Full text of H.16 Capital Market Developments : February 27, 1978
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Capital Market Developments \ <* %r z < > February 27, 1978 Prepared by the C A P I T A L MARKETS SECTION in conjunction with t h e MORTGAGE and CONSUMER FINANCE SECTION DIVISION O F R E S E A R C H AND STATISTICS BOARD O F GOVERNORS F E D E R A L R E S E R V E SYSTEM Washington, D C. 20551 t Index 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 Administrative 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. TABLES 1 - 6 S E C U R I T Y V O L U M E AND Y I E L D S 7, 8 S T O C K MARKET AND S E C U R I T Y CREDIT 9 - 1 6 MORTGAGE MARKET SYMBOLS 6 ESTIMATE P PRELIMINARY r REVISED n.a NOT AVAILABLE — DATA DO NOT EXIST Table 1 YIELDS, VOLUME AND RECEPTION CORPORATE BOND MARKET VOLUME YIELDS WEEK ENDING 1978 - J a n u a r y February NEW ISSUE Aaa UTILITY 6 13 20 27 3 10 17 24 1 RECENTLY OFFERED Aaa UTILITY 8.47 8.65 8.65 8.62 8.70 8.68 — — — 8.73p 3 GROSS OFFERINGS ( $ MILLIONS) PER CENT SOLD BY END OF WEEK — 8.60 8.64 8.68r 8. 71p 8.65 8.69 2 415 412 177 95 88 95 99 599r 99 96 —— —— 472 86 NEW ISSUES 4 IN SYNDICATE ( $ MILLIONS) 0 39 72 58 7 35 0 55 MUNICIPAL BOND MARKET VOLUME YIELDS WEEK ENDING 1978 - J a n u a r y February MOODY'S NEW ISSUE Aaa BOND BUYER 20-60ND INDEX GROSS OFFERINGS ( $ MILLIONS) 3 PER CENT SOLD BY END OF WEEK NEW ISSUES 4 IN SYNDICATE ( $ MILLIONS) 6 13 20 27 5.15 5.25 5.20 5.20 5.64 5.75 5.74 5.70 145 858 807 658 87 89 82 88 316 284 273 297 3 10 17 24 5.30 5.27 5.20 5.20 5.63 5.59 5.61 5.65 951 461 751 332 87 91 74 79 154 151 251 231 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 4 Estimated by F.R. on the basis of available data. Corporate Market: Salomon Brothers Bond Market Roundup; Municipal Market: Weekly Bond Buyer. Data are adjusted by Federal Reserve when necessary to make coverage of this series consistent with the gross offerings series. \ Table 2 HIGH GRADE BOND YIELDS NEW ISSUE A a a UTILITY DATE 1 RECENTLY OFFERED A a a UTILITY 2 MOODY'S SEASONED CORPORATE A a a 3 U . S . GOVT. 20-YEAR CONSTANT MATURITY 4 BOND BUYER 2 0 - B 0 N D INDEX 1973 - High Low 8 . 5 2 (8/10) 7.29 (1/21) 8.32 (8/10) 7.28 (1/5) 7.77 (8/24) 7.11 (1/5) 7.79 (6/10) 6.42 ( 1 / 5 ) 5.59 (8/3) 4 . 9 9 (10/11) 1974 - High Low 10.61 (10/4) 8 . 0 5 (2/15) 10.52 ( 1 0 / 1 1 ) 8.13 (1/4) 9.39 (10/11) 7.73 (1/4) 8.68 (8/30) 7.39 ( 1 / 4 ) 7.15 (12/12) 5.15 (2/7) 1975 - High Low 9.80 (5/2) 8.89 (2/7) 9.71 (5/25) 9.06 (2/28) 9.01 (5/2) 8.57 (2/28) 8 . 6 3 (9/19) 7 . 6 3 (2/21) 7.67 ( 1 0 / 3 ) 6.27 ( 2 / 1 3 ) 1976 - High Low 8.95 (5/28) 7 . 9 3 (12/10) 9.10 (1/2) 7 . 8 4 (12/31) 8.66 ( 5 / 2 8 ) 7 . 9 1 (12/31) 8.17 (5/28) 7.27 (12/31) 7.29 ( 1 / 2 ) 5 . 9 5 (12/16) 1977 - High Low 8 . 3 6 (12/16) 7.90 (1/7) 8.48 (12/30) 7.95 (1/7) 8 . 2 8 (12/30) 7.88 ( 1 / 7 ) 7.99 (12/30) 7.26 ( 1 / 7 ) 5.93 (2/4) 5 . 4 5 (11/17) 8.70 8.68 8.48 8.65 8.65 8.62 8.30 8.40 8.44 8.47 8.02 8.18 8.16 8.17 5.64 5.75 5.74 5.70 8.60 8.64 8.68r 8.71p 8.46 8.46 8.47 8.49p 8.17 8.20 8.25r 8.25p 5.63 5.59 5.61 5.65 1978 - J a n . 6 13 20 27 Feb. 3 10 17 24 8.65 8.69 we 8.73p 5 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 5 Weekly average of daily figures. U S. Treasury data. 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 Table 3 LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS IN MILLIONS OF DOLLARS G R O S S PROCEEDS 1978 January 1 CORPORATE PERIOD 3 2,600e February March April May June July August September October November December Q1 Q2 Q3 04 1st Half 3 Qtrs. Year 1977 1 1976 3,989 2,708 5,495 3,381 3,863 6,632 3,639 3,735 5,321 1 1978 J 1977 3,200e 1976 Z 2,451 2,885 3,365 3,507 4,186 6,439 3,456 4,571 5,787 2,218 3,575 3,115 4,074 3,322 3,905 3,216 3,357 4,817 3,185 4,080 3,891 2,734 2,821 2,814 4,032 4,800e 4,lOOe 4,431 3,047 6,480 3,800e 3,300e 3,400e 3,524 3,336 2,342 12,192 12,695 11,301 12,932e 13,876 14,132 11,390 13,958 11,128 13,814 11,156 10,500e 8,701 8,908 8,369 9,202 24,887 36,188 49,120e 28,008 39,398 53,356 24,942 36,098 46,598e 17,609 25,978 35,180 1 Securities and Exchange Commission estimates of gross proceeds. 2 Securities Industry Association estimates of principal amounts. E s t i m a t e d by F e d e r a l Reserve on t h e b a s i s of a v a i l a b l e d a t a . 2 3,556 3,435 4,137 NOTES: 3 2 S T A T E AND LOCAL Table 4 ON NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE AND ISSUER IN MILLIONS OF DOLLARS GROSS PROCEEDS BY TYPE OF ISSUER GROSS PROCEEDS BY TYPE OF ISSUE PERIOD MEMO COMMON MANUFACAND ISSUES INCLUDED PRIVATELY TURING PREFERRED PLACED FOREIGN CONVERTIBLE STOCK BONDS TOTAL PUBLICLY OFFERED COMMUNICATIONS OTHER ISSUERS 1,340 1,843 1,267 1,795 262 478 199 55 4,497 3,757 2,982 4,244 4,044 3,140 3,317 3,897 765 1,879 378 541 4,569 5,358 4,715 5,276 858 1,800 1,560 6 108 495 2,774 3,182 2,826 3,019 3,852 2,757 1,415 1,044 644 4,986 4,618 5,072 949 690 920 235 1,310 250 21 31 3 1,349 510 2,385 1,414 1,327 1,156 155 190 196 1,513 1,019 2,744 602 820 1,195 591 1,248 1,035 695 557 626 934 300 433 125 600 350 850 935 150 475 300 0 906 743 1,125 1,348 652 986 435 1,598 774 1,612 1,466 843 497 1,417 1,249 50 557 808 334 294 416 277 45 322 8 2,048 973 1,965 1,182 1,179 2,257 1,646 1,813 1,614 2,069 1976 - I II III IV 13,876 14,132 11,390 13,958 7,569 7,427 4,904 6,553 2,754 3,584 4,624 4,846 3,553 3,121 1977 - I II III 12,192 12,695 11,301 6,504 5,606 6,366 3,071 4,215 3,057 2,617 2,874 1,878 1976 - October November December 4,431 3,047 6,480 2,729 1,256 2,568 753 1,101 2,992 1977 - J a n u a r y February March April May June July August September October 3,989 2,708 5,495 3,639 3,735 5,321 4,074 3,322 3,905 4,032 2,786 1,102 2,610 1,961 1,600 2,045 2,360 1,947 2,059 2,189 601 786 1,690 1,087 887 2,241 1,019 818 1,220 909 1,861 2,559 NOTES: 1 Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other. Source: Securities and Exchange Commission. PUBLIC UTILITY 6 0 50 2 56 25 262 208 1 1,182 1,309 966 551 706 T a b l e 5A INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' January 30 through February 24, 1978 ISSUER CORPORATE Com. s t k . Pfd. stk. Notes Equip, t r . 1 s t mtg. Com. s t k . Pfd. stk. Pfd. stk. Equip. t r . Debt. Notes Debt. 1 s t mtg. Debt. Pfd. stk. Com. s t k . Debt. Sub. Debt. Debt. AMOUNT (MILLIONS OF DOLLARS) 49.9 30.0 50.0 18.8 30.0 27.4 15.0 45.0 19.5 150.0 150.0 200.0 35.0 25.0 28.0 59.0 300.0 50.0 100.0 MATURITY 1988 1979-1993 2008 —— — — 1979-1993 1988 2008 1988 2008 1998 — 8.32 8.67 8.90 8.52 8.38 8.25 8.20 8.65 8.35 8.75 10.75 9.00 50 8.52 8.38 7 . 4 0 - 8 . 30 8.20 8.65 8.35 8.80 10.75 9.90 Aa/AA A/A Aa/AA A/A 2008 1993 1998 A/A+ Aa/AA Aaa/AAA Aaa/AA Aaa/AA Aa/AA Aa/AA B/B /BBB — —— Rights offering. Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings. 8.32 8.63 8.25 8.90 MOODY'S/S&P'S RATINGS OFFERING YIELD — NOTES: * 1 COUPON RATE 00 1 o <r Duquesne L i g h t Co. Texas E l e c . Svc. Co. American C r e d i t Corp. Southern P a c i f i c T r a n s p . South C a r o l i n a E l e c t r i c & Gas Co. South C a r o l i n a E l e c t r i c & Gas Co. Iowa P u b l i c S e r v i c e Co. P u b l i c S e r v i c e Co. of I n d i a n a Union P a c i f i c R a i l r o a d Co. General Motors Acceptance Corp. General Motors Acceptance Corp. B e n e f i c i a l Corp. Kansas Power & L i g h t Co. Midland G l a s s Co. San Diego Gas & E l e c . Co. Houston I n d u s t r i e s I n c . Dow Chemical Co. Avco F i n a n c i a l S e r v i c e s I n c . Avco F i n a n c i a l S e r v i c e s I n c . TYPE 8.63 9.38 9.13 8.70 9.38 9.13 Aa/Af Baa/BBB A/A 4 00 Table 5B INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY < January 30 through February 24, 1978 AMOUNT (MILLIONS OF DOLLARS) TYPE ISSUER MATURITY NET INTEREST COST OFFERING YIELD STATE AND LOCAL Oakland Co., Mich. Oakland Co., Mich. Oakland Co., Mich. I s l i p , N.Y. Northampton Mun. A u t h . , Pa. Northampton Hun. A u t h . , Pa. Ohio Co. B u i l d i n g Comm., W.Va. Ohio Co. B u i l d i n g Comm., W.Va. Sarasota, Fla. Sarasota, Fla. Maryland Dept. Of T r a n s p o r t a t i o n Mercer Co. Improv. A u t h . , N . J . Mercer Co. Improv. A u t h . , N . J . Minneapolis Sch. D i s t . #1, Minn. Lamar Con. I n d . Sch. D i s t . , Texas Milwaukee Co., Wise. Washington Pub. Pwr. Supply Sys. Washington Pub. Pwr. Supply Sys. Washington Pub. Pwr. Supply Sys. L o u i s i a n a , S t a t e of I l l i n o i s , S t a t e of Univ. of Delaware D a l l a s Co., Texas D a l l a s Co., Texas 2.5 10.6 11.7 10.5 3.5 9.2 9.4 22.4 7.9 6.2 354.6 11.2 38.8 13.8 15.2 26.5 27.7 43.9 78.4 41.8 105.0 10.0 10.0 17.0 G.O. G.O. G.O. G.O. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. G.O. G.O. Rev. Rev. Rev. G.O. G.O. G.O. G.O. G.O. MOODY'S/S&P'S RATINGS 4.87 4.88 4.00-6.20 4.00-5.50 4.00-6.20 4.00-5.90 5.90 6.00 4.90-6.75 7.00 5.00-5.90 6.00 5.38 4.25-5.50 5.83 3.75-4.85 3.80-5.30 3.70-5.40 5.10-5.75 6.02 6.13 3.70-5.20 3.70-5.40 3.70-5.65 3.75-5.55 3.75-5.55 A-1/A+ A-l/AAA A-1/A+ A/— — /AAA —/AAA A/A+ A/AHA/A A/A Aa/AA Aa/AA Aa/AA Aaa/AAA A-l/— Aaa/AAA A-1/A+ A-1/A+ A-1/A+ Aa/AA Aaa/AAA A-l/AA Aaa/AAA Aaa/AAA # # # 1979-1999 1979-1999 1979-2003 1979-1997 2007 2013 1981-1995 2010 1988-2000 2008 1993 1982-1998 2018 1979-1991 1979-1998 1979-1998 1989-2000 2010 2018 1979-1998 1979-2003 1978-2000 1979-1998 1979-1998 5.44 5.48 5.59 5.40 # — — 6.99 6.99 5.94 5.94 5.51 — — 4.72 4.97 4.85 6.07 6.07 6.07 4.96 5.05 — NOTES: 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. e e • • # # * 4 T a b l e 5B C o n t i n u e d INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY January 30 through February 24, 1978 TYPE ISSUER STATE AND LOCAL New J e r s e y Mtg. F i n a n c e Agy. Kent H o s p i t a l Finance A u t h . , Mich. Kent H o s p i t a l Finance A u t h . , Mich. Pinckney Comm. Sch. D i s t . , Mich. Farmington, N.M. La Crosse, Wise. La C r o s s e , Wise. La Crosse, Wise. Nebraska P u b l i c Power D i s t . J e f f e r s o n Co., Ark. Alma, Wise. Chatom I n d u s t . Dev. Bd., Ala. Dade Co., F l a . Dade Co., F l a . P u e r t o Rico P u b l i c Bldg. Auth. P u e r t o Rico P u b l i c Bldg. Auth. P u e r t o Rico P u b l i c Bldg. Auth. M a s s a c h u s e t t s , S t a t e of Ohio U n i v e r s i t y Ohio U n i v e r s i t y S u f f o l k Co. Water A u t h . , N.Y. De Kalb Co., Ga. De Kalb Co., Ga. New Hampshire, S t a t e of New Hampshire, S t a t e of Corpus C h r i s t i , Texas East Chicago, 111. Rev. Rev. Rev. G.O. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. Rev. Rev. Rev. Rev. Rev. G.O. G.O. G.O. Rev. AMOUNT (MILLIONS OF DOLLARS) MATURITY 11.1 30.5 8.8 11.0 125.0 4.9 3.6 7.1 72.0 26.2 13.6 44.3 51.0 14.0 17.0 25.0 68.0 125.0 4.9 7.7 15.5 36.4 27.8 7.0 26.9 11.0 3.1 1979-1994 1978-1993 1998 1979-2007 2008 1981-1993 1998 2008 1981-2008 1980-1998 1980-1998 2008 1988-2007 2008 1979-1983 1988 2003 1979-2003 1978-1998 2011 1979-2010 1978-2001 2006 1979-1988 1979-2008 1979-1998 1980-1990 NET INTEREST COST OFFERING YIELD 5.45 6.08 6.08 5.51 6.05 4.00-5.60 3.50-6.35 6.50 3.90-5.80 6.00 • 4.50-6.40 6.63 7.00 4.20-5.90 4.30-5.90 4.30-5.90 6.13 4.90-5.90 5.85 4.75-6.25 7.00 7.75 3.90-5.90 4.00-6.00 6.15 4.00-6.07 3.50-5.60 5.75 3.60-5.20 3.60-5.20 3.70-5.65 4.40-5.90 —— — — 5.67 — — 5.71 5.71 —— 5.65 6.02 6.02 5.92 —— 4.75 4.75 4.90 MOODY'S/S&P'S RATINGS A/A A— 1/A+ A-1/A+ A/AA Aa/AA —/A —/A —/A A-l/A A/A+ A/A+ A/A+ A/A A/A Baa-l/A Baa-l/A Baa-l/A A-l/AA — / — — / — A—1/— A/A+ A/A+ Aaa/— Aaa/— Aa/AA A-1 / — vo / \ Table SB Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY January 30 through February 24, 1978 ISSUER STATE AND LOCAL E a s t Chicago, 111. E a s t Chicago, 111. Galveston Co., Texas Ohio, S t a t e of Kentucky Housing Corp. Kentucky Housing Corp. S e a t t l e , Wash. San Antonio, Texas Maine, S t a t e of H a r t f o r d , Conn. Upper A l l e n Tp., Pa. Upper Allen Tp., Pa. Upper A l l e n Tp., Pa. Midland Co. Hosp. D i s t . , Texas Jackson Co., W. Va. Alaska Housing F i n . Corp. Alaska Housing F i n . Corp. I l l i n o i s S t a t e S c h o l a r s h i p Comm. C l a r k Co., Nev. TYPE Rev. Rev. G.O. Rev. Rev. Rev. G.O. Rev. G.O. G.O. Rev. Rev. Rev. G.O. Rev. Rev. Rev. Rev. G.O. AMOUNT (MILLIONS OF DOLLARS) 5.6 2.6 10.0 60.0 25.3 34.7 24.8 75.0 14.7 15.7 6.2 3.8 2.2 10.0 14.0 11.8 35.4 25.8 12.4 MATURITY 2000 2003 1979-1998 1979-2003 1979-1998 2011 1980-2003 1979-2002 1979-1998 1979-1996 1978-1988 1998 2011 1979-1998 2008 1978-1992 2007 1981-1990 1979-1998 NET INTEREST COST 5.00 5.30 — 5.17 5.36 4.60 5.00 —— 4.90 — 6.37 6.37 5.01 5.24 OFFERING YIELD 6.50 6.50 3.75-5.25 3.80-5.55 3.80-5.40 5.80 4.00-5.40 3.75-5.60 3.75-5.20 3.80-5.25 3.70-4.70 5.35 5.60 3.75-5.60 6.50 3.75-5.75 6.38 4.30-5.10 3.75-5.40 MOODY'S/S&P'S RATINGS A-l/ A-l/— Aa/A+ Aa/AA Aa/AA Aa/AA Aa/AA Aa/AA Aa/AAA Aa/AA —/— —/— Aa/AA Baa/ — —/A —/A A-1/A+ A-l/A 11 T a b l e 6A FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of February 24, 1978 AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING ISSUER TYPE T i p p e r a r y Corp. M i s s o u r i P a c i f i c R a i l r o a d Co. Indiana & Michigan E l e c . Co. Indiana & Michigan E l e c . Co. *Duke Power P h i l a d e l p h i a E l e c . Co. C e n t r a l & South West Corp. Guarantee Savings & Loan Assoc. Atchison, Topeka 4 Santa Fe R a i l r o a d Co. Southwestern P u b l i c S e r v i c e Co. Southwestern P u b l i c S e r v i c e Co. Washington Water Power Co. Ohio Power Co. Ohio Power Co. Texas U t i l s . I n c . Kansas C i t y Power & Light Co. Alabama Power Co. C e n t r a l Maine Power Co. Soo Line R a i l r o a d Co. Kansas Gas & E l e c . Co. New York S t a t e E l e c . & Gas Co. New York S t a t e E l e c . & Gas Co. Southern Railway Co. C o n n e c t i c u t L i g h t & Power Co. Columbus & Southern Ohio E l e c . Co. ^Southern P a c i f i c Transp. Co. I n t e r s t a t e Power Co. Mountain S t a t e s T e l . & T e l e . Co. Pennsylvania Pwr. & Light Co. P u b l i c Svc. Co. New Mexico General T e l . Co. of C a l i f . CIT F i n a n c i a l Corp. CIT F i n a n c i a l Corp. F i r s t N a t i o n a l Boston Corp. ^Minnesota Power & L i g h t Co. *San Diego Gas & E l e c t r i c Co. Montgomery Ward C r e d i t Corp. I n d i a n a p o l i s Power & Light Co. Conv. d e b t . Equip, t r . 1 s t mtg. Pfd. stk. Com. s t k . 1 s t mtg. Com. s t k . Mtg.-back 15.0 16.2 100.0 40.0 113.0 100.0 108.0 50.0 Feb. Feb. Feb. Feb. Mar. Mar. Mar. Mar. Equip. t r . 1 s t mtg. Com. s t k . ( r t s ) Pfd. stk. 1st mtg. Pfd. stk. Com. s t k . Com. s t k . 1st mtg. Com. s t k . Equip, t r . 1 s t mtg. 1 s t mtg. Com. s t k . Equip, t r . 1 s t mtg. 1 s t mtg. Equip, t r . 1 s t mtg. Debt. Com. s t k . Pfd. stk. Debt. Debt. Debt. Notes Com. s t k . Com. s t k . Med-term n o t e s Com. s t k . 21.0 45.0 25.0 25.0 38.0 40.0 100.0 35.0 100.0 26.0 15.2 30.0 50.0 38.0 22.1 40.0 50.0 18.8 35.0 225.0 75.0 26.0 50.0 100.0 100.0 100.0 26.0 30.0 100.0 24.0 Mar. 7 Mar. 8 Mar. 8 Mar. 8 Mar. 14 Mar. 14 Mar. 14 Mar. 15 Mar. 15 Mar. 16 Mar. 16 Mar. 21 Mar. 21 Mar. 21 Mar. 21 Mar. 22 Mar. 23 Mar. 28 Mar. 28 Mar. 28 Mar. 29 Mar. 29 Mar. 30 Mar. Mar. Mar. Apr. 5 Apr. Indef. Indef. CORPORATE NOTES: * Included in table for first time. 1 Includes only corporate and other security issues of $15 million and over; excludes exchanges, options 28 28 28 28 2 7 7 7 12 Table 6A Continued FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of February 24, 1978 ISSUER CORPORATE TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING United I l l u m i n a t i n g Co. American Savings & Loan Assoc. Com. s t k . Mtg.-back 23.0 150.0 Indef. Indef. OTHER European Investment Bank European Investment Bank European Atomic Energy Community Notes Bonds Bonds 100.0 100.0 75.0 Mar. 2 Mar. 2 Indef. 13 Table 6B FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U S. TREASURY 1 As of February 24, 1978 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING STATE 4 LOCAL *San Bernardino Redev. Agy., C a l i f . New York S t a t e Hsg. F i n . Agy. * P h i l a d e l p h i a Hosp. A u t h . , Pa. A r l i n g t o n , Texas A r l i n g t o n , Texas South C a r o l i n a , S t a t e of Houston Indep. Sch. D i s t . , Tex. *Idaho Housing Agy. *Topeka, Kansas *Hampden Tp. Sewer A u t h . , Pa. *Hampden Tp. Sewer A u t h . , Pa. Montgomery Co., Ohio L i n c o l n , Neb. *Key West U t i l i t y Bd., F l a . *Key West U t i l i t y Bd., F l a . M a r s h a l l Co., W. Va. Ashland, Ky. * E r i e Co., N.Y. C a l i f o r n i a , S t a t e of ^Minnesota Housing F i n . Agy. Terrebonne P a r i s h , La. *Port A u t h o r i t y of New York & New J e r s e y S. C a l i f o r n i a Metro. Water D i s t . *Anchorage, Alaska Maryland, S t a t e of *Beaverton Sch. D i s t . , #48, Ore. * P h i l a d e l p h i a , Pa. South C a r o l i n a Pub. S e r v i c e Auth. Lombard, 111. New Mexico, S t a t e of Los Angeles Dept. of Water & Power, Cal. POSTPONEMENT Anchorage, Alaska G.O. Rev. Rev. G.O. Rev. G.O. G.O. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. G.O. Rev. Rev. 23.9 42.7 39.4 11.0 7.0 65.4 40.0 35.4 29.0 14.2 11.2 52.5 68.0 27.6 17.5 12.5 45.0 35.3 100.0 130.0 10.0 Feb. Feb. Feb. Feb. Feb. Feb. Feb. Feb. Feb. Feb. Feb. Feb. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. 28 28 28 28 28 28 28 Rev. Rev. G.O. G.O. G.O. Rev. Rev. G.O. Rev. 75.0 140.0 13.4 78.8 12.6 80.0 200.0 16.4 22.0 Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. 9 14 14 15 15 17 21 23 27 Rev. 100.0 Mar. 29 G.O. 13.4 Feb. 28 NOTES: 1 Includes state and local government issues of $10 million and over, foreign government. International Bank for Reconstruction issues of Federally sponsored agencies; excludes secondary offerings. # Included in the table for the first time. 1 1 1 1 1 2 7 8 8 Table 7 STOCK PRICES AND VOLUME 1 STOCK PRICES DATE NYSE INDEX 3 DJ INDUSTRIALS AMEX 4 2 TRADING VOLUME NASDAQ NYSE AMEX NASDAQ 1974--High Low 53.37 (3/13) 32.89 ( 1 0 / 3 ) 891.66 ( 3 / 1 3 ) 577.60 ( 1 2 / 6 ) 102.01 (3/14) 58.26 <12/9) 96.53 (3/15) 54.87 (10/3) 24.9 ( 1 / 3 ) 7.5 ( 7 / 5 ) 4 . 4 (1/3) .9 (9/26) 7.5 (1/3) 2.8 (7/5) 1975--High Low 51.24 (7/15) 37.16 (1/8) 881.81 (7/15) 632.04 ( 1 / 2 ) 96.86 (7/15) 62.20 ( 1 / 2 ) 8 8 . 0 0 (7/15) 60.70 ( 1 / 2 ) 35.2 (2/13) 8 . 7 (9/15) 4 . 2 (2/21) 1 . 1 (9/15) 8.1 (2/13) 2.5 (9/15) 1976--High Low 57.51 (9/21) 48.04 ( 1 / 2 ) 1014.79 ( 9 / 2 1 ) 858.71 ( 1 / 2 ) 107.05 ( 7 / 1 2 ) 84.31 ( 1 / 2 ) 92.52 (7/15) 78.06 ( 1 / 2 ) 44.5 (2/20) 10.3 ( 1 / 2 ) 8 . 6 (2/20) 1.1 (1/2) 11.1 ( 2 / 2 0 ) 3.5 (1/2) 1977--High Low 57.69 ( 1 / 3 ) 4 9 . 7 8 (11/2) 999.75 ( 1 / 3 ) 800.85 ( 1 1 / 2 ) 127.89 (12/30) 105.05 (12/30) 109.61 (1/12) 93.66 (4/5) 35.3 (11/11) 10.6 (10/10) 4 . 2 (1/13) 1.4 (9/22) 11.2 (11/10) 5.1 (5/27) 1978--High Low 51.82 ( 1 / 3 ) 48.69 ( 2 / 2 2 ) 817.74 ( 1 / 3 ) 749.05 ( 2 / 2 2 ) 126.69 (1/3) 119.73 (1/11) 104.00 ( 1 / 3 ) 99.09 (1/11) 28.0 ( 1 / 9 ) 7.6 ( 1 / 2 0 ) 2.9 (1/9) 1.3 (1/20) 10.2 ( 1 / 6 ) 2 . 8 (1/20) 6 13 20 27 50.64 49.57 49.73 49.06 793.49 775.73 776.94 764.12 123.05 120.64 121.83 120.84 101.66 99.77 100.63 100.62 22.9 23.4 17.7 18,8 2.5 2.2 2.0 2.4 9.4 8.6 6.5 7.1 3 10 17 24 49.72 50.01 48.90 49.19 770.96 775.99 752.69 756.24 122.78 124.64 122.95 123.87 102.22 103.58 102.25 102,70 20.4 17.0 19.5r 19.4 2.3 2.2 2<3r 2.2 8.2 7.4 8,6r 7.7 1978 Jan. Feb. NOTES: 1 Figures other then highs and lows are Fridays only. Highs and lows are for the year and are not necessarily for Fridays. 2 Volume figures are weekly averages of daily figures (millions of shares). 3 12/31/66 = 50 4 Based on average price change until September 4, 1973 thereafter, based on market value of shares listed. http://fraser.stlouisfed.org/ # e e e # # Federal Reserve Bank of St. Louis # • • • 15 Table 8 SECURITY CREDIT REGULATED MARGIN CREDIT EXTENDED BY END OF PERIOD BROKERS ON MARGIN STOCK OUTSTANDING 1 BROKERS O N CONVERTIBLE BONDS 3 2 BANKS UNREGULATED NONMARGIN STOCK CREDIT AT BANKS 1976 - October November December 7,530 7,610 7,960 169 178 204 1,067 864 845 2,253 2,312 2,283 1977 - J a n u a r y February March April May June July August September October November December 8,270 8,480 8,690 8,880 9,070 9,230 9,460 9,560 9,590 9,560 9,610 9,740 196 197 199 196 196 198 204 200 196 832 844 810 807 801 873 875 885 881 882 872 873 2,312 2,319 2,312 2,350 2,345 2,551 2,568 2,587 2,581 2,579 2,604 2,568 1978 - J a n u a r y 9,590 -5 9 26 -12 -203 -19 99 59 -29 —8 1 2 -3 -13 12 -34 -3 -6 72 -2 10 -4 01 -10 1 29 7 -7 38 -5 206 17 19 -6 -2 25 —36 191 246 250 5 / CHANGE IN OUTSTANDING 1976 - October November December 1977 - J a n u a r y February March April May June July August September October November December 1978 - J a n u a r y — 80 350 310 210 210 190 190 160 230 100 30 -30 50 130 — 2 6 -4 -4 ~ 5 , , -55 1/ 4 -150 NOTES: 1 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 a reporting sample, which accounted for 60 per cent of security credit outstanding at banks on June 30. 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. 5 Data p r i o r t o November n o t s t r i c t l y comparable due t o changes i n r e p o r t i n g . 4 \ I—' o> Table 9 SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS * IN MILLIONS OF DOLLARS MUTUAL SAVINGS BANKS DATE 1972 1973 1974 197.5 1976 REGULAR DEPOSITS NET FLOW 10,132 4,842 2,165 11,070 12,670 1977-June July Aug. Sept. Oct. Nov. Dec .£/ 1,484 677 282 1,200 683 406 1,289 1977-June July Aug. Sept. Oct. Nov. Dec . £ / 769 1,255 1,187 1,131 1,257 515 693 1 ANNUAL 3 GROWTH RATE 12.5 5.3 2.3 11.3 11.6 —— —— — — 7.3 11.9 11.1 10.5 11.6 4.7 6.3 SAVINGS & LOAN ASSOCIATIONS NET NEW MONEY 2 SHARE CAPITAL 32,567 20,204 16,006 42,769 50,169 NOT 6,382 4,163 2,862 5,961 2,396 1,729 5,523 84 397 -12 -137 296 99 -131 ! —— ANNUAL 3 GROWTH RATE 23,884 18.7 10,507 9.8 4,668 7.1 29,276 17.6 34,369 17.6 SEASONALLY ADJUSTED 2,048 3,913 2,631 1,666 2,270 1,516 853 NET r / FLOW — 5,451 -442 -2,822 4,757 5,275 NET NEW MONEY —— —— —— —— —— SEASONALLY ADJUSTED 12.1 3,614 19.9 5,974 5,671 18.6 18.2 5,656 3,832 12.2 3,711 11.7 3,471 10.8 TOTAL 2 —— —— —— — — DEPOSITS NET r / FLOW ~ 42,699 25,046 18,171 53,839 62,839 7,866 4,840 3,144 7,161 3,079 2,135 6,812 4,383 7,229 6,858 6,787 5,089 4,226 4,164 NET NEW MONEY 2 ANNUAL 3 GROWTH RATE 16.7 29,335 8.4 10,062 5,6 1,846 15,8 34,033 15.9 39,644 —— — — —— — — —— 10.9 17.8 16.6 16.2 12.0 9.9 9,7 2,132 4,310 2,619 1,529 2,566 1,615 722 —— —— —— — «— NOTES: 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 represents 8 per cent 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. * These s e r i e s have been r e v i s e d t o r e f l e c t a n n u a l 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 . * H 16 -. 17 Table 10 MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS BILLIONS OF DOLLARS, SEASONALLY A D J U S T E D OUTSTANDING COMMITMENTS PERIOD TOTAL ALL SAVINGS MUTUAL & LOAN SAVINGS BKS ASSOCIATIONS (N Y. S T A T E ) NET CHANGE TOTAL A L L SAVINGS MUTUAL & LOAN SAVINGS BKS ASSOCIATIONS (N Y. STATE) 1972 25.2 20.3 4.9 7.48 6.28 1.20 1973 19.9 16.4 3.5 -5.31 -3.92 -1.39 1974 14.7 12.5 2.2 -5.20 -3.91 -1.29 1975 20.6 18.6 2.0 5.81 6.06 - .25 20.8 21.3 21.7 21.8 22.3 22.6 23.1 23.7 24.6 26.1 27.3 28.2 18.8 19.3 19.5 19.6 20.0 20.4 20.8 21.3 22.0 23.5 24.6 25.5 2.0 2.0 2.2 2.2 2.3 2.2 2.3 2.4 2.6 2.6 2.7 2.7 .06 .61 .48 .38 .48 .27 .50 .87 1.05 1.20 1.26 .92 .20 .58 .16 .10 .32 .53 .33 .50 .78 1.46 1.09 .92 .02 - . 06 .19 .05 .05 .02 .03 .12 .19 .06 .09 27.9 28.4 29.6 30.2 30.3 31.4 32.1 34.1 35.5 38.0 39.3 39.7 25.1 25.4 26.4 27.0 27.0 27.6 28.4 30.1 31.4 33.4 34.7 35.2 2.8 3.0 3.2 3.2 3.3 3.8 3.7 4.1 4.1 4.6 4.7 4.5 -.35 .48 1.24 .56 .12 1.07 .80 1.97 1.32 2.51 1.38 .30 -.45 .30 1.04 .59 .02 .58 .83 1.66 1.31 2.04 1.20 .53 .10 .18 .20 -.03 .10 .52 -.03 .33 .01 .47 .18 -.23 1976 - J a n . Feb. Mar. Apr. May June July Aug. Sept. " Oct. Nov. Dec. 1977 - J a n . Feb. Mar. Apr. May June July ' Aug. Sept. Oct. Nov. Dec . 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. H.16 18 T a b l e 11 NET NEW MONEY B O R R O W I N G S BY MAJOR HOUSING A G E N C I E S IN MILLIONS OF DOLLARS PERIOD TOTAL INCLUDING SHORT-TERM DISCOUNT NOTES 1975 - J u l y Aug. Sept. Oct. Nov. Dec. +236 -398 215 587 152 669 1976 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. -197 —964 —851 124 -953 -107 —58 787 195 -37 -552 145 12 1977 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 289 344 532 605 531 347 195 247 466 1,078 1978 - J a n . e 984 -862 NOTES: Based on data from Treasury Survey of Ownership. 1 Sales of FHLB discount notes began in May 1974. p Preliminary INTERMEDIATE AND LONG-TERM I S S U E S TOTAL +300 -700 100 850 200 600 FNMA FHLMC FHLB 0 0 +300 -700 100 700 0 0 0 0 +150 0 0 200 0 0 0 600 0 0 0 0 -604 -304 693 -607 -1,100 196 -4 -7 -7 300 -300 700 -206 0 0 0 —6 -200 -9 +190 300 0 -10 0 -300 0 —8 200 318 -9 -7 12 -212 0 -1 291 +190 190 310 -297 -219 0 0 -600 0 -189 -393 -4 —6 0 200 3 -47 -3 9 0 105 0 0 304 0 0 300 0 30 0 188 -592 -354 746 297 203 553 301 -291 211 500 -200 0 0 1 -350 752 —8 200 600 FNMA & FHLB SHORT-TERM DISCOUNT NOTES 1 —64 302 115 -263 —48 69 -197 -360 -547 -569 -346 99 -349 597 5 -347 -255 364 -176 -270 643 -402 235 402 -22 11 -300 200 200 0 0 0 46 486 -36 -34 1,078 30 0 954 0 19 Table 12 NET CHANGE IN MORTGAGE H O L D I N G S IN MILLIONS OF DOLLARS PERIOD 1970 1971 1972 1973 1974 1975 1976 2 FINANCIAL INSTITUTIONS TOTAL INCLUDING F NM A- G NM A TOTAL COMMERCIAL BANKS MSB's 21,930 41,406 57,587 58,372 42,739 43,497 62,783 17,020 39,018 55,561 55,072 36,517 38,658 64,903 2,462 9,940 16,800 19,600 11,700 4,200 13,900 1,956 3,938 5,377 5,642 2,172 2,236 4,074 S & Ls 10,254 23,919 31,932 25,552 17,567 29,289 44,515 INSURANCE COMPANIES FNMA-GNMA 2,348 1,221 1,452 4,278 5,078 2,933 2,414 4,910 2,388 2,026 3,300 6,222 4,839 -2,120 34 31 140 414 158 496 252 220 744 614 426 -326 - 42 66 123 687 177 - 86 -163 167 - 31 96 112 74 287 453 267 508 313 249 748 574 352 -267 135 217 294 1,055 409 -436 -429 - 33 -258 68 Not S e a s o n a l l y A d j u s t e d 1977 - J a n . Feb . Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 3,929 4,273 7,112 8,533 9,633 10,621 8,339 9,502 9,127 8,349 7,940 .. 4,255 4,315 7,046 8,410 8,946 10,505 8,425 9,665 8,930 8,380 7,844 1,100 1,100 2,000 2,300 2,400 2,900 2,300 3,000 2,300 2,300 2,100 2,200 196 156 291 414 388 976 649 719 660 690 564 2,925 3,028 4,615 5,282 6,000 6,132 5,224 5,726 5,256 4,876 4,754 4,638 S e a s o n a l l y Ad l u s t e d 1977 - J a n . Feb . Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. ^ 5,716 5,508 7,316 7,958 9,088 9,468 7,463 8,708 9,972 8,478 8,661 5,983 5,373 7,099 7,664 8,033 9,059 7,899 9,137 9,005 8,736 8,593 1,555 1,427 2,047 2,161 2,165 2,581 2,286 2,858 2,113 2,182 2,247 2,273 337 307 280 401 366 816 559 696 735 735 590 3,979 3,565 4,485 4,689 5,235 5,154 4,741 5,334 5,409 5,245 5,904 5,150 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 83 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. 20 Table 13 NET INCREASE IN MORTGAGE DEBT OUTSTANDING IN BILLIONS OF DOLLARS, 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 RESIDENTIAL TOTAL QUARTER TOTAL 1- to 4 FAMILY MULTIFAMILY f • COMMERCIAL MULTFAMILY & COMMERCIAL FARM •___ 1970 - I II II IV 25.5 25.3 33.5 35.4 18.7 18.3 23.9 26.8 13.2 12.5 15.5 18.8 5.5 5.8 8.4 8.0 5.7 6.9 8.6 7.4 11.2 12.7 17.0 15.4 1.0 0.0 1.0 1.3 1971 - I II III IV 41.2 51.8 57.8 59.5 32.7 40.3 43.1 44.7 23.2 29.6 33.8 35.7 9.5 10.7 9.3 9,1 6.7 9.3 12.1 11.6 16.2 20.0 21.4 20.7 1.7 • 2.1 2.6 3.1 1972 - I II III IV 67.6 74.1 77.6 88.1 49.3 54.1 59.1 63.6 38.0 41.0 48.1 47.9 11.3 13.1 11.0 15.7 14.8 16.5 14.9 21.0 26.1 29.6 25.9 36.7 3.5 _ 3.5 + 3.6 3.6 1973 - I II III IV 80.6 87.4 80.7 70.4 56.0 59.9 56.2 48.5 47.8 46.9 43.7 40.6 8.2 13.0 12.5 7.9 19.1 21.7 19.4 16.4 27.3 34.7 31.9 24.3 5.6 5.8 5.0 • 5.5 1974 - I II II IV 69.9 70.9 54.5 46.7 48.7 47.2 35.1 29.7 39.2 40.3 28.4 25.4 9.5 6.9 6.7 4.3 17.5 18.7 13.6 11.2 27.0 25.6 20.3 15.5 3.6 4.9 5.8 5.9 • 1975 - I II III IV 44.0 55.0 62.3 67.7 29.7 39.8 45.3 50.8 28.9 39.8 44.9 51.9 0.8 0.0 0.4 -1.1 9.0 10.3 12.9 12.8 9.8 10.3 13.3 11.7 5.3 4.9 4.0 4.1 1976 - I II III IV 78.6 77.3 94.0 98.6 59.7 58.0 73.8 78.0 58.3 58.1 70.0 75.5 1.4 -0.1 3.8 2.5 13.7 14.5 13.4 13.0 15.1 14.4 17.2 16.9 5.3 4.8 6.9 7.6 108.3 132.2 140.3 140.1 84.2 102.6 106.6 109.2 80.3 96.1 98.9 99.7 3.9 6.5 7.7 9.5 15.5 20.3 24.8 22.9 19.4 26.8 32.5 32.4 8.6 # 9.3 8.9 8.0 1977 - I ( r ) II(r) HI(r) IV (p) 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 R e s i d e n t i a l mortgage d e b t i n c l u d e s nonfarm o n l y and i s sum of 1 - t o 4 - f a m i l y and m u l t i f a m i l y mortgage d e b t . s T a b l e 14 PRIVATE HOUSING PERMITS, S T A R T S , COMPLETIONS, AND MOBILE HOME SHIPMENTS IN T H O U S A N D S OF U N I T 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 PERMITS 1 PERIOD TOTAL 1 —FAMILY COMPLETIONS STARTS TOTAL 2 - O R MORE FAMILY 1969 1970 1971 1972 1973 1974 1975 1976 1,324 1,352 1,925 2,219 1,820 1,074 939 1,281 626 647 906 1,033 882 644 676 895 698 705 1,018 1,186 937 431 264 386 1976 - Oct Nov. Dec. 1,481 1,583 1,532 987 1,055 1,049 1977 - J a n . Feb. Mar. Apr. May June July Aug. Sept.. Oct. Nov. Dec. 1,333 1,526 1,687 1,605 1,615 1,678 1,639 1,772 1,695 1,850 1,893 1,811 1978- J a n . 1,533 1—FAMILY 2 - O R MORE FAMILY , 1,407 1,434 2,052 2,357 2,045 1,388 1,160 1,538 811 813 1,151 1,309 1,132 888 892 1,162 656 621 901 1,048 914 450 268 376 494 528 483 I | I 1,715 1,706 1,889 1,269 1,236 1,324 446 470 565 930 1,060 1,188 1,051 1,077 1,105 1,089 1,156 1,135 1,216 1,257 1,210 403 466 499 554 538 573 550 616 560 634 636 601 I 1,384 1,802 2,089 1,880 1,937 1,897 2,083 2,029 2,065 2,203 2,096 2,194 1,006 1,424 1,503 1,413 1,455 1,389 1,437 1,453 1,523 1,562 1,544 1,568 378 378 586 467 482 508 646 576 542 641 552 626 1,021 512 1,549 1,139 410 | TOTAL i 1 1 —FAMILY MOBILE 2 - O R MORE HOME FAMILY SHIPMENTS 1,399 1,418 1,706 1,972 2,014 1,692 1,297 1,362 808 802 1,014 1,143 1,174 932 867 1,026 592 617 692 828 840 760 430 336 413 401 497 576 567 329 216 250 1,326 1,399 1,435 989 1,068 1,074 337 331 361 263 247 248 1,416 1,637 1,707 1,540 1,536 1,647 1,671 1,699 1,901 1,627 1,780 1,604 1,103 1,242 1,236 1,226 1,177 1,209 1,267 1,282 1,489 1,217 1,272 1,257 313 395 471 314 359 438 404 417 412 410 508 347 258 275 275 252 251 264 251 270 300 319 318 324 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 when 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 K) N> N3 T a b l e 15 AVERAGE RATES AND YIELDS ON HOME MORTGAGES EXISTING HOMES NEW HOMES PERIOD RATE (IN PER CENT) 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 SPREAD (BASIS POINTS) YIELD (IN PER CENT) RATE (IN PER CENT) SPREAD (BASIS POINTS) 9.25 8.90 15 -70 9.30 8.95 20 -65 9.74 8.69 31 -91 6.2 2.4 21 -49 9.70 8.94 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 9.00 8.95 8.90 71 90 NA 9.00 9.00 8.95 71 95 NA 8.55 8.45 8.25 26 40 NA 4.3 3.6 2.0 45 50 65 8.29 8.05 NA 58 52 63 59 NA 93 83 99 86 72 82 N.A. 8.85 8.85 8.90 8.95 9.00 9.05 9.05 9.05 9.05 9.05 9.05 9.10 63 57 68 64 NA 98 88 1.04 91 .77 82 N.A. 8.40 8.50 8.58 8.57 NA 8.74 8.74 8.74 8.72 8.78 8.78 8.91 18 22 36 26 NA 67 57 73 58 50 55 N.A. 40 30 27 33 NA 26 26 26 28 22 27 19 1978- J a n . 9.15 N.A. 9.20 N.A. 9.11 N.A. 3.2 3.9 4.6 4.5 NA 1.9 1.9 1.9 1.7 2.2 2.2 3.2 4.7 8.22 8.28 8.22 8.31 NA 8.07 8.17 8.01 8.14 Dec. 8.80 8.80 8.85 8.90 8.95 9.00 9.00 9.00 9.00 9.00 9.05 9.10 1975 - High Low 1976 - High Low 1976 - O c t . Nov. Dec. 1977 - J a n . Feb. Mar. Apr. MayJune July Aug. Sept. Oct. Nov. 8.28 8.23 N.A. N.A. 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, 1 payment, prepaid in 15 years, for immediate delivery, are used. H.16 23 Table 16 FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS CONVENTIONAL GOVERNMENT-UNDERWRITTEN DATE OF AUCTION AMOUNT (IN MILLIONS OF DOLLARS) OFFERED AVERAGE YIELD ACCEPTED AMOUNT (IN MILLIONS OF DOLLARS) OFFERED 855 (12/27) 570 (12/27) 8.98(12/2% 383 ( 5 / 2 ) 1977 - High Low AVERAGE YIELD ACCEPTED 278 ( 5 / 2 ) 9 . 2 1 (12/27) 35 (9/7) 8 . 4 6 ( 1 / 1 0 ) 123 (7/25) 130.5 75.9 77.3 54.1 8.72 8.71 163.9 122.9 101.6 82.8 9.08 9.06 8 22 195.0 119.9 143.1 78.3 8.75 8.77 199.8 170.4 144.4 92.3 9.06 9.06 Sept. 7 19 50.3 62.6 35.1 40.3 8.74 8.74 138.9 107 .5 113.9 70.5 9.06 9.05 3 17 31 131.3 325.8 156.1 82.2 212.6 105.7 8.77 8.84 8.86 187.3 242.7 328.1 137.2 167.8 224.0 9.07 9.11 9.14 Nov. 14 28 110.6 99.8 69.5 83.2 8.86 8.85 308.6 229.0 202.8 183.5 9.16 9.16 Dec. 13 27 329.1 855.4 224.3 569.7 8.89 8.98 262.2 329.4 168.9 190.5 9.17 9.21 50 ( 9 / 7 ) 1977 - J u l y 11 25 Aug. Oct. 71 (9/19) 8.81 (1/10) 1978 - J a n . 9 23 1011.0 768.8 605.3 356.6 9.13 9.21 403.6 546.3 192.8 256.8 9.28 9.37 Feb. 6 21 640.9 558.2 338.0 285.5 9.27 9.35 633.6 580.5 299.3 266.7 9.45 9.53 NOTES: Average secondary market yields are gross before 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 ortgage 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. H.16
@FedFRASER