Full text of H.16 Capital Market Developments : February 25, 1980

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

Yields, Volume and Reception: Corporate Bond Market
Yields, Volume and Reception: Municipal Bond Market
High Grade Bond Yields
Long-Term Corporate and State and Local Government Security Offerings and Placements
Treasury and Government-Sponsored Agency Marketable Coupon Offerings and Placements
New Corporate Security Issues by Type of Issue
New Corporate Security Issues by Type of Issuer
Public Offerings of Intermediate- and Long-Term Securities: Corporate
Public Offerings of Intermediate- and Long-Term Securities: State and Local
Public Offerings of Intermediate- and Long-Term Securities: U.S. Treasury
Public Offerings of Intermediate- and Long-Term Securities: Government-Sponsored Agencies
Forthcoming Public Offerings of Intermediate- and Long-Term Securities: Corporate
Forthcoming Public Offerings of Intermediate- and Long-Term Securities: State and Local
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 $15.00 per year or $.40 each in the United States, its possessions, Canada, and Mexico; 10 or more of the same issue to one
address, $13.50 per year or $.35 each. Elsewhere, $20,00 per year or $.50 each. Address requests to Publications Services, Division of
Support Services, and make payment remittance payable to the order of the Board of Governors of the Federal Reserve System in a
form collectible at par in U.S. Currency.




1. YIELDS, VOLUME AND 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?
11.16
11.37
11.35
11.39

Gross offerings3
($ millions)
425
668
287
0

Volume
Percent sold by
end of week
96
94
86

New issues in syndicate4
($ 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
22

12.96
13.27r
13.89p

12.35
12.80
13.17r
14.02p

311
458
320
114

74
100
97r
100

80
0
lOr
0

** mm

2. YIELDS, VOLUME AND RECEPTION
Municipal Bond Market
Week ending

Moody's new
issue Aaa

Yields
Bond Buyer
G.O.bond
index

Bond Buyer
Rev. bond
index

Volume
Gross offerings
($ millions)

Percent sold by
end of week3

New issues in
syndicate4
($ 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
22

6.80
7.00
7.00
7.60

7.52
7.71
7.75
8.46

8.30
8.47
8.53
9.14

578
549
525
526

87
84
83
96

157
120
110
80

1
2
3
4

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 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 Buysr. 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 utility1

Recently offered
Aaa utility2

1976-High
Low

8.95(5/28)
7.93(12/10)

9.10(1/2)
7.84(12/31)

1977-High
Low

8.36(12/16) 8 . 4 8 ( 1 2 / 3 0 )
7.90(1/7)

1978-High
Low

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

Date

Moody's
seasoned
corporate Aaa3

U.S. govt.
20-year constant
maturity4

Bond Buyer
G O. bond
index5

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

7.29(1/2)
5.83(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)

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

8.30(1/6)

9.00(12/22)

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

9.27(12/25}

8.01(1/6)

Bond Buyer
Rev. bond
index6

1979-High
Low

11.51(11/2)
9.40(8/17)

11.45(11/9)
9.39(6/29)

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-High
Low

13,89(2/22) 14.02(2/22)
11.51(1/11) 11.44(1/4)

12.71(2/22) 13.73(2/22)
10.88(1/4)
jlO.30(1/4)

8.46(2/22)
7.28(1/18)

9.14(2/22)
8.15(1/18)

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

6.20

Oct.
Nov.
Dec.

10.97
11.42
11.25

10.91
11.36
11.32

10.13
10.76

10,7 A

9.99
10.37

10.18

7.08
7.30
7.22

8.11
8.08

1980-Jan.

11.73

11.77

1

10.65

7.35

8.21

11.44
11.54
11.69

10.88

11.51

10.30
10.35
10.52

8.18
8.21

10.86

7.32
7.30
7.28
7.33

11.30
11.72
12.00r
12.73p

7.52
7.71
7.75
8.46

8.30
8.47
8.53
9.14

1980-Jan.

4

11
18
25

Feb.

1

8
15

22

1
2
3
4
5
6

11.61
12.08

12.11
12.35

12.96
13.27r
13.89p

12.80
13.17r
14.02p

i

10.91
10.99

11.22
11.49
11.95
12.19r
12.71p

6.13

6.52
7.80

8.15

8.20

Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection.
Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection released from price
restrictions sometime during the last four weeks.
Weekly average of daily closing figures.
Weekly average of daily figures. U.S. Treasury data.
Thursday figures. The average rating of the 20 general obligation bonds used in this index falls midway between the five top groups as classified by
Moody's Investors Service. Weekly Bond Buyer data.
Thursday figures. The average rating of the 25 revenue bonds used in this index falls midway b e t w e e n the five top groups as classified by Moody's
Investors Service. Weekly Bond Puyer data.




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

January
February
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

July
August
September
October
November
December

1978
3,306
2,753
4,844

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

4,692
4,167
6,247

3,824
5,525
4,369

3,444
3,039
4,717

4,414
3,379
4,236

4,095
4,083
4,308

3,920
6,407
2,323

3,396
4,251
2,472

3,799
3,207
4,401

4,561
3,834
4,350e

3,231
4,320
3,690

4,223
4,093
3,300e

47,264

51,678e

48,512

43,021e

Period

Year

1980
4,100e

1980
3,000e

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

5. TREASURY AND GOVERNMENT SPONSORED AGENCY BORROWING
Millions of dollars
Federal Government
Means of financing combined deficit
Net cash borrowing from the public 2
Public debt securities
Gov't,
Nonagency
Bills
Coupons
marketable securities

Combined
deficit(+)
or
surplus(-)1

Total 3

CY- Z -1977
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

Apr.
-9,834
May
4,822
June - 1 1 , 2 3 7

-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

July
8,167
Aug.
16,003
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

2,217
5,548
11,207

314

2,085

-1,216

-20

1,054
4,072
12,330

13,716
4,869
-10,333

3,196
2,546

Period

Oct.
Nov.
Dec.

14,646
8,941
1,997

Other

Decreased)/ Sponsored
increase(-)
agency
in cash
borrow! ng4
operating
balance

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

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

Total

Publicly
offered

Privately
placed

Common and
preferred
stocks

1976
1977
1978

53,488
53,792
47,230

26,453
24,072
19,815

15,927
17,943
17,057

11,108
11,777
10,358

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

2,031
2,953
2,344
3,030

413
341
181
157

4
158
127
129

1979-Jan.
Feb.
Mar.

3,770
3,170
4,401

1,282
1,336
1,904

1,824
921
1,825

664
913
672

16
10
21

3
5
0

Apr.
May
June

4,692
4,167
6,247

2,984
1,999
4,171

1,129
1,576
1,185

579
592
891

23
1
8

759
350
385

July
Aug.
Sept.

4,095
4,083
4,308

2,247
1,973
2,167

867
886
854

981
1,224
1,287

257
90
423

153
159
228

Oct.
Nov.

4,561
3,834

2,669
1,583

863
1,006

1,029
1,245

10
n.a.

Period

50
24

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

Manufacturing

Public utility

^

Communications

15,495
13,393
10,813

14,418
14,127
12,232

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
503
1,147

94
336
501

2,222
2,079
1,172

Oct.
Nov.

1,485
482

1,769
1,267

480
856

825
1,229

1976
1977
1978

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- AND LONG-TERM SECURITIES: CORPORATE 1
Issuer

Date
1980
I n t e r n a t i o n a l T e l . & T e l . Corp "175
Ohio 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
Ohio E d i s o n Co.
2/5
Duke Power Co.
2/6
Montgomery Ward C r e d i t Corp.
2/8
Texas I n s t r u m e n t s I n c .
2/1
S h e a r s o n Loeb Rhoades I n c .
2/12
C a r o l i n a Power & L i g h t Co.
2/13
C e n t r a l I l l i n o i s Pub. S e r v . Co 2 / 1 3
Long I s l a n d L i g h t i n g Co.
2/14
A. E. S t a l e y M a n u f a c t u r i n g Co.
2/14
Sanders A s s o c i a t e s I n c .
2/20
A p p a l a c h i a n Power Co.
2/20
Gulf Power Co.
2/21
T a f t B r o a d c a s t i n g Co.
2/22
A l l i e d Chemical Corp.
2/22

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 .
Com. s t k .
1 s t . mtg.
1 s t . mtg.
Com. s t k .
Com. s t k .

Amount
(millions
of dollars
T3TTU
175.0
161.9
87.8
50.0

100.0
200.0
30.0
90.0
25.0
50.0
69.0
33.4
40.0
50.0

26.0

224.5

Maturity

Coupon
rate

TUU3" TTSJ
2020

1987
2005
2005

2010
2010
1987

2010

12.63
n.a.
n.a.
11.00
13.63
12.70
9.00
n.a.
13.63
14.25
n.a.
n.a.
14.75
15.00
n.a.
n.a.

Offering
yield

12.66
12.70
n.a.
n.a.
11.00
13.63
12.70
9.00
n.a.
13.63
14.25
n.a.
n.a.
14.75
15.00
n.a.
n.a.

*

Rights offering.

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
A/A
Aaa/AAA

A/ —
A/A
Aa/AA
--/BB
Aa/AA
A/A-

Baa/BBBA/A+

8
9. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL 1
Issuer
C h i c a g o , IL
C h i c a g o , IL
Pima Co. I n d u s t . D e v e l . A u t h . ,
AZ
Pima Co. I n d u s t . D e v e l . A u t h . ,
AZ
Pima Co. I n d u s t . D e v e l . A u t h . ,
AZ
Corpus C h r i s t i Hsg. F i n . Corp.
TX
Corpus C h r i s t i H s g . F i n . Corp.
TX
Corpus C h r i s t i H s g . F i n . Corp.
TX
Corpus C h r i s t i H s g . F i n . Corp.
TX
Los A n g e l e s D e p t . o f Water &
Power, CA
Los A n g e l e s D e p t . o f Water &
Power, CA
G a i n e s v i l l e , FL
G a i n e s v i l l e , FL
G a i n e s v i l l e , FL
San D i e g o , CA
San D i e g o , CA
San D i e g o , CA
San D i e g o , CA
Massachusetts Hsg. F i n . Agcy.
M a s s a c h u s e t t s Hsg. F i n . Agcy.
M a s s a c h u s e t t s Hsg. F i n . Agcy.
M a s s a c h u s e t t s Hsg. F i n . Agcy.
New York S t a t e Mtg. A g c y .
New York S t a t e Mtg. A g c y .
New York S t a t e Mtg. A g c y .
New York S t a t e Mtg. A g c y .
Colorado Hsg. F i n . Agcy.
Colorado Hsg. F i n . Agcy.
Delaware, S t a t e of
H o u s t o n I n d . S c h . D i s t . , TX
C o n n e c t i c u t H l t h . & Educ. F a c .
Auth.
C o n n e c t i c u t H l t h . & Educ. F a c .
Auth.
C o n n e c t i c u t H l t h . & Educ. F a c .
Auth.
West V i r g i n i a , S t a t e o f
Ohio, S t a t e o f
New York, S t a t e o f
D u v a l Co. H s g . F i n . A u t h . , FL
Duval Co. H s g . F i n . A u t h . , FL
Duval Co. H s g . F i n . A u t h . , FL
D u v a l Co. H s g . F i n . A u t h . , FL

1981
1981

Net
interest
cost
n.a.
n.a.

1982-1998

n.a.

Date
1980
2/1
2/1

Type 2
G.O.
G.O.

Amount
(millions
of$)
44.8
63.9

2/4

Rev.

13.5

2/4

Rev.

4.0

2011

n.a.

8.25

Aa/AA

2/4

Rev.

22.5

2012

n.a.

8.63

Aa/AA

2/6

Rev.

15.3

1981-1999

8.43

6.30-8.00

Aa/AA

2/6

Rev.

7.5

2003

8.43

8.25

Aa/AA

2/6

Rev.

20.9

2011

8.43

8.60

Aa/AA

2/6

Rev.

6.3

2012

8.43

8.60

Aa/AA

2/6

Rev.

25.0

1986-2000

2/6
2/7
2/7
2/7
2/12
2/12
2/12
2/12
2/12
2/12
2/12
2/12
2/13
2/13
2/13
2/13
2/14
2/14
2/14
2/14

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
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

2/20

Rev.

9.3

2/20

Rev.

6.6

2/20
2/20
2/20
2/21
2/22
2/22
2/22
2/22

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

10.1
50.0
35.0
100.6
19.8
10.4
56.8
13.0

Maturity

7.85
8.00
6.50-8.25

Moody's/S&P's
ratings
MIG-2/—
MIG-2/-Aa/AA

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

7.96^ U . 50-7.50
O/
7.96=
8.00
8.09= ',7.00-7.70
8.09-2 ,
8.00
8.09= '
8.17
n.a.
7.10-8.10
——
n.a.
n.a.
8.88
n.a.
8.89
8.96 6.80-8.50
8.96
9.00
8.96
9.25
8.96
9.24
9.15 6.75-8.30
9.15
8.82
9.15
9.03
9.15
9.25
n.a.
6.50-8.60
n.a.
8.35
7.35 6.50-7.70
6.86
6.30-7.00

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-1/A+
A-l/ArtA-1/A+
A-1/A+
A-1/A+
A-1/A+
Aa/AAAa/AA-

1985-2000

8.72

7.00-8.50

Aaa/AAA

8.72

8.63

Aaa/AAA

8.72
7.98
7.31
8.78
n.a.
n.a.
n. a.
n.a.

8.78
7.00-8.20
6.90-7.00
7.40-9.25
7.50-8.60
9.00
9.50
9.50

2005
2010
1981-2005
1982-1988
1981-2010
1980-1995
1999
2010
2011

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




Offering
yield

Aa/AA

A/AA-

Aaa/AAA

Aaa/AAA

A-l/AA+

Aa/AAA
A/AAAa/AA
Aa/AA

Aa/AA
Aa/AA

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

Payment
date

Length

Maturity
date

Coupon Auction
average
rate
(percent) (percent)

Amount (millions of dollars)
Net proceeds
Gross proceeds
Total

1

Private

Total

Private -

Memo:
Foreign
add-ons3

1 2

1980
Jan. 3
23

1/10
1/31

Feb. 5
6
7
20

2/15
2/15
2/15
2/28

1 5 y r . lmo. 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
12
7-l/4yr. 5/15/87
2/15/05-10 11-3/4
30yr.
2/28/82
13-7/8
2yr.

11.98)
12.02 (
11.84/
13.98

1,501
4,278

1,501
3,845

1,501
403

1,501
403

0
0

9,031

7,253

2,079

2,609

0

1 Excludes amounts sold to Government investment accounts and the Federal Reserve. Also excludes add-ons to foreign accounts.
2 May be larger than the total if the Government accounts and/or the Federal Reserve do not fully roll-over their maturing holdings.

3

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




0

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

Offering Payment
date
date

Length

Maturity
date

Yield
(percent)

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

1979

1979

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-yr.

9-mo

6/4/84

9.70

749

201

548

FNMA

9/26

10/10

3-yr.ll-mo

9/10/84

9.75

700

400

300

FFCB

10/11
10/11
10/11

10/23
10/23
10/23

3 - y r . 6-mo
7-yr.
10-yr.

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.lO-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

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 / 8 0

5-yr.

12/3/84

10.65

433

531

-98

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

10/26/81
8/25/83

12.85
12.25

900
600

1,850

-350

29-yr.

1980

1980

1/16
1/16
1/16

1/21
1/21
1/21

FNMA

1/31

2/11

5-yr.

FHLB

2/15
2/15

2/25
2/25

1 - y r . 8-mo
3 - y r . 6-mo

FFCB

FFCB
FHLB
FHLMC
FNMA

—
—
—
—

Federal
Federal
Federal
Federal

2-yr.l0-mo
5-yr.
10-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 2 2 , 1980
12. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE-AND LONG-TERM SECURITIES: CORPORATE 1
Issuer
Public S e r v i c e of Colorado
Public S e r v i c e of Colorado
P a c i f i c T e l . & T e l . Co.
P a c i f i c T e l . & T e l . Co.
Commonwealth E d i s o n Co.
G l o b a l Marine I n c .
R e l i a n c e Group I n c .
J . Ray McDermott
P a c i f i c T e l . & T e l . Co.
Air F l o r i d a Systems I n c .
Thermo E l e c t r o n Corp.
National Medical Enterprises Inc.
* S t o r e r B r o a d c a s t i n g Co.
A r i z o n a P u b l i c S e r v i c e Co.
T e x a s U t i l i t i e s Co.
F l o r i d a Power & L i g h t Co.
Gulf S t a t e s U t i l i t i e s Co.
Public S e r v i c e of Indiana
Montana Power Co.
Duke Power Co.
T e x a s E l e c t r i c S e r v i c e Co.
Kansas C i t y Power & L i g h t 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 . Co.
*Utah Power & L i g h t Co.
Iowa Power & L i g h t Co.
San D i e g o Gas & E l e c . Co.
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.
Kansas Gas & E l e c . Co.
S u n s h i n e M i n i n g Co.
M i l t o n B r a d l e y Co.
*Todd S h i p y a r d s Corp.
Weatherford I n t e r n a t i o n a l Inc.
* E a s t e r n Gas & F u e l A s s o c .
*Color T i l e I n c .
* A l a s k a I n t e r s t a t e Co.
*Geosource I n c .
H i g h V o l t a g e E n g i n e e r i n g Corp.
Aristar Inc.
United Grocers I n c .
OTHER
E x p o r t D e v e l o p m e n t Corp.

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

Debt.

Amount
(millions of dollars)

Approximate date
of offering

38.2
75.0
100.0
200.0
162.0
65.0
127.5
128.0
128.8
25.0
50.0
56.8
58.8
66.0
85.0
125.0
100.0
100.0
31.9
150.0
75.0
42.0
50.0

Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.

26
26
26
26
28

125.0
30.0
100.0
28.5
25.0
25.0
34.7
44.5
57.9
41.7
25.0
35.0
30.0

3
4
4
4
4
5
10
11
12
13
13
18
19
19
20
20
M a r . 25
Mar. 26
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Indef.
Indef.
Indef.

200.0

Mar.

3

40.0
150.0
60.8
30.0

65.0
28.0

* 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.




12

As o f F e b r u a r y 2 2 , 1980
13. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL 1
Issuer
King G o . , WA
S a n t a C l a r a Water D i s t . , CA
M i d l a n d , MI
Pennsylvania, State of
N e b r a s k a Mtg, F i n . Fund
M i c h i g a n Pub. Power Agey
^ I l l i n o i s Educ. F a c . A u t h .
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 . & Power D i s t . , AZ
Oregon, S t a t e o f
C a l i f o r n i a , State 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 Mtg. F i n . A g e y .
Cowley C o . , KS
* D e n v e r , CO
*San A n t o n i o , TX
*0hio, State of
S o u t h C a r o l i n a Pub. S e r v . A u t h .
POSTPONED
New J e r s e y , S t a t e o f
Oregon, S t a t e o f
South C a r o l i n a , S t a t e o f
Downers Grove, I L
North C a r o l i n a Hsg. F i n . Agcy.
M a s s a c h u s e t t s H s g . F i n . A g c y . (BANs)

*
1

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

G.O.
G.O.
G.O.
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)
30.0
31.0

26.0
83.0
150.0
45,0
35.0
25.0
150.0
300.0

200.0

100.0
75.0
30.0
44.0
75,0
65.0
105.0

100.0
31.7
71.9
50.0

100.0
64.0

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

25
26
26
27
28
4
6
6
11
11
13
14
17
18
20
25
27

Mar.
Feb.
Feb.
Feb.
Feb.
Feb.

11
19
26
20
22
20

13
1

14. STOCK PRICES
1977-High
Low

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

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

AM EX 4
127.89 (12/30)
109.61 (1/12)

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)

297.52 (2/21)
239.66 (1/3)

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

Date

NASDAQ5

1980-Jan.

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

148.02
153.87
156.14
159.70

Feb.

1
8
15
22

66.08
67.57
66.14
65.80

881.48
895.73
884.98
868.77

277.57
288.79
281.35
296.59

162.30
165.25
162.56
160.08

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)

2.8 (1/20)

1979-High
Low

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

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

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

1980-High
Low

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

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

36.1 (2/8)
21.6 (2/19)

1980-Jan.

10.6 (10/10)

4
11

18
25
Feb.

1

8
15

22

1
2
3
4
5

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

5.1 (5/27)
18.8 (5/18)

40.4
54.4
54.9
51.1

7.3
7.7
12.7
9.1

24.9
25.8
32.0
29.8

54.6.
50.5
53.8r
45.1

8.6

31.5
33.4
30.6r

8.1
7.3r
6.9

Figures other than highs and lows are Friday figures only.
Volume figures are weekly averages of daily figures (millions of shares). Highs and lows refer to single days.
12/31/65 = 50
8/31/73 = 100
2/5/71 = 1 0 0




NASDAQ

11.2 (11/10)

22.8

14
16. SECURITY CREDIT
Outstanding, dollar amounts in millions
End of period
1976

Margin credit extended
by brokers on:
Marginable
Convertible
stock
bonds
7,960
204

Number of
margin accounts
(thousands)

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

810

88

1977

9,740

250

887

81

1978

10,830

205

955

67

1978 - Jan.
Feb.
Mar.

9,590
9,780
9,920

246
242
246

890
890
900

75
75
79

Apr.

10,260
10,660

915
930
945

85
85
84

88

June

11,090

248
245
242

July
Aug.
Sept.

11,190
11,740
12,400

247
243
225

955
965
990

Oct.

12,090

216

Dec.

10,830

209
205

960
955
955

67

Jan.
Feb.
Mar.

10,750
10,790
10,870

199
195

181

950
950
965

79
71
79

Apr.

11,220

194
183
172

960
970
975

77
78
79

May

Nov.

1979

%y

11,000

87

85
53

68

June

11,130
11,590

July
Aug.
Sept.

12,060
12,000

178
176
177

960
975
985

81
86

Oct.
Nov.
Dec.

11,310
10,920
11,450

173
159
164

985
980
995

73
83
84

11,820

193

1,000

87

1980 - J a n .

11,840

84

#

1

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




#

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

Date

Mutual Savings Banks
(regular deposits)1
Net flow
Annual
growth
Sea. adj.
N.S.A.
rate3

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

Sea. adj.

Memo:
Net New Money 2

Total

Annual
growth
rate3

Net
flow
(sea. adj.)

Annual
growth
rate3

At
insured
S&L's

At
MSB's

11.5

50,169

- -

17.4

62,409

15.7

34,369

5,283

"

8.8

50,888

- -

15.1

61,583

13.4

32,004

2,874

8,426

- -

6.4

44,153

11.4

52,794

10.1

23,460

-591

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

1976

12,670

•

1977

10,783

1978

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
End of Period

Total

Thrift Institutions
All savings
Mutual
and loan
savings banks
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.o :

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

1980-Jan.

n. a.

n.a.

n.a.

q.a.

n.a.

4.7

.

:

i.4
1.1
1.1
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.




Total including
short-term
discount notes

FNMA

i FHI
erm
note

Intermediate- and long-term issues
Total

FHl.B

FHLMC

-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
202

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

291
253
552

2,297
1,791
1,486

1,599
1,453
186

1,300
953
0

-1
0
186

300
500
0

Survey of Ownership.

'

-1,131

o
m




BORROWINGS BY MAJOR HOUSING CREDIT AGENCIES

-300

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
MSB's
companies
banks

FNMA
and
GNMA

Mortgage pools
FHLMC

FHLMCGNMAguaranteed guaranteed

1976

75,733

65,184

13,800

4,074

44,896

2,414

-2,120

-178

12,314

1,073

1977

114,298

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

1978-Jan.
Feb.
Mar.

10,392
8,687
10,314

8,851
8,316
8,565

3,073
2,567
2,691

587
554
625

4,699
4,717
4,691

492
478
558

350
487
505

— 84
17
239

911
-459
932

364
326
73

Apr.
May
June

9,319
11,469
10,701

7,896
8,602
8,797

2,370
3,009
3,246

520
583
468

4,395
4,281
4,332

611
729
751

660
1,420
870

- 88
-198
-731

468
1,103
786

383
542
979

July
Aug.
Sept.

10,352
11,183
10,366

8,308
9,094
8,404

3,349
3,274
3,074

594
544
498

3,695
4,239
4,134

670
1,037
698

538
915
808

-300
516
18

808
843
761

998
-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

805
886
1,667

898
604
654

268
178
- 49

1,017
1,235
994

510
425
490

1979-Jan.
Feb.
Mar.

10,315
10,153
10,272

7,917
7,722
7,237

2,694
2,489
2,413

575
486
395

4,015
3,804
3,359

633
943
1,070

820
846
1,125

231
74
338

1,205
1 = 083
1,266

142
428
36

Apr.
May
June

9,633r
11,168
10,677r

7,370r
8,253
8,284r

2,477
2,304
2,742

185r
356
348r

3,832
4,616
4,204

876
977
990

466
1,016
610

— 60
- 45
— 84

1,540
1,469
1,610

317
475
257

July
Aug.
Sept.

9,918r
10,639r
10,852r

8,193r
7,458r
8,039r

2,805
2,649
3,062

410r
299r
277r

3,804
3,501
3,542

1,174
1,009
1,158

-220
515
191

79
156
162

1,597
2,129
2,152

269
381
308

Oct.
Nov.
Dec.

12,186
10,329
n. a.

8,684
7,156
n. a.

2,931
2,665
2,574

237
334
n. a.

3,886
2,983
1,322

1,630
1,174
n.a.

820
890
830

-114
286
-49

2,344
1,970
2,949

452
27
325

n. a.

n. a.

2,136

n.a.

n.a.

n.a.

n.a.

n.a.

n, a.

1980-Jan.

n,a.

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




21. NET CHANGE I N MORTGAGE DEBT O U T S T A N D I N G , B Y TYPE OF PROPERTY 1
Billions o f dofl<>is5 s e a s o n a l l y adjusted a n n u e l rates
Residential2
Quarter

1

2

Tots!

Total

1 to 4 fatniiy

Multif.imily

Commercial

Multifamily
and
commercial

Farm

1976-Q1

81.7

62.9

61.5

1.4

13.7

15.0

5.1

Q2

75.5

55.4

55.6

- 0 . 2

15.3

15.1

4.8

72,7

. 69,0

3.7

13.2

16.9

6.8

78,0

75,4

2.6

12.4

15.0

7.7

Q3

92.7

Q4

98.1

,

1977-Q1

13 0 . 7

87,5

83, 3

4.2

14.6

Q2

134.9

110.3

10?, 0

8.3

15.2

.

18.8

8.6

23.5

9.4

Q3

140.2

114.3

106.1

8.2

17.5

25.6

8.4

Q4

150.2

116,8

108.?

8.6

24.6

33.2

8.8

1978-Q1

135.4

105.7

97.3

8.3

20.9

29.2

8.8

Q2

147.0

116.4

106.5

9.9

20.8

30.7

9.8

Q3

154.1

115.6

103.8

11.8

26.9

38.7

11.6

Q4

160.4

124.1

113.6

10.5

25.3

35.8

11.0

1979-Q1

158.3

119.0

110.1

8.9

23.0

31.9

16.2

Q2

162.5

116.1

109.2

6.9

28.5

35.4

17.9

Q3p

158.3

114.0

100.9

13.1

28.6

41.7

15.7

Derived from d a i s < • « lorlQ' .•<> J e b '
fro i r f ' t r f ' D
; Insurnnre C >rt - r a t i o n , Federal Korvc f c r n E<&^k Bosfd, Insiitutf of t M;
Insurance. Nations' V-orief
of t •
rsvingi I
i Df c f t .
*s vf Comr icn <" f >rl Agriculture, F rdci j f U. Uonr 1 M o r t ^ e A^cx U i o h t f %
Housing Admi/iitiri k *\ V t , .
>s Z * . « rptioi *
i t-i
, r yt.L Ci'rren< >. 6 r e r u i o n of n o n L r n , ^K-rx^c.gv V 1 ; by
t>> r ' H ^ r >/< *
not available, and I f po*e*
am' t ' \ u - lotior-f J u ( r,
(-*i meted mt^ily by Federal F^eserve.
Residential mortge, f :bt hi i'ujes
, r n d r t v sj»h c.t 1- »c 4 L uily and multlfamily mortgage debt




20
22. AVERAGE RATES AND YIELDS ON HOME MORTGAGES AND PASS-THROUGH SECURITIES
Primary market

Period

Rates on
conventional
loans at
S&L's

Secondary market
FHA/VA mortgages
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

1976-High
Low

9.10
8.70

1976-High
Low

9.20
8.39

4.93
1.96

9
8

8.44
7.57

9.31
8.80

1977-High
Low

9.00
8.65

1977-High
Low

8.98
8.46

5.18
1.50

8-1/2
8

8.39
7.56

9.21
8.81

9.02
8.63

1978-High
Low

10.38
8.98

1978-High
Low

10.60
9.13

7.13
1.88

9-1/2
8-1/2

9.68
8.43

10.92r
9.28

10.42
9.12

1979-High
Low

12.90
10.38

1979-High
Low

13.29
10.42

12.54
4.16

11-1/2
9-1/2

11.77
9.51

13.97
10.92

13.56
10.40

7
14
21
28

11.20
11.30
11.35
11.35

Sept.10
17
24
Oct.
1

11.25

7.91

11.66

7.25

10
10
10
10-1/2

10.36
10.38
10.36
10.65

5
12
19
26

11.35
11.45
11.75
12.00

Oct.

12.60

12.54

13.29

10.43

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

11.02
11.21
11.77
11.58

2
9
16
23
30

12.80
12.85
12.80
12.80
12.90

Nov.

12.93

8.44

12.57

6.45

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

11.73
11.51
11.69
11.36
11.29

7
14
21
28

12.90
12.90
12.90
12.90

Dec.

12.42

5.55

12.55

6.30

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

11.18
11.49
11.39
11.39

4
11
18
25

12.85
12.90
12.87
12.89

Jan.

12.70

7.17

13.11

9.43

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

11.70
11.70
12.07
12.28

1
8
15

12.85
12.85
12.88

Feb.

13.76

12.88

15.21

17.25

11-1/2
12
12

12.53
12.74
13.72

1979-Sept.

Oct.

Nov.

Dec.

1980-Jan.

Feb.

Dec.

9
15
22
29
5
13
20
27
3
10
17
26
31
7
14
21
28
4
11
19

11.83
11.99

12.75
13.80

13.97
13.35

12.98
12.99

13.10
13.29

13.67
14.57

11.49
11.57
11.63
11.64
11.64
12.17
12.84
13.36
13.56
13.22
13.00
12.89
12.69
12.50
12.51
12.47
12.52
12.63
12.69
12.76
12.90
13.05
13.25
13.48

BHHBSBB




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
Average yield
Accepted

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

357.7
200.7

168.7
95.9

12.93
12.57

274.4
91.7

136.9
53.3

13.97
13.35

1979-Nov. 13
27
Dec.

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
19

525.2
644.2

240.0
323.7

13.76
15.21

161,4
250.7

73.0
74.8

13.67
14.57

24. FHLMC AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES
Conventional mortgages, dollar amounts in millions
Future commitment program
Immediate delivery program
Date of
auction
Accepted
Accepted
Average yield
Offered
Average yield
Offered
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
15

66.9
57.2
72.7

43.3
37.1
50.9

13.05
13.25
13.48

1980-Jan.

Feb.

——

——

——

——

—

——

50.7

15.9
WW mm

——

13.33
mmm
mm wmm

Offerings in the FNMA auctions of 4-month purchase commitments relate to total bids submitted, and average yields to 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




22
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
3,353r
3,641r

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

1980-Jan.

2,611

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

—
Source. GNMA, FHLMC, HUD, and Federal Reserve.




*

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