Full text of H.16 Capital Market Developments : February 28, 1977
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Capital Market Developments r a 8 yo i n n > Xf -J H m •< g February 2 8 , 1 9 7 7 P r e p a r e d by t h e C A P I T A L MARKETS SECTION in c o n j u n c t i o n with the 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 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 $.50 each. Address requests to Publications Services, Division of Administrative Services, and make payment remittance payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. Currency. TABLES 1 - 6 S E C U R I T Y VOLUME AND Y I E L D S 7, 8 STOCK MARKET AND S E C U R I T Y CREDIT 9 - 1 6 # MORTGAGE MARKET SYMBOLS e p r n.a. ESTIMATE PRELIMINARY REVISED NOT AVAILABLE DATA DO NOT EXIST # Table 1 YIELDS, VOLUME AND RECEPTION CORPORATE BOND MARKET VOLUME YIELDS NEW ISSUE 1 Aaa UTILITY WEEK ENDING 1976 - December 1977 - January February RECENTLY 2 OFFERED Aaa UTILITY 7.97 7.94 7.97 7.92 7.84 GROSS 3 OFFERINGS ($ MILLIONS) 1,020 992 720 0 0 PER CENT SOLD BY END OF WEEK 100 83 67 NEW ISSUES 4 IN SYNDICATE ($ MILLIONS) 0 152 266 116 44 3 10 17 24 31 7.95 7.93 7.96 7 14 21 28 7.90 8.05 8.10 8.22 7.95 8.06 8.15 8.18 100 985 734 945 97 95 88r 83 26 59 91r 152 4 11 18 25 8.15 8.14 8.12 8.17r 8.26p 303 213 90 95 70 55 217r 306 98 84 17 147 — — 8.18r 8.28p MUNICIPAL BOND MARKET VOLUME YIELDS WEEK ENDING MOODY'S NEW ISSUE Aaa BOND BUYER 2Q-BOND INDEX GROSS 3 OFFERINGS ($ MILLIONS) PER CENT SOLD BY END OF WEEK NEW ISSUES 4 IN SYNDICATE ($ MILLIONS) 1976 - December 3 10 17 24 31 5.10 5.07 5.07 5.07 5.04 6.03 5.96 5.95 5.93 5.83 691 694 746 114 30 88 87 83 80 75 122 144 226 201 143 1977 - January 7 14 21 28 5.01 5.10 5.13 5.17 5.78 5.89 5.90 5.92 314 861 1,087 622 58 88 89 84 188 195 222 204 4 11 18 25 5.17 5.17 5.15 5.20 5.93 5.86 5.83 5.92 427 860 971 706 86 87 86 74 139 204 228 333 February 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 I S S U E A a a UTILITY DATE 1 RECENTLY OFFERED A a a UTILITY 3 U . S . GOVT. 20-YEAR C O N S T A N T MATURITY 4 BOND BUYER 2Q-BOND INDEX 7.79 (8/10) 6*42 ( 1 / 5 ) 5.59 (8/3) 4.99 (10/11) 9.39 (10/11) 7.73 (1/4) 8.68 (8/30) 7.39 (1/4) 7.15 5.16 (12/12) (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 6.27 (10/3) (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) 8.28 (2/25) 7.90 (1/7) 8.26 (2/25) 7.95 (1/7) 8.06 (2/25) 7.88 (1/7) 7.68 (2/25) 7.26 (1/7) 5.93 (2/4) 5.78 (1/7) 7 14 21 28 7.90 8.05 8.10 8.22 7.95 8.06 8.15 8.18 7.88 7.94 7.99 8.01 7.26 7.50 7.54 7.59 5.78 5.89 5.90 5.92 4 11 18 25 8.15 8.14 8.12 8.03/ 7.63 7.60 8.17r 8.26p 8V04r 8.06p 7.61r 7.68p 5.93 5.86 5.83 8.52 (8/10) 7.29 (1.21) 8.32 (8/10) 7.28 (1/5) 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 1977 - High Low Feb. MOODY'S S E A S O N E D CORPORATE A a a 7.77 (8/24) 7.11 (1/5) 1973 - High Low 1977 - J a n . 2 - - 8.18r 8.28p / 8.9/ 5 5.92 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. http://fraser.stlouisfed.org/ # Louis Federal # Reserve Bank of St. # # # # e e e e e Table 3 LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS IN MILLIONS OF DOLLARS GROSS PROCEEDS 1 CORPORATE PERIOD 1975 1974 2,347 2,707 3,339 2,361 2,387 2,135 2,255 2,003 2,025 3,060 3,164 2,981 2,429 3,477 3,013 2,406 2,900 3,064 2,397 2,304 2,166 4,327 2,405 2,836 3,248 2,667 1,617 2,682 2,757 2,803 3,580 2,783 2,159 1,459 1,106 1,701 4,705 4,076 4,307 4,609 3,739 3,511 2,323 2,381 2,052 2,860 2,483 1,479 13,879 14,126 11,369 15,273 15,688 9,568 13,088 9,232 9,205 7,532 11,859 8,393 8,919 8,242 6,883 8,370 8,522 6,756 6,283 6,867 4,266 6,822 28,005 39,374 30,961 40,529 53,617 18,437 25,969 37,828 17,312 25,554 15,253 23,775 30,531 13,150 17,416 24,238 1976 1975 1974 January February March 3,381 3r863 6,635 5,367 4,528 5,378 3,328 2,687 3,217 April May June 3,522 4,186 6,418 4,294 5,798 5,596 July August September 3,'216 3,350 4,803 October November December Q1 02 03 04 1st Half 3 Qtrs. Year 2 STATE AND LOCAL NOTES: 1 Securities and Exchange Commission estimates of gross proceeds. 2 Securities Industry Association estimates of principal amounts. 1976 T * aoie 4 NEW CORPORATE SECURITY ISSUES 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 MEMO COMMON MANUFACAND ISSUES INCLUDED PRIVATELY TURING PREFERRED PLACED FOREIGN CONVERTIBLE STOCK BONDS TOTAL PUBLICLY OFFERED PUBLIC UTILITY COMMUNICATIONS OTHER ISSUERS 5,816 2,085 4,158 2,054 3,116 1,225 1,902 463 215 2,420 3,480 3,327 3,424 679 1,215 3,142 4,974 13,879 14,126 11,369 7,569 7,427 4,904 2,757 3,578 4,604 3,553 3,121 1,861 1,340 1,843 1,267 257 478 433 4,500 3,739 2,971 4,044 3,140 3,315 765 1,879 378 4,569 5,336 4,707 1975 - S e p t . Oct. Nov. Dec. 2,836 4,705 4,076 4,307 1,414 2,389 1,666 1,761 585 769 1,640 1,749 837 1,547 772 797 38 61 619 952 1,103 1,425 1,264 1,247 1,275 902 297 928 55 232 657 1,579 1,645 1,750 1976 - J a n . Feb. Mar. Apr. May June July Aug. Sept. 3,381 3,863 6,635 3,522 4,186 6,418 3,216 3,350 4,803 2,189 2,142 3.238 2,350 1,937 3,140 1.239 1,565 2,100 613 794 1,350 644 1,051 1,883 1,348 1,107 2,149 579 927 2,047 528 1,198 1,395 629 678 554 1,073 1,179 2,248 584 1,709 1,446 1,198 1,024 749 1,097 789 2,158 644 1,148 1,348 932 920 1,463 16 171 578 450 1,197 1,722 1,650 1,842 1,309 2,215 1,061 1,195 2,451 1975 - I I I IV 9,568 13,088 5,428 1976 - I II III NOTES: 1 Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other. Source: Securities and Exchange Commission. 154 121 15 121 37 15 426 7 92 20 1,409 26 212 140 • # # # # e e # # # r Table 5A INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 January 31 through February 2 5 , 1977 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) Debt. SF d e b t . 1 s t mtg. Debt. Pfd. s t k . Pfd. s t k . Com. s t k . Notes Debt. Debt. Com. s t k . Com. s t k . 1 s t mtg. 1 s t mtg. Pfd. s t k . Com. s t k . Com. s t k . Debt. Notes Debt. SF d e b t . Equip, t r . 25.0 75.0 45.0 325.0 27.5 15.0 35.4 100.0 50.0 40.0 41.3 146.9 75.0 30.0 75.0 68.0 37.0 130.0 60.0 50.0 50.0 15.6 MATURITY COUPON RATE OFFERING YIELD 1997 1997 2012 2017 8.60 9.25 8.20 8.38 8.11 8.28 8.60 9.25 8.24 8.30 9.00 8.28 A/A B/B Aa/AA Aaa/AA Aa/AA+ A/A+ 1997 1992 1987 8.45 9.25 7.75 8.45 9.25 7.75 A/A Baa./BBB Aa/AA CORPORATE D i a l F i n a n c i a l Corp. LTV Corp. W i s c o n s i n P u b l i c S e r v i c e s Corp. P a c i f i c T e l e p h o n e & T e l e g r a p h Co. Kansas Power & L i g h t Co. Gulf Power Co. New York S t a t e E l e c . & Gas Co. Household F i n a n c e Corp. Greyhound L e a s i n g & F i n a n c i a l Corp. U . S . Bancorp. South C a r o l i n a E l e c . & Gas Co. G e n e r a l Telephone & E l e c t r o n i c Co. Texas O i l & Gas Corp. South C a r o l i n a E l e c . & Gas Co. Western Union Corp. Houston I n d u s t r i e s Northern I n d i a n a P u b l i c S e r v i c e Co. I n d i a n a B e l l T e l e p h o n e Co. American I n t e r n a t i o n a l Group, I n c . American E x p r e s s C r e d i t Corp. S o u t h l a n d 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. — — — 1997 2007 — / 8.25 8.40 9.50 2017 1987 1987 2002 1977-1992 A/A+ A/A — / BB— — — — Rights offering. Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings. 8.25 8.38 9.50 — NOTES: • 1 MOODY'S/S&P'S RATINGS 8.13 7.75 7.70 8.38 7.75 8.18 7.81 7.70 8.38 5.65-8.00 Aaa/AAA — /AA Aa/AA A/A Aa/AA « T a b l e 5A C o n t i n u e d INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY January 31 through February 2 5 , 1977 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE OFFERING YIELD MOODY S / S & P S RATINGS CORPORATE OTHER Norway Toronto Toronto Stockholm, C i t y of Sweden Nippon T e l . & T e l e . P u b l i c Corp. Nippon T e l . & T e l e . P u b l i c Corp. Notes Debt. Debt. Debt. Notes Notes 100.0 28.0 55.0 50.0 100.0 50.0 1982 1987 1997 1992 1982 1987 7.38 8.00 7.45 8.00 8.50 8.55 8.88 8.88 7.63 8.13 8.16 7.63 Aaa/AAA Aaa/AA Aaa/AA Aaa/AAA Aaa/AAA Aaa/AA Table 5 8 INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 January 31 through February 2 5 , 1977 ISSUER STATE AND LOCAL East Chicago, I n d . C h i l l i c o t h e , Iowa I l l i n o i s H e a l t h Fac. Auth. I l l i n o i s H e a l t h Fac. Auth. I l l i n o i s H e a l t h Fac. Auth. Greene Co. I n d u s t . Dev. A u t h . , Pa. Maryland H e a l t h & Educ Fac. Auth. Maryland H e a l t h & Educ Fac. Auth. Kanawha Co. B l d g . Comm. W. Va. Kanawha Co. B l d g . Comm. W. Va. Kanawha Co. B l d g . Comm., W. Va. N a s h v i l l e & Davidson Co. Metro Gvt, H l t h . & Educ. Fac. B d . , Tenn. N a s h v i l l e & Davidson Co Metro. Gvt. H l t h . & Educ. Fac. B d . , Tenn. N a s h v i l l e & Davidson Co. Metro Gvt, H l t h . & Educ. Fac. B d . , Tenn. Bucks Co. Water & Sewer A u t h . , Pa. Bucks Co. Water & Sewer A u t h . , Pa. H i l l s b o r o u g h Co. P o r t D i s t . , F l a . H i l l s b o r o u g h Co. P o r t D i s t . , F l a . H i l l s b o r o u g h Co. P o r t D i s t . , F l a . King C o . , Wash. Houston I n d . Sch. D i s t . , Texas TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY 2007 2007 1980-1993 2003 2007 2007 1980-1991 NET INTEREST COST 5.80 OFFERING YIELD 5.75 5.95 4.40-6.40 MOODY'S/S&P'S RATINGS Aa/AA Aa/AA A/AA A/AA A/AA A/A A/A A/A A-l/AA A-l/AA A-l/AA Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. 26.5 Rev. 26.3 1977-1995 6.06 2.90-5.80 Aa/AA Rev. 12.3 2000 6.06 6.00 Aa/AA Rev. Rev. Rev. Rev. Rev. Rev. G.O. G.O. 35.4 16.4 17.0 5.0 7.0 11.0 19.5 70.0 6.06 5.98 5.98 6.13 5.50 6.38 4.75-7.00 7.75 Aa/AA Aaa/ A/_- 5.04 4.61 3.30-5.50 2.75-5.00 Aa/AA Aa/AA 10.0 29.2 26.6 10.7 14.0 6.4 18.5 8.7 6.5 18.0 2006 1979-1992 1998 2008 2010 2008 2008 1979-1990 1999 2006 1979-1997 1978-1992 6.55 6.55 6.55 6.15 6.72 6.72 6.58 6.58 6.58 6.60 6.10 4.50-6.30 6.70 4.00-6.30 6.50 6.60 8.00 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. / ND h~* o 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 31 through February 2 5 , 1977 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD STATE AND LOCAL Milwaukee C o . , Wise. Memphis, Tenn. C a l i f o r n i a , S t a t e of Lawrence Township H . S . B l d g . C o r p . , Ind. Dayton, Ohio New J e r s e y , S t a t e of I s l i p , N.Y. Arlington Heights, I l l i n o i s Arlington Heights, I l l i n o i s New J e r s e y Educ. F a c . Auth. New J e r s e y Educ. F a c . Auth. New J e r s e y Educ. F a c . Auth. New J e r s e y Educ. Fac. Auth. I l l i n o i s Housing Dev. Auth. I l l i n o i s Housing Dev. Auth. St. Lucie Co., Fla. Valdez, Alaska D a l l a s I n d . S c h . D i s t . , Texas P u e r t o R i c o Highway A u t h o r i t y P u e r t o R i c o Highway A u t h o r i t y C y p r e s s - F a i r b a n k s I n d . Sch. D i s t . , Texas S t . L o u i s , Mo. R a l e i g h , N.C. T e n n e s s e e , S t a t e of G.O. G.O. G.O* 21.5 26.0 75.0 1978-1997 1979-1997 1978-2002 Rev. G.O. G.O. G.O. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. Rev. Rev. 26.2 12.0 100.0 10.5 10.9 23.9 8.6 7.3 4.3 3.6 6.8 25.4 10.2 265.0 30.0 37.5 25.0 1977-2004 1978-1997 1978-2002 1978-2002 1977-1984 1977-1989 1977-2010 1977-2008 1977-1985 1977-1985 1979-1997 2018 2007 2007 1978-2002 1999 1978-1988 G.O. Rev. G.O. G.O. 11.0 11.0 13.0 52.1 1979-1997 1977-1995 1978-1977 1978-2006 MOODY'S/S&P S RATINGS 2.75-5.10 3.20-5.30 2.70-5.25 Aaa/AAA Aa/AA Aaa/AAA 6.61 6.61 6.22 5.98 4.89 7.61 7.61 3.00-6.05 2.90-5.40 2.90-5.50 4.00-6.40 2.80-4.50 3.40-6.10 3.50-6.25 3.50-6.25 2.50-4.50 2.50-4.50 3.60-6.10 6.63 6.22 5.94 2.78-5.60 7.75 4.00-7.10 A/A Aa/AAA Aa/AAA A/A Aaa/AAA A1/A+ A/A A/A Aaa/AAA Aaa/AAA A-l/AA A-l/AA Baa/— Aa/AA Aaa/AA Baa-l/A Baa-l/A 5.10 5.71 4.71 4.99 3.25-5.50 3.00-6.00 2.75-5.30 2.70-5.30 A1/A+ A/ — Aaa/AAA Aaa/AA 4.77 4.86 4.91 w— 4.87 5.12 5.82 4.32 6.61 —— 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 31 t h r o u g h February TYPE ISSUER AMOUNT (MILLIONS OF DOLLARS) 25, MATURITY 1977 NET INTEREST COST OFFERING YIELD MOODY'S/S&P'S RATINGS STATE AND LOCAL R i c h a r d s o n , Texas South C a r o l i n a Pub. S v c . Auth. South C a r o l i n a Pub. S v c . Auth. South C a r o l i n a Pub. S v c . Auth. South C a r o l i n a Pub. S v c . Auth. M i n n e s o t a Housing F i n . Agy. M i n n e s o t a Housing F i n . Agy. West J e f f e r s o n I n d u s t . Dev. B d . , Ala Los Medanos Comm. Hosp. D i s t . , C a l i f Lackawanna R i v e r B a s i n Sewer A u t h . , Pa. Lackawanna R i v e r B a s i n Sewer A u t h . , Pa. A t l a n t i c Co. Sewerage A u t h . , N . J . A t l a n t i c Co. Sewerage A u t h . , N . J . A t l a n t i c Co. Sewerage A u t h . , N . J . P a s s a i c V a l l e y Sewerage Comm., N . J . P a s s a i c V a l l e y Sewerage Comm., N . J . Washington S t a t e Pub. Power Supply Sys. Washington S t a t e Pub. Power Supply Sys. Washington S t a t e Pub. Power Supply Sys. Benton Co. Pub. U t i l i t y D i s t . # 1 , Wash. / G.O. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. 13.3 90.9 31.5 66.9 116.7 56.0 24.0 40.0 12.6 1979-1998 1977-1986 2002 1977-1997 2016 1979-1997 2008 2007 1980-2004 5.15 7.20 5.78 3.20-5.80 2.60-4.50 5.88 2.75-5.70 6.00 3.70-6.00 6.25 7.28 4.00-6.10 Rev. 18.1 1981-1998 5.91 6.00 Rev. Rev. Rev. Rev. Rev. Rev. 11.5 3.8 10.1 21.6 22.2 57.8 1977-1994 1981-1988 2000 2012 1978-1992 2007 5.91 Rev. 42.1 Rev. Aa/A+ Aaa/— A— 1 / — A— 1 / — A—1/—— A-l/AA A-l/AA — / — A-l/A Baa—1/— 6.77 6.77 6.72 6.72 2.70-5.30 4.25-5.30 6.20 6.90 4.00-6.25 6.75 Aaa/ — Baa/BBB Baa/BBB Baa/BBB Baa/A Baa/A 1989-2001 5.93 5.00-5.75 A-1/A+ 40.6 2008 5.93 5.90 A-1/A+ Rev. 62.3 2015 5.93 6.00 A-1/A+ Rev. 11.7 1981-1996 —— 4.15-5.60 H V H PO T a b l e SB C o n t i n u e d INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY January 31 through February 25, 1977 ISSUER STATE AND LOCAL B o s t o n , Mass. B o s t o n , Mass. P o r t of Oakland, C a l i f . H a r t f o r d , Conn. Wayne C o . , Mich. F l o r i d a , S t a t e of F l o r i d a , S t a t e of P o r t l a n d Sch. D i s t . if 1, Oregon Monroe C o . , Mich. Monroe C o . , Mich. Maine, S t a t e of A t l a n t a , Georgia C o u n c i l B l u f f s , Iowa C o u n c i l B l u f f s , Iowa A r l i n g t o n Ind. Sch. D i s t . , Texas P l a t t e R i v e r Power A u t h . , Colo. P l a t t e R i v e r Power A u t h . , Colo. P l a t t e R i v e r Power A u t h . , Colo. A n t e l o p e V a l l e y - E a s t Kern Water Agy. Calif. King C o . , Wash. Anchorage, Alaska Anchorage, Alaska TYPE G • 0. G. 0 • Rev. G.O. G. 0 • G.O. G.O. G.O. Rev. Rev. G.O. Rev. Rev. Rev. G.O. Rev. Rev. Rev. G.O. G.O. Rev. Rev. AMOUNT (MILLIONS OF DOLLARS) 23.6 16.4 17.4 20.0 15.0 60.0 15.0 18.9 1.6 11.8 15.4 28.0 18.0 1.0 10.0 32.9 16.4 50.7 18.0 13.4 9.0 10.0 MATURITY 1978-1987 1997 1981-1996 1978-1995 1981-1986 1978-2009 1980-2006 1979-1995 1982-1987 2005 1978-1987 1979-2004 2007 2007 1978-1996 1977-1997 2002 2012 1981-1997 1979-1992 1978-1992 1978-1997 NET INTEREST COST OFFERING YIELD MOODY'S/S&P'S RATINGS Baa/ABaa/AA-1 / A+ Aaa/AA A-l/AA Aa/AA Aa/AA 5.88 5.88 4.50-6.80 7.25 4.00-5.80 3.00-5.40 4.00-5.,10 3 . 0 0 - 5 , ,75 3.70-5.75 4.00-6.10 5.00-6.00 7.00 3.00-4.75 3.50-5.80 5.95 6.10 2.90-5.70 2.75-5.75 5.88 5.93 5.68 4.86 6.07 5.97 4.20-6.00 3.40-5.20 3.50-6.00 3.25-5.90 A/A Aa/ AA Baa-l/A Baa-1/AAA 5.53 5.07 5.03 5.56 5.53 6.48 4.57 5.58 5.98 5.98 4.96 5.88 Baa/BBB Baa/BBB Aa/AAA A-l/AA Aa/ — A/— Aa/A+ A/A+ A/A+ A/ A+ 13 T a b l e 6A FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' As of February 2 5 , 1977 ISSUER CORPORATE C e n t r a l L o u i s i a n a E l e c t r i c Co. A s s o c i a t e d F i r s t C a p i t a l Corp. P a c i f i c Gas & E l e c t r i c Co. Reeves B r o t h e r s I n c . Union P a c i f i c R a i l r o a d Co. P h i l a d e l p h i a E l e c t r i c Co. Kansas Gas & E l e c t r i c Co. S o u t h w e s t e r n P u b l i c S e r v i c e Co. Gulf Power Co. South C e n t r a l B e l l T e l e . Kansas Gas & E l e c t r i c Co. Kentucky T e l e p h o n e Co. ^Standard Oil Co. (Ohio) *Commonwealth Edison Co. Ohio E d i s o n Co. *Mich. C o n s o l i d a t e d Gas Co. N o r t h w e s t e r n B e l l T e l e . Co. San Diego Gas & E l e c t r i c Co. C e n t r a l Maine Power Co. ^ V i r g i n i a E l e c t r i c & Power Co. *Union E l e c t r i c Co. Utah Power & L i g h t Co. Utah Power & L i g h t Co. *Iowa Power & L i g h t Co. Montana Power Co. S o u t h w e s t e r n B e l l Telephone Co. Southern R a i l r o a d Co. G e n e r a l T e l . Co. of C a l i f . * P u b l i c S e r v i c e Co. of New Mexico *Natomas Co. *American A i r l i n e , I n c . *Pan American World Airways *Natomas Co. Comb an ks Corp. R e p u b l i c S t e e l Corp. OTHER * C a i s s e N a t i o n a l e des A u t o r o n t e s TYPE Com. s t k . Med.term n o t e s PfcL s t k . SF d e b t . Equip, t r . 1 s t mtg. 1 s t mtg. 1st mtg. 1 s t mtg. Debt. Com. s t k . 1 s t mtg. Debt. Com. s t k . Com. s t k . P fd . stk. Debt. 1st mtg. Com. s t k . 1st mtg. Com. s t k . 1st mtg. Com. s t k . Pfd. s t k . Pfd. s t k . Debt. Eq u i p. t r . Debt. Pfd. s t k . Pfd. s t k . Pfd. s t k . Debt. Debt. Notes SF d e b t . Gtcl. bds. AMOUNT (IN MILLIONS OF DOLLARS) 28.0 100.0 100.0 25.0 16.5 75.0 25.0 30.0 35.0 210.0 28.0 40.0 250.0 25.0 103.7 30.0 130.0 50.0 20.0 150.0 , 75.0 55.0 45.0 15.0 30.0 250.0 19.7 125.0 20.0 62.5 100.0 50.0 50.0 20.0 125.0 Feb. Feb. Mar. Mar. Mar. Mar. Mar. Ma r. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Ma r . Mar. Mar. Mar. Mar. Ma r . Mar. Inde f Tndef 50.0 Mar. NOTES: * 1 Included in table for first time. Includes only corporate and other security issues of $15 million and over; excludes exchanges, options APPROXIMATE DATE OF OFFERING 28 2 7 8 8 8 8 9 9 9 10 15 15 15 16 16 16 17 17 22 23 23 23 26 29 29 31 . • 10 ti Table 6 8 FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 a s of February 2 5 , 1977 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING STATE & LOCAL Omaha P u b l i c Power D i s t . , Neb. Oregon, S t a t e of N o r f o l k , Va. New J e r s e y H l t h . Care F a c . F i n . Auth. Santa C l a r a Redev. Agy. C a l i f . Richmond I n d u s t . D e v . A u t h . , Va. A m a r i l l o Hosp. D i s t . , Texas New York, S t a t e of * M i f f l i n Co. S c h . D i s t . , P a . B a l t i m o r e C o . , Md. Terrebonne P a r i s h , L a . A l e x a n d r i a , Va. Texas, S t a t e of * I l l i n o i s , S t a t e of * E r i e Co. H o s p i t a l A u t h . , P a . West V i r g i n i a , S t a t e of L i n c o l n , Neb. L i n c o l n , Neb. East Bay Hun. U t i l . D i s t . , C a l i f . P o r t of S e a t t l e , Wash. *Phoenix, A r i z . *Eau C l a i r e , W i s e . Colorado Housing F i n a n c e A u t h . * J a c k s o n , Tenn. * J a c k s o n , Tenn. *Eugene, Oregon *Tallahassee, Fla. ^Tallahassee, Fla. S t . Tammy P a r . S c h . B d . , L a . *Maine M u n i c i p a l Bond Bank POSTPONEMENT E r i e C o . , N.Y. Rev. Rev. G.O. Rev. G.O. Rev. G.O. G.O. Rev. G.O. Rev. G.O. G.O. G.O. Rev. G.O. Rev. Rev. Rev. G.O. G.O. G.O. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. 200.0 30.0 27.0 10.9 17.4 13.9 18.0 96.0 20.4 30.0 10.0 14.7 50.0 110.0 24.0 50.0 120.0 30.0 12.0 18.3 18.0 26.8 20.0 27.5 9.0 155.0 138.1 64.4 15.0 25.0 38.0 Mar. Mar. Mar. 1 1 1 Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. 1 1 1 1 1 1 1 Included in the table for the first time. 3 3 7 8 8 8 8 8 8 15 15 16 16 16 16 17 17 17 22 F e b . 23 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. * 2 # # # # # # # # # * Table 7 STOCK PRICES AND VOLUME 1 STOCK PRICES DATE NYSE INDEX 3 | BJ INDUSTRIALS AMEX 4 | NASDAQ 2 TRADING VOLUME AMEX NYSE 26.0 (9/20) 9.0 (8/20) 5.5 1.4 (1/12) (8/20) NASDAQ 11.3 (1/11) 3.5 (8/27) 1973 - High Low 65.58 (1/11) 49.12 (12/13) 1051.50 (1/11) 788.31 (12/5) 130.47 (1/11) 85.26 (12/20) 136.84 (1/11) 89.12 (12/13) 1974 - High Low 53.37 (3/13) 32.89 (10/3) 891.66 (3/13) 577.60 (12/6) 102.01 (3/14) 58.26 (12/9) 96.53 (3/15) 54.87 (10/3) 24.9 7.5 (1/3) (7/5) 4.4 (1/3) .9 (9/26) 7.5 2.8 (1/3) (7/5) 1975 - High Low 51.24 37.16 (7/15) (1/8) 881.81 (7/15) 632.04 (1/2) 96.86 (7/15) 62.20 (1/2) 88.00 (7/15) 60.70 (1/2) 35.2 8.7 (2/13) (9/15) 4.2 (2/21) 1.1 (9/15) 8.1 2.5 (2/13) (9/15) 1976 - High Low 57.51 (9/21) 48.04 (1/2) 1014.79 (9/21) 858.71 (1/2) 107.05 (7/12) 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) 3 10 17 24 31 55.20 56.33 56.24 56.49 51.88 950.55 973.15 979.06 985.62 1004.65 100.15 103.20 104.07 105.90 109.84 92.31 94.62 94.64 95.22 97.88 24.2 23.8 21.6 21.6 26.0 2.4 3.1 3.1 3.0 3.4 7.8 8.7 8.3 8.4 8.9 14 21 28 56.79 56.36 56.15 55.49 983.13 972.16 962.43 957.53 109.94 111.18 111.00 111.74 97.53 97.20 97.08 95.72 27.5 24.5 23.0 20.5 3.0 3.3 3.8 3.1 8.1 7.9 9.4 8.6 4 11 18 25 55.46 54.57 54.68 54.09 947.89 931.52 940.24 933.43 112.95 112.00 112.25 110.58 96.74 96.09 96.38 94.90 20.3 18.8 19.3 19.0 2.9 3.2 2.6 2.6 8.0 8.0 7.1 7.2 Dec. Jan. Feb. NOTES: Figure* other than highs and low* are Friday* only. High* and low* are for the year and are not necessarily for Friday*. 1 2 Volume figure* are weekly average* of daily figure* (million* of shares). 3 12/31/65 - 50 . p— i o n average price change until September 4, 1973 thereafter, based on market value of share* lilted. 4 i 11.1 (2/20) 3.5 (1/2) 16 Table 8 « SECURITY CREDIT t REGULATED MARGIN CREDIT EXTENDED BY END OF PERIOD BROKERS ON MARGIN STOCK 1 BROKERS ON 2 CONVERTIBLE BONDS BANKS UNREGULATED NONMARGIN STOCK CREDIT AT BANKS 984r l,038r 1,042 1,076 1,007 1,028 898 1,061 859 1,068 839 835 2,276 2,332 2,355 2,325 2,357 2,368 2,317 2,368 2,830 2,774 3,351 3,785 3 OUTSTANDING 1976 - January February March April May June July August September October November December 5,420 5,950 6,410 6,690 6,940 7,080 7,340 7,450 7,530 7,350 7,610 7,960 146 153 162 163 161 166 172 167 174r 169 178 204 1977 - January 8,270 196 n.a. n.a. CHANGE IN OUTSTANDING 1976 - January February March April May June July August September October November December 30 530 460 280 250 140 260 110 80 1977 - January 310 80 350 -1 7 9 1 -2 5 6 -5 7r 5r 9 26 —08 24r 54r 5 34 -69 21 -130 163 202 209 229 -4 -5r 56r 22 -30 32 11 -51 -51 462 -56 577 434 n.a. n.a. NOTES: 1 Margin account debt as reported by the New York Stock Exchange, excluding credit for subscription issues and convertible bonds. 2 3 New York Stock Exchange data. 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. 4 Table 9 SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS IN MILLIONS OF DOLLARS REGULAR DEPOSITS DATE 1971 1972 1973 1974 1975 19 76 - May June July August September October November December NET FLOW 9,621 10,067 4,815 2,909 11,070 801 1,207 910 308 1,307 836 779 1,749 1 ANNUAL 3 GROWTH RATE 14.0 12.4 5.4 2.2 11.3 NET NEW MONEY 2 SHARE CAPITAL NET FLOW 5,378 5,451 -442 -2,822 4,757 27,793 32,567 20,237 16,053 43,118 561 -36 333 47 75 582 539 359 3,049 5,042 3,525 2,164 5,596 3,467 2,592 6,301 — — —— TOTAL SAVINGS & LOAN ASSOCIATIONS MUTUAL SAVINGS BANKS ANNUAL 3 GROWTH RATE 19.0 18.6 9.9 7.0 17.8 —— NET NEW MONEY 2 DEPOSITS NET FLOW 20,653 23,884 10,507 4,668 29,276 37,414 42,634 25,052 18,962 54,188 2,835 1,353 3,282 1,967 1,944 3,224 2,381 2,285 3,850 6,249 4,435 2,472 6,903 4,303 3,371 8,050 ANNUAL 3 GROWTH RATE 17.3 16.6 8.5 5.5 15.9 —— NET NEW MONEY 2 26,331 29,335 10,062 1,846 34,033 3,396 1,317 3,615 2,014 2,019 3,806 2,902 2,644 SEASONALLY ADJUSTED 1976 - May June July August September October November December 860 612 1,556 1,244 1,326 1,396 852 999 9.1 6.4 16.3 12.8 13.5 14.1 8.5 9.9 —— 3,324 2,784 4,909 5,005 5,578 5,031 4,057 4,267 13.1 10.9 19.0 19.1 20.9 18.6 14.7 15.3 4,184 3,396 6,465 6,249 6,904 6,427 4,909 5,266 12.0 9.7 18.3 17.4 18.9 17.4 13.1 13.9 — —- — —— NOTES: t 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 per cent of industry total resources. 3 Annual powth 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. i H.16 18 Table 10 MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS BILLIONS OF DOLLARS, SEASONALLY ADJUSTED NET CHANGE OUTSTANDING COMMITMENTS PERIOD TOTAL MUTUAL ALL SAVINGS SAVINGS BKS & LOAN ASSOCIATIONS (N Y. STATE) TOTAL MUTUAL ALL SAVINGS SAVINGS BKS & LOAN ASSOCIATIONS (N Y. STATE) 1972 - D e c . 25.2 20.3 4.9 .45 .43 .02 1973 - D e c . 19.9 16.4 3.5 .04 .21 -.17 1974 - D e c . 14.6 12.4 2.2 — .09 -.09 1975 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 14.6 14.5 15.0 16.2 16.8 17.0 17.9 19.1 20.0 20.1 20.4 20.4 12.5 12.6 13.0 14.2 14.7 14.9 15.9 16.9 17.9 18.0 18.4 18.5 2.1 1.9 2.0 2.0 2.1 2.1 2.1 2.2 2.1 2.1 2.0 2.0 - .03 -.01 .50 1.18 .55 .25 .92 1.21 .90 .01 .35 .04 .08 .14 .39 1.17 .49 .21 .94 1.10 .96 .07 .42 .08 -.11 -.24 .11 .01 .06 .04 - .02 .11 -.06 -.06 -.07 .04 1976 - J a n . Feb. Mar. Apr. May June July Aug. 20.5 21.1 21.5 21.9 22.5 22.6 23.2 24.1 25.1 26.3 27.5 18.5 19.2 19.4 19.7 20.2 20.4 20.9 21.6 22.5 23.6 24.8 25.4 2.0 1.9 2.1 2.2 2.3 2.2 2.3 2.4 2.6 2.7 2.7 .06 .61 .48 .38 .48 .27 .50 .87 1.05 1.20 1.26 .02 .67 .27 .29 .44 .29 .44 .75 .82 1.11 1.23 .61 .04 -.06 .21 .09 .04 -.02 .05 .12 .23 .09 .03 Sept. Oct. Nov. Dec. NOTES: 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 19 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 t PERIOD INTERMEDIATE AND LONG-TERM I S S U E S TOTAL INCLUDING SHORT-TERM DISCOUNT NOTES TOTAL FHLB 1974 - S e p t . Oct. Nov. Dec. +2,768 +1,665 -89 +507 +2,750 +1,599 +93 +961 +1,700 +1,499 -217 +470 1975 - Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. -242 -659 +440 0 -1,568 +330 +236 -398 215 587 152 669 -5 -254 +689 +69 -1,279 +600 +300 -700 -4 -554 1976 - Jan. Feb. Mar. Apr. May June July Aug. Sept. -197 0 100 850 200 600 -1,160 —800 -100 447 131 -946 700 -600 -101 -200 -49 397 257 -200 300 200 1 NOTES: Based on data from Treasury Survey of Ownership. Sales of FHLB discount notes began in May 1974. Preliminary o -11 -30 -1,279 0 0 -700 0 +150 0 0 0 -1,1.00 0 0 —600 0 0 0 0 FHLMC FNMA +1,050 +100 +310 +491 +300 0 -1 0 0 0 0 0 0 200 0 0 200 0 0 0 0 0 -200 0 -1 0 +700 +100 0 +600 +300 0 100 700 0 600 0 300 -300 700 0 -200 300 0 200 FNMA & FHLB SHORT-TERM DISCOUNT NOTES 1 +18 +66 -182 -454 -237 -405 -249 -69 -289 -270 —64 302 115 -263 —48 69 -197 -360 -547 -569 -346 99 -349 597 57 20 Table 12 NET CHANGE IN MORTGAGE H O L D I N G S IN MILLIONS OF DOLLARS PERIOD TOTAL INCLUDING FNMA-GNMA 2 FINANCIAL INSTITUTIONS TOTAL COMMERCIAL BANKS MSB's S & L's INSURANCE COMPANIES FNMA-GNMA Not S e a s o n a l l y A d j u s t e d 1971 1972 1973 1974 1975 1976 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1 41,406 57,587 58,372 42,732 43,608 39,018 55,561 55,072 36,510 38,769 9,940 16,800 19,600 11,700 4,200 3,938 5,377 5,642 2,172 2,236 23,919 31,932 25,552 17,560 29,400 1,221 1,452 4,278 5,078 2,933 2,388 2,026 3,300 6,222 4,839 2,403 3,534 4,691 5,424 4,878 5,951 6,213 5,636 5,953 4,983 5,652 1,993 3,270 5,531 5,088 5,412 6,594 5,907 5,356 6,093 5,399 5,060 300 600 900 900 1,100 1,100 1,000 600 1,300 1,000 700 900 87 106 324 309 240 517 323 384 364 398 341 1,378 2,416 4,069 4,171 4,032 4,815 4,522 4,234 4,090 3,895 3,534 3,826 228 148 238 -292 40 162 62 138 326 106 485 410 264 -840 +336 -534 -643 306 280 -140 -416 592 2,189 2,848 3,844 3,771 3,232 3,894 4,070 3,803 4,359 4,398 4,176 4,439 336 274 414 -299 161 147 94 144 365 48 420 486 415 -686 +162 -343 -565 47 47 -397 -556 582 • M S e a s o n a l l y Ad l u s t e d 1976 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 3,873 4,748 4,879 4,697 4,071 4,546 5,407 4,722 5,914 5,358 6,349 3,387 4,333 5,565 4,535 4,414 5,111 5,360 4,675 6,311 5,914 5,767 678 962 987 762 826 699 968 372 1,129 1,023 814 1,177 184 249 320 301 195 371 228 356 445 445 357 , * , 1 4 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. 21 Table 13 NET INCREASE IN MORTGAGE DEBT OUTSTANDING IN BILLIONS OF DOLLARS, S E A S O N A L L Y ADJUSTED ANNUAL R A T E S 2 3 RESIDENTIAL TOTAL 1- t o 4 FAMILY MULTIFAMILY COMMERCIAL MULTFAMLY & COMMERCIAL FARM 34.1 30.8 28.2 29.6 25.5 23.6 21.4 22.3 21.2 19.0 16.8 16.0 4.4 4.5 4.6 6.3 6 .6 5.2 5.2 6.0 11.0 9.8 9.8 12.3 2.0 2.0 1.7 1.3 1970 - I II III IV 23.3 26.9 34.1 37.1 16.7 19.2 24.5 28.1 11.2 13.6 16.2 19.5 5.5 5.5 8.2 8.6 5.6 6.8 8.3 7.6 11.1 12.3 16.5 16.1 0.9 1.0 1.4 1.4 1971 - I II III IV 41.8 51.4 56.6 60.3 32.8 40.0 42.2 46.0 23.3 30.0 33.1 36.3 9.5 10.4 9.1 9.7 6 .6 8.9 11.7 11.5 16.1 19.3 20.8 21.2 2.5 2.5 2.7 2.8 1972 - I II III IV 70.6 72.9 75.2 89.3 50.6 53.6 56.7 65.7 39.4 40.7 46.0 49.5 11.2 12.9 10.7 16.2 16.6 15.6 14.7 20.4 27.8 28.6 25 .4 36.5 3.4 3.6 3.8 3.3 1973 - I II III IV 86.4 84.0 80.0 71.4 59.6 58.3 55.2 49.5 51.4 45.3 43.1 41.4 8.2 13.0 12.1 8.2 21.3 20.2 19.5 16.3 29.5 33.2 31.6 24.5 5.6 5.5 5.3 5.6 1974 - I II III IV 71.8 69.0 56.0 46.3 49.3 46.8 35.7 28.9 39.8 39.5 29.5 24.0 9.6 7.3 6.2 4.8 18.9 17.4 14.0 11.6 28.5 24.7 20.2 16.5 3.6 4.8 6.3 5.8 1975 - I II III IV 38.8 54.5 62.9 69.2 26.3 40.3 46.1 51.6 26.3 40.3 46.1 52.1 0.0 0.0 0.1 -0.5 7.2 9.4 12.5 14.1 7.2 9.3 12.5 13.6 5.3 4.8 4.3 3.5 1976 - I II III 76.2 72.6 84.0 59.5 54.6 64.9 58.2 53.6 61.5 1.3 1.0 3.5 10.8 12.3 12.4 12.1 13.4 15.9 6.0 5.6 6.6 TOTAL 1969 - I II III IV QUARTER 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. Residential mortgage debt includes nonfarm only and is sum of 1-to 4- family and multifamily mortgage debt. Digitized 3for FRASER T a b l e 14 ro PRIVATE HOUSING PERMITS, STARTS, COMPLETIONS, AND MOBILE HOME SHIPMENTS N> 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 PERIOD TOTAL 1—FAMILY 2 - O R MORE FAMILY TOTAL 811 813 1,151 1,309 1,132 656 621 901 1,048 914 450 268 374 1,399 1,418 1,706 1,972 2,014 1,692 1,297 1,354 802 1,014 1,143 1,174 932 867 1,021 1,213 1,299 1,399 1,266 1,360 1,373 1,307 1,401 1,387 1,326 1,445 1,377 926 953 1,032 986 934 1,052 1.038 1,094 1,017 989 1,114 1.039 644 676 895 1,537 892 1,163 1,147 1,165 1,188 1,082 1,158 1,150 1,215 1,296 1,504 1,492 1,590 1,514 851 863 882 803 807 829 870 874 926 998 1,072 1,053 296 302 306 279 351 321 345 422 578 494 518 461 1,259 1,476 1,426 1,385 1.435 1,494 1,413 1,530 1,768 1,715 1,706 1,884 973 1,216 1,124 1,071 1,091 1,122 1,129 1,172 1,254 1,269 1,236 1,331 286 260 302 314 344 372 284 358 514 446 470 553 1,307 970 337 1,375 1,029 346 1,074 939 1,281 1976 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1977 - Jan 1,820 626 647 906 1,033 882 1,160 1—FAMILY 2 - O R MORE FAMILY 1,407 1.434 2,052 2,357 2,045 1,388 1,324 1,352 1,925 2,219 TOTAL 1 —FAMILY 698 705 1,018 1,186 937 431 264 386 1969 1970 1971 1972 1973 1974 1975 1976 888 MOBILE COMPLETIONS STARTS PERMITS 1 NOTES: 808 2 - O R MORE HOME FAMILY SHIPMENTS 413 401 497 576 567 329 216 250 592 617 692 828 840 760 430 333 263 287 244 237 260 233 224 252 255 277 251 251 287 346 367 280 426 321 269 307 370 337 331 338 273 p ' 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 PERIOD 1975 - High Low 1976 - High Low 1976 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. 9.25 8.90 15 -70 9.30 8,95 9.05 8.90 91 5 9.10 8.95 9.05 9.00 8.95 8.90 39 42 42 32 5 35 33 58 77 71 90 9.10 9.00 Dec. 9.05 9.05 9.05 9.00 9.00 8.95 8.90 1977 - J a n . 8.80 Nov. T a t , M RATE (IN PER CENT) SPREAD (BASIS POINTS) RATE (IN PER CENT) l — m 9.74 8.69 31 -91 6.2 21 2.4 -49 9.70 8.94 95 9.06 8.25 59 4.3 2.0 65 - 4 8.72 8.05 44 47 47 37 9.06 40 46 n.a. 24 2.4 - 8.66 -65 10 71 95 n.a. 9.05 9.00 9.00 8.95 58 8.85 . l " " 9.04 n.a. 8.82 9.03 9.05 8.99 8.93 10 9.10 9.10 9.10 i YIELD (IN PER CENT) 20 40 38 63 payment, prepaid in 15 years, for immediate delivery, are used. SPREAD (BASIS POINTS) 9.05 9.00 8.95 9.05 8.82 82 " SPREAD BETWEEN NEW Aaa 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 EXISTING HOMES NEW HOMES 8 n.a, 26 40 n.a. 63 8.40 18 * V " " " """ 2.0 45 50 65 3.2 40 8.22 n.a. 2.5 4.1 4.2 3.8 3.3 2.5 4.3 3.6 8 8.55 8.45 8.25 8.58 8.53 8.58 8.95 8.70 8.72 8.47 8.23 8.29 8.05 n.a. 2.2 35 27 46 59 km!..* 1 - 4 n.a. 8 - 3 0 6 12 18 pnmaw,. no VuJ ^ H.16 Table 16 2h FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS AMOUNT (IN MILLIONS OF DOLLARS) DATE OF AUCTION OFFERED 634 ( 5 / 1 7 ) 1976 - High 21 ( 1 2 / 2 7 ) Low I AVERAGE YIELD OFFERED ACCEPTED 321 ( 5 / 1 7 ) AMOUNT (IN MILLIONS OF D O L L A R S ) 9.20 (6/1) 19 ( 1 2 / 2 7 ) 8 . 3 9 ( 1 2 / 2 7 ' 171 ( 9 / 7 ) 33 ( 1 / 2 6 ) AVERAGE YIELD ACCEPTED 127 ( 1 1 / 1 5 ) 9 . 3 1 ( 6 / 1 , 6/28) 23 ( 2 / 2 3 ) 8.90 (12/27) 1 14 28 349.5 146.6 261.2 224.7 98.8 157.5 9.20 9.14 9.12 131.4 77.3 93.6 90.5 70.3 59.2 9.31 9.30 9.31 J u l y 12 88.4 212.0 9.05 9.04 90.7 130.5 82.0 26 148.3 311.8 105.2 9.27 9.23 9 23 190.1 171.3 107.4 107.0 9.01 8.97 136.7 162.1 93.4 115.3 9.17 9.14 Sept. 7 20 121.9 99.1 68.8 49.1 8.92 8.84 170.6 151.1 117.8 107.6 9.13 9.09 Oct. 4 124.3 61.8 8.80 18 111.2 45.3 8.70 153.8 143.7 94.4 121.4 9.07 9.02 1 15 30 215.3 218.9 59.9 73.2 114.2 33.7 8.67 112.2 126.5 58.2 9.00 9.00 8.63 141.7 140.9 70.7 8.99 D e c . 13 27 36.0 20.9 22.6 18.9 8.51 8.39 79.7 70.5 68.1 8.89 67.3 8.80 1977 - J a n . 10 24 385.7 361.7 285.8 263.3 8.46 8.49 184.2 142.6 132.5 105.8 8.83 389.6 478.8 213.6 271.1 8.52 8.58 151.7 148.3 120.2 115.6 8.85 8.87 1976 - June Aug. Nov. Feb. 7 24 8.68 8.81 NOTES: Average secondary market yields are gross before deduction of the fee of 38 basis points paid for mortgage servicing. They reflect the average ac cepted 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. ^
@FedFRASER