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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,