMBOLS e P r n.a ESTIMATE PRELIMINARY REVISED NOT AVAILABLE DATA DO NOT EXIST Table 1 YIELDS, VOLUME AND RECEPTION CORPORATE BOND MARKET YIELDS WEEK ENDING 1978-Dec 1 8 15 22 29 1979-Jan. 5 12 19 26 Feb. 2 9 16 VOLUME 2 3 GROSS OFFERINGS ( $ MILLIONS) RECENTLY OFFERED A a a UTILITY 9.27 9.28 9.29 9.28 9.31 9.35 9.54 9.51 388 455 560 5 0 92 86 75 100 9.51 9.55 9.57 9.45 10 0 530 187 100 97 100 18 0 9.40 9.51 9.54p 663 454 20 100 97 100 0 15 0 —— 9.54 •— mm 9.42 PER C E N T S O L D BY END O F WEEK NEW I S S U E S 4 IN SYNDICATE ( $ MILLIONS) NEW ISSUE 1 A a a UTILITY 30 64 140 0 0 —— MUNICIPAL BOND MARKET YIELDS WEEK ENDING VOLUME MOODY'S NEW ISSUE Aaa BOND BUYER 2Q-BOND INDEX GROSS OFFERINGS ( $ MILLIONS) 3 PER C E N T S O L D BY END O F WEEK NEW I S S U E S 4 IN SYNDICATE ( $ MILLIONS) 1978-Dec. 1 8 15 22 29 5.55 5.70 5.85 6.05 6.05 6.29 6.29 6.45 6.67 6.61 753 1,103 1,339 470 14 81 88 83 89 90 169 239 340 209 174 1979-Jan. 5 12 19 26 6.05 6.00 6.00 5.75 6.58 6.50 6.48 6.30 137 960 488 460 78 89 94 87 78 151 65 77 Feb. 2 9 16 5.70 5.60 5.60 6.22 6.31 6.33 393 265 596 81 80 77 115 53 156 NOTES: 1 Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5 year call protection. 2 Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection, released from price restrictions sometime during the last four weeks. 3 Estimated by F.R. on the basis of available data. 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. Table 2 HIGH GRADE BOND YIELDS NEW I S S U E A a a UTILITY DATE 1 RECENTLY O F F E R E D A a a UTILITY 1974 - High Low 10.61 (10/4) 8.05 (2/15) 10.52 (10/11) 8.13 (1/4) 1975 - High Low 9.80 (5/2) 8.89 (2/7) 1976 - High Low 2 MOODY'S S E A S O N E D CORPORATE A a a 3 U.S. GOVT. 20-YEAR C O N S T A N T MATURITY 4 B O N D BUYER 2 Q - B O N D INDEX 9.39 (10/11) 7.73 (1/4) 8.68 (8/30) 7.39 (1/4) 7.15 (12/12) 5.15 (2/7) 9.71 (5/25) 9.06 (2/28) 9.01 (5/2) 8.57 (2/28) 8.63 (9/19) 7.63 (2/21) 7.67 (10/3) 6.27 (2/13) 8.95 (5/28) 7.93 (12/10) 9.10 (1/2) 7.84 (12/31) . 8.66 (5/28) 7.91 (12/31) 8.17 (5/28) 7.27 (12/31) 7.29 (1/2) 5.95 (12/16) 1977 - High Low 8.36 (12/16) 7.90 (1/7) 8.48 (12/30) 7.95 (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 9.29 (12/15) 8.60 (3/24) 9.54 (12/22) 8.48 (1/6) 9.27 (12/29) 8.30 (1/6) 9.00 (12/22) 8.02 (1/6) 6.67 (12/22) 5.58 (3/17) 1978 - November December 9.27 9.28 9.27 9.41 9.03 9.16 8.75 8.90 6.19 6.51 1979 - January 9.54 9.51 9.25 8.98 6.47 9.54 9.51 9.55 9.57 9.45 9.26 * 9.26 9.28 9.24 8.99 9.01 9.03 8.95 6.58 6.50 6.48 6.30 8.89 9.00 9.04p 6.22 6.31 6.33 1979 - Jan. Feb. 5 12 19 26 2 9 16 - - 9.42 9.40 9.51 9.54p 9.19 9.23r 9.24p NOTES: 1 Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection. 2 Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection released from price restrictions sometime during the last 4 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 bonds used in this index falls midway between the four top groups as classified by Moody's Investors Service. Weekly Bond Buyer data. 5 5 Table 3 LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS IN MILLIONS OF DOLLARS G R O S S PROCEEDS January February March April May June July August September October November December Q1 02 03 04 1st Half 3 Qtrs. Year 1 CORPORATE PERIOD 2 1978 1977 1979 1978 1977 3,275e 3,013 2,657 4,442 4,362 2,792 5,578 2,900e 3,306 2,753 4,844 3,402 3,442 4,063 3,285 4,035 5,215 3,998 3,797 5,660 3,824 5,525 4,369 3,409 4,566 5,786 4,226 3,311 3,832 4,289 3,469 4,177 3,920 6,407 2,323 3,113 4,118 4,013 3,750e 3,200e 4,150e 4,221 5,331 6,531 3,231 4,320 3,690 3,807 3,332 3,646 10,112 12,535 11,369 11,lOOe 12,732 13,455 11,935 16,083 10,903 13,718 12,650 11,241 10,907 13,761 11,244 10,785 22,647 34,016 45,116 26,187 38,122 54,205 24,621 37,271 48,512 24,668 35,912 46,697 NOTES: 1 Securities and Exchange Commission estimates of gross proceeds. 2 Securities Industry Association estimates of principal amounts. STATE AND LOCAL 1979 Table 4 NEW CORPORATE SECURITY I S S U E S BY TYPE OF ISSUE AND ISSUER IN MILLIONS OF DOLLARS G R O S S PROCEEDS BY TYPE OF ISSUER G R O S S PROCEEDS BY TYPE OF ISSUE PERIOD TOTAL MEMO BONDS COMMON MANUFACAND ISSUES INCLUDED PUBLICLY PRIVATELY PREFERRED TURING PLACED OFFERED FOREIGN CONVERTIBLE STOCK 6 3,031 2,707 268 6,498 3,527 108 2,874 346 3,440 5,606 4,975 3,250 2,214 272 495 6,215 3,506 4,217 275 4,054 5,867 39 5,999 PUBLIC UTILITY COMMUNICATIONS OTHER ISSUERS 3,047 4,125 2,901 4,246 1,415 1,059 644 1,320 5,238 4,830 5,140 6,460 1977 - I II III IV 12,732 13,455 11,935 16,083 1978 - I II III 10,112 12,535 11,369 4,748 5,421 5,284 3,383 4,196 3,868 1,981 2,918 2,217 233 260 120 4 158 115 2,218 2,898 2,534 2,367 3,672 3,012 844 384 1,120 4,684 5,581 4,701 1977 - September October November December 4,177 4,221 5,331 6,531 1,908 2,114 2,211 1,542 1,569 979 1,200 3,820 700 1,128 1,920 1,169 22 10 89 176 208 1 22 16 833 731 782 2,541 1,501 1,437 1,729 1,080 322 8 1,013 299 1,521 2,045 1,805 2,610 1978 - January February March April May June July August September 3,013 2,657 4,442 3,285 4,035 5,215 4,226 3,311 3,832 1,382 1,464 1,902 1,958 1,719 1,744 2,177 1,497 1,610 998 667 1,718 853 1,277 2,066 1,541 1,032 1,295 633 526 822 474 1,039 1,405 508 782 927 233 . 0 0 12 106 142 80 40 0 0 0 4 20 2 136 16 6 93 273 716 1,229 549 878 1,471 842 721 971 644 465 1,258 743 1,685 1,244 799 875 1,338 519 34 291 35 1,578 1,441 1,665 1,960 1,470 2,151 2,231 1,162 1,308 NOTES: 1 Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other. Source: Securities and Exchange Commission. — — 349 353 552 215 1 # « # # # # • # i t T a b l e 5A INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' January 29 through February 16, 1979 ISSUER CORPORATE AMOUNT (MILLIONS OF DOLLARS) TYPE Houston L i g h t i n g & Power Co. Citicorp B e n e f i c i a l Corp. Morton 1 s Shoe Co. P a c i f i c T e l . & T e l e . Co. Southern Railway Co. Texas Power & L i g h t Co. Houston I n d u s t r i e s I n c . Puget Sound Power & Light Co. Texas Power & L i g h t Co. Commonwealth Edison Co. Ohio Edison Co. Arizona P u b l i c S e r v i c e Co. E c h l i n Manufacturing Co. M i s s o u r i P a c i f i c R a i l r o a d Co. Pfd. stk. Notes** Notes Debt. Debt. Equip, t r . 1 s t mtg. Com. s t k . Pfd. s t k . Pfd. s t k . Com. s t k . Com. s t k . Pfd. stk. Com. s t k . Equip, t r . 500.0 150.0 16.0 300.0 24.0 100.0 58.0 50.0 30.0 187.0 99.0 60.0 25.5 19.9 OTHER Hydro-Quebec European Investment Bank European Investment Bank O n t a r i o , P r o v i n c e of Debt. Bonds Bonds Bonds 200.0 150.0 100.0 300.0 NOTES: MATURITY — 2004 1985 1996 2016 1980-1994 2009 OFFERING YIELD 9.04 11.05 9.40 12.75 9.88 10.20-9.35 9.42 MOODY'S/S&P'S RATINGS Aa/AA Aaa/AAA Aa/AA B/B A/A+ Aa/AA+ Aaa/AAA 9.36 8.90 Baa/BBB Aa/AA 8.80 A/A- —— — — ' " 8.80 —— 1980-1994 2009 1986 1999 2009 „ Rights offering. 1 includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings. 9.04 11.05 9.40 12.75 9.88 9.25 9.38 9.36 8.84 —— —— # ** F l o a t i n g - r a t e n o t e s . COUPON RATE 9.38 10.00 9.63 9.88 9.75 • W 10.20-9.40 10.00 9.73 9.88 9.83 Aa/AA Aa/AA Aaa/AAA Aaa/AAA Aaa/AAA oo Table 5B INTERMEDIATE AND LONG-TERM * PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' January 29 through February 16, 1979 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY S / S & P ' S RATINGS STATE AND LOCAL P h i l a d e l p h i a , Pa. P h i l a d e l p h i a , Pa. C h a r l e s t o n C o . , S.C. Charleston Co., S.C. Louisiana, State of I s l i p , N.Y. C h a r l o t t e , N.C. S y r a c u s e , N.Y. F l o r i d a , S t a t e of M a r t i n s v i l l e I n d u s t . Dev. A u t h . , Va. M a r t i n s v i l l e I n d u s t . Dev. A u t h . , Va. J o n e s b o r o , Arkansas J o n e s b o r o , Arkansas San Bernardino Redev. A g c y . , C a l . San Bernardino Redev. A g c y . , C a l . San B e r n a r d i n o Redev. A g c y . , Cal. South C a r o l i n a , S t a t e of S t a r k C o . , Ohio S t a r k C o . , Ohio T e x a s , S t a t e of New York S t a t e Dora. Auth. P l e a s a n t s C o . , W. Va. Kentucky Hgr. Educ. S t u d e n t Loan Corp. A r l i n g t o n I n d e p . Sch. D i s t . , Texas G.O. G.O. Rev. Rev. G.O. G.O. G.O. G.O. G.O. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. Rev. Rev. G.O. Rev. Rev. Rev. G.O. 16.6 43.4 9.5 12.9 91.8 10.3 10.6 15.5 117.5 4.9 5.2 6.0 14.0 7.0 6.0 21.8 22.2 10.4 11.8 35.0 19.8 25.0 30.0 16.0 . NOTES: 00 1 Includes only state and local security offerings of $10 million and over; excludes secondary offerings. 2 For State and local government securities, G O. denotes general obligation; Rev. denotes revenue obligations. * G r e a t e r than 12 months. 1980-2004 1980-2009 1983-1993 2008 1980-1999 1980-1999 1981-1999 1979-1993 1981-2008 1982-1996 2004 1981-1998 2011 1981-1994 2000 2011 1979-1995 1981-1997 2005 1987-1996 2009 2009 1982 1982-2001 7.70 7.77 7.23 7.23 5.51 5.95 5.33 5.86 7.16 7.16 — 7.15 7.15 7.15 5.24 5.17 7.59 5.86 5.61 6.60-6.90 6.60-7.58 5.90-6.80 7.25 5.10-5.70 5.25-6.00 5.00-5.70 5.25-5.60 5.10-6.10 5.80-6.80 7.30 5.50-7.00 7.25 5.60-6.75 7.00 7.13 5.00-5.30 5.40-7.00 7.25 5.00-5.25 7.63 7.75 5.40 5.10-5.85 Baa/ABaa/AA/AA/AAa/AA A/AAA Aaa/AAA Aa/— Aa/AA A/A A/A —/AA —/AA — /A —/A —/A Aaa/AAA A-1/A+ A-1/A+ Aaa/AAA Baa/A+ --/BBBAa/AA Aa/A+ e e # # # # * # # Table 5B Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY January 29 through February 1 6 , 1979 ISSUER TYPE STATE AND LOCAL Nevada Housing D i v i s i o n Nevada Housing D i v i s i o n Nevada Housing D i v i s i o n Nevada Housing D i v i s i o n Wood County, W. Va. Wood County, W. Va. Monongalia County, W. Va. Monongalia County, W. Va. Dade C o . , F l a . Dade C o . , F l a . New York, S t a t e o f Kansas, S t a t e o f Washington Pub. Power Supply S y s . Washington Pub. Power S u p p l y S y s . Washington Pub. Power S u p p l y S y s . Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. Rev. Rev. Rev. Rev. AMOUNT (MILLIONS OF DOLLARS) 1.6 1.8 2.1 8.5 8.3 13.0 7.8 12.3 18.6 43.0 132.6 40.0 48.0 43.0 84.0 MATURITY 1982-1989 1995 2000 2012 1981-2000 2011 1981-2000 2011 1979-1988 1979-2008 1980-2009 1983-1995 1989-2003 2010 2018 NET INTEREST COST - - - - - - - - 5.65 6.30 6.27 5.63 7.16 7.16 7.16 OFFERING YIELD 5.40-5.80 6.13 6.40 6.80 5.40-7.00 7.20 5.40-7.00 7.20 5.30-5.60 5.20-6.30 5.40-6.50 5.20-5.75 5.80-6.95 7.13 7.25 MOODY'S/S&P'S RATINGS Aa/AA Aa/AA Aa/AA Aa/AA Aa/AA Aa/AA Aa/AA Aa/AA A/A Baa-1/AAA A/AA A-l/AA A-1/A+ A-1/A+ A-1/A+ 10 Table 6A FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of February 16, 1979 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING CORPORATE Duquesne L i g h t Co. Texas E l e c t r i c S e r v i c e Co. Georgia Power Co. Georgia Power Co. P a c i f i c Northwest B e l l T e l . Co. Caesars World I n c . L o u i s i a n a Power & L i g h t Co. P o r t l a n d General E l e c . Co. South C e n t r a l B e l l T e l . Co. Transamerica F i n a n c i a l Corp. Aristar Inc. El Paso E l e c t r i c Co. F e d e r a l E x p r e s s Corp. ^Minnesota Power & L i g h t Co. Duke Power Co. Southwestern B e l l T e l . Co. Columbia Gas System C i n c i n n a t i Gas & E l e c t . Co. Gulf S t a t e s U t i l i t i e s OTHER Stockholm 1 s t . mtg. 1 s t . mtg. 1 s t . mtg. Pfd. stk. Com. s t k . ( r t . ) Debt Pfd. stk. Com. s t k . Debt Debt Notes 1 s t . mtg. Com. s t k . Com. s t k . Com. s t k . Debt 1 s t . mtg. 1 s t . mtg. 1 s t . mtg. Debt 100.0 75.0 100.0 50.0 170.0 15.0 35.0 89.4 250.0 75.0 25.0 30.0 20.0 19.8 110.0 450.0 75.0 100.0 75.0 50.0 NOTES: • Included in table for first time. 1 Includes only corporate and other security issues of $15 million and over; excludes exchanges, options Feb. Feb. Feb. Feb. Feb. Feb. Feb. Feb. Feb. Feb. Feb. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. 20 20 21 21 21 22 22 27 27 6 13 13 14 20 21 21 22 Feb. 28 11 Table 6B FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As o f February 16, 1979 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING STATE * LOCAL Delaware S t a t e Housing Auth. * N a s h v i l l e & Davidson Co. Metro. H l t h . & Educ. Fac. B d . , Tenn. Albuquerque, N.M. Jacksonville Elec. Auth., Fla. Oyster Bay, N.Y. Iowa Housing F i n . Auth. Clark County Sch. D i s t . , Nev. W e s t l a k e , Ohio Cuyahoga County, Ohio Hawaii, S t a t e o f I l l i n o i s , State of Alaska Housing F i n a n c e Corp. •Michigan S t a t e Housing Auth. *Mesa U n i f i e d Sch. D i s t . # 4 , A r i z . • A l e x a n d r i a , Va. M i n n e a p o l i s S p e c i a l S . D . No. 1, Minn. New York S t a t e Housing Finance Agency S u l l i v a n County, Tenn. Milwaukee C o . , Wise. H o w e l l Pub. Sch. D i s t . , Mich. Connecticut, State of Redwood C i t y Gen. Imp. D i s t . , Calif. South Dakota Hsng. Dev. Auth. New York C i t y Educ. C o n s t r u c t i o n Fund S a l t R i v e r P r o j e c t A g r i c . Impr. & Power D i s t . , A r i z . Ohio, S t a t e o f • A r l i n g t o n , Texas • A r l i n g t o n , Texas Orange Cty. Muni. Water D i s t . , Calif. • A u s t i n , Texas •Anaheim Stadium I n c . , C a l i f . • S u l p h u r , La. Rev. 23.0 Rev. Rev. Rev. G.O. Rev. G .0. Rev. Rev. G.O. G.O. Rev. Rev. G.O. G.O. 17.4 78.2 48.0 11.4 150.0 14.0 24.6 18.8 75.0 150.0 72.0 41.0 12.9 16.2 G.O. 28.0 Rev. G.O. G.O. G.O. G.0. 70.0 10.0 47.7 21.0 125.0 Feb. Feb. Feb. Feb. Feb. G.O. Rev. 11.8 150.0 Feb. 27 Feb. 28 Rev. 90.0 Feb. Rev. G.O. G.O. Rev. 120.0 50.0 14.9 8.5 Mar. Mar. Mar. Mar. Rev. Rev. Rev. G.O. 79.4 80.0 26.0 10.0 NOTES: 1 * * Included in the table for the first time. nt. International Bank for Reconstruction Feb. 20 Feb. Feb. Feb. Feb. Feb. Feb. Feb. Feb. Feb. Feb. Feb. Feb. Feb. Feb. 20 20 20 21 22 22 22 22 22 22 23 23 26 27 Feb. 27 27 27 27 27 27 1 1 6 6 Mar. 7 Mar. 8 Mar. 13 Mar. 14 12 Table 6B Continued FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of February 16, 1979 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING STATE & LOCAL East Baton Rouge Parish Mort. Fin. Auth., La. ^California, State of Rev. G.O. 100.0 125.0 Mar. 15 Mar. 20 Table 7 STOCK PRICES AND VOLUME Xi DATE* NYSE INDEX 11 1974- H&W (3/l|3) (10/13) 1975- (7/l|5) L fi (1/0) "l! 1976- (9/211. (1/3) 1978 f i 1979 1979 Jan. Feb. - 1 u« if Egg 1*7.05 (7/12) |573T jmr (l/o£) 2 4 . 9 ( 1 / 3 * ^ ru to to y9 (9/&26) 7.5 ( 7 / i | 88.00 ( 7 / 1 5 ) 6 0 . 7 0 (1/2) 35.2 ( 2 / S ) 8.7 ( 9 / f e ) 4.2 (2/21) 92.52 (7/15) T r n r 44.5 (2/20) "tOr} f l / 0 — 8.6 (2/20) T8.U6" 35.3 (11/11) 1 0 . 6 (10/6.0) 1.1 (9/15) %0.3l 907.74 (9/8) 742.12 (2/28) 176?8f W 5 ) 1 1 9 . 7 3 (1/11) 139.25 (9/13) 9 9 . 0 9 (1/11) 6 6 . 4 ( 8 / 3 ) ft M S > 7.6 (1/20) 1.3 (1/20) 5 6 . 9 # (1/26) | 3 . 9 | (1/2) 859.75 (1/26) 811.42 (1/2) 162.35 (1/26) 152.03 (1/2) 1 2 7 . 0 4 (1/26) 1 1 7 . 8 4 (1/2) 37.1 (1/12) 18.3 (1/2) 4.3 (1/12) (11/2) 830.73 836.28 837.49 859.75 4 =55.8# s56.# rw m 122.05 123.74 124.65 127.04 i 160.33 161.04 162.35 8" o o 83B$3g g o g 'ts ru 822. 427' " r«- H t^lSOcOl 827.8,1" 163.15 #55.A | 5 4 : | o125.82 h123.76 125.57 rw j go, c*y .-"i (•-( r-j co t- t> c c •, irl tH t* k ) K) •> ^ L ^ M [ J i.O 27.4 30.4 OO mc CO c ifii-- o 24^71 h~? h-i r™ (i(^3o: 2.2 (1/22) K M uf u> M vi, U) 3 o. CL (D 5 Ll p. i-? - a, K 1 | g . B B O W. t; U kr n o t ce $ 8* rllv f o r Friday*. » .u. ^ 06 T; % w V; O o u> t; c t: b> to .p tn to m * &$ C Z3 S >• §: Si " NOTES: i f * ; j t I !a 7 » and lotif* are Fridays onlfe. 1 Figure* cRheetKen — 2. 5- " 's ;1. • „ . .. is Volume IguS^ire^weWcly averigit of daily figure 2 3 ilhale uhtil September 4, 1973 thereafter, bawd on market vahdbof *hare%li^d 4 3f2 3.3 2.9 m M 3 S "Z g i® 11/2) 23 I !8S i j a 3| c3tf0 CO ^ h / 2 ^ as. 1-2-r i=i s :*S' £l •II 5 0 ^ c; CL, O ID wti ("1 3 |» sIE g. 5% Io u3 11/10) 4.2 (1/13) 1.4 (9/22) I ^ I—* m 105.05 (12/30) f 93.66 (4/5) 1f 5' . 9 3! , zi. .KMIWWI 0) 96.53 (3/15) 54.87 (10/3) 1&7.89 ( 1 2 / 3 0 ) §55 19| 1014.79 (9/21) 858.71 (17TT TT- — A V -TWFZ*T-R*RI NYSE NASDAQ 999.75 (1/3) 800.85 (11/2) 1977L TRADING VOLUME STOCK PRICES eAMEX- m B J INDUSTRIALS 182-01 03/14) 891.66 (3/13) §8.26 ( 1 2 / 9 ) 577.60 (12/6) H* 9|6.86 ( 7 / 1 5 ) 881.81 (7/15) §2.20 (1/2) 632.04 (1/2) - i n - :iS TT 2 39 W ja Q CO 31 as c o w 14 Table 8 SECURITY CREDIT REGULATED MARGIN CREDIT EXTENDED BY END O F PERIOD OUTSTANDING BROKERS ON 1 BROKERS ON % CONVERTIBLE MARGIN BONDS STOCK 3 BANKS UNREGULATED NONMARGIN STOCK CREDIT AT BANKS 1977 - December 9,740 250 873 1978 - January February March April May June July August September October November December 9,590 9,780 9,920 10,260 10,660 11,090 11,190 11,740 12,400 12,090 11,000 10,830 246 242 246 248 245 242 247 243 225 216 209 205 851 2,565 877 2,544 855 2,544 914 2,560 s e r i e s discontinued ' : : 130 1978 - January February March April May June -150 190 140 340 400 430 100 550 August September October Novfember December NOTES: 1 : i6 -4 -4 4 2 -3 -3 5 -4 -18 , -9 660 -310 -1,090 —170 < % "I CHANGE IN OUTSTANDING 1977 - December 2,568 -22 26 i , ; . 44' -22 -59 16 s e r i e s discontinued m 'i | Margin account debt as reported by the New York Stock Exchange, excluding credit for subscription issues and convertible bonds. 2 New York Stock Exchange data. 3 June data for banks are universe totals; all other data for banks represent estimates for all commercial banks based on reports by i reporting sample, which accounted for 60 per cent of security credit outstanding at banks on June 30. j 4 Nonmargin stocks are those not listed on a national securities exchange and not included on the Board of Governors of the Federal Reserve System's list of OTC margin stocks. At banks, loans to purchase or carry nonmargin stocks are unregulated; at brokers, such Stocks have no value. ! I Table 9 SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS IN MILLIONS OF DOLLARS SAVINGS & LOAN ASSOCIATIONS MUTUAL SAVINGS BANKS REGULAR DEPOSITS DATE 1974 1975 1976 1977 NET FLOW 2,165 11,070 12,670 10,647 1978-June July August September October November , December^ 1,304 341 260 1,378 615 275 1,425 1978-June July August September October November . December^- 723 668 1,054 1,116 1,202 353 644 1 ANNUAL 3 GROWTH RATE 2.3 11.3 11.6 8.9 — —— • —— —— —— —— 6.4 5.9 9.2 9.7 10.4 3.0 5.5 NET NEW MONEY -2,822 4,757 5,275 2,874 -90 38 -75 -41 48 -59 -325 —— — —— 2 SHARE CAPITAL NET FLOW 16,006 42,769 50,169 50,963 NOT 6,656 3,074 2,312 6,433 2,645 2,157 5,895 4,675 3,846 4,578 5,757 3,510 4,399 3,803 NET NEW MONEY ANNUAL 3 GROWTH RATE 4,668 7.1 29,276 17.6 34,369 17.6 32,004 15.2. SEASONALLY ADJUSTED 1,744 2,812 2,069 1,606 2,534 — — 1,897 689 SEASONALLY ADJUSTED^/ 14.0 11.4 13.4 16.7 10.0 12.4 10.7 TOTAL 2 DEPC)SITS NET FLOW 18,171 53,839 62,839 61,610 7,960 3,415 2,572 7,811 3,260 2,432 7,320 5,398 4,514 5,632 6,873 4,712 4,752 4,447 NOTES: 1 Regular deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent e very small pert of total deposits. 2 New deposits net of both'withdrawals and interest. Data for SSL's are for insured associations only, which represent 96 per cent of industry total resources. 3 Annuel growth rate for monthly data is the annualized monthly percentage increase in deposits. 4 S e a s o n a l l y a d j u s t e d s e r i e s have been r e v i s e d due to r e c a l c u l a t i o n of s e a s o n a l f a c t o r s • SOURCE: N a t i o n a l A s s o c i a t i o n of Mutual Savings Banks and F e d e r a l Home Loan Bank Board. ANNUAL 3 GROWTH RATE 5.6 15.8 15.9 13.5 — 12.1 10.0 12.3 14.9 10.1 10.1 9.4 NET NEW MONEY 1,846 34,033 39,644 34,783 1,654 2,850 1,994 1,565 2,582 1,838 364 —— — —— — — - - 2 16 Table 10 MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS BILLIONS OF DOLLARS, SEASONALLY A D J U S T E D NET CHANGE OUTSTANDING COMMITMENTS PERIOD TOTAL MUTUAL ALL S A V I N G S SAVINGS B K S & LOAN ASSOCIATIONS (N Y. S T A T E ) TOTAL MUTUAL ALL S A V I N G S S A V I N G S BKS & LOAN ASSOCIATIONS (N Y. STATE) 1972 25.3 20.3 5.0 7.48 6.28 1.20 1973 20.0 16.4 3.5 -5.31 -3.92 -1.39 1974 14.7 12.4 2.3 -5.20 -3.91 -1.29 1975 20.2 18.2 2.2 5.81 6.06 - .25 1976 27.8 25.0 2.8 7.46 6.80 .66 1977 - Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 27.8 28.5 29.7 30.4 30.8 32.1 32.8 34.0 35.0 37.2 38.2 38. 3 25.0 25.5 26.5 27.2 27.5 28.3 29.0 30.1 30.9 32.7 33.5 33.7 2.8 3.0 3.2 3.2 3.3 3.8 3.8 3.9 4.1 4.5 4.7 4.6 .45 .66 1.20 .68 .47 1.32 .60 1.29 .97 2.23 1.05 .06 .38 .46 1.00 .68 .40 .79 .63 1.11 .80 1.86 .82 .16 .07 .20 .17 1978 - Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 38.0 37.3 36.9 36.5 36.2 36.1 36.0 36.4 36.7 38.8 39.1 38.2 3>6 33.0 32.7 32.3 31.9 31.5 31.5 31.9 32.3 33.9 34.0 33.2 4.4 4.3 4.2 4.2 4.3 4.6 4.5 4.5 4.4 4.9 5.1 5.0 -.32 -.70 -.40 —. 46 -.34 .02 -.11 .32 -.34 2.12 .30 -.95 — .08 -.61 -.34 -.42 -•39 - . 32 -.03 .36 • 42 1.63 . 10 -.85 — - .07 .53 - .03 .18 .17 .37 .23 - .10 — — - - . 24 .09 . 06 .04 .05 .34 . 08 . 04 . 08 ,49 .20 .10 NOTES: Based on data from Federal Home Loan Bank Board and Savings Banks Association of New York State. Both series include a minor amount of nonresidential commitments; S&L commitments also include loans in process. Net changes are derived directly from unrounded end of period outstanding levels as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding. 17 Table 11 NET NEW MONEY BORROWINGS BY MAJOR HOUSING AGENCIES IN MILLIONS OF DOLLARS TOTAL INCLUDING SHORT-TERM DISCOUNT NOTES PERIOD 1977-Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 12 —862 289 344 532 605 531 347 195 247 466 1,078 1978-Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. 399 1,712 887 848 3,091 1,492 1,605 Nov. TOTAL FHLB FHLMC FNMA 188 0 -200 0 -189 -393 -4 -1 1 -6 0 1979-Jan.-/ 0 -12 3,023 650 0 1,683 1,680 , -592 -354 746 297 203 553 301 -291 211 500 1,388 -17 600 1,483 1,276 1,881 1,182 1,131 1,630 885 2,183 1,811 Dec.- 1,108 NOTES: Based on data from Treasury Survey of Ownership. FNMA& FHLB SHORT-TERM DISCOUNT Sales of FHLB discount notes began in May 1974. 105 0 0 304 0 0 300 0 0 1,400 0 0 1,500 0 700 1,200 0 0 900 750 200 3 -47 -3 9 11 200 0 -12 -12 -17 -350 752 —8 200 600 0 -300 200 0 0 0 0 0 0 600 276 -19 1,000 1,200 -17 -18 181 -70 -15 183 0 0 950 1,700 0 1,250 18 Table 12 NET CHANGE IN MORTGAGE HOLDINGS IN MILLIONS OF DOLLARS PERIOD 1970 1971 1972 1973 1974 1975 1976 1977 TOTAL INCLUDING FNMA-GNMA 21,930 41,406 57,587 58,372 42,739 43,497 62,783 96,814 FINANCIAL INSTITUTIONS TOTAL COMMERCIAL BANKS MSB's S & L's 17,020 39,018 55,561 55,072 36,517 38,658 64,903 95,924 2,462 9,940 16,800 19,600 11,700 4,200 13,900 25,400 1,946 3,938 5,377 5,642 2,172 2,236 4,074 6,474 10,254 23,919 31,932 25,552 17,567 29,289 44,515 58,566 INSURANCE 1FNMA-GNMA COMPANIES 2,348 1,221 1,452 4,278 5,078 2,933 2,414 5,184 4,910 2,388 2,026 3,300 6,222 4,839 -2,120 890 406 304 488 854 373 850 556 320 498 473 608 1,244 773 728 998 984 883 485 Not S e a s o n a l l y A d j u s t e d 1978 - Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 5,757 6,255 8,951 9,404 10,707 11,625 9,149 11,061 9,357 9,444 9,408 1978 - Jan. Feb. M6r. Apr. May June July Aug. Sept. Oct. Nov. Dec. 7,816 8,104 9,050 8,710 10,172 10,037 8,505 10,147 8,968 9,609 10,150 5,437 5,757 8,478 8,796 9,463 10,852 8,421 10,063 8,373 8,561 8,923 1,600 1,700 2,600 2,600 3,500 3,700 3,200 3,700 2,800 3,000 3,200 412 344 553 486 569 6£2 674 636 516 500 594 2,200 3,019 3,409 4,837 4,856 5,021 5,660 3,991 4,721 4,294 4,265 4,184 3,502 1,006 763 796 945 Seasonally Adjusted 7,437 7,504 8,490 7,963 8,717 9,068 8,061 9,217 8,221 8,782 9,663 2,002 2,228 2,552 2,315 3,345 3,291 3,100 3,373 2,701 3,149 3,340 2,401 572 515 587 482 563 454 635 585 538 480 638 4,319 4,384 4,736 4,349 4,300 4,472 3,647 4,214 4,188 4,450 4,762 3,882 544 377 615 817 509 851 679 1,045 796 703 923 379 600 560 747 1,455 969 444 930 745 827 487 NOTES: 1 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 Assn. of Mutual Savings Banks, Federal Home Loan Bank Board, Institute of Life Insurance and, through August 1968, the Federal National Mortgage Association, and thereafter by FNMA and the Government National Mortgage Association. Data for mutual savings banks and for 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 8 3 per cent of the net increase estimated for all holders in 1974. 2 Beginning January 1972 data reflect activity in limited amount of conventional mortgages. Table 13 NET INCREASE IN MORTGAGE DEBT OUTSTANDING IN B I L L I O N S O F D O L L A R S , S E A S O N A L L Y A D J U S T E D A N N U A L R A T E S 2 QUARTER TOTAL 3 RESIDENTIAL TOTAL 1- t o 4 FAMILY MULTIFAMILY COMMERCIAL MULTFAMLY & COMMERCIAL FARM 1972 - I II III IV 67,9 73.9 77.2 88.8 49,8 53.9 58,6 64.1 38,5 40.7 47.7 48.4 11,3 13,2 11,0 15,7 14.7 16,5 14,9 21,1 26.0 29.6 25,9 36.8 3.5 3,5 3,7 3.6 1973 - I II III IV 82.0 86,7 79.8 71.1 57.5 59,2 55,4 48,9 49,4 46,1 42,9 41.1 8,1 13,1 12,5 7.9 18,8 21,7 19,4 16.7 27,0 34,8 31.9 24,5 5,6 5,8 5.0 5,5 1974 - I II III IV 71.1 69.6 53.6 47.7 50,4 45.9 34.1 30.4 40,8 39.0 27,4 26.1 9,5 7,0 6,7 4.3 17,2 18,8 13.7 11,4 26.7 25.7 20.3 15.7 3.6 4,0 5.8 5,9 1975 - I II III IV 45.8 53.0 61.3 68.7 32,0 38,1 45.1 50.4 31.1 38.7 45,2 50.5 0.9 *-0 • 6 -0,1 -0.1 8,6 10,1 12,1 14.2 9.4 9,4 12,1 14,1 5.3 4,9 4.0 4,1 1976 - I II III IV 80.9 74.5 93.1 99.6 62.5 55.0 72.7 78.9 61,0 55,2 68,9 76.5 1.5 -0.2 3,8 2.4 13.3 14.8 13.5 13,0 14,8 14,5 17.2 15.5 5.2 4.7 6.9 7.7 1977 - I II III IV 108.5 133.8 140.1 153.6 85.9 110.0 113.7 119,4 81.6 101.8 106,2 110.2 4.2 8.3 7.5 9.2 14,0 14.5 17.8 25,6 18.2 22,8 25.3 34.8 8.6 9.2 8.6 8.7 1978 - I II III 133.7 145.3 152.5 105.4 114.0 110.9 96.2 104.8 99,8 9.2 9.2 11,1 19.3 21,7 29.7 28,5 30,9 40.8 9.0 9,6 11.8 NOTES: 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 May differ somewhat from related flow of funds series mainly because of more aggregative type of seasonal adjustment. 3 Residential mortgage debt includes nonfarm only and is sum of 1 to 4- family and multifamily mortgage debt. T a b l e 14 N> O PRIVATE HOUSING PERMITS, STARTS, COMPLETIONS, AND MOBILE HOME SHIPMENTS IN THOUSANDS OF UNITS, SEASONALLY ADJUSTED ANNUAL RATES PERIOD TOTAL 1—FAMILY 2 - O R MORE FAMILY TOTAL 1—FAMILY 1969 1970 1971 1972 1973 1974 1975 1976 1977 1,324 1,352 1,925 2,219 1,820 1,074 939 1,297 1,677 626 647 906 1,033 882 644 676 894 1,125 698 705 1,018 1,186 937 431 264 403 552 1,407 1,434 2,052 2,357 2,045 1,338 1,160 1,538 1,987 811 813 1,151 . 1,309 1,132 888 892 1,162 1,451 1978 - J a n . Feb . Mar. Apr. May 1,526 1,534 1,647 1,740 1,597 1,821 1,632 1,563 1,731 1,719 1,724 1,680 1,032 957 1,037 1,157 1,058 1,123 1,035 1,020 1,0-92 1,127 1,114 1,158 494 577 610 583 539 698 597 543 6 39 592 610 522 1,548 1,569 2,047 2,165 2,054 2,124 2,119 2,025 2,075 2,016 2,155 2,125 1,156 1,103 1,429 1,492 1,478 1,441 1,453 1,440 1,463 1,455 1,558 1,533 June July Aug. Sept. Oct. Nov. Dec. COMPLETIONS STARTS PERMITS 1 2 - O R MORE FAMILY 656 621 901 1,048 914 450 268 376 375 392 466 618 673 576 683 666 5 85 612 651 597 592 TOTAL ! | 1—FAMILY 2 - O R MORE FAMILY MOBILE HOME SHIPMENTS 1,399 1,418 1,706 1,972 2,014 1,692 1,297 1,362 1,652 808 802 1,014 1,143 1,174 932 867 1,026 1,254 592 617 692 828 840 760 430 336 398 413 401 497 576 567 329 216 246 277 1,759 1,696 1,821 1,943 1,854 1,890 1,943 1,967 1,971 1,845 1,812 1,300 1,233 1,363 1,515 1,426 1,344 1,289 1,364 1,456 1,410 1,324 459 463 458 428 428 546 65 4 603 525 435 488 324 265 285 252 258 263 232 283 2 72 300 312 308 NOTES: Private building permits (for 14,000 areas with permit systems, excluding farm), starts, and completions are Census Bureau data. A dwelling unit is started whgn excavation begins. In the case of apartment buildings, all units are considered started at that time; however, all such units are considered completed when more than half of the units in the structure are ready for use. Private mobile home shipments are Mobile Home Manufacturers Association data converted to seasonally adjusted annual rate by Census Bureau. 1 Permit data for 1969 and 1970 based on 13,000 areas with permit systems # # # # # # * # # T a b l e 15 AVERAGE RATES AND YIELDS ON HOME MORTGAGES EXISTING HOMES NEW HOMES SPREAD BETWEEN NEW A a a RETURNS ON NEW HOMES UTILITY CONVENTIONAL BOND AND HUD(FHA) YIELD NEW HOME DISCOUNT SPREAD (PERCENTAGE MORTGAGES (IN PER CENT) (BASIS (BASIS POINTS) POINTS) POINTS) HUD(FHA) INSURED LOANS SECONDARY MARKET CONVENTIONAL LOANS PRIMARY MARKET PERIOD RATE (IN PER CENT) SPREAD (BASIS POINTS) RATE (IN PER CENT) SPREAD (BASIS POINTS) YIELD (IN PER CENT) 1976 - High Low 9.05 8.90 91 5 9.10 8.95 95 10 9.06 8.25 59 8 4 .3 2.0 65 - 4 8.72 8.05 1977 - High Low 9.10 99 52 9.20 8.85 98 63 9.11 8.40 73 22 4 .7 1.7 40 4 8.31 8.01 1978 - Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 9.15 9.25 9.30 9.40 9.60 9.75 9.80 9.80 9.80 9.95 9.20 9.25 9.30 9.45 9.60 9.75 9.80 9.80 9.85 9.95 10.15 10.30 NA 54 47 53 58 59 72 100 79 72 NA NA 9.11 NA 9.29 9.37 9.67 NA 9.92 9.78 9.78 . 9.93 9.99 4 NA 1 3 - 7 NA 10.16 NA NA 46 45 65 NA 84 98 72 55 NA NA 4.7 NA 4.1 4.7 5.0 NA 3.1 2.1 10.30 NA 54 47 48 58 59 72 100 74 72 NA NA 2.1 3.6 4.8 2 2 2 11 14 NA 8.71 8.83 8.92 9.02 9.16 9.08 8.80 9.06 9.23 NA NA 10.30 NA 10.30 NA 10.17 NA 4.9 13 NA 1979 - Jan. 8.80 10.10 2.1 -12 NOTES: 1 Gross yield spread is average mortgage return before deducting servicing costs, minus average yield on new issues of high-grade utility bonds with 5-year call protection. Rates on conventional first mortgages (excluding additional fees and charges) are based on unweighted HUD (FHA) field office opinions on prevailing contract interest rates in the market areas of the insuring offices, rounded to the nearest 5 basis points. For secondary market data, weighted HUD office opinions on the average bid price for HUD (FHA) loans with minimum downpayment, prepaid in 15 years, for immediate delivery, are used. 22 Table 16 FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS GOVERNMENT-UNDERWRITTEN AMOUNT (IN MILLIONS OF DOLLARS) DATE OF AUCTION OFFERED AMOUNT (IN MILLIONS OF DOLLARS) OFFERED ACCEPTED AVERAGE YIELD ACCEPTED 10.69(12/27) 717(5/15) 363(5/15) 10.92(12/27) 1011(1/9) 605(1/9) Low 130(8/7) 80(8/7) J u l y 10 24 503.3 253.4 327.4 144.1 10.02 10.00 169.8 146.2 90.5 88.4 10.17 10.21 Aug. 7 21 130.3 368.8 80.1 197.1 9.82 9.80 74.7 150.0 47.5 81.0 10.15 10.07 Sept. 5 18 351.2 366.7 154.7 181.2 9.78 9.79 199.4 285.3 126.3 157.4 10.02 10.01 2 16 30 682.4 425.4 857.0 278.6 176.2 377.6 9.91 9.98 10.20 395.5 336.1 425.2 166.9 148.8 179.9 10.10 10.18 10.31 Nov. 13 27 452.8 335.2 182.4 139.4 10.27 10.33 488.2 373.2 199.5 187.3 10.49 10.64 Dec. 11 27 283.4 343.6 144.4 175.2 10.40 10.60 262.2 155.2 141.5 79.4 10.77 10.92 8 23 211.0 93.9 101.1 54.3 10.67 10.73 71.2 42.3 36.0 22.1 11.02 11.13 6 42.4 37.9 10.61 19.4 17.9 11.07 1978 - High Oct. 1979 AVERAGE YIELD Jan. Feb. 9.13(1/9) 75(8/7) 48(8/7) 9.28(1/9) NOTES: Average secondary market yields are gross beforp deduction of the fee of 38 basis points paid for mortgage servicing. They reflect the average accepted bid yield for home mortgages assuming a prepayment period of 12 years for 30-year loans, without special adjustment for Federal National Mortgage Association (FNMA) commitment fees and FNMA stock purchase and holding requirements on 4-month commitments. Mortgage amounts offered by bidders relate to total eligible bids received.