Full text of H.16 Capital Market Developments : January 26, 1981
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January 26, 1981 .• x " T f & w Capital Market Developments j . . Prepared by the Capital Markets Section in conjunction with the Mortgage and Consumer Finance Section and the Government Finance Section Division of Research and Statistics Board of Governors of the Federal Reserve System Washington, D C. 20551 " * % * " * CONTENTS 1. Yields, Volume and Reception: Corporate Bond Market 2. 3. 4. 5 6. 7. 8. 9. 10. Yields, Volume and Reception: Municipal Bond Market High Grade Bond Yields Long-Term Corporate and State and Local Government Security Offerings and Placements Treasury and Government-Sponsored Agency Marketable Coupon Offerings and Placements New Corporate Security Issues by Type of Issue New Corporate Security Issues by Type of Issuer Public Offerings of Intermediate- and Long-Term Securities: Corporate Public Offerings of Intermediate- and Long-Term Securities: State and Local Public Offerings of Intermediate- and Long-Term Securities: U.S. Treasury 11. Public Offerings of Intermediate- and Long-Term Securities: Government-Sponsored Agencies 12. Forthcoming Public Offerings of Intermediate- and Long-Term Securities: Corporate 13. Forthcoming Public Offerings of Intermediate- and Long-Term Securities: State and Local 14. 15. 16. 17. Stock Prices Trading Volume Security Credit Savings Flow at Selected Nonbank Thrift Institutions 18. Mortgage Commitments Outstanding at Selected Institutions 19. Net New Money Borrowings by Major Housing Credit Agencies 20. 21. 22. 23. 24. 25. Net Change in Mortgage Holdings at Selected Institutions Net Change in Mortgage Debt Outstanding, By Type of Property Average Rates and Yields on Home Mortgages and Pass-Through Securities FNMA Auctions of Commitments to Purchase Home Mortgages FHLMC Auctions of Commitments to Purchase Home Mortgages Issues of Mortgage-Backed Securities SYMBOLS e P r n.a. estimate preliminary revised not available data do not exist SUBSCRIPTION RATES Weekly $15.00 per year or $.40 each in the United States, its possessions, Canada, and Mexico; 10 or more of the same issue to ° " e form collectible at par in U.S. Currency. 3 1. YIELDS, VOLUME A N D RECEPTION C o r p o r a t e B o n d Market . Volume Yields Week ending 1980-Nov. N e w issue Aaa u t i l i t y 1 Recently offered Aaa u t i l i t y 2 14 13.85 21 28 P e r c e n t sold b y end of week 5 13.97 7 Dec. Gross o f f e r i n g s 3 ($ millions) 100 0 13.72 510 87 68 13.91 510 100 0 14.02 252 100 0 9 4 14.16 647 99 15.03 630 19 14.25 257 99 98 26 14.20 50 100 5 12 14.51 New issues in s y n d i c a t e 4 ($ millions) 4 0 14.15 100 100 0 9 14.05 14.10 828 97 25 16 14.07 14.17r 759 98 r 14.32p 414 98 16r 10 1981-Jan. 2 14.29p 23 2. Y I E L D S , V O L U M E A N D R E C E P T I O N Municipal Bond Market Volume Yields Week ending 1980-Nov. Dec. Moody's new issue Aaa P e r c e n t sold by end of w e e k 3 New issues in syndicate4 ($ millions) 9.05 8.60 9.64 9.50 10.43 10.39 226 209 86 86 31 28 21 8.60 9.50 10.38 1,379 92 146 28 8.60 9.61 10.51 549 96 22 5 12 9.20 9.84 93 77 9.40 10.94 11.30 201 10.42 951 93 113 19 26 9.80 9.80 10.56 11.41 10.96 852 512 98 99 65 23 2 9 9.00 8.80 9.76 10.81 10.41 287 98 23 419 71 127 16 9.50 9.57 10.34 423 9.68 518 94 94 56 10.72 23 3 4 Gross o f f e r i n g s ($ millions) 7 14 1981-Jan. 1 2 B o n d Buyer G O. bond index Bond Buyer Rev. b o n d index 9.00 9.99 9.49 ' 65 Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection. Federal Reserve series of implied free-market yield on Aaa-rated utility bond with 5-year call protection, released from price restrictions sometime during the last four weeks. Estimated by F.R. on the basis of available data. .. - . , D „ 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 3. HIGH GRADE tiOMD YIELDS New issue Aaa utility1 Date Recently offered Aaa utility 2 US. govt. Moody's 20-year constant seasoned maturity 4 corporate Aaa3 Bond Buyer G O. bond index5 1977-High Low 8.36(12/16) 7.90(1/7) 8.48(12/30) 7.95(1/7) 8.28(12/30) 7.88(1/7) 7.99(12/30) 7.26(1/7) 5.93(2/4) 5.45(11/17) 1978-High Low 9.30(11/10) 8.61(3/24) 9.54(12/22) 8.48(1/6) 9.27(12/29) 9.00(12/22) 8.01(1/6) 8.30(1/6) 6.67(12/22) 5.58(3/17) 10.87(12/28) 10.56(11/9) 8.79(7/6) 9.16(7/6) 7.38(10/26) 6.08(7/6) Bond Buyer Rev. bond index6 :: 8.24(11/23) 7.23(9/21) 1979-High Low 11.51(11/12) 11.45(11/9) 9.39(6/29) 9.40(8/17) 1980-High Low 14.51(12/12) 15.03(12/12) 13.49(12/19) 12.86(12/12) 10.56(12/19) 11.41(12/19) 8.15(5/8) 7.11(5/9) 9.59(6/20) 10.34(6/20) 10.53(6/20) 10.79(6/20) 1980-Jan. Feb. Mar. 11.73 13.57 14.00 11.77 13.35 13.90 11.09 12.38 12.96 10.65 12.21 12.49 7.35 8.16 9.17 8.21 8.91 9.95 Apr. May June 12.90 11.53 10.95 12.91 11.64 10.99 12.04 10.99 10.58 11.42 10.44 9.89 8.63 7.59 7.63 9.66 8.50 8.47 July Aug. Sept. 11.60 12.32 12.74 11.41 12.31 12.72 11.07 11.64 12.02 10.32 11.07 11.47 8.13 8.67 8.94 8.87 9.57 9.84 Oct. Nov. Dec. 13.18 13.85 14.51 13.13 13.91 14.38 12.31 12.97 13.21 11.75 12.44 12.49 9.11 9.56 10.11 9.97 10.43 11.08 13.97 13.72 13.91 14.02 12.96 12.93 12.96 13.03 12.56 12.45 12.38 12.37 9.64 9.50 9.50 Q.61 10.43 10.39 10.38 10.51 14.16 15.03 14.25 14.20 13.15 13.47 ] 3.49 12.89 12.48 12.86 12.81 11.99 9.84 10.42 10.56 '9.99 10.94 11.30 11.41 10.96 14.15 14.10 14.17r 14.32p 12.83 12.59 12.76r 12.89p 12.05 11.98 12.27 12.46p 9.76 9.49 9.57 9.68 10.81 10.41 10.34 10.72 1980-Nov. Dec. 1981-Jan. 7 14 21 28 5 12 19 26 2 9 16 23 13.85 14.51 14.05 14.07 14.29p 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 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 general obligation bonds used in this index falls midway between the five top groups as classified by Moody's Investors Service. Weekly Bond Buyer data. , 6 Thursday figures. The average rating of the 25 revenue bonds used in this index falls midway between the five top groups as classified by Moody s Investors Service. Weekly Bond Buyer data. 4. LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS5 Gross proceeds, millions of dollars State and Local Corporate Period 1980 March 3,326 2,770 4,569 1979 3,770 3,165 4,354 1980 6,210 4,452 4,353 1978 3,306 2,753 4,844 1979 2,840 2,603 4,644 3,057 2,400 2,430 April May June 3,397 4,227 5,539 4,692 4,160 6,238 5,677 9,067 9,511 3,824 5,525 4,369 3,444 3,042 4,724 4,946 4,708 6,061 July August September 4,414 3,379 4,236 4,103 4,162 4,587 7,941 5,371 4,922 3,920 6,407 2,323 3,396 4,256 2,472 4,900 3,799 4,246 October November December 3,799 3,207 4,401 4,601 3,831 3,801 5,748 3,300e 5,050e 3,231 4,320 3,690 4,217 4,160 3,567 4,408 3,000e 3,400e 47,264 51,464 71,602e 48,512 43,365 47,355e 1978 January February Year 1 2 e Securities and Exchange Commission estimates of gross proceeds. Public Securities Association estimates of principal amounts, Estimated by Federal Reserve on the basis of available data. 5. TREASURY AND GOVERNMENT-SPONSORED AGENCY BORROWING Millions of dollars Period Combined deficit(+) or surplus(-)1 Totals Federal Government Means of financing combined deficit Net cash borrowing from the public2 Public debt securities Gov't, agency NonCoupons marketable securities Bills Other Decreased)/ Sponsored agency increase!—) borrowing* in cash operating balance CY—^ - 1 9 7 8 CY -1979 52,870 41,397 53,683 37,360 706 10,899 31,777 28,041 22,644 -397 -1,431 -1,402 3,206 1,115 -4,019 366 23,509 23,631 1980—Jan. 5,170 10,458 15,350 5,201 2,066 11,802 2,878 1,900 13,358 2,050 3,307 3,517 278 -3,149 -5,066 -27 -40 -19 647 2,478 1,013 -678 5,914 2,535 2,261 1,542 4,764 Apr. - 8 , 0 3 7 16,318 May June - 1 1 , 9 6 3 4,632 5,350 -4,615 4,515 91 40,703 2,899 6,077 6,835 -2,602 -941 -685 -86 -32 -101 -2,393 3,200 -3,918 -10,276 7,768 -3,430 3,632 1,957 -529 16,384 8,347 Sept. -4,434 9,737 11,111 6,260 6,807 7,815 526 2,602 3,245 7,026 456 219 -1,407 -76 -28 -36 2,986 -701 -2,199 3,661 -2,063 8,495 575 -835 2,432 Oct. 1 7 , 1 4 6 4,758 2,477 2,422 -63 -23 4,076 -8,312 5,116 Feb. Mar. July Aug. Nov. 10,698 Dec. 1 2 3 4 ! U.S. unified budget deficit or surplus plus off-budget entities deficit or surplus. Change in outstanding amount of public debt securities and government agency securities less change in holdings of those securities by government accounts. Also includes changes in matured and noninterest-bearing public debt. Change in outstanding amount of marketable securities issued by Federal Farm Credit Banks, Federal Home Loan Banks, Federal Home Loan Mortgage Corporation, Federal National Mortgage Association. CY=Calendar Year 6. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE Gross proceeds, millions of dollars Bonds Period Total Publicly offered Privately placed Common and preferred stocks Memo Issues included Convertible Foreign 863 1,340 418 1,349 2,229 1,008 1977 1978 1979 53,792 47,230 51,464 24,072 19,815 25,814 17,943 17,057 14,325 11,777 10,358 11,325 1980-QI QII QUI 15,015 24,255 18,234 5,861 18,186 11,618 4,600 2,072 1,909 4,554 3,997 4,707 169 529 631 908 967 1,510 1980—Jan• Feb. Mar. 6,210 4,452 4,353 2,450 1,426 1,985 2,384 1,430 786 1,376 1,596 1,582 47 122 0 32 76 800 Apr. May June 5,677 9,067 9,511 3,828 6,810 7,548 947 525 600 902 1,732 1,363 89 432 8 383 375 209 July Aug. Sept. 7,941 5,371 4,922 5,354 3,843 2,421 1,213 304 392 1,374 1,224 2,109 100 191 340 208 805 497 Oct. 5,748 2,776 519 2,453 n.a. 677 7. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUER Gross proceeds, millions of dollars Public utility Manufacturing Period 14,127 13,393 1977 1 2,232 1 0 , 8 1 3 1978 13,289 11,346 1979 4,442 3,640 4,522 Other issuers1 21,827 20,549 22,309 Communications 1980-QI QII QUI 3,907 6,838 5,819 4,966 4,135 3,652 1,278 2,182 1,936 4,864 11,101 6,823 1980-Jan. Feb. Mar. 1,276 1,340 1,291 1,873 1,262 1,831 483 572 223 2,578 1,276 1,010 Apr. May June 1,778 2,615 2,445 891 1,338 1,906 651 1,196 335 2,358 3,917 4,826 July Aug. Sept. 3,016 1,792 1,011 1,030 1,434 1,188 787 626 523 3,106 1,519 2,198 Oct. 1,462 1,280 858 2,148 1 Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other, Source: Securities and Exchange Commission and Federal Reserve Board. 8. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE 1 Issuer C i n c i n n a t i Gas & E l e c . Co. American E x p r e s s C r e d i t Corp. Alabama Power Co. M i s s o u r i P a c i f i c R . R . Co. E l P a s o N a t u r a l Gas V a l l e y N a t . Bank of A r i z o n a Conoco I n c . Tenneco I n c . P a c i f i c Power & L i g h t Co. Aluminum Co. of A m e r i c a Cincinnati Bell Inc. P a n h a n d l e E a s t e r n P i p e l i n e Co. New York S t a t e Gas & E l e c . Co. B e n e f i c i a l Corp. E l P a s o N a t u r a l Gas Co. C i t i e s S e r v i c e Co. Union Tank C a r Co. W a s h i n g t o n W a t e r Power Co. Moog I n c . Empire I n c . Ransburg Corp. Mohawk D a t a Co. C e n t r a l Power & L g t . Co. Union P a c i f i c R . R . Co. F e d e r a l E x p r e s s Co. D e e r e & Co. Commonwealth E d i s o n Co. Production Operators Corp. Southern C a l i f o r n i a Edison Co. T o l e d o E d i s o n Co. W i s c o n s i n Power & L g t . Co. E q u i t a b l e Gas Co. Charter Medical Corp. American Sign & I n d i c a t o r Corp. OTHER C a n a d i a n N a t i o n a l R a i l w a y Co. w t Date Type Amount (millions of dollars) 1/5 1/6 1/6 1/6 1/8 1/8 1/9 1/9 1/13 1/13 1/13 1/14 Pfd. stk. Notes Notes Equip, t r , Debt. Com. s t k . Debt. Notes Pfd. stk. Debt. Debt. Com. s t k . 30.0 100.0 100.0 27.6 100.0 37.0 300.0 200.0 50.0 150.0 40.0 88.0 1/14 1/14 1/15 1/15 1/15 1/15 1/16 1/16 1/19 1/19 1/20 1/20 1/20 1/21 1/21 1/2.1 50.0 1 s t . mtg. 75.0 Debt. 50.0 Pfd. stk. 250.0 Debt. 75.0 Equlp.tr. 40.0 Debt. 25.0 Conv.debt. 25.0 Conv.debt. 31.8 Com. s t k . 43.0 Com. s t k . 75.0 1 s t . mtg. 25.5 Equip, t r . Com. s t k . 45.0 Com. s t k . 172.0 150.0 1 s t . mtg. 25.0 Conv.debt. 1/22 1/22 1/22 1/22 1/23 1/23 1/14 Maturity —— 1991 1991 1982-96 2001 Coupon rate Offering yield 12.52 12.88 14.75 12.63 15.00 12.52 12.88 14.75 12.63 15.00 — 13.25 13.47 15.00 13.88 13.00 —— 2011 1991 — 2011 1991 — 1991 1991 — 2011 2001 1991 2006 2005 — — 2011 1981-96 —— 13.25 13.38 15.00 13.88 13.00 — 14.55 13.50 15.00 13.88 14.00 14.13 9.88 9.00 Moody's/S&P's ratings 14.50 13.50 1.5.00 13.88 14.00 14.13 9.88 9.00 Baa/BBB— A/A Ba/BB A/A A/A A/A+ B/B B/B+ —/— 14.65 13.10 Aa/AA Aaa/AAA —/— —/— A/A B/B- — — f — 14.63 13.00 —— —— —— 1991 2000 14.00 9.25 195.0 Com. s t k . 30.0 Pfd. stk. 45.0 1 s t . mtg. 50.0 Conv.debt. 30.0 Debt. 1991 2006 1999 14.80 13.38 9.50 15.50 14.80 13.38 9.50 15.97 ——/— —/— Aa/AA Baa/A —/B+ Debt. 25.0 2001 15.00 17.00 B/B Debt. 150.0 2006 14.00 14.18 Aa/AAA —— 14.05 9.25 —— nigni* ui twiiiiy. _ ,. . ^ ., Includes only corporate and other security offerings of $25 million and over; excludes options, exchanges, antf secondary offerings. Aa/AA Baa/BBBAa/AA Baa/BBB —/— Aa/AA A/A —/BBB A/A Aaa/AAA —/— » 9 PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL Type 2 Amount (millions of $) Maturity Net interest cost Issuer Date Oregon, S t a t e of T u l s a Co. Hm. F i n . A u t h . A u s t i n , TX M i s s o u r i H e a l t h & Ed. F a c . Auth. M i s s o u r i H e a l t h & Ed. F a c . Auth. M i c h i g a n S t a t e Hosp. F i n . Auth. M i c h i g a n S t a t e Hosp. F i n . Auth. I d a h o F a l l s , ID I d a h o F a l l s , ID I d a h o F a l l s , ID I d a h o F a l l s , ID W i s c o n s i n , S t a t e of W i s c o n s i n , S t a t e of W i s c o n s i n , S t a t e of W i s c o n s i n , S t a t e of W i s c o n s i n , S t a t e of G e o r g i a Muni. E l e c t . A u t h . G e o r g i a Muni. E l e c t . A u t h . G e o r g i a Muni. E l e c t . A u t h . G e o r g i a Muni. E l e c t . A u t h . B u t l e r Co. I n d u s . Dev. A u t h . , PA B u t l e r Co. I n d u s . Dev. A u t h . , PA I l l i n o i s Hsg. Dev. A u t h . Smith C o . , TX West V i r g i n i a , S t a t e of Municipal A s s i s t a n c e Corp. South C a r o l i n a P u b . S e r v . Auth. South C a r o l i n a P u b . S e r v . Auth. South C a r o l i n a P u b . S e r v . Auth. G o v ' t D e v e l . Bank f o r P u e r t o Rico 1/7 1/7 1/7 G.O. Rev. Rev. 200.0 1/8 Rev. 2.8 1/8 Rev. 22.8 2013 11.43 1/15 Rev. 7.0 1985-1996 n.a. Rev. 1/16 Rev. 1/16 Rev. 1/16 Rev. 1/16 R e v . 1 / 1 5 Rev. 1 / 1 5 Rev. 1/15 Rev. 1 / 1 5 Rev. 1 / 1 5 Rev. 1/16 Rev. 1/16 Rev. 1/16 Rev. 1/16 Rev. 1/15 71.8 45.0 1991-2000 1982-1995 1987-2001 n.a. 2012 1983-1995 n . a . n.a. 2001 n.a. 2.006 8.2 n.a. 2013 20.2 n.a. 1989 4.1 n.a. 1991 7.7 n.a. 1994 9.7 n.a. 1997 31.8 46.7 1981-1993 n . a . 1 1 . 1 1982-1994 n . a . n.a. 2001 13.7 n.a. 2003 6.1 n.a. 2014 44.2 44.3 5.9 5.9 n.a. Aa/AA Aa/A+ 8 . 2 5 - 1 0 . 7 0 A/A11.38 A/A- 8 . 6 0 - 1 1 . 2 0 B a a l / A11.75 7.50-9.40 10.00 10.30 10.47 9.00 9.38 9.75 10.00 . 5 0 - 9 . 6 0 . 1 0 - 8 . 9 0 9.70 9.75 10.00 Baal/A—/— A/AAA/AAA/AAA/AA-A/AAAl/AAA1/AA~ Al/AAAl/AA- 11.00-12.50 1/16 Rev. 14.5 1/16 1/16 1/19 1/21 1/22 Rev. Rev. Rev. G.O. Rev. 20.0 74.9 42.2 50.0 100.0 1/22 Rev. 14.7 1985-1997 n.a. 1/22 Rev. 18.3 2002 n.a. 9.97 A1/A+ 1/22 Rev. 42.0 2020 n.a. 10.25 A1/A+ 1/22 Rev. 60.0 1986 n.a. 8.75 n.a. 1999 1982-2018 9.62 1985-2011 n . a . 1982-2006 8.68 tLO.74 ?008 1 includes only state and local security offerings of $26 million and over; excludes secondary offerings. 2 For state and local government securities, G.O. denotes general obligation; Rev. denotes revenue obligations. 3 Canadian interest cost. Moody 's/S&P's ratings 9 . 0 8 ^ 8.20-9.35 N.R. it. a . 8.00-9.40 9.02 1985-1995 1 1 . 4 3 1985-1993 Offering yield 14.00 7.00-10.80 8.25-11.00 7.00-9.10 10.63 Al/AA ——/ A A1/AA+ Baal/A 7.50-9.30 A1/A+ —/AAA 10. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: U.S. TREASURY Notes and Bonds Offering date Payment date Length Maturity date Coupon Auction' average rate (percent) percent) Amount (million of dollars) Net proceeds G ross proceeds Total Private1 Total Private 1 ' 2 Memo: Foreign add-ons3 1980 Nov. 5 6 7 25 11/17 11/17 11/17 12/1 5/15/84 13-1/4 3 - y r 6-mo 13 11/15/90 10-yr LI/15/05-10 L 2 - 3 / 4 30-yr 11/30/82 13-7/8 2-yr Dec. 3 12/8 12/31 12/31 1/5 5 - y r 2-mo 2-yr 4-yr 7-yr 1/12 2 0 - y r 1-mo 2 / 1 5 / 0 1 1/31/83 2-yr 16 18 30 2/15/86 13-1/2 12/31/82 15-1/8 14 12/31/84 1/15/88 12-3/8 2,815 1,765 1,765 0 190 0 0 3,186 3,186 3,186 170 802 2,366 2,366 6§ 3,815 2,443 13.52 3,186 15.15 |s,604 14.03 12.49 12.81 13.99 I" 815 4,315 2,663 2,160 4,960 13.31 13.07 2,001 4,595 1981 Jan. 6 21 1 2/2 11-3/4 13-5/8 11.82 13.69 Excludes amounts sold to Government investment accounts and the Federal Reserve. Also excludes add-ons to foreign accounts. 2 May be larger than the total if the Government accounts and/or the Federal Reserve do not fully roll-over their maturing holdings^ 3 Additional amounts of securities issued to foreign and international monetary authorities at the average auction price for new cash. 0 0 10 11. PUBLIC O F F E R I N G S O F I N T E R M E D I A T E - A N D L O N G - T E R M S E C U R I T I E S : G O V E R N M E N T S P O N S O R E D A G E N C I E S Offering Payment date date Issuer Length Maturity date Yield (percent) Amount (millions of dollars) Gross proceeds Maturing issues Net proceeds 6/10/85 9.95 1,000 550 450 12/01/83 12/01/86 7/23/90 9.30 10.00 10.40 841 1,002 600 1,175 1,268 8/19/83 9.70 1,000 0 1,000 3/25/85 3/25/87 10.80 11.10 1,200 600 1,600 200 9/04/84 11.75 486 0 486 4-mo 1/11/82 10.90 400 1,050 -650 1-yr 8-mo 6/10/82 12.25 500 800 -300 10/20 10/20 10/20 2-yr 4-yr 7-yr 1-mo 9-mo 9-mo 12/01/82 7/22/85 7/20/88 11.60 11.60 11.70 786 434 604 975 849 10/16 10/16 10/27 10/27 2-yr 3-yr 10/25/82 2/27/84 11.85 11.75 1,200 600 200 1,600 4-mo FNMA 10/29 11/3 5-yr 11/12/85 13.00 750 0 750 FHLB 11/14 11/14 11/25 11/25 1-yr 4-yr 9-mo 8-mo 8/25/82 7/25/85 13.10 12.80 1,200 750 1,800 150 FFCB 11/26 12/1 2-yr 3-mo 9/1/83 13.75 521 0 521 FNMA 12/5 12/10 3-yr 1-mo 1/10/84 14.05 500 950 -450 FFCB 12^4/80 L / 5 / 8 1 3-yr 8-mo 9/3/85 12.75 404 433 -29 1/10/86 13.00 1,000 0 1,000 FNMA 7/2 7/10 4 - y r 11-mo FFCB 7/9 7/9 7/9 7/21 7/21 7/21 3-yr 6-yr LO-yr FNMA 7/25 8/1 3-yr FHLB 8/13 8/13 8/25 8/25 4-yr 6-yr FFCB 8/27 9/2 4-yr FNMA 9/4 9/10 1-yr FNMA 10/1 10/10 FCB 10/8 10/8 10/8 FHLB FNMA FFCB FHLB FHLMC FNMA — — - 1981 1981 1/8 1/12 Federal Federal Federal Federal 5-mo 5-mo 7-mo 7-mo 5-yr Farm Credit Banks Home Loan Banks Home Loan Mortgage Corporation National Mortgage Association A*" Of > 3 * 1961 12. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE 1 Issuer T r i n i t y I n d u s t r i e s teasing Co. Kaneb S e r v i c e s I n c . * S o u t h e r n R a i l w a y Go. • S o u t h e r n C a l i f o r n i a Gas Co. D e l m a r v a Power & L i g h t Co. *A.G. E d w a r d s & Sons I n c . P u b l i c S e r v i c e Co. of I n d i a n a Union C a r b i d e Corp. Honeywell I n c . *Dayton Power & L i g h t Co. Gelco Corp. N a t i o n a l R u r a l U t i l . Coop. F i n . C o r p . P o t l a t e h Corp. P a c i f i c T e l e . & T e l e . Co. * H o u s t o n L i g h t i n g & Power Co. P u b l i c S e r v i c e Co. of I n d i a n a Avco F i n a n c i a l S e r v i c e s I n c . *Chrysler Corp. Barclays American Corp. U n i o n E l e c t r i c Co. Long I s l a n d L i g h t i n g Co. * P a c i f i c L i g h t i n g Co. OTHER * H u d s o n ' s Bay O i l & Gas C o . , L t d . Denmark, Kingdom of *United Mexican S t a t e s F i n l a n d , R e p u b l i c of Gulf Canada L t d . E l e c t r i c i t e De F r a n c e Type Conv. d e b t . Conv. d e b t . Equip. t r . 1 s t . mtg. Com. s t k . Conv. d e b t . 1 s t . mtg. Debt. Debt. 1 s t . mtg. Conv. d e b t . Debt. Pfd. stk. Com. s t k ( r t s ) Pfd. stk. Com. s t k . Notes Gvt. g t d . Notes 1 s t . mtg. 1 s t . mtg. 1 s t . mtg. Debt. Notes Bonds Notes Bonds Notes Amount (millions of dollars) 60.0 60.0 27.0 70.0 28.0 25.0 125.0 200.0 150.0 40.0 60.0 100.0 75.0 349.0 30.0 30.0 100.0 400.0 75.0 150.0 100.0 70.0 125.0 100.0 500.0 250.0 200.0 100.0 Approximate date of offering Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Feb. Feb. Feb. Feb. Feb. 14 11 18 J a n . 29 Feb. 5 Indef. Indef. Indef. Indef. » Included in taMe for first time. • • t includes only corporate and other security issues, of $25 million end over; excludes exchanges, options, and secondary offerings. 27 27 27 27 28 29 29 29 29 29 As tif January: 23, 1981 12 13. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE AND LONG-TERM SECURITIES: STATE AND LOCAL? Issuer M o b i l e I n d u s t r i a l D e v e l . B d . , AL • D a l l a s C o . , TX M i n n e s o t a H i g h e r Ed. C o o r d i n a t i n g Bd. C a l i f o r n i a , S t a t e of M i s s i s s i p p i , T e n n e s s e e - T o m b i g e e Waterway Bridge New York S t a t e Dorm. A u t h . U i n t a C o u n t y , WY P h i l a d e l p h i a , PA. I n t e r m o u n t a i n Power A g c y . , VT New York C i t y Hsg. Dev. C o r p . C h i c a g o , IL I l l i n o i s Health Fac. Auth. • W a s h i n g t o n P u b . Power S u p p l y S y s t . M a r y l a n d , S t a t e of •Columbus, OH • S e a t t l e , Washington • L o u i s i a n a , S t a t e of • G r e a t e r O r l a n d o A v i a t i o n A u t h . , FL • 1 Type Approximate date of offering Rev. G.O. Rev. G.O. 99.0 27.6 50.0 65.0 Jan. Jan. Jan. Jan. 26 27 27 27 G.O. Rev. Rev. G.O. Rev. Rev. G.O. Rev. Rev. G.O. G.O. Rev. Rev. Rev. 25.0 33.8 104.0 Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Feb. Feb. Feb. Feb. Feb. Feb. 27 29 29 29 29 30 30 30 3 4 5 10 24 26 Inducted In tabfe for first time. Includes state and local government issues of $25 million and over; excludes secondary offerings. Amount (millions of dollars) 60.0 300.0 75.0 140.0 31.3 225.0 149.1 43.3 49.0 140.0 145.0 --I3S H •v.jjfu) VTIKU055 .ST NASDAQ 5 AMEX* DJ Industrials NYSE Index 3 Date 1978-High Low 60.38 (9/12) 48.37 (3/6) 907.74 (9/8) 742.12 (2/28) 176.87 (9/15) 119.73 (1/11) 139.25 (9/13) 99.09 (1/11) 1979-High Low 63.39 (10/5) 53.88 (2/27) 897.61 (10/5) 796.67 (11/8) 247.07 (12/31) 152.03 (1/2) 152.29 (10/5) 117.84 (1/2) 1980-High Low 81.02 (11/28) 55.30 (3/27) 1000.17 (11/20) 759.13 (4/21) 370.75 (11/28) 215.69 (3/27) 208.15 (11/28) 124.09 (3/27) 1981-High Low 79.14 (1/6) 74.76 (1/22) 1004.69 (1/6) 940.44 (1/22) 357.27 (1/5) 336.38 (1/8) 204.17 (1/5) 195.89 (1/8) 1980-Dec. 5 12 19 26 77.16 74.16 76.86 78.28 956.23 917.15 937.20 966.38 355.17 333.48 347.58 354.22 203.02 191.22 197.91 201.28 1981-Jan. 2 9 16 23 78.26 76.44 77.33 74.72 972.78 968.69 973.29 940.19 355.60 339.93 347.94 341.36 203.55 197.66 201.13 197.52 15. TRADING VOLUME 2 NYSE 66.4 (8/3) AM EX 11.0 (10/30) 1.3 (1/20) NASDAQ 18.8 (5/18) 81.6 (10/10) 18.0 (1/2) 13.2 (10/10) 25.8 7.2 (12/17) (1/2) 1980-High Low 84.1 (11/5) 16.1 (12/26) 15.0 2.5 (1/15) (4/14) 60.4 10.7 (11/19) (4/14) 1981-High Low 92.9 28.9 15.8 (1/7) 4.4 (1/2) 53.2 19.7 (1/7) (1/2) Date 1978-High Low 7.6 (1/2) 1979-High Low 1980-Dec. 5 12 19 26 1981-Jan. 2 9 16 23 3 12/31/66-50 4 8/31/73-100 5 2/5/71 - 100 (1/7) (1/2) 2.2 (1/22) 2.8 (1/20) 49.4 51.2 50.5 38.2 6.9 7.6 5.8 4.7 47.1 35.4 29.6 36.5 64.9 42.8r 39.3 6.2 8.5 5.6r 5.2 25.4 41.4 33. l r 31.4 22.2 14 16. SECURITY CREDIT! Outstanding, UUiaianuiiiy, dollar amounts — in millions VJWUMI Margin credit extended by brokers on: End of period Marginable stock Convertible bonds Number of margin accounts (thousands) Percent of debt in accounts with 40 percent or more customer equity 1976 7,960 204 810 88 9,740 250 887 81 1977 1978 10,830 205 955 67 1979 11,450 164 995 84 Jan. Feb. Mar. 10,750 10,790 10,870 199 195 181 950 950 965 79 71 79 Apr. May June 11,220 11,130 11,590 194 183 172 960 970 980 77 78 79 July Aug. Sept. 11,840 12,060 12,000 178 176 177 970 995 1,005 81 86 84 Oct. Nov. Dec. 11,310 10,920 11,450 173 161 167 985 1,000 1,020 73 83 84 Jan. Feb. Mar. 11,820 12,460 11,740 165 175 171 1,035 1,065 1,075 87 84 54 Apr. May June 11,140 11,270 11,200 168 167 165 1,055 1,055 1,065 72 81 83 July Aug. Sept. 11,320 11,800 12,520 198 204 208 1,075 1,095 1,105 88 89 87 Oct. Nov. Dec. 13,080 14,140 14,500 211 220 219 1,120 1,155 1,180 87 87 86 1979 - 1980 - 1 Margin account debt a* reported by the New York Stock Exchange. 17. SAVINGS FLOWS AT SELECTED NONBANK THRIFT INSTITUTIONS Millions of dollars ; Date . Mutual Savings Banks (regular' deposits)' 1 Net flow N.S.A. Sea. adj. Annual; growth rate 3 Savings and Loan Associations Net flow N.S.A. Sea. adj. Memo: Net New Money 2 Total Annual growth rate 3 Net flow (sea. adj.) Annual growth rate 3 At insured S&L's At MSB's 17.5 62,854 15.9 34,369 5,283 15.0 60,982 13.3 32,004 2,874 11.6 50,169 — 8.7 50,888 8,426 — 6.3 44,153 11.3 52,292 10.1 23,460 -591 1979 2,900 - — 2.1 39,218 9.1 42,289 7.4 15,029 -6,885 1979-Jan. Feb. Mar. 218 683 1,971 584 705 798 5.0 6.0 6.7 4,735 2,876 8,334 4,987 3,733 3,909 13.9 10.3 10.7 5,571 4,438 4,707 11.7 9.2 9.7 4,377 2.580 3,146 -118 342, 463 Apr. May June -832 61 890 16 280 341 0.1 2.3 2.9 -1,147 2,037 6,854 1,667 3,006 4,515 4.5 8.1 12.1 1,683 3,286 4,856 3.4 6.7 9.8 -1,490 1,627 1,469 -1,192 -341 -635 July Aug. Sept. -318 -112 517 9 508 1.34 0.1 4.2 1.1 2,015 1,199 4,770 2,844 3,192 2,620 7.5 8.4 6.8 2,853 3,700 2,754 5.7 7.4 5.5 1,455 717 —198 -733 -504 -1,000 Oct. Nov. Dee. -985 -199 1,006 -694 74 183 -5.8 0.6 15.1 1,863 1,157 4,525 3,321 3,527 2,030 8.6 9.1 5.2 2,627 3,601 2,213 5.2 7.1 4.0 1,314 732 -700 -1,420 -765 -987 1980-Jan, Feb. Mar. -927 141 930 -605 168 -222 -5.0 1.4 -1.9 2,065 1,626 4,403 2,191 2,617 -324 5.6 6.6 -0.8 1,586 2,785 -546 3,1 5.4 -1.1 1,167 1,079 -696 -1,436 -543 -679 Apr. May June -449 881 1,770 402 1,106 1,200 3.4 9.2 9.9 326 3,022 5,287 3,393 4,067 2,779 8.6 10.2 6.9 3,795 5,173 3,979 7.4 10.0 7.6 -817 1,785 -169 -1,024 242 -176 July Aug. 992 610 1,377 1,339 1,228 971 11.0 10.0 7.8 2,223 2,515 5,606 3,096 4,583 3,233 7.7 11.3 7.9 4,435 5,811 4,204 8.4 11.0 7.9 961 1,285 6 246 1 -460 402 600 713 894 5.7 7.1 3,617 2,468 5,190 5,077 12.6 12.2 5,903 5,971 11.0 11.0 2,550 1,431 -169 -250 1976 12,670 — . 1977 10,783 1978 Sept. Oct. Nov. 2 ' 1 —— Regular deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of total deposits. 2 New deposits net of both withdrawals and interest. Data for S&L's are for insured associations only, which represent 96 percent of industry total resources. 3 Annual growth rate for monthly data is the annualized monthly percentage increase in deposits. Source: National Association of Mutual Savings Banks and Federal Home Loan Bank Board. 18. MORTGAGE COMMITMENTS OUTSTANDING AT SELECTED INSTITUTIONS Billions of dollars, seasonally adjusted Federal and Related Agencies Thrift Institutions End of Period Total All savings and loan associations Mutual savings banks (N.Y. state) Total FNMA GNMA FHLMC 1978 37.5 32.7 4.8 16.5 9.9 4.8 1.8 1979 31.5 28.1 3.4 12.6 6.9 4.7 1.0 1979-Jan. Feb. Mar. 37.0 36.5 36.0 32.2 31.8 31.4 4.8 4.7 4.6 15.4 14.1 13.0 8.9 7.7 6.7 4.8 4.8 4.8 1.7 1.6 1.5 Apr. May June 36.2 35.8 35.7 31.7 31.7 31.5 4.5 4.1 4.2 12.6 12.0 11.7 6.4 6.0 5.6 4.8 4.7 4.8 1.4 1.3 1.3 July Aug. Sept. 35.7 35.9 36.7 31.7 32.0 32.7 4.0 3.9 4.0 11.6 11.2 12.2 5.5 5.5 6.8 4.8 4.4 4.2 1.3 1.3 1.3 Oct. Nov. Dec. 35.9 33.0 31.5 32.3 29.4 28.1 3.6 3.6 3.4 14.1 13.5 12.6 8.2 7.7 6.9 4.6 4.7 4.7 1.3 1.1 1.0 1980-Jan. Feb. Mar. 30.7 29.9 26.5 27.5 27.1 24.0 3.2 2.8 2.5 11.9 11.2 10.5 6.2 5.7 5.2. 4.7 4.5 4.7 1.0 1.0 0.8 Apr. May June 22.8 21.1 22.4 20.7 19.3 20.7 2.1 1.8 1.7 9.2 9.3 10.3 4.2 3.5 3.6 4.4 5.0 5.7 0.6 0.8 1.0 July Aug. Sept. 26.0 28.4 29.9 23.7 26.6 28.0 1.8 1.8 1.9 10.6 10.6 10.1 3.9 4.4 4.4 5.5 5.1 4.8 1.2 1.1 0.9 Oct. Nov. Dec. 29.5 29.3 n.a. 27.7 27.6 n.a. 1.8 1.7 n.a. 10.4 10.3 n.a. 4.9 4.4 3.6 4.8 5.2 n.a. 0.7 0.7 n.a. Based on data from Federal Home Loan Bank Board, Savings Banks Association of New York State, and federal and related agencies, seasonally adjusted by Federal Reserve. Both thrift institutions series include a minor amount of non-residential commitments; S&L commitments also include loans in process. Subtotals may not add t o total because of rounding. 17 19. NET NEW MONEY BORROWINGS BY MAJOR HOUSING CREDIT AGENCIES Millions of dollars FNMA and FHLB short-term discount notes Total including short-term discount notes Total FHLB 1976 -1,750 -1,131 -2,031 0 900 -619 1977 2,732 1,444 496 -4 952 1,288 1978 19,030 13,578 6,302 576 6,700 5,452 979-Jan. Feb. Mar. 967 1,457 912 0 1,033 1,372 0 834 0 0 199 -128 0 0 1,500 967 424 —460 Apr. May June 1,027 304 1,363 997 215 1,299 0 222 0 -3 -7 199 1,000 0 1,100 30 89 64 July Aug. Sept. 1,625 360 398 1,916 613 -154 700 415 0 216 198 146 1,000 0 -300 -291 -253 552 Oct. Nov. Dec. 2,297 1,791 1,375 1,599 1,453 150 1,300 953 0 -1 0 150 300 500 0 698 338 1,225 980-Jan. .Feb. Mar. 328 927 3,580 -2 10 1,780 0 -350 1,400 -2 160 -120 0 200 500 330 917 1,800 Apr. May June 2,205 1,366 -929 1,499 2,649 1,000 1,000 900 0 -1 -1 0 500 1,750 1,000 706 -1,283 -1,929 July Aug. Sept. -979 -458 1,325 442 1,200 253 0 200 1,000 -8 0 450 1,000 -1,421 -1,658 -97 -650 1,072 Oct. 3,607 1,600 0 -300 2,307. Period Intermediate- and long-term issues Based on data from Treasury Survey of Ownership. 1,300 FHLMC FNMA 18 20. NET CHANGE IN MORTGAGE HOLDINGS AT SELECTED INSTITUTIONS Millions of dollars, seasonally adjusted Period Total 1976 75,398 1977 114,008 Total Major private financial institutions Commercial Life insur. S&L's MSB's companies banks FNMA and GNMA Mortgage pools FHLMC FHLMCGNMAguaranteed guaranteed 64,898 13,737 4,041 44,727 2,393 -2,042 -712 12,199 1,055 95,874 26,157 6,540 58,021 5,156 961 -990 14,224 3,939 1978 126,474 103,305 35,376 6,314 52,237 9,378 8,735 -233 9,389 5,275 1979 124,352 91,108 31,504 3,886 43,211 12,607 8,147 973 20,854 3,270 Jan. Feb. Mar. 10,284 9,970 10,293 7,857 7,716 7,240 2,662 2,491 2,426 559 483 388 4,015 3,804 3,359 621 938 1,067 832 790 1,385 179 65 253 1,202 1,080 1,276 214 319 139 Apr. May June 9,707 10,995 10,765 7,371 8,311 8,35] 2,487 2,328 2,753 204 388 373 3,832 4,616 4,204 848 979 1,021 489 745 530 -3 19 -25 1,542 1,505 1,625 308 415 284 July Aug. Sept. 10,161 10,641 10,854 8,152 7,567 7,972 2,809 2,636 2,953 384 297 276 3,804 3,501 3,616 1,155 1,133 1,127 35 524 284 62 114 144 1,608 2,122 2,161 304 314 293 Oct. Nov. Dec. 11,665 10,483 8,534 3,585 7,004 4,982 2,844 2,594 2,521 248 265 21 3,892 3,113 1,455 1,601 1,132 985 764 866 903 -71 202 34 2,002 2,393 2,338 385 18 277 Jan. Feb. Mar. 9,924 8,035 7,322 6,196 6,166 4,974 2,474 2,402 1,826 197 290 6 2,088 2,458 1,737 1,437 1,235 1,405 1,182 631 1,286 68 144 29 2,374 1,198 834 104 80 199 Apr. May June 6,126 3,221 1,890 2,671 1,324 394 890 526 50 -49 148 -168 643 -483 -290 1,187 1,133 802 1,155 584 193 154 -130 30 2,006 1,205 1,084 140 238 189 July Aug. Sept. 5,983 7,913 8,232 3,834 5,784 6,407 1,886 1,123 1,115 -115 -113 -10 1,647 3,720 4,714 1,116 1,054 588 196 -8 -94 45 192 214 1,570 1,758 1,342 338 187 269 Oct. Nov. Dec. 10,881 n.a. n.a. 8,132 n • £1 e n.a. 2,750 2,090 2,135 180 n.a. n.a. 4,339 3,885 n.a. 863 n.a. n.a. 689 115 50 n.a. 1,881 873 n.a. 64 -10( n.a 1980 543 n.a. Monthly data for commercial banks based on Federal Reserve estimates benchmarked to Call Report data on real estate loans outstanding as available. Other data derived from mortgage debt outstanding as reported separately by National Association of Mutual Savings Banks, Federal Home Loan Bank Board, American Council of Life Insurance, the Federal National Mortgage Association, the Government National Mortgage Association, and the Federal Home Loan Mortgage Corporation. Data for mutual savings banks and life insurance companies may differ somewhat from those derived from regular quarterly series because of minor conceptual differences for which adjustments are not made in the monthly series. Altogether, these groups accounted for 89 percent of the net increase estimated for all holders in 1978. 19 2 1 . NET CHANGE IN MORTGAGE DEBT O U T S T A N D I N G , BY TYPE OF PROPERTY 1 Billions of dollars, seasonally a d j u s t e d a n n u a l rates Residential Quarter 1976-Q1 Q2 Q3 Q4 1977-Q1 Q2 Q3 Q4 1978-Q1 Q2 Q3 Q4 1979-Q1 Q2 Q3 Q4 1980-Q1 Q2 Q3 1 Total Total 1 - t o 4family Multifamily Commercial Multifamily and commercial Farm 13.7 15.3 13.2 12.4 15.1 15.1 16.9 15.0 5.1 4.8 14.6 15.2 17.5 24.6 18.8 8.6 23.5 25.6 33.2 8.8 20.9 20.7 26.7 25.5 29.0 30.6 38.6 35.8 11.6 11.2 105.8 104.6 6.9 9.1 9.9 22.3 28.5 30.0 21.3 31.1 35.4 39.1 31.2 15.9 17.9 16.4 14.4 95.1 35.7 77.7 9.3 6.4 9.3 25.8 13.8 19.5 20.2 28.8 35.0 14.4 15.1 11.4 1.4 81.7 75.5 92.7 98.1 62.9 55.4 72.7 78.0 61.5 55.6 69.0 75.4 110.7 134.9 140.2 150.2 87.5 110.3 114.3 83.3 116.8 102.0 106.1 108.2 135.3 147 .0 154.3 160.4 105.6 116.5 116.0 123.7 97.4 106.6 104.1 113.3 9.9 11.9 10.4 155.9 164.3 161.3 150.2 117.8 117.9 114.9 114.5 109.0 8.8 111.0 144.4 70.9 117.9 104.4 42.1 87.0 -0.2 3.7 2.6 4.2 8.3 8.2 8.6 8.2 6.8 7.7 9.4 8.4 8.8 9.8 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. 20 22. AVERAGE R A T E S A N D Y I E L D S ON HOME MORTGAGES A N D PASS-THROUGH SECURITIES Secondary market Primary market Conventional mortgages F H A / V A mortgages Rates o n conventional loans at S&L's Period 10.38 1978-High 12.90 1979-High 16.35 1980-High Oct. Dec. Low July 7 13.97 13.56 9-1/2 9.51 10.92 10.40 10.42 4.16 15.57 15.40 14 14.17 15.35 14.56 12.42 .93 11-1/2 10.73 12.76 11.60 12.53 6.19 11-1/2 11.42 12.76 11.83 12.84 11.94 12.00 4 13.58 12.25 11 15 12.55 12.80 18 25 2 Sept. Sept. 8 5 13.03 12 13.08 15 19 13.25 22 26 13.43 3 13.60 29 Oct. 17 13.73 13.78 24 31 13.85 14.00 Nov. 3 7 14.08 Nov. 10 14 14.18 17 21 14.28 24 27 28 14.28 Dec. 5 14.43 Dec. 7.63 — —— 14.26 —— 14.41 11-1/2 11-1/2 11.58 11.45 11-1/2 11.67 11.96 11-1/2 11.99 — 11-1/2 12.41 15.40 11-1/2 12 12 12.46 12.48 12.57 —— 13.42 12 12.59 14.33 12 12.74 — 13 12.93 13 13.35 —— 14.60 12.25 13.34 12.64 13.00 14.00 14.19 13.24 13.36 13.35 14.29 13.32 13.44 13.82 14.86 13.94 15.30 12.37 —— 13 12.70 — 13.80 14.57 8.69 13 12.59 12.98 14.47 13.70 — 13.86 13.35 13.42 14.92 14.22 14.22 15.25 6 13 20 9.12 11.77 —— 12.25 10.42 11-1/2 12.78 1 10.92 12.54 21 28 8 9.68 13.29 14 12.95 9-1/2 Yield in FHLMC auction 8.43 12.18 Aug. 7.13 Yield in FNMA auction 8-1/2 12.23 12.18 Yield o n GNMA securities 1.88 11 18 10 Nov. 1980-High Ceiling rate 9.13 12.18 22 29 Sept. Low Discount points in FNMA auction 9.28 3 25 Aug. 1979-Hlgh 12.18 Low July Low 10.38 Low 10.60 1978-High 8.98 Low Yield in FNMA auction Period 13 15.30 12.39 — 15.57 —— 13 13 13.68 13 13.61 — 13 13.67 14.25 14.34 15.35 14.38 15.49 10.65 13-1/2 13.57 1 — — 13-1/2 13.75 8 15.50 10.67 13-1/2 13.79 15.65 14.70 — 13-1/2 14.01 — 14.86 13-1/2 13.24 15.43 14.86 13-1/2 13.31 — 14.36 13-1/2 13.18 15.04 14.16 13-1/2 13.50 — 14.43 13-1/2 13.62 14.85 14.51 12 14.83 15 19 14.95 22 26 14.95 29 2 14.95 —— 14.92 — 7.79 — 14.56 1981 Jan. 9 16 Jan. 5 14.80 12 14.85 19 14.89 —— 14.84 7.63 — 7.33 Column 2 is average of contract interest rates on commitments for level-payment conventional first mortgages with 80 percent loan-to-value ratios and 30 year maturities made by a sample of insured S&Ls. Columns 4 and 8 are average gross yield to FNMA before deduction of the fee of 37% basis points paid for mortgage servicing. They reflect the average accepted bid yield for first mortgages for optional delivery within 4 months, assuming prepayment in 12 years for 30-year loans, without adjustments for FNMA commitment fees and FNMA stock retention requirements. Column 7 is a 1-day quote on average net yields to investors on GNMA-guaranteed mortgage-backed securities for immediate delivery, assuming prepayment in 12 years on poofs of 30-year FHA/VA mortgages carrying a coupon rate 50 basis points below the current FHA/VA ceiling rates shown in Column 6. Column 9 is the average net yield to FHLMC on accepted bids in its weekly auction of commitments to buy conventional home mortgages for immediate (within 60 days) delivery. Beginning July 7,1980, the FNMA auction results for FHA/VA mortgages do not include graduated payment mortgages. 21 23. FNMA AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES Dollar amounts in millions FHA/VA mortgages Date of Offered Average yield Accepted auction Offered Conventional mortgages Average yield Accepted 1979-High Low 1,034.9 36.5 448.3 19.4 13.29 10.42 454.0 19.4 172.2 17.9 13.97 10.92 1980-High Low 644.2 92.7 354.6 51.9 15.93 12.28 426.0 28.7 133.0 20.0 17.51 12.81 1 9 8 0 - 0 c t . 13 27 196.3 231.5 118.3 139.4 14.57 15.30 28.9 78.7 61.9 46.4 14.47 14.92 Nov. 10 24 126.3 125.7 63.6 72.0 15.57 15.49 51.8 29.8 47.5 21.3 15.25 15.35 Dec. 8 22 92.7 145.4 51.9 58.9 15.50 14.92 56.1 28.7 34.1 20.0 15.65 15.43 1981-Jan. 5 19 146.9 63.8 57.9 35.1 14.89 14.84 12.4 19.6 11.1 19.2 15.04 14.85 24. FHLMC AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES Conventional mortgages, dollar amounts in millions Future commitment program Immediate delivery program Date of Average yield Accepted Offered Average yield auction Accepted Offered 1979-High Low 298.0 38.7 150.5 17.9 13.56 10.40 166.6 38.7 37.8 13.7 13.89 10.43 1980-High Low 401.4 4.9 200.3 2.5 16.22 11.60 129.5 38.1 31.2 11.6 17.36 12.13 7 14 21 28 86.4 129.3 112.2 50.6 30.2 47.5 39.0 27 .6 13.80 13.69 13.86 14.22 25.8 14.32 Nov. 4 - 12 18 25 59.9 55.9 55.3 60.9 42.2 26.9 39.5 33.6 14.22 14.25 14.34 14.38 Dec. 2 9 16 23 30 57.9 39.2 24.9 4.9 27.8 35.9 33.3 18.9 2.5 21.2 14.56 14.70 14.86 14.86 14.36 6 13 20 105.9 141.6 n.a. 65.9 30.0 n.a. 14.16 14.43 14.51 1980-0ct. 1980-Jan. —— — 72.5 : —— — 23.6 14.88. —— — 53.3 24.3 15.35 - - —— —— — — —— ' 38.6 ~ : —— ! —— 73.6 — 18.4 — 15.16 accepted bids are net. excluding 37% basis points for mortgage servicing. Prior to June 2 4 , 1 9 8 0 , the FH LMC's future commitment program involved 6-month commitments; subsequently, 8-month commitments have been auctioned. Source: FNMA and FHLMC 22 25. ISSUES OF MORTGAGE-BACKED SECURITIES Millions of dollars, not seasonally adjusted GNMA-guaranteed Period New issues Outstanding (end of period) Pass-through securities F H LMC-guaranteed New issues Outstanding (end of period) Public offerings of mortgagebacked bonds Outstanding by savings and (end of period) loan assoc. Privately insured New issues 1976 13,764 30,571 1,396 2,671 n.a. n.a. 75 1977 17,440 44,896 4,131 6,610 242 238 1,115 1978 15,358 54,347 6,212 11,892 1,011 1,141 465 1979 24,940 76,401 4,546 15,180 2,575 3,641 1,110 Mar. 1,703 1,361 1,464 55,627 56,575 57,955 317 494 118 12,093 12,462 12,466 60 136 84 1,325 1,411 1,482 0 0 0 Apr. May June 1,489 1,673 1,860 60,274 61,551 63,001 364 572 382 12,790 13,296 13,562 151 201 142 1,619 1,821 1,915 0 0 400 July Aug. Sept. 2,032 2,934 2,640 64,401 67,135 69,358 321 554 347 13,781 14,200 14,421 204 190 254 2,105 2,257 2,516 225 350 65 Oct. 2,639 3,250 1,895 71,457 74,106 76,401 530 186 361 14,838 14,916 15,180 470 383 300 2,987 3,353 3,641 0 0 70 Mar. 2,611 1,354 1,125 78,849 79,900 80,843 180 207 106 15,274 15,397 15,454 405 205 342 4,227 4,421 4,771 50 0 0 Apr. May June 1,778 1,127 1,320 82,419 83,385 84,282 199 391 232 15,613 15,949 16,120 510 495 413 5,269 5,760 6,168 0 0 190 July Aug. Sept. 1,874 2,215 1,807 85,634 88,031 89,452 288 320 , 275 16,370 16,658 16,852 485 466 355 6,603 6,995 7,338 50 0 0 Oct. Nov. 2,255 1,613 91,425 92,574 187 94 16,950 16,912 402 n.a. 7,708 n.a. 0 0 1979-Jan. Feb. Nov. Dec. 1980-Jan. Feb. 1 1 GNMA-guaranteed securities are issued by private institutions and represent undivided interests in pools of Government-underwritten home mortgages formed by these institutions. FHLMC-guaranteed securities include Participation Certificates and Guaranteed Mortgage Certificates issued by FHLMC against pools of conventional residential mortgages formed by FHLMC- Privately-insured pass-through securities are issued by private institutions against pools of conventional residential mortgages and are underwritten by major private mortgage insurance companies. Source: GNMA, FHLMC, HUD, and Federal Reserve,