Full text of H.16 Capital Market Developments : January 24, 1977
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Capital
Market
Developments
January 2 4 , 1977
Prepared by the
CAPITAL MARKETS SECTION
in conjunction with the
MORTGAGE and CONSUMER
FINANCE SECTION
DIVISION OF RESEARCH AND STATISTICS
BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
Washington, D C. 20551
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 $.50
each. Address requests to Publications Services, Division of Administrative Services, and make payment
remittance payable to the order of the Board of
Governors of the Federal Reserve System in a form
collectible at par in U.S. Currency.
TABLES
1 - 6
SECURITY VOLUME AND YIELDS
7, 8
STOCK MARKET AND SECURITY
CREDIT
9 - 1 6
MORTGAGE MARKET
SYMBOLS
e
ESTIMATE
p
PRELIMINARY
r
REVISED
n.a. NOT AVAILABLE
DATA DO NOT EXIST
Table 1
YIELDS, VOLUME AND RECEPTION
CORPORATE B O N D MARKET
VOLUME
YIELDS
WEEK ENDING
NEW ISSUE 1
Aaa UTILITY
1976 - December
3
10
17
24
31
1977 - January
7
14
21
7.95
• 7.93
7.96
RECENTLY 2
OFFERED
Aaa UTILITY
7.97
7.94
7.97
7.92
7.84
7.95
8.06r
8.12p
7.90
8.05
8.10p
GROSS 3
OFFERINGS
($ MILLIONS)
1,020
992
720
0
0
PER CENT
SOLD BY END
OF WEEK
100
83
67
100
985
674
97
95
85
NEW ISSUES 4
IN SYNDICATE
($ MILLIONS)
0
152
266
116
44
26
59
138
MUNICIPAL BOND MARKET
VOLUME
YIELDS
WEEK ENDING
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)
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
5.01
5.10
5.13
5.78
5.89
5.90
314
861
1,087
58
88
89
188
195
222
NOTES:
1
Federal Reserve series of implied yield on newly issued, Aaa rated utility bond with 5-year call protection.
2
Federal Reserve series of implied free market yield on competitively bid Aaa rated utility bond with 5-year call protection, released from price
restrictions sometime during the last four weeks.
3
Estimated by F.R. on the basis of available data.
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.
4
Table 2
HIGH GRADE BOND YIELDS
NEW I S S U E
A a a UTILITY
DATE
1
RECENTLY OFFERED
A a a UTILITY
2
MOODY'S S E A S O N E D
CORPORATE A a a
3
U . S . GOVT. 20-YEAR
C O N S T A N T MATURITY
4
BOND BUYER
2 0 - B 0 N D INDEX
1972 — High
Low
7.60 (4/21)
6.99 (11/24)
7.49 (4/21)
7.15 (12/1)
7.36 (4/28)
7.05 ( 2 / 1 2 )
6.19 ( 4 / 1 4 )
5 . 7 4 (11/17)
6.54 (4/13)
4.96 (10/21)
1973 - High
Low
8.52 (8/10)
7.29 (1/21)
8.32 (8/10)
7.28 (1/5)
7.77 (8/24)
7.11 ( 1 / 5 )
7.79 ( 8 / 1 0 )
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 (10/11)
8.13 (1/4)
9 . 3 9 (10/11)
7.73 (1/4)
8.68 (8/30)
7.39 ( 1 / 4 )
7.15 (12/12)
5.16 (2/7)
1975 - High
Low
9 . 8 0 (5/2)
8.89 (2/7)
9.71 (5/25)
9 . 0 6 (2/28)
9.01 (5/2)
8.57 ( 2 / 2 8 )
8.63 (9/19)
7.63 ( 2 / 2 1 )
7.67 ( 1 0 / 3 )
6.27 ( 2 / 1 3 )
1976 - High
Low
8.95 (5/28)
7.93 (12/10)
9.10 (1/2)
7.84 (12/31)
8 . 6 6 (5/28)
7.91 (12/31')
8.17 ( 5 / 2 8 )
7.27 (12/31)
7.29 ( 1 / 2 )
5.95 (12/16)
1976 - Dec.
3
10
17
24
31
7.95
7.93
7.96
7.97
7.94
7.97
7.92
7.84
8.09
8.01
8.00
7.96
7.91
7.39
7.32
7.34
7.28
7.23
6.03
5.96
5.95
5.93
5.83
1977 - Jan.
7
14
21
7.90
8.05
8.10p
7.95
8.06r
8.12p
7.88
7.94
8,01p
7,26
7.50r
7.55
5.78
5.89
5.90
NOTES:
1
Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection.
2
Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection released from price restrictions sometime during the last 4
weeks.
3
Weekly average of daily closing figures.
4
Weekly average of daily figures. U.S. Treasury data.
5
Thursday figures. The average rating of the 20 bonds used in this index falls midway between the four top groups as classified by Moody's Investors Service. Weekly Bond Buyer data.
5
Table 3
LONG-TERM CORPORATE AND
STATE AND LOCAL GOVERNMENT
SECURITY OFFERINGS AND PLACEMENTS
IN MILLIONS OF DOLLARS
G R O S S PROCEEDS
PERIOD
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
February
March
April
May
June
July
August
September
1976
1975
1974
3,381
3,863
6,635
5,367
4,528
5,378
3,328
2,687
3,217
3,522
4,186
6,418
4,294
5,798
5,596
3,216
3,350
4,803
October
November
December
01
03
04
1st Half
3 Qtrs.
2
S T A T E A N D LOCAL
1975
January
02
1
CORPORATE
Year
NOTES:
1
Securities and Exchange Commission estimates of gross proceeds.
2
Securities Industry Association estimates of principal amounts.
1976
On
Table 4
NEW CORPORATE SECURITY I S S U E S
BY TYPE OF ISSUE AND ISSUER
IN MILLIONS OF DOLLARS
G R O S S PROCEEDS BY TYPE OF ISSUE
PERIOD
G R O S S PROCEEDS BY TYPE OF ISSUER
1
BONDS
TOTAL
PUBLICLY
OFFERED
COMMON
MEMO
MANUFACAND
ISSUES INCLUDED
PRIVATELY
PREFERRED
TURING
PLACED
FOREIGN CONVERTIBLE
STOCK
PUBLIC
UTILITY
COMMUNICATIONS
OTHER
ISSUERS
1975 - I I I
IV
9,568
13,088
5,428
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
1976 - I
II
III
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 - Sept.
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
300
102
825
975
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 - Jan.
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
605
335
400
428
350
1,005
500
367
400
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
20
1,409
26
212
140
1,197
1,722
1,650
1,842
1,309
2,215
1,061
1,195
2,451
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
#
#
#
#
e
#
e
#
i
•
T a b l e 5A
INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
1
January 3 through January 2 1 , 1977
ISSUER
CORPORATE
Missouri P a c i f i c Ry. Co.
P u b l i c S e r v i c e Co. of Indiana
Iowa P u b l i c S e r v i c e Co.
Calf S t a t e s U t i l s . Co.
Middle South U t i l s . Co.
Oklahoma Gas & E l e c t r i c Co.
Clark Eouipment Credit Corp.
B u r l i n g t o n Northern Ry. Co.
General Motors Acceptance Corp.
General Motors Acceptance Corp.
Inland Steel Co.
Gulf States Utilities Co.
Kraft I n c .
Pennziol Co.
Union P a c i f i c Railroad Co.
Iowa I l l i n o i s Gas & E l e c t r i c Co.
Iowa Pub. S v c . Co.
Georgia Pacific Corp.
Georgia Pacific Corp.
A s s o c i a t e s Corp. of North America
A s s o c i a t e s Corp. of North America
New England Power Co.
A t c h i s o n , Topeka & Santa Fe R.R. Co.
TYPE
AMOUNT
(MILLIONS
OF
DOLLARS)
Equip. t r .
1st mtg.
15.0
85.0
Com. Stk.
Pfd. Stk.
Com. Stk.
1 s t mtg.
Notes
Equip, t r .
Debt.
Notes
Debt.
1 s t mtg.
SF Debt.
Debt.
1 s t mtg.
Com. s t k .
Pfd. s t k .
Notes
Notes
Sr. notes
Sub. n o t e s
1 s t mtg.
Equip t r .
21.5
50.7
134.0
75.0
50.0
15.4
250.0
150.0
125.0
60.0
100.0
100.0
60.0
16.5
15.0
100.0
100.0
50.0
25.0
50.0
18.9
MATURITY
1977-1992
2007
- -
-
2007
1987
1978-1992
2002
1987
2007
2007
2007
2002
1978-1992
—
- -
1982
1984
1987
1987
2007
1978-1992
Rights offering.
Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings.
7.50
7.63
OFFERING
YIELD
Aa/AA
Aa/AA
8.52
Aa/AA
8.23
8.00
5.40-7.65
8.00
7.35
7.90
8.30
7.60
8.75
5.75-7.70
Aa/AAA/A
Aa/AA
Aaa/AA
Aaa/AA
Aa/AA
Aa/AAAaa/AAA
Baa/BBB
Aaa/AAA
—
8.52
8.38
8.00
7.50
8.00
7.35
7.90
8.38
7.60
8.75
5.75-7.70
- -
8,32
6.88
7.25
8.20
8.75
8.63
7.50
MOODY'S/S&P'S
RATINGS
6.25-7.60
7.63
-
—
NOTES:
•
1
COUPON RATE
-
- -
- -
8.45
6.88
7.25
8.20
8.75
8.50
5.60-7.75
A/A+
Aa/AA
Aa/AA
A/A
Baa/BBB
A/A
Aaa/AAA
i
OO
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 3 through January 21, 1977
ISSUER
TYPE
CORPORATE
AMOUNT
(MILLIONS
OF
DOLLARS)
MATURITY
COUPON RATE
OFFERING
YIELD
MOODY S / S & P ' S
RATINGS
Commonwealth Edison Co.
Southern Indiana Gas & E l e c t r i c Co.
Iowa I l l i n o i s Gas & E l e c t r i c Co.
General Telephone of Northwest
Bonds
1 s t mtg.
1 s t nrfcg.
Debt.
180.0
30.0
30.0
50.0
2007
2007
2005
2007
8.13
8.35
8.25
8.25
8.17
8.35
8.25
8.25
Aaa/AA
Aa/AA
Aa/AA
A/A+
Other
Ontario, Province of
Wacoal Corp.
Debt.
Com. s t k .
300.0
27.2
2007
8.40
8.40
Aaa/AA
Table 5B
INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
1
January 3 through January 21 , 1977
ISSUER
AMOUNT
(MILLIONS OF
DOLLARS)
MATURITY
Rev.
G.O.
G.O.
G.O.
Rev.
Rev.
Rev.
Rev.
Rev.
G.O.
G.O.
Rev.
Rev.
Rev.
G.O.
60.0
125.0
56.5
13.0
25.0
125.8
12.5
14.6
57.1
114.0
90.5
3.7
7.4
2.9
24.4
1979-2000
1978-1997
1977-1989
1978-2000
1979-1995
2018
2007
1979-1997
2020
1978-1997
1981-2000
1980-1992
2004
2007
1978-2002
Rev.
G.O.
Rev
G.O.
Rev.
Rev.
Rev.
Rev.
4.0
30.0
14.2
37.9
13.2
5.8
11.7
12.8
1978-2002
1978-1997
2007
1977-2003
1980-1992
1997
2007
1977-1985
TYPE
S T A T E A N D LOCAL
San Antonio, Texas
Massachusetts, State of
Denver, Colorado
Rockland Co.. N.Y.
Massachusetts Hsg. Finance Agy.
Massachusetts Hsg. Finance Agy.
Ohio Water Dev, Auth,
New Jersey Housing Finance Agy.
New Jersey Housing Finance Agy.
Louisiana, State of
Metro. Water Dist. of S. Calif.
Michigan State Hosp. Fin. Auth.
Michigan State Hosp. Fin. Auth.
Michigan State Hosp. Fin. Auth.
Fort Worth, Texas
Fort Worth* Texas
Richmond, Va.
York Co. Indust Dev. Auth., Pa.
Erie Co., N.Y.
Illinois Health Fac. Auth .
Illinois Health Fac Auth .
Illinois Health Fac. Auth .
Illinois Health Fac Auth
NET INTEREST
COST
OFFERING
YIELD
6.27
6.27
4.89
5.03
6.55
6.55
6.55
4.87
2.90-5.45
3.25-6.00
2.50-4.60
3.10-5.75
4.00-6.50
6.88
5.50
3.40-6.00
6.25
2.75-5.35
3.50-5.40
4.25-6.30
6.63
6.63
2.75-5.80
5.12
5.04
6.07
6.83
6.47
6.47
6.47
4.13
2.90-5.90
2.75-5.50
6.00
3.50-7.10
4.20-6.30
6.40
6.60
2.30-4.40
5.25
5.72
4.38
— —
6.89
6.89
- -
MOODY'S/S&P'S
RATINGS
Aa/AA
A-l/AA
— /
—
A-l/AAA
A-l/AA
A-l/AA
Aa/AA
A-l/AA
A-l/AA
Aa/AA
Aaa/AAA
A/A
A/A
A/A
Aa/AA
A-l/AA
Aa/AA
A/AA-l/ —
A-1/A+
A-1/A+
A-1/A+
Aaa/AAA
NOTES:
1
Includes only state and local security offerings of S10 million and over; excludes secondary offerings.
2
For State and local government securities, G O. denotes general obligation; Rev. denotes revenue obligations.
X)
Table 5B Continued
INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
January 3 through January 21, 1977
TYPE
ISSUER
AMOUNT
(MILLIONS
OF
DOLLARS)
MATURITY
NET INTEREST
COST
OFFERING
YIELD
MOODY S / S & P ' S
RATINGS
STATE AND LOCAL
Los Angeles Dept of Water & Power.,
Cal.
Los Angeles Dept of Water & Power.,
Cal.
Los Angeles Dept. of Water & Power.,
Cal.
Los Angeles Dept. of Water & Power.,
Cal.
Garland, Texas
Georgia, S t a t e of
W i s c o n s i n , S t a t e of
Oregon, S t a t e of
S u l l i v a n Co., Tenn.
A l p i n e School D i s t . , Utah
New J e r s e y Health Care Fac. F i n . Auth.
New J e r s e y Health Care Fac. F i n . Auth.
W e s t c h e s t e r Co., N.Y.
New Hampshire, S t a t e of
F l o r i d a , S t a t e of
Gtr. Chicago Metro. S a n i t a r y D i s t . , 1 1 1 .
Wayne-Westland Comm. Sch. D i s t . , Mich.
Georgia Mun. E l e c t r i c Auth.
Georgia Mun. E l e c t r i c Auth.
Georgia Mun. E l e c t r i c Auth.
S p r i n g f i e l d E x p o s i t i o n & Stadium A u t h . ,
111.
S FRASER
u f f o l k Co., N.Y.
Digitized for
5.80
4.50-5.60
Aa/AA
2015
5.80
5.95
Aa/AA
46.6
1986-2000
5.77
4.50-5.60
Aa/AA
Rev.
Rev.
G.O.
G.O.
G.O.
G.O.
G.O.
Rev.
Rev.
G.O.
G.O.
Rev.
G.O.
G.O.
Rev.
Rev.
Rev.
67.5
13.9
11.5
74.0
130.0
2015
1978-1995
1978-1997
1978-2007
1985-1995
1978-1992
1978-1992
1980-1992
2009
1978-1997
1978-2007
1982-1996
1979-1997
1978-2002
1978-1995
2000
2009
5.77
5.25
4.80
4.80
4.99
4.71
5.05
6.09
6.09
6.09
5.95
3.00-5.50
2.60-5.50
2.75-5.50
4.25-5.25
2.80-5.00
3.00-5.20
4.40-6.40
6.70
3.00-5.70
2.70-5.40
4.20-5.70
3.40-6.00
3.25-6.10
2.90-5.75
6.04
6.20
Aa/AA
A-l/A
Aaa/AA
Aaa/AAA
Aaa/AA
A-l/—
A/—
A/A
A/A
Aaa/AA
Aaa/-A-l/AA
Aa/-A-l/AA
A/A+
A/A+
A/AH-
Rev.
G.O.
21.0
1977-2005
1978-2010
6.55
6.73
3.75-6.60
3.50-6.88
A/A
Rev.
14.0
Rev.
19.6
Rev.
10.0
10.0
9.5
12.5
65.0
62.0
12.5
40.0
10.0
96.5
54.3
149.2
70.0
1986-2000
6.61
6.61
4.92
5.53
5.27
k i rn
T a b l e 6A
FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
ISSUER .
TYPE
1
AMOUNT
(IN MILLIONS
OF DOLLARS)
APPROXIMATE
DATE OF OFFERING
CORPORATE
200.0
50.0
50.0
50.0
50.0
100.0
30.0
125.0
300.0
30.0
19.7
125.0
100.0
20.0
40.0
100.0
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
100.0
Jan.
*Dial F i n a n c i a l Corp.
P a c i f i c Telephone & Telegraph Co.
Wisconsin Public S e r v i c e s Corp.
Union P a c i f i c Railroad Co.
Kansas Power & Light Co.
Gulf Power Co.
Gulf Power Co.
*Greyhound Leasing & F i n a n c i a l Corp.
*Northern Indiana Public S e r v i c e Co,
*Indiana B e l l Telphone Co.
*General Telephone & E l e c t . Co.
Govt. g t d .
Govt. g t d .
Notes
Notes
Debt.
1st nrfcg.
Pfd. s t k .
Notes
SF debt
Pfd. s t k .
Equip, t r .
SF d e b t .
Notes
Notes
Debt.
Med. term
notes
Med. term
notes
Debt.
Debt.
1 s t mtg.
Equip, t r .
Pfd. s t k .
1 s t mtg.
Pfd. s t k .
Debt.
Com. s t k .
Debt.
Com. s t k .
25.0
325.0
45.0
16.5
25.0
50.0
15.0
50.0
40.0
130.0
146.0
Feb.
1
2
Feb.
Feb.
2
8
Feb.
8
Feb.
Feb.
9
Feb.
9
Feb.
9
Feb. 22
Feb. 23
Indefinite
Other
*Norway
Notes
100.0
Feb.
3
Debt.
Debt.
125.0
40.0
Jan.
Jan.
17
*General Dynamics Corp.
*General Dynamics Corp.
American Credit Corp.
Walter E. H e l l e r & Co.
Walter E. H e l l e r & Co.
Texas Power & Light Co.
Texas Power & Light Co.
Sperry Rand. Finance Company
Sears Roebuck & Co.
Montana Power Co.
Southern Railroad Co.
Republic S t e e l Corp.
Household Finance Corp.
Cembanks Corp.
U.S. Bancorp.
Associated F i r s t Capital Corp.
Commercial Credit Co.
Postponed
Ohio B e l l Telphone Co.
Zapata Corp.
NOTES:
*
Included in table for first time.
1
Includes only corporate and other security issues of $15 million and over; excludes exchanges, options
25
25
25
25
25
25
25
26
26
26
27
12
Table 6B
FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
1
as of January 21, 1977
ISSUER
TYPE
AMOUNT
(IN MILLIONS
OF DOLLARS)
APPROXIMATE
DATE OF OFFERING
STATE & LOCAL
Alaska, S t a t e of
Jackson Co., M i s s .
Hampton Roads Sanitary D i s t . , Va.
J a c k s o n v i l l e E l e c t r i c Auth., F l a .
New York S t a t e Power Auth.
Connecticut Hlth.& Educ. Fac. Auth.
Texas, S t a t e of
Washington Sub. Sanitary D i s t . , Md.
*Adams Co., M i s s .
Castaic Lake Water Agy., Cal.
Bucks Co. Water & Sewer Auth., Pa.
New Castle Co., D e l .
Houston Ind. School D i s t . , Texas
*Memphis, Tenn.
^Charlotte Co., F l a .
* S t . Lucie Co., F l a .
^Milwaukee Co., Wise.
C a l i f o r n i a , S t a t e of
*New J e r s e y , S t a t e of
Dayton, Ohio
Oregon, S t a t e of
D a l l a s Ind. Sch. D i s t . , Texas
*Raleigh, N.C.
*Tennessee, S t a t e of
Richardson, Texas
*Antelope V a l l e y - E a s t Kern Water Agy,,
Cal.
*Hart f o r d , Conn.
Postponed
A r l i n g t o n , Texas
G.O.
G.O.
Rev.
Rev.
Rev.
Rev.
G.O.
G.O.
Rev.
G.O.
Rev.
G.O.
G.O.
G.O.
Rev.
Rev.
G.O.
G.O.
G.O.
G.O.
Rev.
G.O.
G.O.
G.O
G.O.
40.0
11.0
20.0
45.0
200.0
16.4
16.0
70.2
23.4
18.6
17.0
30.0
70.0
26.0
10.0
10.0
21.5
75.0
100.0
12.0
30.0
30.0
13.0
52.1
13.3
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
25
25
25
25
25
26
26
26
26
26
27
27
7
8
8
8
8
8
9
9
9
14
15
15
15
G.O.
G.O.
18.0
20.0
Feb.
Feb.
22
23
G.O.
11.5
Jan.
18
,
,
'
{
j
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.
Table 7
STOCK PRICES AND VOLUME
1
STOCK PRICES
4
NASDAQ
2
TRADING VOLUME
NYSE
|
AMEX
|
NASDAQ
BJ INDUSTRIALS
AMEX
65.58 (1/11)
4 9 . 1 2 (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)
2 6 . 0 (9/20)
9 . 0 (8/20)
5.5 (1/12)
1.4 ( 8 / 2 0 )
11.3 (1/11)
3.5 ( 8 / 2 7 )
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 ( 1 / 3 )
7.5 ( 7 / 5 )
4.4 (1/3)
.9 ( 9 / 2 6 )
7.5 ( 1 / 3 )
2.8 (7/5)
51.24 (7/15)
37.16 ( 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 (2/13)
8.7 (9/15)
4.2 (2/21)
1.1 ( 9 / 1 5 )
8 . 1 (2/13)
2.5 (9/15)
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 )
11.1 ( 2 / 2 0 )
3.5 (1/2)
Dec.
3
10
17
24
31
55.20
56.33
56.24
56.49
57.88
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
Jan.
7
14
21
56.79
56.36
56.15
983.13
972.16
962.43
109.94
111.18
111.00
97.53
97.20
97.08
27.5
24.5
23.0
3.0
3.3
3.8
8.1
7.9
9.4
NYSE INDEX
1973 - High
Low
1974 - High
Low
1975 - High
Low
1976 - High
3
NOTES:
1
Figures other than 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
4
12/31/66 - 50
Based on average price change until September 4, 1973 thereafter, based on market value of shares listed.
lU
Table 8
SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD
BROKERS ON 1
MARGIN
STOCK
BROKERS ON 2
CONVERTIBLE
BONDS
3
BANKS
UNREGULATED NONMARGIN
STOCK CREDIT
AT BANKS
OUTSTANDING
1975 - Sept.
Oct.
Nov.
Dec.
5,250
5,300
5,370
5,390
145
144
146
147
852
1,007
1,008
960
2,520
2,311
2,270
2,281
1976 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
5,420
5,950
6,410
6,690
6,940
7,080
7,340
7,450
7,530
7,530
7,610
146
153
162
163
161
166
172
167
173
169
178
1,000
1,037
1,042
1,076
1,007
1,028
898
1,061
859
1,068
n.a.
2,321
2,333
2,355
2,325
2,357
2,368
2,317
2,368
2,830
2,774
n.a.
1975 - Sept.
Oct.
Nov.
Dec.
30
50
70
20
3
-1
2
1
20
155
1
-48
63
-209
-41
11
1976 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
30
530
460
280
250
140
260
110
80
-1
7
9
1
-2
5
6
-5
6
-4
9
40
37
5
34
-69
21
-130
163
202
209
n.a.
40
12
22
-30
32
11
-51
-51
462
-56
n.a.
CHANGE IN OUTSTANDING
—
80
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.
4
•
•
•
•
•
•
•
•
•
§
#
Table 9
SAVINGS FLOWS AT NCNBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS
REGULAR D E P O S I T S
DATE
1971
1972
1973
1974
1975
NET
FLOW
9,621
10,067
4,815
2,909
11,070
1976 - April
MayJune
July
August
September
October
586
801
1,207
910
308
1,307
836
1976 - April
May
June
July
August
September
October
917
1,024
646
1,712
1,248
1,315
1,204
1
ANNUAL 3
GROWTH
RATE
13.5
12.4
5.3
3.0
11.3
——
——
NET
NEW
MONEY
TOTAL
S A V I N G S & LOAN ASSOCIATIONS
MUTUAL SAVINGS BANKS
2
S H A R E CAPITAL
NET
FLOW
5,378
5,451
-442
-2,822
4,757
27,793
32,567
20,237
16,053
43,118
352
561
-36
333
47
75
582
2,798
3,050
5,042
3,184
2,165
5,597
3,467
9.8
10.8
6.8
17.9
12.8
13.4
11.8
SEASONALLY
3,676
3,642
2,861
5,018
5,341
5.626
4,480
ANNUAL 3
GROWTH
RATE
19.0
18.7
9.8
7.0
17.7
——
ADJUSTED
14.7
14.4
11.2
19.4
20.3
21.0
16.5
NET
NEW
MONEY
2
DEPC) S I T S
NET
FLOW
20,653
23,884
10,507
4,668
29,276
37,414
42,634
25,052
18,962
54,188
2,583
2,835
1,353
3,282
1,967
1,944
3,224
3,384
3,851
6,249
4,094
2,473
6,904
4,303
4,593
4,666
3,507
6,730
6,589
6,941
5,684
ANNUAL 3
GROWTH
RATE
17.2
16.7
8.4
5.8
15.9
NET
NEW
MONEY
2
26,331
29,335
10,062
1,846
34,033
3,935
3,396
1,317
3,615
2,014
2,019
3,806
13.4
13.4
10.0
19.0
18.3
19.0
15.3
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 represent 96 per cent of industry total resources.
3
Annual growth rate for monthly data is the annualized monthly percentage increase in deposits.
t-j
Source: National Association of Mutual Savings Banks and Federal Home Loan Bank Board.
H.16
V
Table 10
MORTGAGE COMMITMENTS AT
SELECTED THRIFT INSTITUTIONS
BILLIONS OF DOLLARS, SEASONALLY A D J U S T E D
NET CHANGE
OUTSTANDING COMMITMENTS
PERIOD
TOTAL
MUTUAL
ALL SAVINGS
SAVINGS BKS
& LOAN
ASSOCIATIONS (N Y. S T A T E )
TOTAL
MUTUAL
A L L SAVINGS
SAVINGS BKS
& LOAN
ASSOCIATIONS (N.Y. STATE)
1972 - Dec.
25.2
20.3
4.9
.45
.43
.02
1973 - Dec.
19.9
16.4
3.5
.04
.21
-.17
1974 - Dec.
14.6
12.4
2.2
—
.09
-.09
1975 - Jan.
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 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
20.5
21.1
21.5
21.9
22.5
22.6
23.2
24.1
25.1
26.3
27.2
18.5
19.2
19.4
19.7
20.2
20.4
20.9
21.6
22.5
23.6
24.5
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
.97
.02
.67
.27
.29
.44
.29
.44
.75
.82
1.11
.94
.04
-.06
.21
.09
.04
-.02
.05
.12
.23
.09
.03
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
T a b l e 11
NET NEW MONEY B O R R O W I N G S
BY MAJOR HOUSING AGENCIES
IN MILLIONS O F D O L L A R S
PERIOD
INTERMEDIATE A N D L O N G - T E R M I S S U E S
TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES
TOTAL
FHLB
1974 - Sept.
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
100
850
200
600
-4
-554
-11
-30
-1,279
0
0
-700
0
+150
0
0
1976 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
-197
-1,160
447
131
-946
-101
-49
397
257
0
-800
-100
700
-600
-200
300
-200
200
0
-1,100
0
0
-600
0
0
0
0
NOTES:
Based on data from Treasury Survey of Ownership.
Sales of FHLB discount notes began in May 1974.
Digitizedp for Preliminary
FRASER
FHLMC
FNMA
FNMA & FHLB
SHORT-TERM
DISCOUNT
NOTES 1
+1,050
+100
+310
+491
+18
+66
-182
-454
+300
0
-1
0
0
0
0
0
0
200
0
-1
0
+700
+100
0
+600
+300
0
100
700
0
600
-237
-405
-249
-69
-289
-270
-64
302
115
-263
—48
69
0
200
0
0
0
0
0
-200
0
0
300
-300
700
0
-200
300
0
200
-197
-360
-547
-569
-346
99
-349
597
57
18
Table 12
NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS OF DOLLARS
PERIOD
TOTAL
INCLUDING
F NM A- G NM A
2
FINANCIAL INSTITUTIONS
TOTAL
COMMERCIAL
BANKS
MSB's
S & L's
INSURANCE FNMA-GNMA
COMPANIES
Not Seasonally Ad lusted
1971
1972
1973
1974
1975
1976 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
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
1,993
3,270
5,531
5,088
5,412
6,594
5,907
5,356
6,093
5,399
300
600
900
900
1,100
1,100
1,000
600
1,300
1,000
700
87
106
324
309
240
517
323
384
364
398
1,378
2,416
4,069
4,171
4,032
4,815
4,522
4,234
4,090
3,895
3,545
228
148
238
-292
40
162
62
138
326
106
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
4,187
336
274
414
-299
161
147
94
144
365
48
486
415
-686
+162
-343
-565
47
47
-397
-556
582
Seasonally Ad lusted
1976 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
3,873
4,748
4,879
4,697
4,071
4,546
5,407
4,722
5,914
5,358
3,387
4,333
5,565
4,535
4,414
5,111
5,360
4,675
6,311
5,914
678
962
987
762
826
699
968
372
1,129
1,023
814
184
249
320
301
195
371
228
356
445
445
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.
Beginning January 1972 data reflect activity in limited amount of conventional mortgages.
2
T a b l e 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 ANNUAL R A T E S
2
3
RESIDENTIAL
MULTFAMILY
&
COMMERCIAL
FARM
6.6
5.2
5.2
6.0
11.0
9.8
9.8
12.3
2.0
2.0
1.7
1.3
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
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
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
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
QUARTER
TOTAL
1969 - I
II
III
IV
TOTAL
1- t o 4 FAMILY
MULTIFAMILY
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
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
1971 - I
II
III
IV
41.8
51.4
56.6
60.3
32.8
40.0
42.2
46.0
1972 - I
II
III
IV
70.6
72.9
75.2
89.3
1973 - I
II
III
IV
COMMERCIAL
NOTES:
1
Derived from data on mortgage debt outstanding from Federal Deposit Insurance Corporation, Federal Home Loan Bank Board, Institute of Life
Insurance, National Association of Mutual Savings Banks, Departments of Commerce and Agriculture, Federal National Mortgage Association,
Federal Housing Administration, Veterans Administration and Comptroller of the Currency. Separation of nonfarm mortgage debt by type of
property, where not available, and interpolations and extrapolations, where required, estimated mainly by Federal Reserve.
2
May differ somewhat from related flow of funds series mainly because of more aggregative type of seasonal adjustment.
3
Residential mortgage debt includes nonfarm only and is sum of 1 to 4- family and multifamily mortgage debt.
T a b l e 14
PRIVATE HOUSING PERMITS, STARTS,
COMPLETIONS, AND MOBILE HOME SHIPMENTS
IN T H O U S A N D S OF UNITS, SEASONALLY ADJUSTED ANNUAL RATES
PERMITS 1
PERIOD
1969
1970
1971
1972
1973
1974
1975
1976
1976 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
:
COMPLETIONS
STARTS
TOTAL
1—FAMILY
1,324
1,352
1,925
2,219
1,820
1,074
939
1,282
626
647
906
1,033
882
644
676
894
698
705
1,018
1,186
937
431
264
389
1,147
1,165
1,188
1,082
1,158
1,150
1,215
1,296
1,504
1,492
1,590
1,513
851
863
882
803
807
829
870
874
926
998
1,072
1,036
296
302
306
279
351
321
345
422
578
494
518
477
2 - O R MORE
FAMILY
;
I
i
!
!
!
TOTAL
2 - O R MORE
FAMILY
TOTAL
1—FAMILY
1,407
1,434
2,052
2,357
2,045
1,388
1,161
1,540
811
813
1,151
1,309
1,132
888
893
1,163
656
621
901
1,048
914
450
269
377
1,236
1,547
1,417
1,367
1,422
1,510
1,382
1,537
1,840
1,814
1,716
1,940
957
1,295
1,110
1,055
1,065
1,139
1,123
1,171
1,280
1,337
1,237
1,323
279
252
307
312
357
371
259
366
560
477
479
617
|
!
i
!
1 1 —FAMILY
|
|
2 •-OR MORE
FAMILY
MOBILE
HOME
SHIPMENTS
1,399
1,418
1,706
1,972
2,014
1,692
1,296
808.
802
1,014
1,143
1,174
932
866
592
617
692
828
840
760
430
413
401
497
576
567
329
216
250
1,213
1,299
1,399
1,266
1,360
1,373
1,307
1,401
1,387
1,314
1,445
926
953
1,032
986
934
1,052
1,038
1,094
1,017
976
1,104
287
346
367_
280
426
321
269
307
370
338
341
263
287
244
237
260
233
224
252
277
251
251(p)
NOTES:
Private b u i l d i n g permits (for 14,000 areas w i t h 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 t i m e ; however, all such units are considered completed when more than half of the units in the structure are ready for use. Private m o b i l e
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 w i t h permit systems
#
#
*
#
#
#
*
#
#
!
»
#
#
*
*
*
*
#
#
#
#
T a b l e 15
AVERAGE RATES AND YIELDS ON HOME MORTGAGES
EXISTING HOMES
NEW HOMES
1
1
PERIOD
RATE
(IN PER CENT)
SPREAD
(BASIS
POINTS)
RATE
(IN PER CENT)
SPREAD
BETWEEN
RETURNS ON
NEW A a a
NEW HOMES
CONVENTIONAL
UTILITY
1
AND HUD(FHA)
BOND
NEW HOME
YIELD
DISCOUNT
SPREAD
(PERCENTAGE MORTGAGES (IN PER CENT)
(BASIS
(BASIS
POINTS)
POINTS)
POINTS)
HUD(FHA) INSURED LOANS
S E C O N D A R Y MARKET
CONVENTIONAL LOANS
PRIMARY MARKET
SPREAD
(BASIS
POINTS)
YIELD
(IN PER CENT)
44
-25
6.3
2.3
1
-70
10.46
8.10
9.74
8. 69
31
— 91
6.2
2.4
21
-49
9.70
8.94
8
n.a.
n.a.
9.53
9.41
9.32
31
n.a.
n.a.
4.0
3.1
2.4
-28
-21
-17
9.22
n.a.
n.a.
44
47
47
37
10
40
38
63
82
71
95
n.a.
9.06
9.04
n.a.
8.82
9.03
9.05
8.99
8.93
8.82
8.55
8.45
8.25
40
46
n.a.
24
8
35
27
46
59
26
40
n.a
2.4
2.2
n.a.
2.5
4.1
4.2
3.8
3.3
2.5
4.3
3.6
2.0
- 1
- 4
n.a.
8
- 3
0
6
12
18
45
50
65
8.66
8.58
8.53
8.58
8.95
8.70
8.72
8.47
8.23
8.29
8.05
n.a.
1974 - High
Low
9.80
8.55
45
-70
9.80
8.60
50
-70
10.38
8.54
1975 - High
Low
9.25
8.90
15
-70
9.30
8.95
20
-65
1975 - Oct.
Nov.
Dec.
9.25
9.20
9.15
3
n. a.
n.a.
9.30
9.25
9.20
1976 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
9.05
9.00
8.95
8.90
9.00
9.05
9.05
9.05
9.00
9.00
8.95
8.90
39
42
42
32
5
35
33
58
77
71
91
n.a.
9.10
9.05
9.00
8.95
9.05
9.10
9.10
9.10
9.05
9.00
9.00
8.95
NOTES:
1
Gross yield spread is average mortgage return before deducting servicing costs, minus average yield on new issues of high-grade utility bonds with 5 year call protection.
Rates on conventional first mortgages (excluding additional fees and charges) are based on unweighted HUD (FHA) field office opinions on prevailing contract interest rates in the market areas
of the insuring offices, rounded to the nearest 5 basis points. For secondary market data, weighted HUD office opinions on the average bid price for HUD (FHA) loans with minimum downpayment, prepaid in 15 years, for immediate delivery, are used.
^
H
22
Table 16
FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL
GOVERNMENT-UNDERWRITTEN
AMOUNT
(IN MILLIONS OF DOLLARS)
DATE OF
AUCTION
1976 - High
OFFERED
ACCEPTED
634 (5/17)
321 (5/17)
21 (12/27)
Low
AVERAGE
YIELD
AMOUNT
(IN MILLIONS OF DOLLARS)
OFFERED
9 . 2 0 ( 6 / 1 ) 171 ( 9 / 7 )
19 (12/27) 8.39(12/27)
f
33 (1/26)
AVERAGE
YIELD
ACCEPTED
127 (11/15) 9.31 ( 6 / 1 ,
6/28)
23 (2/23)
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
July 12
26
148.3
311.8
88.4
212.0
9.05
9.04
90.7
130.5
82.0
105.2
9.27
9.23
Aug.
190.1
171.3
107.4
107.0
9.01
8.97
136.7
162.1
93.4
115.3
9.17
9.14
S e p t . 7 I 121.9
99.1
20
68.8
49.1
8.92
8.84
170.6
151.1
117.8
107.6
9.13
9.09
1976 - June
9
23
Oct.
4
18
124.3
111.2
45.3
61.8
8.80
8.70
153.8
143.7
94.4
121.4
9.07
9.02
Nov.
1
15
30
215.3
218.9
59.9
73.2
114.2
33.7
8.67
8.68
8.63
141.7
140.9
70.7
112.2
126.5
58.2
9.00
9.00
8.99
Dec. 13
27
36.0
20.9
22.6
18.9
8.51
8.39
79.7
70.5
68.1
67.3
8.89
8.80
1977 - Jan. 10
385.7
285.8
8.46
184.2
132.5
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 accepted bid yield for home mortgages assuming a prepayment period of 12 years for 30-year loans, without special adjustment for Federal National
Mortgage Association (FNMA) commitment fees and FNMA stock purchase and holding requirements on 4-month commitments. Mortgage amounts
offered by bidders relate to total eligible bids received.
H.16
@FedFRASER