Full text of H.16 Capital Market Developments : January 29, 1979
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Capital Market Developments ' L | January 29, 1979 Prepared by the CAPITAL MARKETS SECTION in conjunction with the MORTGAGE and CONSUMER FINANCE SECTION DIVISION OF RESEARCH AND STATISTICS BOARD OF GOVERNORS F E D E R A L R E S E R V E SYSTEM Washington, D C. 20551 Index SUBSCRIPTION RATES: Weekly $15.00 per year or $.40 each in the United States, its possessions, Canada, and Mexico; 10 or more of the same issue to one address, $13.50 per year or $.35 each. Elsewhere, $20.00 per year or $.50 each. Address requests to Publications Services, Division of Administrative Services, and make payment remittance payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. Currency. TABLES 1- 6 7, 8 SECURITY VOLUME AND YIELDS STOCK MARKET AND SECURITY CREDIT 9 - 1 6 MORTGAGE MARKET SYMBOLS e ESTIMATE P PRELIMINARY r REVISED n.a. NOT AVAILABLE DATA DO NOT EXIST Table 1 YIELDS, VOLUME AND RECEPTION CORPORATE BOND MARKET VOLUME YIELDS WEEK ENDING 1978 - Nov. Dec. RECENTLY OFFERED Aaa UTILITY 2 3 GROSS OFFERINGS ($ MILLIONS) PER CENT SOLD BY END OF WEEK NEW ISSUES 4 IN SYNDICATE ($ MILLIONS) 3 10 17 24 9.25 9.30 9.25 9.28 9.30 9.24 9.25 272 400 439 260 99 100 98 72 3 0 10 73 1 9.27 9.28 9.29 9.28 9.31 9.35 9.54 9.51 388 455 560 5 0 92 86 75 100 30 64 140 0 9.51 9.55 9.57r 9.46p 10 0 530 187 100 8 15 22 29 1979 - J a n . NEW ISSUE 1 Aaa UTILITY 5 12 19 26 — — — — - - 9.54r - - 97r 100 — 0 0 18r 0 MUNICIPAL BOND MARKET VOLUME YIELDS WEEK ENDING 1978 - Nov. Dec. 1979 - J a n . MOODY'S NEW ISSUE Aaa BOND BUYER 2Q-BOND INDEX 3 GROSS OFFERINGS ($ MILLIONS) PER CENT SOLD BY END OF WEEK NEW ISSUES 4 IN SYNDICATE ($ MILLIONS) 3 10 17 24 5.70 5.65 5.50 5.55 6.22 6.17 6.11 6.16 421 845 1,557 217 89 90 95 86 78 107 101 121 1 8 15 22 29 5.55 5.70 5.85 6.05 6.05 6.29 6.29 6.45 6.67 6.61 753 1,103 1,339 470 14 81 88 83 89 90 169 239 340 209 174 5 12 19 26 6.05 6.00 6.00 5.75 6.58 6.50 6.48 6.30 137 960 488 460 78 89 94 87 78 151 65 77 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. 4 Corporate Market: Salomon Brothers Bond Market Roundup; Municipal Market: Weekly Bond Buyer. Data are adjusted by Federal Reserve when necessary to make coverage of this series consistent with the gross offerings series. \ Table 2 HIGH GRADE BOND YIELDS NEW ISSUE A a a UTILITY DATE 1974 - High 1 RECENTLY OFFERED A a a UTILITY 10.61 (10/4) 8 . 0 5 (2/15) 10.52 (10/11) 8.13 (1/4) 9.80 (5/2) 8 . 8 9 (2/7) 2 MOODY'S SEASONED CORPORATE A a a 3 U S . GOVT. 20-YEAR CONSTANT MATURITY 4 BOND BUYER 2C-BOND INDEX 9.39 (10/11) 7.73 ( 1 / 4 ) 8 . 6 8 (8/30) 7.39 ( 1 / 4 ) 7.15 (12/12) 5.15 (2/7) 9 . 7 1 (5/25) 9.06 ( 2 / 2 8 ) 9.01 (5/2) 8.57 ( 2 / 2 8 ) 8.63 (9/19) 7.63 (2/21) 7.67 (10/3) 6.27 (2/13) 8 . 9 5 (5/28) 7.93 (12/10) 9.10 (1/2) 7.84 (12/31) 8.66 (5/28) 7 . 9 1 (12/31) 8.17 ( 5 / 2 8 ) 7.27 ( 1 2 / 3 1 ) 7.29 ( 1 / 2 ) 5 . 9 5 (12/16) 8.36 (12/16) 7.90 ( 1 / 7 ) 8 . 4 8 (12/30) 7.95 (1/7) 8 . 2 8 (12/30) 7.88 ( 1 / 7 ) 7.99 (12/30) 7.26 ( 1 / 7 ) 5.93 (2/4) 5 . 4 5 (11/17) 9.29 (12/15) 8 . 6 0 (3/24) 9 . 5 4 (12/22) 8.48 (1/6) 9.27 (12/29) 8.30 (1/6) 9 . 0 0 (12/22) 8.02 (1/6) 6.67 (12/22) 5 . 5 8 (3/17) 1978 - October November December 9.17 9.27 9.28 9.13 9.27 9.41 8.89 9.03 9.16 8.69 8.75 8.90 6.13 6.19 6.51 1978 - Dec. 9.27 9.28 9.29 9.28 9.31 9.35 9.54 9.51 9.04 9.06 9.12 9.24 9.27 8.78 8.79 8.84 9.00 8.99 6.29 6.29 6.45 6.67 6.61 9.51 9*55 9.57r 9.46p 9.26 9.26 9.28 9.26p 8.99 9.01 9.03r 8.99p 6.58 6.50 6.48 6.30 Low 1975 - High Low 1976 - High Low 1977 - High Low 1978 - High Low 1979 - Jan. 1 8 15 22 29 5 12 19 26 - — mm «* —— 9.54r 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 GROSS PROCEEDS 1 CORPORATE PERIOD 2 STATE AND LOCAL 1978 1977 1976 1978 1977 1976 3,013 2,657 4,442 4,362 2,792 5,578 3,381 3,863 6,632 3,305 2,751 4,829 3,402 3,442 4,063 2,451 2,885 3,365 3,285 4,035 5,215 3,998 3,797 5,660 3,507 4,186 6,439 3,824 5,497 4,355 3,409 4,566 5,786 2,218 3,575 3,115 4,226 3,311 3,832 4,289 3,469 4,177 3,216 3,357 4,817 3,909 6,388 2,289 3,113 4,118 4,013 2,734 2,821 2,814 3,750e 3,200e 4,150e 4,221 5,331 6,531 4,511 3,074 6,503 3,125 4,075 3,600e 3,807 3,332 3,646 3,524 3,336 2,342 Q1 02 03 04 10,112 12,535 11,369 11,lOOe 12,732 13,455 11,935 16,083 13,876 14,132 11,390 14,088 10,885 13,676 12,586 10,800e 10,907 13,761 11,244 10,785 8,701 8,908 8,369 9,202 1st Half 3 Qtrs. Year 22,647 34,016 45,116 26,187 38,122 54,205 28,008 39,398 53,488 24,561 37,147 47,947e 24,668 35,912 46,697 17,609 25,978 35,180 January February March April May June July August September October November December NOTES: 1 Securities and Exchange Commission estimates of gross proceeds. 2 Securities Industry Association estimates of principal amounts. Table 4 NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE AND ISSUER IN MILLIONS OF DOLLARS G R O S S PROCEEDS BY TYPE OF ISSUER G R O S S PROCEEDS BY TYPE OF ISSUE PERIOD BONDS TOTAL PUBLICLY OFFERED COMMON AND PRIVATELY PREFERRED PLACED STOCK MEMO I S S U E S INCLUDED FOREIGN CONVERTIBLE MANUFACTURING PUBLIC UTILITY COMMUNICATIONS OTHER ISSUERS 12,732 13,455 11,935 16,083 6,498 5,606 6,215 5,867 3,527 4,975 3,506 5,999 2,707 2,874 2,214 4,217 268 346 272 275 6 108 495 39 3,031 3,440 3,250 4,054 3,047 4,125 2,901 4,246 1,415 1,059 644 1,320 5,238 4,830 5,140 6,460 II III 10,112 12,535 11,369 4,748 5,421 5,284 3,383 4,196 3,868 1,981 2,918 2,217 233 260 120 4 158 115 2,218 2,898 2,534 2,367 3,672 3,012 844 384 1,120 4,684 5,581 4,701 1977 - September October November December 4,177 4,221 5,331 6,531 1,908 2,114 2,211 1,542 1,569 979 1,200 3,820 700 1,128 1,920 1,169 22 10 89 176 208 1 22 16 833 731 782 2,541 1,501 1,437 1,729 1,080 322 8 1,013 299 1,521 2,045 1,805 2,610 1978 - J a n u a r y February March April May June July August September 3,013 2,657 4,442 3,285 4,035 5,215 4,226 3,311 3,832 1,382 1,464 1,902 1,958 1,719 1,744 2,177 1,497 1,610 998 667 1,718 853 1,277 2,066 1,541 1,032 1,295 633 526 822 474 1,039 1,405 508 782 927 233 0 0 12 106 142 80 40 0 0 0 4 20 2 136 16 6 93 273 716 1,229 549 878 1,471 842 721 971 644 465 1,258 743 1,685 1,244 799 875 1,338 519 34 291 35 1,578 1,441 1,665 1,960 1,470 2,151 2,231 1,162 1,308 1977 - I II III IV 1978 - I NOTES: 1 Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other. Source: Securities and Exchange Commission. — — 349 353 552 215 1 T a b l e 5A INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' January 2 through January 26, 1979 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE OFFERING YIELD MOODY'S/S&P'S RATINGS CORPORATE Louisville Gas & Electric Co. Middle South Utils. Inc. Bell Tele. Co. of Penna. Iowa Power & Light Co. Montana Power Co. United Technologies Corp. United Technologies Corp. Gulf States Utils. Co. Caesar's World Inc. Public Service Co. of New Hampshire Indiana & Michigan Elect. Co. St. Louis Southwestern Ry. Co. Cris-Craft Industries Inc. Arkansas Power & Light Co. Texas Utils. Co. El Paso Elec. Co. Atlantic City Elec. Co. Public Service of New Mexico Arkansas Power & Light Co. OTHER Export Development Corp. New Brunswick, Province of Inter-American Development Bank Norway, Kingdom of Com. s t k . Com. s t k . Debt. 1 s t . mtg. 1 s t . mtg. Notes Debt. Pfd. stk. Com. s t k . Com. s t k . 1 s t . mtg. Equip, t r . Debt. 1 s t . mtg. Com. s t k . Com. s t k . Com. s t k . Pfd. stk. Pfd. stk. 21.0 130.1 150.0 30.0 50.0 100.0 200.0 35.0 17.0 41.0 80.0 21.6 20.0 60.0 97.5 15.9 19.9 40.0 15.6 Notes Debt. Debt. Notes 150.0 75.0 100.0 150.0 —» — «• * 2019 2009 2009 1989 2004 9.25 9.75 9.88 9.45 9.38 9.96 - - — — — — 1987 1979-1994 1999 2009 9.37 9.85 9.95 9.45 9.40 9.80 — — 10.25 9.38 13.00 10.25 — — — mm - - — mm 10.25 10.60-9.38 13.00 10.15 * Rights offering. 1 Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings Baa/BBB Aaa/AAA B/B Baa/A __ — — 1984 2004 2004 1984 Aaa/AAA Aa/A A/A Aa/A Aa/AA A/A — — — — NOTES: __ 8.80 10.40 8.75 10.00 A/A Baa/BBB 9.85 10.13 9.63 9.75 9.85 10.20 9.63 9.88 Aaa/AAA A-1/A+ Aaa/AAA Aaa/AAA Table 5B INTERMEDIATE AND LONG-TERM* PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' January 2 through January 26, ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) 1979 MATURITY NET INTEREST COST OFFERING YIELD 1981-1998 2003 2015 1980-1994 1983-1995 1999 2009 1980-1996 2010 2011 1980-2003 1980-1991 2009 1989-1998 1980-2004 1980-2009 2004-2008 1980-1998 1980-2000 2010 1982-1999 2004 2009 2009 7.01 7.01 7.01 6.75 7.43 7.43 7.43 7.12 7.12 7.12 6.15 8.10 8.10 5.91 5.68 5.72 6.66 6.36 7.47 7.47 6.55 5.50-6.70 6.88 7.08 6.20-7.00 6.10-7.10 7.25 7.40 5.90-6.85 7.20 7.33 5.40-6.40 6.25-7.50 8.09 5.50-6.00 5.30-6.10 5.35-6.35 6.50-6.75 5.50-6.30 5.70-7.30 7.50 5.85-6.90 6.75 6.88 6.88 MOODY S / S & P S RATINGS STATE AND LOCAL 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. Michigan S t a t e Hsg. Dev. Auth S i k e s t o n , Mo. S i k e s t o n , Mo. S i k e s t o n , Mo. Rhode I s l a n d Hsg. & Mtge. F i n . Corp, Rhode I s l a n d Hsg. & Mtge. F i n . Corp. Rhode I s l a n d Hsg. & Mtge. F i n . Corp. San Antonio, Texas New York S t a t e Dorm. Auth. New York S t a t e Dorm. Auth. Oregon, S t a t e of Wisconsin, S t a t e of Anne Arundel Co., Md. A t l a n t a , Ga. McMinn Co., Tenn. Decatur, 111. Decatur, 111. M a t a n u s k a - S i s i t n a Boro., Alaska Pekin, i l l . Pekin, 111. J o l i e t , 111. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G .0 • G.O. G.O. Rev. G.O. Rev. Rev. G.O. Rev. Rev. Rev. 20.4 14.8 64.8 17.0 40.2 21.2 88.6 46.6 23.2 10.1 75.0 8.4 39.9 150.0 84.8 25.0 31.0 10.0 6.0 9.0 20.9 15.0 15.0 10.0 NOTES: 1 Includes only state and local security offerings of $10 million and over; excludes secondary offerings. 2 For State and local government securities, G O. denotes general obligation; Rev. denotes revenue obligations. * Greater than 12 months. — — — — - - A/A+ A/A+ A/A+ A-l/A A/BBB+ A/BBB+ A/BBB+ Aa/AAAa/AAAa/AAAa/AA Baa/ A Baa/A Aaa/AA+ Aaa/AAA Aa/AA A-l/AA Baa-l/AAA — / AA —/AA A/BBB+ A/A A/A A/A Table 5B Continued INTERMEDIATE AND LONG-TERM* PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY January 2 through January 26, 1979 ISSUER STATE AND LOCAL W.-tukegan, 111. Utah Housing Finance Agcy. Utah Housing Finance Agcy. Missouri Housing Dev. Comm. G u i l f o r d Tp. A u t h . , Pa. Nez Perce Co., Idaho Nez Perce Co., Idaho Conroe I n d . Sch. D i s t . , Tex. Minnesota Hsg. Finance Agcy. Dade Co., F l a . South S t . P a u l , Minn. South S t . P a u l , Minn. V i r g i n i a Housing Dev. Auth. V i r g i n i a Housing Dev. Auth. San Diego Park Fac. D i s t . , C a l i f . C a l i f o r n i a Hsg. Finance Agcy. C a l i f o r n i a Hsg. Finance Agcy. Massachusetts Hsg. F i n . Agcy. Massachusetts Hsg. F i n . Agcy. M a ssa c h u se t t s Hsg. F i n . Agcy. M a ssa c h u se t t s Hsg. F i n . Agcy. Chicago, 111. S u f f o l k County, N.Y. S u f f o l k County, N.Y. North Texas Water D i s t . , Texas Beaver Co. I n d u s t . Dev. A u t h . , Pa. * G r e a t e r than 12 months. TYPE AMOUNT (MILLIONS OF DOLLARS) Rev. Rev. Rev. Rev. G.O. Rev. Rev. G.O. Rev. Rev. Rev. Rev. Rev. Rev. G.O. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. G.O. Rev. Rev. 10.0 37.7 19.3 30.0 12.9 25.0 46.0 15.6 34.8 70.0 4.0 6.0 70.0 30.0 15.0 50.0 25.0 18.5 15.9 36.0 11.9 79.9 14.0 45.0 16.4 17.0 MATURITY 2004 1980-1999 2010 1980 1982 2004 2009 1980-2000 1981-1995 1980-2011 1980-1999 2010 1980-1997 2010 1994-2009 1981-1993 2014 1981-1998 2005 2018 2021 1980 1980-2006 1980-2010 1980-1997 2009 NET INTEREST COST — — 6.78 6.78 6.24 6.68 6.93 6.93 5.64 6.53 7.05 - - - - 6.50 6.46 6.46 7.34 7.34 7.34 7.34 6.11 6.73 6.73 5.67 OFFERING YIELD 6.75 5.60-6.75 7.00 — — 6.25 6.75 6.88 5.25-6.00 5.80-6.80 5.90-7.15 5.50-6.75 7.00 5.80-7.00 7.25 5.90-6.40 5.40-6.40 6.58 5.90-7.10 7.30 7.40 7.40 • MOODY'S/S&P'S RATINGS A/A Aa/AA Aa/AA ——J — — ——j —— A/A+ A/A+ A-l/-A-l/AA A-l/A --/AA --/AA A-l/AA A-l/AA Aa/AA A-1/A+ A-1/A+ A-l/A A-l/A A-l/A A-l/A — 5.30-6.30 5.75-6.88 5.30-5.80 6.84 A/AAA A/A A-1/A+ A/-- \ Table SB Continued INTERMEDIATE AND LONG-TERM * PUBLIC SECURITY OFFERINGS OTHER THAN TREASURY January 2 through January 26, 1979 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY S / S & P S RATINGS STATE AND LOCAL Washoe Co. Sch. Dist., Nev. Olathe Unified S.D. #No. 233, Kansas Dallas Co., Texas Dallas Co., Texas Utah State Bd. of Regents Utah State Bd. of Regents '• G .0. G.O. G.O. G.O. Rev. Rev. 12.0 15.5 31.0 24.0 24.9 22.5 e e 1981-1995 1980-1997 1980-1999 1980-1999 1979-1990 1995 5.84 5.85 5.46 5.47 —— 5.40-5.90 5.35-5.85 5.15-5.65 5.15-5.65 5.60-6.25 6.63 A-l/A A-l/AAAaa/AAA Aaa/AAA A/AA A/AA fImn 12 months. e e e e e e e 11 Table 6A FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U S. TREASURY ' As of January 26, 1979 TYPE ISSUER AMOUNT (IN MILLIONS OF DOLLARS) CORPORATE louston L i g h t i n g & Power Co. Citicorp Texas Power & L i g h t Co. ^ B e n e f i c i a l Corp. ^Southern Railway Co. Texas Power & Light Co. Puget Sound Power & L i g h t Co. Houston I n d u s t r i e s P a c i f i c T e l . & T e l e . Co. Commonwealth Edison Co. Ohio Edison Co. Duquesne Light Co. Texas E l e c t r i c Service Co. Georgia Power Co. Georgia Power Co. P a c i f i c Northwest Bell T e l e . Co. L o u i s i a n a Power & L i g h t Co. P o r t l a n d General E l e c . Co. South C e n t r a l Bell T e l . Co. Aristar Inc. Morton's Shoe Co. *El Paso E l e c t r i c Co. *Duke Power Co. OTHER Hydro-Quebec Pfd. stk. Floating-rate- notes 1 s t . mtg. Notes Equip, t r . Pfd. stk. Pfd. stk. Com. s t k . Debt. Com. s t k . Com. s t k . 1 s t . mtg. 1 s t . mtg. , 1 s t . mtg. Pfd. stk. Com. s t k . ( r t , ) Pfd. stk. Com. s t k . Debt. Notes Debt. 1 s t . mtg. Com. s t k . Debt. 110.0 Jan. Feb. Feb. Feb. Feb. Feb Feb. Feb. Feb. Feb. Feb. Feb. Feb. Feb. Feb. Feb. Feb. Feb. Feb. Feb. Feb. Mar. Mar. 150.0 J a n . 30 30.0 200.0 100.0 150.0 24.0 30.0 50.0 60.0 300.0 184.6 108.0 100.0 100.0 100.0 50.0 170.0 35.0 60.0 250.0 25.0 15.0 30.0 NOTES: * Included in table for first time. 1 Includes only corporate and other security issues of $15 million and over; excludes exchanges, options APPROXIMATE DATE OF OFFERING 30 5 6 6 6 6 6 7 7 8 14 20 21 21 21 21 22 27 27 6 14 12 Table 6 B FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U S. TREASURY f As of January 26, 1979 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING STATE & LOCAL Syracuse, N.Y. San Bernardino Redev. Agy., C a l i f . L o u i s i a n a , S t a t e of P h i l a d e l p h i a , Pa. C h a r l o t t e , N.C. F l o r i d a , S t a t e of Charleston Co., S.C. Texas, S t a t e of *South C a r o l i n a , S t a t e of New York, S t a t e of A r l i n g t o n Indep. Sch. D i s t . , Texas *Howell Pub. School D i s t . , Mich. Redwood C i t y Gen. Imp. D i s t . , C a l i f . ^Milwaukee Co.» Wise. ^Kentucky Hsg. Corp. ^Municipal A s s t . Corp., N.Y.C. *New York C i t y Educ. C o n s t r u c t i o n Fund Washington P u b l i c Power Supply System *Alaska Housing Finance Corp. POSTPONEMENT Iowa Housing Finance Auth. G.O. Rev. G.O. G.O. G.O. G.O. Rev. G.O. G.O. G.O. G.O. G.O. G.O. G.O. Rev. Rev. 15.5 34.8 91.8 60.0 10.6 117.5 22.4 35.0 22.2 133.0 16.0 21.0 11.8 47.7 60.0 106.0 Jan. Jan. Jan. Jan. Jan. Jan. Feb. Feb. Feb. Feb. Feb. Feb. Feb. Feb. Feb. Feb. Rev. 90.0 Feb. Rev. Rev. 175.0 72.0 Feb. Feb. Rev. 120.0 Feb. 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. 30 30 30 30 30 31 1 5 6 14 15 27 27 27 Table 7 STOCK PRICES AND VOLUME 1 STOCK PRICES DATE NYSE INDEX 3 B J INDUSTRIALS AMEX 4 NASDAQ 2 TRADING VOLUME NYSE AMEX NASDAQ 1974-High Low 53.37 (3/13) 32.89 (10/3) 891.66 (3/13) 577.60 (12/6) 102.01 (3/14) 58.26 (12/9) 96.53 (3/15) 54.87 (10/3) 24.9 ( 1 / 3 ) 7.5 ( 7 / 5 ) 4.4 (1/3) .9 (9/26) 7.5 ( 1 / 3 ) 2.8 (7/5) 1975-High Low 51.24 (7/15) 37.16 (1/8) 881.81 (7/15) 632.04 (1/2) 96.86 (7/15) 62.20 (1/2) 88.00 (7/15) 60.70 ( 1 / 2 ) 35.2 (2/13) 8.7 (9/15) 4 . 2 (2/21) 1 . 1 (9/15) 8 . 1 (2/13) 2 . 5 (9/15) 1976-High Low 57.51 (9/21) 48.04 (1/2) 1014.79 (9/21) 858.71 (1/2) 107.05 (7/12) 84.31 (1/2) 92.52 (7/15) 78.06 (1/2) 4 4 . 5 (2/20) 10.3 ( 1 / 2 ) 8 . 6 (2/20) 1 . 1 (1/2) 1 1 . 1 (2/20) 3.5 (1/2) 1977-High Low 57.69 ( 1 / 2 ) 4 9 . 7 8 (11/2) 999.75 ( 1 / 3 ) 800.85 (11/2) 127.89 (12/30) 109.61 (1/12) 105.05 (12/30) 93.66 (4/5) 3 5 . 3 (11/11) 10.6 (10/10) 4 . 2 (1/13) 1 . 4 (9/22) 11.2 (11/10) 5 . 1 (5/27) 1978-High Low 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) 66.4 ( 8 / 3 ) 7.6 (1/20) 11.0 (10/30) 1 . 3 (1/20) 18.8 (5/18) 2 . 8 (1/20) 1979-High 56.99 (1/26) Low 53.93 ( 1 / 2 ) 1979 Jan. 5 55.41 12 " 5 5 . 9 1 19 55.85 26 56.99 859.75 (1/26) 811.42 ( 1 / 2 ) 162.35 (1/26) 152.03 ( 1 / 2 ) 127.04 (1/26) 117.84 ( 1 / 2 ) 3 7 . 1 (1/12) 18.3 ( 1 / 2 ) 4 . 3 (1/12) 2.4 (1/2) 13.4 (1/24) 7.2 ( 1 / 2 ) 831.69 836.28 837.49 859.75 157.66 160.33 161.04 162.35 122.05 123.74 124.65 127.04 27.4 27.1 27.4 29.4 3.5 3.2 3.3 2.9 10.1 11.0 10.8 12.1 NOTES: 1 2 3 Figures other then highs end lows ere Fridays only. Highs end lows are for the year end ere not necessarily for Fridays. Volume figures ere weekly averages of daily figures (millions of shores). 12/31/66 - 60 4 Based on everege price chenge until September 4, 1973 thereafter, based on market value of shews listed. 14 Table 8 SECURITY CREDIT REGULATED MARGIN CREDIT EXTENDED BY END OF PERIOD OUTSTANDING 1977 - November December 1978 - January February March April May June July August September October November December B R O K E R S ON MARGIN STOCK 9,610 9,740 1 B R O K E R S ON 2 CONVERTIBLE BONDS 5/ 3 BANKS UNREGULATED NONMARGIN STOCK CREDIT AT BANKS 246250 872 873 9,590 9,780 9,920 10,260 10,660 11,090 11,190 11,740 12,400 12,090 11,000 10,830 246 242 246 248 245 242 247 243 225 216 209 851 2,565 877 2,544 855 2,544 914 2,560 s e r i e s discontinued 50 130 n. a 4 -10 1 -4 -4 4 2 -3 -3 5 -4 —18 -9 -7 -22 -3 26 -21 —— -22 -59 16 s e r i e s discontinued 2,604 2,568 CHANGE IN OUTSTANDING 1977 - November December 1978 - J a n u a r y February March April May June July August September October November December -150 ' 190 140 340 400 430 100 550 660 -310 -1,090 -170 25 -36 NOTES: 1 Margin account debt as reported by the New York Stock Exchange, excluding credit for subscription issues and convertible bonds. 2 3 New York Stock Exchange data. June data for banks are universe totals; all other data for banks represent estimates for all commercial banks based on reports by a reporting sample, which accounted for 60 per cent of security credit outstanding at banks on June 30. 4 Nonmargin stocks are those not listed on a national securities exchange and not included on the Board of Governors of the Federal Reserve System's list of OTC margin stocks. At banks, loans to purchase or carry nonmargin stocks are unregulated; at brokers, such stocks have no value. 5 Data p r i o r t o November n o t s t r i c t l y comparable due t o changes i n r e p o r t i n g . 4 Table 9 SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS IN MILLIONS OF DOLLARS DATE 1974 1975 1976 1977 MUTUAL SAVINGS BANKS REGULAR DEPOSITS 1 NET ANNUAL 3 NEW NET GROWTH MONEY FLOW RATE 2,165 11,070 12,670 10,647 1978-M&y June July August September October November / DecemberE/ 436 1,304 341 260 1978-May June July August September October November- . December^ 543 514 963 1,222 1,313 1,251 391 665 275 1,425 2.3 11.3 11.6 8.9 — —— - - 4.8 4.5 8.5 10.7 11.4 10.8 3.3 5.7 -2,822 4,757 5,275 2,874 97 -90 38 -75 -41 48 -59 -325 SAVINGS & LOAN ASSOCIATIONS SHARE CAPITAL NET FLOW 16,006 42,769 50,169 50,963 ANNUAL 3 GROWTH RATE 7.1 17.6 17.6 15.2 NET NEW MONEY 4,668 29,276 34,369 32,004 NOT SEASONALLY ADJUSTED 2,380 2,145 6,656 1,744 3,074 2,812 2,312 2,069 6,433 1,606 2,645^/ 2,534 2,157 1,897 — 4,895 689 SEASONALLY ADJUSTED 3,010 9.1 3,452 10.3 5,192 15.4 5,439 15.9 6,112 17.7 4,227 12.0 4,459 12.6 3,637 10.2 —— —— —— —— — — —— —— — — —— TOTAL DEPOSITS — — —— — —• — — NET FLOW 18,171 53,839 62,839 61,610 ANNUAL 3 GROWTH RATE 5.6 15.8 15.9 13.5 2,816 7,960 3,415 2,572 7,811 3,260 2,432 6^ 320 3,553 3,966 6,155 6,661 7,425 5,478 4,850 4,302 NET NEW MONEY 1,846 34,033 39,644 34,783 2,242 1,654 2,850 1,994 1,565 2,582 1,838 364 8.0 8.9 13.7 14.6 16.1 11.7 10.3 9.0 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 3 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. Annual growth rate for monthly data is the annualized monthly percentage increase in deposits. 4 Net f l o w s r e f l e c t t h e c o n v e r s i o n of an S&L to an MSB. Source: National Association of Mutual Savings Banks and Federal Home Loan Bank Board. H.16 16 Table 10 MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS BILLIONS OF DOLLARS, SEASONALLY ADJUSTED NET CHANGE OUTSTANDING COMMITMENTS PERIOD TOTAL MUTUAL ALL SAVINGS SAVINGS BKS & LOAN ASSOCIATIONS (N Y. STATE) TOTAL ALL SAVINGS MUTUAL SAVINGS BKS & LOAN ASSOCIATIONS (N Y. STATE) 1972 25.3 20.3 5.0 7.48 6.28 1.20 1973 20.0 16.4 3.5 -5.31 -3.92 -1.39 1974 14.7 12.4 2.3 -5.20 -3.91 -1.29 1975 20.2 18.2 2.2 5.81 6.06 - .25 1976 27.8 25.0 2.8 7.46 6.80 .66 1977 - J a n . Feb. Mar. Apr. May June July Aug. Sept. 27.8 28.5 29.7 30.4 30.8 32.1 32.8 34.0 35.0 37.2 . 38.2 38 . 3 25.0 25.5 26.5 27.2 27.5 28.3 29.0 30.1 30.9 32.7 33.5 33.7 2.8 3.0 3.2 3.2 3.3 3.8 3.8 3.9 4.1 4.5 4.7 4.6 .45 .66 1.20 .68 .47 1.32 .60 1.29 .97 2.23 1.05 .06 .38 .46 1.00 .68 .40 .79 .63 1.11 .80 1.86 .82 .16 .07 .20 .17 38.0 37.3 36.9 36.5 36.2 36.1 36.0 36.4 36.7 38.8 39.1 3-3.6 33.0 32.7 32.3 31.9 31.5 31.5 31.9 32.3 33.9 34.0 33.2 4.4 4.3 4.2 4.2 4.3 4.6 4.5 4.5 4.4 4.9 5.1 -.32 -.70 -.40 —. 46 -.34 .02 -.11 .32 -.34 2.12 .30 -.08 -.61 -.34 -.42 -•39 -.32 -.03 .36 •42 1.63 +.10 -.85 Oct. Nov. Dec. 1978 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. .07 .53 - .03 .18 .17 .37 .23 - .10 - .24 - .09 — . 06 - .04 .05 .34 — . 08 - .04 — . 08 .49 .20 * S&L Data have been r e v i s e d by FHLBB back t o 1977. 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. T a b l e 11 NET NEW MONEY BORROWINGS BY MAJOR HOUSING AGENCIES IN MILLIONS OF DOLLARS PERIOD TOTAL INCLUDING SHORT-TERM DISCOUNT NOTES INTERMEDIATE AND LONG-TERM I S S U E S TOTAL FHLB FHLMC FNMA F N M A & FHLB SHORT-TERM DISCOUNT NOTES 1 1975 - J u l y Aug. Sept. Oct. Nov. Dec. +236 -398 215 587 152 669 +300 -700 100 850 200 600 0 -700 0 +150 0 0 0 0 0 0 200 0 +300 0 100 700 0 600 -64 302 115 -263 -48 69 1976 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. -197 -964 -851 124 -953 -107 -58 787 195 -37 -552 145 0 -604 -304 693 -607 -206 291 +190 190 310 -297 -219 0 -1,100 0 0 -600 0 0 0 0 0 -300 0 0 196 -4 -7 -7 -6 -9 +190 -10 -8 -9 -7 0 300 -300 700 0 -200 300 0 200 318 12 -212 -197 -360 -547 -569 -346 99 -349 597 5 -347 -255 364 1977 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 12 -862 289 344 532 605 531 347 195 247 466 1,078 188 -592 -354 746 297 203 553 301 -291 211 500 0 0 -200 0 -6 105 0 0 304 0 0 300 0 -189 -393 -4 0 200 3 -47 -3 9 11 200 0 -1 I -350 752 -8 200 600 0 -300 200 0 0 -176 -270 643 -402 235 402 -22 46 486 -36 -34 1,078 1978 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov../ Dec.- 399 1,712 887 848 3,091 1,492 1,605 1,811 1,683 1,680 1,323 2,200 -12 1,388 -17 600 1,483 1,276 1,881 1,182 1,131 1,630 1,100 2,000 0 1,400 0 0 1,500 0 700 1,200 0 0 900 600 -12 -12 -17 0 -1.7 276 -19 -18 181 -70 20Q 120 0 0 0 600 0 1000 1200 0 950 1700 0 1250 411 324 904 248 1,608 216 -276 629 552 50 223 200 NOTES: Based on data from Treasury Survey of Ownership. Sales of FHLB discount notes began in May 1974. 18 Table 12 NET CHANGE IN MORTGAGE HOLDINGS IN MILLIONS OF DOLLARS PERIOD 1970 1971 1972 1973 1974 1975 1976 1977 2 FINANCIAL INSTITUTIONS TOTAL INCLUDING FNMA-GNMA TOTAL 21,930 41,406 57,587 58,372 42,739 43,497 62,783 96,814 17,020 39,018 55,561 55,072 36,517 38,658 64,903 95,924 COMMERCIAL BANKS MSB's S&Ls 1,946 3,938 5,377 5,642 2,172 2,236 4,074 6,474 10,254 23,919 31,932 25,552 17,567 29,289 44,515 58,566 INSURANCE FNMA-GNMA COMPANIES 2,348 1,221 1,452 4,278 5,078 2,933 2,414 5,184 4,910 2,388 2,026 3,300 6,222 4,839 -2,120 890 3,019 412 1,600 3,409 344 1,700 4,837 553 2,600 4,856 486 2,600 5,021 569 3,500 5,660 642 3,700 3,991 674 3,200 4,721 636 3,700 4,294 516 2,800 4,265 500 3,000 4,184 594 3,200 3,502 2,200 Seasonally Adjusted 406 304 488 854 373 850 556 1,006 763 796 320 498 473 608 1,244 773 728 998 984 883 4,319 4,384 4,736 4,349 4,300 4,472 3,647 4,214 4,188 4,450 4,762 3,882 544 377 615 817 509 851 679 1,045 796 703 379 600 560 747 1,455 969 444 930 745 827 2,462 9,940 16,800 19,600 11,700 4,200 13,900 25,400 Not S e a s o n a l l y A d j u s t e d 1978 - J a n . Feb. Mar. Apr. MayJune July Aug. Sept. Oct. Nov. Dec. 5,757 6,255 8,951 9,404 10,707 11,625 9,149 11,061 9,357 9,444 5,437 5,757 8,478 8,796 9,463 10,852 8,421 10,063 8,373 8,561 1978 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 7,816 8,104 9,050 8,710 10,172 10,037 8,505 10,147 8,968 9,609 7,437 7,504 8,490 7,963 8,717 9,068 8,061 9,217 8,223 8,782 2,002 2,228 2,552 2,315 3,345 3,291 3,100 3,373 2,701 3,149 3,340 2,401 572 515 587 482 563 454 635 585 538 480 638 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. Pata for mutual savings banks and for Life Insurance companies may differ somewhat from those derived from regular quarterly series because of minor conceptual differences for which adjustments are not made in the monthly series. Altogether, these groups accounted for 83 per cent of the net increase estimated for all holders in 1974. 2 Beginning January 1972 data reflect activity in limited amount of conventional mortgages. Table 13 NET INCREASE IN MORTGAGE DEBT OUTSTANDING' IN BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL R A T E S 2 RESIDENTIAL QUARTER TOTAL TOTAL 1- to 4FAMILY MULTIFAMILY COMMERCIAL MULTFAMi-Y & COMMERCIAL FARM 1972 - I II III IV 67.6 74.1 77.6 88.1 49.3 54.1 59.1 63.6 38.0 41.0 48.1 47.9 11.3 13.1 11.0 15.7 14.8 16.5 14.9 21.0 26.1 29.6 25.9 36.6 3.5 3.5 3.6 3.6 1973 - I II III IV 80.6 87.4 80.7 70.4 56.0 59.9 56.2 48.5 47.8 46.9 43.7 40.6 8.2 13.0 12.5 7.9 19.1 21.7 19.4 16.4 27.3 34.7 31.9 24.3 5.6 - 5.8 5.0 5.5 1974 - I II III IV 69.9 70.9 54.5 46.7 48.7 47.2 35.1 29.7 39.2 40.3 28.4 25.4 9.5 6.9 6.7 4.3 17.5 18.7 13.6 11.2 27.0 25.6 20.3 15.5 3.6 4.9 5.8 5.9 1975 - I II III IV 44.0 55.0 62.3 67.7 29.7 39.8 45.3 50.8 28.9 39.8 44.9 51.9 0.8 0.0 0.4 -1.1 9.0 10.3 12.9 12.8 9.8 10.3 13.3 11.7 5.3 4.9 4.0 4.1 1976 - I II III IV 78.6 77.1 94.0 98.5 59.7 57.8 73.8 78.0 58.3 58.0 70.0 75.5 1.4 -0.1 3.8 2.5 13.7 14.5 13.4 13.0 15.0 14.4 17.2 15.5 5.3 4.8 6.9 7.6 1977 - I II III IV 105.3 136.4 142.1 152.1 82.0 113.1 115.1 116.8 77.9 104.6 108.2 107.2 4.1 8.5 6.9 9.6 14.5 14.0 18.5 26.5 23.3 23.3 27.0 35.3 8.8 9.3 8.5 8.8 1978 - I I I (p) 131.4 136.5 . 99.3 . 103.3 89.0 93.0 10.3 10.3 22.4 23.4 33.0 33.9 9.7 9.8 NOTES: 1 Derived from data on mortgage debt outstanding from Federal Deposit Insurance Corporation, Federal Home Loan Bank Board, Institute of Life Insurance, National Association of Mutual Savings Banks, Departments of Commerce and Agriculture, Federal National Mortgage Association, Federal Housing Administration, Veterans Administration and Comptroller of the Currency. Separation of nonfarm mortgage debt by type of property, where not available, and interpolations and extrapolations, where required, estimated mainly by Federal Reserve. 2 R e s i d e n t i a l mortgage debt i n c l u d e s nonfarm only and i s sum of 1 - t o 4 - f a m i l y and m u l t i f a m i l y mortgage d e b t . Table 14 PRIVATE HOUSING PERMITS, STARTS, COMPLETIONS, AND MOBILE HOME SHIPMENTS IN THOUSANDS OF UNITS, SEASONALLY ADJUSTED ANNUAL RATES PERMITS PERIOD 1 COMPLETIONS STARTS 2 - O R MORE FAMILY TOTAL 1—FAMILY 1969 1970 1971 1972 1973 1974 1975 1976 1977 1,324 1,352 1,925 2,219 1,820 1,074 939 1,297 1,677 626 647 906 1,033 882 644 676 894 1,125 698 705 1,018. 1,186 937 431 264 403 552 1978 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1,526 1,534 1,647 1,740 1,597 1,821 1,632 1,563 1,731 1,719 1,724 1,680 1,032 957 1,037 1,157 1,058 1,123 1,035 1,020 1,092 1,127 1,114 1,158 494 577 610 583 539 698 597 543 6 39 592 610 522 i 2 - O R MORE FAMILY TOTAL MOBILE HOME 1 —FAMILY 2 - O R MORE FAMILY SHIPMENTS TOTAL 1—FAMILY 1,407 1,434 2,052 2,357 2,045 1,338 1,160 1,538 1,987 811 813 1,151 1,309 1,132 888 892 1,162 1,451 656 621 901 1,048 914 450 268 376 375 1,399 1,418 1,706 1,972 2,014 1,692 1,297 1,362 1,652 808 802 1,014 1,143 1,174 932 867 1,026 1,254 592 617 692 828 840 760 430 336 398 413 401 497 576 567 329 216 246 277 1,548 1,569 2,047 2,165 2,054 2,124 2,119 2,025 2,075 2,016 2,155 2,125 1,156 1,103 1,429 1,492 1,478 1,441 1,453 1,440 1,463 1,455 1,558 1,533 392 466 618 673 576 683 666 5 85 612 651 597 592 1,759 1,696 1,821 1,943 1,854 1,890 1,943 1,967 1,971 1,845 1,812 1,300 1,233 1,363 1,515 1,426 1,344 1,289 1,364 1,456 1,410 1,324 459 463 458 428 428 546 65 4 603 525 435 488 324 265 285 252 258 263 232 283 272 300 312 308 NOTES: Private building permits (for 14,000 areas with permit systems, excluding farm), starts, and completions are Census Bureau data. A dwelling unit is started when excavation begins. In the case of apartment buildings, all units are considered started at that time; however, all such units are considered completed when more than half of the units in the structure are ready for use. Private mobile home shipments are Mobile Home Manufacturers Association data converted to seasonally adjusted annual rate by Census Bureau. Permit data for 1969 and 1970 based on 13,000 areas with permit systems Digitized1for FRASER * # # # # * # # # # . T a b l e 15 AVERAGE RATES AND YIELDS ON HOME MORTGAGES CONVENTIONAL LOANS PRIMARY MARKET HUD(FHA) INSURED LOANS SECONDARY MARKET EXISTING HOMES NEW HOMES 1 PERIOD RATE (IN PER CENT) 1 SPREAD BETWEEN RETURNS ON NEW Aaa NEW HOMES CONVENTIONAL UTILITY 1 AND HUD(FHA) BOND SPREAD DISCOUNT NEW HOME YIELD (BASIS (PERCENTAGE MORTGAGES (IN PER CENT) POINTS) POINTS) (BASIS POINTS) SPREAD (BASIS POINTS) RATE (IN PER CENT) SPREAD (BASIS POINTS) YIELD (IN PER CENT) 91 5 9.10 8.95 95 10 9.06 8.25 59 8 4 .3 2 .0 65 - 4 8.72 8.05 1976 - High Low 9.05 8.90 1977 - High Low 9.10 8.80 99 52 9.20 8.85 98 63 9.11 8.40 73 22 4 .7 1.7 40 4 8.31 8.01 1978 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 9.15 9.25 9.30 9.40 9.60 9.75 9 .80 9.80 9.80 9.95 10.10 10.30 NA 54 47 48 58 59 72 100 74 72 NA NA 9.20 9.25 9.30 9.45 9.60 9.75 9.80 9.80 9.85 9.95 10.15 10.30 NA 54 47 53 58 59 72 100 79 72 NA NA 9.11 NA 9.29 9.37 9.67 NA 9.92 9.78 9.78 9.93 9.99 10.16 NA NA 46 45 65 NA 84 98 72 55 NA NA 4.7 NA 4.1 4.7 5 .0 NA 3.1 2.1 2.1 2.1 3.6 4,8 4 NA 1 3 - 7 NA -12 2 2 2 11 14 NA 8.71 8.83 8.92 9.02 9.16 9.08 8.80 9.06 9.23 NA NA " 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. Table 16 FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS CONVENTIONAL GOVERNMENT-UNDERWRITTEN AMOUNT (IN MILLIONS OF DOLLARS) DATE OF AUCTION OFFERED OFFERED ACCEPTED AVERAGE YIELD ACCEPTED 10.69(12/27) 717(5/15) 363(5/15) 10.92(12/27) 1011(1/9) 605(1/9) Low 130(8/7) 80(8/7) J u l y 10 24 503.3 253.4 327.4 144.1 10.02 10.00 169.8 146.2 90.5 88.4 10.17 10.21 Aug. 7 21 130.3 368.8 80.1 197.1 9.82 9.80 74.7 150.0 47.5 81.0 10.15 10.07 Sept. 5 18 351.2 366.7 154.7 181.2 9.78 9.79 199.4 285.3 126.3 157.4 10.02 10.01 Oct. 2 16 30 682.4 425.4 857.0 278.6 176.2 377.6 9.91 9.98 10.20 395.5 336.1 425 .2 166.9 148.8 179.9 10.10 10.18 10.31 Nov. 13 27 452.8 335.2 182.4 139.4 10.27 10.33 488.2 373.2 199.5 187.3 10.49 10.64 Dec. 11 27 283.4 343.6 144.4 175.2 10.40 10.60 262.2 155.2 141.5 79.4 10.77 10.92 Jan. 211.0 101.1 10.67 71.2 36.0 11.02 1978 - High 1979 AVERAGE YIELD AMOUNT (IN MILLIONS OF DOLLARS) 9.13(1/9) 75(8/7) 48(8/7) 9.28(1/9) 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.