Full text of H.16 Capital Market Developments : January 7, 1980

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January 7, 1980

.

Capital
Market
Developments

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, V o l u m e and R e c e p t i o n : Corporate B o n d Market
2. Yields, V o l u m e and R e c e p t i o n : Municipal B o n d Market
3. High Grade B o n d Yields
4 . Long-Term Corporate and S t a t e and Local G o v e r n m e n t S e c u r i t y Offerings and P l a c e m e n t s
5. Treasury and G o v e r n m e n t - S p o n s o r e d A g e n c y Marketable C o u p o n Offerings and P l a c e m e n t s
6. N e w Corporate S e c u r i t y Issues by T y p e of Issue
7. N e w Corporate S e c u r i t y Issues b y T y p e of Issuer
8. Public Offerings of Intermediate- and Long-Term Securities: Corporate
9 . Public Offerings of Intermediate- and Long-Term Securities: State and Local
10. Public Offerings of Intermediate- and Long-Term Securities: U.S. Treasury
11. Public Offerings of Intermediate- and Long-Term Securities: 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
12. F o r t h c o m i n g Public Offerings of Intermediate- and Long-Term Securities: Corporate
13. F o r t h c o m i n g Public Offerings of Intermediate- and Long-Term Securities: S t a t e and Local
14. S t o c k Prices
15. Trading V o l u m e
16. Security Credit
17. Savings F l o w at S e l e c t e d N o n b a n k Thrift Institutions
18. Mortgage C o m m i t m e n t s Outstanding at S e l e c t e d Institutions
19. N e t N e w M o n e y Borrowings by Major Housing Credit A g e n c i e s
2 0 . N e t Change in Mortgage Holdings at S e l e c t e d Institutions
2 1 . N e t Change in Mortgage D e b t O u t s t a n d i n g , By T y p e of Property
2 2 . Average Rates and Yields o n H o m e Mortgages and Pass-Through Securities
2 3 . F N M A A u c t i o n s of C o m m i t m e n t s t o Purchase H o m e Mortgages
2 4 . FHLMC A u c t i o n s of C o m m i t m e n t s t o Purchase H o m e Mortgages
2 5 . Issues of Mortgage-Backed Securities

SYMBOLS
e

estimate

P
r

preliminary
revised

n.a.

n o t available

— —

data d o n o t exist

SUBSCRIPTION RATES
Weekly $ 1 5 . 0 0 per year or $ . 4 0 each in t h e United States, its possessions, Canada, and M e x i c o ; 10 or more o f the same issue t o one
address, $ 1 3 . 5 0 per year or $ . 3 5 each. Elsewhere, $ 2 0 . 0 0 per year or $ . 5 0 each. A d d r e s s requests t o Publications Services, Division of
Support Services, and m a k e p a y m e n t r e m i t t a n c e payable t o t h e order of t h e Board of G o v e r n o r s of t h e Federal Reserve S y s t e m in a
form collectible at par in U.S. Currency.




1. YIELDS, VOLUME A N D RECEPTION
Corporate Bond Market

New issue
Aaa utility1

Week ending

Yields
Recently offered
Aaa utility2

Gross offerings3
($ millions)

Volume
Percent sold by
end of week

New issues in syndicate4
($ millions)

1979-Oct.

5
12
19
26

10.22
10.88
11.05
11.45

10.25
10.79
11.00
11.36

1,575
300
204
360

80
97
97
100

283
10
6
o•

Nov.

2
9
16
23
30

11.51
11.50
11.50
11.45
11.20

11.42
11.45
11.41
11.38
11.17

170
160
350
150
784

100
100
79
93
100

0
0
75
10
0

Dec.

7
14
21
28

11.22
11.28r

11.16
11.37r
11.35
11.39r

425
668
287
0

96
94
86

11.4lp

0

1980-Jan.

——
- ~

4

15
13r
53
53

- -

53

2. YIELDS, VOLUME A N D RECEPTION
Municipal Bond Market
Volume

Yields
Week ending

Moody's new
issue Aaa

Bond Buyer
G.O.bond
index

Bond Buyer
Rev. bond
index

Gross offerings
($ millions)

Percent sold by
end of w e e k 3

New issues in
syndicate 4
($ millions)

1979-Oct.

5
12
19
26

5.95
6.35
6.35
6.35

6.64
7.12
7.18
7.38

7.35
7.75
7.94
8.15

1,015
1,080
1,051
757

80
88
97
90

183
206
90
129

Nov.

2
9
16
23
30

6.35
6.35
6.55
6.60
6.60

7.26
7.27
7.31
7.38
7.26

8.05
8.16
8.05
8.24
8.07

483
1,093
1,457
605
620

93
87
95
89
98

76
164
85
144
62

Dec.

7
14
21
28

6.50
6.50
6.50
6.50

7.17
7.26
7.22
7.23

7.97
8.14
8.10
8.11

1,234
934
841
235

92
80
93
95

106
237
159
152

1980-Jan.

4

6.50

7.32

8.18

1

83

123

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 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.
u
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.



3. HIGH GRADE BOND YIELDS

Recently offered
Aaa utility 2

U.S. govt.
Moody's
20-year constant
seasoned
maturity4
corporate Aaa3
8.63(9/19)
9.01(5/2)
7.63(2/21)
8.57(2/28)

Bond Buyer
G.O. bond
index5

Date

New issue
Aaa utility1

1975-High
Low

9.80(5/2)
8.89(2/7)

1976-High
Low

8.95(5/28) 9.10(1/2)
7.93(12/10) 7.84(12/31)

8.66(5/28)
7.91(12/31)

8.17(5/28) 7.29(1/2)
7.23(12/31) 5.83(12/30)

1977-High
Low

8.36(12/16) 8.48(12/30)
7.95(1/7)
7.90(1/7)

8.28(12/30)
7.88(1/7)

7.99(12/30) 5.93(2/4)
5.45(11/17)
7.26(1/7)

1978-High
Low

9.30(11/10) 9.54(12/22)
8.61(3/24) 8.48(1/6)

9.27(12/29)
8.30(1/6)

9.00(12/22) 6.67(12/22)
5.58(3/17)
8.01(1/6)

9.71(5/25)
9.06(2/28)

11.51(11/2) 11.45(11/9)
9.40(8/17)
9.39(6/29)

1979-High
Low

10.87(12/28) 10.56(11/9)
8.79(7/6)
9.16(7/6)

7.67(10/3)
6.27(2/13)

7.38(10/26)
6.08(7/6)

Bond Buyer
Rev. bond
index 6
—
—

8.24(11/
7.23(9/2

1979-Jan.
Feb.
Mar.

9.54
9.53
9.62

9.51
9.56
9.62

9.25
9.26
9.37

8.98
9.03
9.08

6.47
6.31
6.33

Apr.
May
June

9.70
9.83
9.50

9.74
9.84
9.50

9.38
9.50
9.29

9.21
9.21
8.91

6.29
6.25
6.13

July
Aug.
Sept.

9.58
9.48
9.93

9.53
9.49
9.87

9.20
9.23
9.44

8.92
8.97
9.21

6.13
6.20
6.52

Oct.
Nov.
Dec.

10.97
11.42
11.25

10.91
11.36
11.32

10.13
10.76
10.74

9.99
10.37
10.19

7.08
7.30
7.22

7.80
8.11
8.08

—
—

—

Oct.

5
12
19
26

10.22
10.88
11.05
11.45

10.25
10.79
11.00
11.36

9.66
9.91
10.09
10.50

9.38
9.85
10.04
10.42

6.64
7.12
7.18
7.38

7.35
7.75
7.94
8.15

Nov.

2
9
16
23
30

11.51
11.50
11.50
11.45
11.20

11.42
11.45
11.41
11.38
11.17

10.73
10.83
10.75
10.83
10.63

10.44
10.56
10.42
10.42
10.09

7.26
7.27
7.31
7.38
7.26

8.05
8.16
8.05
8.24
8.07

Dec.

7
14
21
28

11.22
11.28r

11.16
11.37r
11.35
11.39

10.58
10.70r
10.79
10.87

10.07 '
10.23r
10.21
10.24

7.17
7.26
7.22
7.23

7.97
8.14
8.10
8.11

11.33p

10.88p

10.20p

7.32

8.18

1980-Jan.

mm w

-

-

4

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

6

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.
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 A N D STATE A N D LOCAL GOVERNMENT SECURITY OFFERINGS A N D PLACEMENTS
Gross proceeds, millions of dollars

State and Local
1978
3,306
2,753
4,844

January
February
March

4,358
3,790
5,578

Corporate
1978
3,326
2,770
4,569

April
May
June

3,928
3,733
5,632

3,397
4,227
5,539

July
August
September

4,251
3,458
4,178

4,414
3,379
.4,236

October
November
December

4,025
5,341
6,518

3,799
3,207
4,401

4,150e
2,950e
4,150e

3,807
3,332
3,646

3,231
4,320
3,690

4,200e
4,200e
3,300e

53,792

47,264

49,220e

46,697

48,512

42,712e

Period

1977

Year

.

1979
3,770
3,170
4,401

1977
3,402
3,442
4,063

1979
2,834
2,595
4,640

4,692
4,167
6,247

3,409
4,566
5,786

3,824
5,525
4,369

3,501
3,030
4,559

4,008
3,915
3,600e

3,113
4,118
4,013

3,920
6,407
2,323

3,320
4,124
2,409

1 Securities and Exchange Commission estimates of gross proceeds.
2 Public Securities Association estimates of principal amounts,
e Estimated by Federal Reserve on the basis of available data.

5. TREASURY A N D GOVERNMENT-SPONSORED AGENCY BORROWING
Millions of dollars

Federal Government
Means of financing combined deficit
Net cash borrowing from the public2
Public debt securities
Gov't,
agency
NonBills
Coupons marketable securities

Combined
deficit(+)
or
surplus!—)'

Totals

CY-/-1977
CY -1978

61,410
52,870

56,762
53,683

-2,504
706

45,973
31,777

14,314
22,644

1979-Jan.
Feb.
Mar.

3,696
6,032
13,722

3,312
-668
8,012

539
131
3,044

2,551
1,320
2,906

414
-2,109
2,525

Apr. - 9 , 8 3 4
May
4,822
June -11,237

-4,965
1,806
-1,458

-1,729
-654
-3,186

2,396
2,937
-18

8,167
16,003

4,831
3,268

48
551

Sept, -15,558

4,250

889

Period

July
Aug.

-887
-1,431

Other

Decrease(+)/ Sponsored
agency
increase!—)
borrowing4
in cash
operating
balance

5,250
3,206

-602
-4,019

7,327
23,509

-208
-13r
-435r

-762
-1,558
-6,508

1,146
8,258
-798

1,736
2,154
2,196

-5,494
-312
1,853

-158
-237
-91r

-4,212
-669
3,049

-657
3,685
-12,828

2,218
1,037
2,181

3,518
2,701

1,305
-50

-68r
-17

-619
6,155

3,955
6,580

3,115
1,200

2,568

176

-14

2,582

-17,226

1,211

1 U.S. unified budget deficit or surplus plus off-budget entities deficit or surplus.
2 Change in outstanding amount of public debt securities and government agency securities less change in holdings of those securities by government
accounts.
3 Also includes changes in matured and noninterest-bearing public debt.
4 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.

5 CY = C a l e n d a r



Year.

6. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE
Gross proceeds, millions of dollars
Bonds
Period

Total

Publicly
offered

Privately
placed

C o m m o n and
preferred
stocks

Memo
Issues included
Convertible
Foreign

1976
1977
1978

53,488
53,792
47,230

26,453
24,072
19,815

15,927
17,943
17,057

11,108
11,777
10,358

1,592
1,340
1,092

994
863
418

1978-QI
QII
QUI
QIV

10,665
13,163
12,029
11,373

4,748
5,422
5,159
4,486

3,886
4,788
4,526
3,857

2,031
2,953
2,344
3,030

413
341
181
157

4
158
127
129

1979-Jan.
Feb.
Mar.

3,770
3,170
4,401

1,282
1,336
1,904

1,824
921
1,825

664
913
672

16
10
21

3
5
0

Apr.
May
June

4,692
4,167
6,247

2,984
1,999
4,171

1,129
1,576
1,185

579
592
891

23
1
8

759
350
385

July
Aug.

4,008
3,915

2,247
1,973

780
698

981
1,244

201
90

153
159

7. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUER
Gross proceeds, millions of dollars
Period

Manufacturing

Public utility

Communications

Other issuers 1

15,495
13,393
10,813

14,418
14,127
12,232

3,563
4,442
3,640

20,011
21,827
20,549

1978-QI
QII
QUI
QIV

2,555
3,148
2,699
2,411

2,433
3,728
3,049
3,022

854
424
1,143
1,219

4,822
5,863
5,142
4,722

1979-Jan.
Feb.
Mar.

934
399
763

817
1,186
1,056

259
558
582

1,759
1,026
2,000

Apr.
May
June

572
1,293
1,193

1,410
865
1,373

261
109
409

2.450
1,899
3,272

July
Aug.

963
1,096

772
488

94
313

2,178
2,020

1976
1977
1978

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.




J PUBLIC OFFERINGS OF INTERMEDIATE- A N D LONG-TERM SECURITIES: CORPORATE 1
Issuer

NO I S S U E S

Date

1980

Type

Amount
(millions
of dollars)

Maturity

Coupon
rate

Offering
yield

Moody's/S&P's
ratings

SOLD

1 Inc^udesonlY corporate and other security offerings of $25 million and over; excludes options, exchanges, and secondary offerings.



}. P U B L I C 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 : S T A T E A N D L O C A L 1

Issuer

Date

1980

Type'

Amount
(millions
of $)

Maturity

Net
interest
cost

NO ISSUES SOLD

1
2

Includes only state and local security offerings of $25 million and over; excludes secondary offerings.
For state and local government securities, G O. denotes general obligation; Rev. denotes revenue obligations.

3

Canadian interest cost.




Offering
yield

Moody's/S&P's
ratings

10. PUBLIC OFFERINGS OF INTERMEDIATE- A N D LONG-TERM SECURITIES: U.S. TREASURY
Notes and Bonds

Payment
date

Offering
date

A m o u n t (millions of dollars)
Maturity
date

Length

Coupon Auction
average
rate
(percent) (percent)

Net proceeds

Gross proceeds

Private 1 .2

Private 1

(

1978

1/2
1/2

Dec. 19
20

2-yi.
4-yr.

12/31/80
12/31/82

2,561
2,568

2/15/94
1/31/81

1,509
2,760

.

1979
1 5 - y r . 1-mo
2-yr.

Jan.

4
23

1/1

Feb.

6
7
21
27

2/15
2/15
3/5

2/15/87
8-yr.
2 9 - y r . 9-mo 1 1 / 1 5 / 0 8
2/28/81
2-yr.
4 - y r . 1-mo 3 / 3 1 / 8 3

5
10
24

4/9
4/18
4/30

2-yr.
14-yr 10-mo
2-yr.

3/31/81
2/15/94
4/30/81

1
2
22

5/15
5/15
5/31

10-yr.
30-yr.
2-yr.

5/15/89
5/15/09
5/31/81

June 19
21
27

7/2
7/2
7/9

2-yr.
4-yr.
L 5 - y r . 1-mo

6/30/81

J u l y 24
31

7/31
8/15

Aug.

8/15
8/15
8/3]
9/5

Apr.

May

Oct.

1/31

2/28

1
2
22
28

3 10/9
4 10/10
11 10/18
24 1 0 / 3 1
30 11/15
31 11/15
1
21
27

11/15
11/30
12/4

Dec. 19
20

12/31
12/31

Nov.

3

1/10

2,801
2,887
2,930

2,519
2,535

42
2,930

2,535

3,516
1,500
3,013

2,867
1,500
2,547

1,500

1,500

2,689
2,207
2,542

2,339
2,007
2,303

6/30/83
8/15/94

3,057
3,123
1,506

2,807
2,793
1,506

2-yr.
3-yr.

7/31/81
8/15/82

3,217
3,586

3,047

' - y r 6-mo
'—yr 9-mo
2-yr
i - y r . 8-mo

2/15/87
5/15/09
8/31/81
5/15/84

3,028
2,398
3,714
2,562

2,528

2,513

3,258
2,502

2,502

3,654
2,770
1,501
4,372
3,551
2,401

3,254
2.502
1.503
3,902
2,751

9/30/81
2-yr.
9/30/8.3
4-yr.
L5-yr. 1-mo 1 1 / 1 5 / 9 4
10/31/81
2-yr.
5/15/83
3-1/2 yr.
11/15/89
10-yr.
30-yr.
2-yr.
5-1/2 yr.
2-yr.
4-yr.

9-1/4
-1/8
9-3/4

9
9-1/8
9-5/8
9-1/4
1 0 - 1 / 8 10.21
]L0-l/8
12-5/8
11-5/8
10-3/4

10.17
12.66
11.64
10.75

1 1 / 1 5 / 09 1 0 - 3 / 8 10.44
1 1 / 3 0 / 8 1 1 2 - 1 / 8 12.24
5 / 1 5 / 8 5 1 0 - 3 / 8 10.40
12/31/81
12/31/83

11-3/8
10-1/2

2/15/95

10-1/2

1980
Jan.

1,509

3,209
9.03

1 5 - y r 1-mo

1,021

2,090
1,506

1,506

2,811
2,001 #

3,654
2,770
1,501
38

3,254
2,502
1,501
38

2,001 '
2,001

4,301 ^
2,501

1,501

Memo:
Foreign
add-ons 3

1,501

1,501

1 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
3 Additional amounts of securities issued to foreign and international monetary authorities at the average auction price for new cas .



10
I I . 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 LONG-TERM 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

Issuer

Offering Payment
date
date
1 Q7Q
1 979
±.2X2

Length

Maturity
date

Yield "
(percent)

Amouiit (millions of dolllars)
Net
Maturing
Gross
proceeds
issues
proceeds

FNMA

6/6
6/6
6/6

6/11
6/11
6/11

3-yr,10-mo
5-yr.
10-yr.

4/11/83
6/11/84
6/12/89

. 9.25
9.25
9.30

1,000
500
500

900

1,100

FNMA

6/27
6/27
6/27

7/10
7/10
7/10

3 - y r . 3-mo
5-yr.
8-yr.

10/11/82
7/10/84
7/10/87

9.00
9.05
9.10

500
1,000
500

1,000

1,000

FFCB

7/11
7/11
7/11

7/23
7/23
7/23

2 - y r . 6-mo
4 - y r . 6-mo
12-yr.

1/20/82
1/23/84
7/22/91

8.90
9.00
9.10

653
1,128
662

1,314

1,128

FHLB

7/19

7/25

1 - y r i 4-mo

11/25/80

9.30

700

0

700

FHLMC

7/19

8/2

3 0 - y r . 1-mo

9/15/09

10.05

200

0

200

FHLB

8/15
8/15

8/27
8/27

2 - y r . 9-mo
4 - y r . 6-mo

5/25/82
2/27/84

9.15
9.05

900
900

1,400

400

FNMA

8/30

9/10

3 - y r . 6-mo

3/10/83

9.50

700

1,000

-300

FFCB

9/19

10/1

4 - y r . 9-mo

6/4/84

9.70

749

201

548

FNMA

9/26

10/10

3-yr.11-mo

9/10/84

9.75

700

400

300

FFCB

10/11
10/11
10/11

10/23
10/23
10/23

3 - y r . 6-mo
7-yr.
10-yr.

4/20/83
10/20/86
10/23/89

10.90
10.75
10.60

542
630
414

1,069

517

FHLB

10/18
10/18

10/25
10/25

2-yr.10-mo
4 - y r . 7-mo

8/25/82
5/25/84

11.25
11.00

750
550

0

1,300

FNMA

11/8

11/13

4-yr.11-mo

10/10/84

11.70

500

0

500

FHLB

11/15
11/15
11/15

11/26
11/26
11/26

1 - y r . 9-moi
3 - y r . 6-mo,
7-yr.

8/25/81
5/25/83
11/26/86

12.30
11.60
11.30

1,000
1,000
600

1,700

900

FHLMC

11/15

12/3

2 9 - y r . 9-mc,

'9/15/09

12.48

150

0

150

FNMA

12/5

12/10

3 - y r . 6-mc»

7/11/83

10.85

1,000

1,000

0

FFCB

12/19

1/2/8C )

5-yr.

10.65

433

531

-98

FFCB
— Federal Farm Credit Banks
FHLB
- Federal Home Loan Banks
FHLMC - Federal Home Loan Mortgage Corporation
FNMA - Federal National Mortgage Association



12/3/84

As of J a n u a r y 4 , 1980
12. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- A N D LONG-TERM SECURITIES: CORPORATE 1
Type

Issuer

S o u t h w e s t e r n E l e c . Power Co.
D e t r o i t E d i s o n Co.
• W a s h i n g t o n Water Power Co.
Consumers Power Co.
•Consumers Power Co.
• C i n c i n n a t i Gas & E l e c . Co.
Duquesne L i g h t Co.
S o u t h w e s t e r n B e l l T e l . Co.
P a c i f i c Power & L i g h t Co.
*Gulf S t a t e s U t i l . Co.
C e n t r a l Power & L i g h t Co.
• S o u t h e r n P a c i f i c T r a n s p o r t a t i o n Co.
• A r k a n s a s Power & L i g h t Co.
A t l a n t i c C i t y E l e c . Co.
* P a c i f i c Gas & E l e c . Co.
• I n d i a n a & M i c h i g a n E l e c . Co.
High V o l t a g e E n g i n e e r i n g C o r p .
Aristar Inc.
N o r t h w e s t e r n Mutual L i f e I n v e s t o r s
Associates F i r s t C a p i t o l Corp.
United Grocers I n c .
• A s s o c i a t e s C o r p . of N. America
• C a r o l i n a T e l . & T e l . Co.
•General E l e c . C r e d i t Corp.
•General E l e c . C r e d i t Corp.
• S o u t h e r n C a l i f o r n i a E d i s o n Co.
• G u l f Power Co.

1 s t . mtg.
1 s t . mtg.
Pfd. stk.
1 s t . mtg.
1 s t . mtg.
Pfd. stk.
1 s t . mtg.
Debt.
Com. s t k .
Pfd. stk.
1 s t . mtg.
E q u i p , "tr. c e r l :
Pfd. stk.
1 s t . mtg.
M o r t . bonds
Bonds
Debt.
Notes
Notes
Notes
Notes
Debt.
Debt.
Notes
Sub. N o t e s
Com. s t k .
Pfd. stk.

OTHER
• E u r o p e a n I n v e s t m e n t Bank
• E u r o p e a n I n v e s t m e n t Bank

Notes
Bonds

Amount
(millions of dollars)

Approximate date
of offering

60.0
50.0
30.0
125.0
50.0
50.0

60.0

450.0

80.0

50.0
75.0
26.3
50.0
75.0
250.0
55.0
25.0
35.0
25.0
50.0
30.0

100.0
40.0
125.0

75.0
150.0

100.0
150.0

100.0

* Included in table for first time.
1 Includes only corporate and other security issues of $25 million and over; excludes exchanges, options, and secondary offerings.



Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Feb.

7
8
9
9
9
10
10
15
16
17
21
22
22
23
23
30

Jan.
Jan.

9
9

5
6

12

As of J a n u a r y 4 , 1980
13. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- A N D LONG-TERM SECURITIES: STATE A N D LOCAL 1
Issuer

*Kings R i v e r C o n s e r v a t i o n D i e t . , CA
* I l l i n o i s , S t a t e of
Birmingham, AL
* S a n t a F e , NM
* 0 r e g o n , S t a t e of
C o n n e c t i c u t Housing F i n a n c e Agcy.
M u n i c i p a l A s s t . C o r p . , NYC
Pima C o . , AZ
*Tennessee Housing D e v e l . Agcy.
*Georgia Mun. E l e c t r i c A u t h .
*Hawaii Hsg. A u t h .
• P u e r t o Rico Telephone Auth.
• M i n n e s o t a , S t a t e of
•Georgia Res. F i n . Auth.
• C h a r l o t t e , NC
• M i c h i g a n Pub. Power Agcy.
C a l i f o r n i a , S t a t e of
M a r y l a n d , S t a t e of

*
1

Type

Rev.
G.O.
G.O.
Rev.
G.O.
Rev.
Rev.
G.O.
Rev.
Rev.
Rev.
Rev.
G.O.
Rev.
G.O.
Rev.
G.O.
G.O.

Included in table for first time.
.
Includes state and local government issues of $25 million and aver; excludes secondary offerings.




Amount
millions of dollars)

57.0
150.0
39.5
31.7

100.0
100.0

125.0
37.6
105.0
125.0
100.0
50.0
110.0
50.0
35.0
45.0
105.0
117.3

Approximate date
of offering

Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.

8
8
8
9
9
10
14
15
17
18
21
21
22
29
29
30
30
30

13
14. STOCK PRICES 1
NYSE I n d e x 3

Date

AMEX4

DJ Industrials

107 .05 ( 7 / 1 2 )
84 . 3 1 ( 1 / 2 )

NASDAQ5

92 .52 ( 7 / 1 5 )
78 .06 ( 1 / 2 )

1976-High
Low

57.51 (9/21)
48.04 (1/2)

1014.79 ( 9 / 2 1 )
858.71 (1/2)

1977-High
Low

57.69 (1/2)
49.78 (11/2)

999.75 (1/3)
800.85 (11/2)

127 .89 ( 1 2 / 3 0 )
109 . 6 1 ( 1 / 1 2 )

105 .05 ( 1 2 / 3 0 )
93 .66 ( 4 / 5 )

1978-High
Low

60.38 (9/12)
48.37 (3/6)

907.74 ( 9 / 8 )
742.12 (2/28)

176 .87 ( 9 / 1 5 )
119 .73 ( 1 / 1 1 )

139 .25 ( 9 / 1 3 )
99 .09 ( 1 / 1 1 )

1979-High
Low

63.39 (10/5)
53.88 (2/27)

897.61 (10/5)
796.67 ( 1 1 / 8 )

247 . 0 7 ( 1 2 / 3 1 )
152 . 0 3 ( 1 / 2 )

152 .29 ( 1 0 / 5 )
117 .84 ( 1 / 2 )

1979-Nov.

2
9
16
23
30

58.19
57.74
59.11
59.66
60.71

818 .94
806 .48
815 .70
811 .77
822 .35

209 .04
208 .74
218 .06
223 .14
227 .78

136 .88
135 .86
139 .06
139 .85
144 .27

Dec.

7
14
21
28

61.56
62.35
61.73
61.88

833 .19
842 . 7 5
838 . 9 1
838 . 9 1

232 .26
240 . 6 1
242 . 4 4
245 . 6 1

147 .49
150 . 0 3
150 .17
150 . 8 3

1980-Jan.

4

61.17

828 . 8 4

243 . 5 5

148 .02

15. TRADING VOLUME^
NYSE

Date

s

*

AMEX .

NASDAQ

1976-High
Low

44.5 (2/20)
10.3 (1/2)

8.6 (2/20)
1 . 1 (1/2)

11.1 (2/20)
3.5 (1/2)

1977-High
Low

35.3 (11/11)
10.6 (10/10)

4.2 (1/12)
1.4 (9/22)

11.2 (11/10)
5 . 1 (5/27)

1978-High
Low

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
Low

81.6 (10/10)
18.0 (1/2)

13.2 (10/10)
2.2 (1/22)

25.8 (12/17)
7.2 (1/2)

1979-Nov.

2
9
16
23
30

25.8
25.9
29.9
32.1
39.4

4.0
3.1
3.8
4.0
4.9

11.4
11.5
13.4
12.7
16.6

Dec.

7
14
21
28

36.3
36.3
41.1
27.5

4.7
5.6
5.9
5.0

18.2
22.2
22.9
17.3

1980-Jan.

4

40.9

7.8

25.4

#

e

1 Figures other than highs and lows are Friday figures only.
2 Volume figures are weekly averages of daily figures (millions of shares). Highs and lows refer to single days.
3 12/31/65 = 50
4 8/31/73 = 100
5 2/5/71 = 100



16. SECURITY CREDIT?
Outstanding,
UUlsianuiii^, dollar amounts in millions
Margin credit extended
by brokers on:
End of period

Number of
margin accounts
(thousands)

Percent of debt
in accounts with
4 0 percent or more
customer equity

Marginable
stock

Convertible
bonds

1976

7,960

204

810

88

1977

9,740

250

887

81

1978

10,830

205

955

67

1978 - J a n .
Feb.
Mar.

9,590
9,780
9,920

246
242
246

890
890
900

75
75
79

Apr.
May
June

10,260
10,660
11,090

248
245
242

915
930
945

85
85
84

July
Aug.
Sept.

11,190
11,740
12,400

247
243
225

955
965
990

87
88
85

Oct.
Pec.

12,090
11,000
10,830

216
209
205

960
955
955

53
68
67

1979 - J a n .
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
975

77
78
79

July
Aug.
Sept.

11,840
12,060
12,000

178
176
177

960
975
985

81
86
84

Oct.

11,310
10,920

173
n.a.

985
980

73
83

Nov.

Nov.

1 Margin account debt as reported by the New York Stock Exchange.




17. SAVINGS FLOWS AT SELECTED NONBANK THRIFT INSTITUTIONS
iMillions
v m i i v n a of
vm dollars
u

Mutual Savings Banks
(regular deposits) 1

Date

Net f l o w
N.S.A.

Sea. adj.

Savings and Loan Associations
Net f l o w

Annual
growth
rate 3

N.S.A.

Sea. adj.

Mem10:
Net New 1Money2

Total

Annual
growth
rate 3

Net
flow
(sea. adj.)

Annual
growth
rate 3

At
insured
S&L's

At
MSB's

17.4

62,409

15.7

34,369

5,283

1976

12,670

—

11.5

50,169

1977

10,783

—

8.8

50,888

15.1

61,583

13.4

32,004

2,874

1978

8,426

- -

6.4

44,153

11.4

52,794

10.1

23,460

-591

1978-Jan.
Feb.
Mar.

626
476
1,712

850
489
533

7.7
4.4
4.8

2,665
2,293
7,143

2,645
2,731
3,112

8.2
8.4
9.5

3,495
3,220
3,645

8.0
7.4
8.3

2,877
2,073
2,592

-59
170
338

Apr.
May
June

-209
436
1,304

494
559
723

4.4
5.0
6.4

557
2,376
6,648

2,334
3,092
4,654

7.1
9.3
13.9

2,828
3,651
5,377

6.4
8.2
12.0

401
2,145
1,744

-553
97
-90

July
Aug.
Sept.

341
260
1,378

668
1,054
1,116

5.9
9.2
9.7

3,070
2,310
6,425

3,828
4,575
5,763

11.3
13.4
16.7

4,496
5,629
6,879

9.9
12.3
14.9

2,812
2,069
1,606

38
-75
-41

Oct.
Nov.
Dec.

510
275
1,317

1,096
353
537

9.4
3.0
4.6

2,641
2,155
5,795

3,490
4,393
3,705

10.0
12.4
10.4

4,586
4,746
4,242

9.9
10.1
8.9

2,534
1,897
710

48
-59
-405

1979-Jan.
Feb.
Mar.

218
683
1,971

404
712
728

3.4
6.0
6.1

4,735
2,876
8,334

4,573
3,411
3,820

12.7
9.4
10.4

4,977
4,123
4,548

10.4
8.6
9.4

4,377
2,580
3,146

-118
342
463

Apr.
May
June

-832
61
890

-74
190
273

-0.6
1.6
2.3

-1,147
2,037
6,854

893
2,791
4,726

2.4
7.5
12.7

819
2,981
4,999

1.7
6.1
10.2

-1,490
1,627
1,469

-1,192
-341
-649

July
Aug.
Sept.

-318
-112
517

12
707
244

0.1
5.9
2.0

2,015
1,199
4,770

2,820
3,618
4,037

7.5
9.5
10.6

2,832
4,325
4,281

5.7
8.7
8.5

1,455
717
-198

-714
-504
-1,000

Oct.
Nov.p

-985
-350

-396
-265

-3.2
-2.2

1,863
1,061

2,681
3,883

7.2
9.2

2,414
3,290

4.8
6.5

1,314
656

-1,420
-750

- -

1 Regular deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of
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.




16
18. MORTGAGE COMMITMENTS OUTSTANDING A T 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

1976

27.3

24.6

2.7

8.1

3.8

3.8

0.5

1977

39.2

34.7

4.5

11.3

5.4

4.5

1.4

1978

38.3

33.4

4.9

17.4

10.6

4.9

1.9

1978-Jan.
Mar.

37.7
37.4
37.0

33.3
33.1
32.7

4.4
4.3
4.3

12.3
13.5
13.9

6.5
7.3
7.5

4.5
4.8
5.0

1.3
1.4
1.4

Apr.
May
June

36.7
36.5
36.5

32.4
32.2
31.9

4.3
4.3
4.6

14.0
14.9
14.6

8.0
9.0
8.7

4.8
4.6
4.4

1.2
1.3
1.5

July
Aug.
Sept.

36.5
36.7
36.7

31.9
32.1
32.3

4.6
4.6
4.4

15.2
15.0
15.9

9.0
8.8
9.4

4.5
4.3
4.5

1.7
1.9
2.0

Oct.
Dec.

38.2
38.2
37.6

33.4
33.3
32.7

4.8
4.9
4.9

17.2
17.3
17.3

10.7
10.9
10.6

4.6
4.7
4.8

1.9
1.7
1.9

1979-Jan.
Feb.
Mar.

37.1
36.6
36.1

32.2
31.8
31.5

4.9
4.8
4.6

15.7
14.3
13.2

9.2
7.8
6.7

4.8
4.9
5.0

1.7
1.6
1.5

Apr.
May
. June

36.1
35.8
35.6

31.7
31.7
31.5

4.4
4.1
4.1

12.6
11.9
11.3

6.3
6.0
5.4

4.9
4.7
4.7

1.4
1.2
1.2

July
Aug.
Sept.

35.7

31.7
32.0
32.7

4.0
3.9
4.0

11.2
10.9
11.9

5.2
5.3
6.6

4.7
4.3
4.0

1.3
1.3
1.3

Oct.

36.0
n.a.

32.3
29.3

3.7
n.a.

14.4
n.a.

8.4
n.a.

Feb.

Nov.

Nov.

4.6
n.a.

1.4
n.a.

Based on data from Federal Home Loan Bank Board. Savings Banks Association of New York State, and federal and related
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 to total because of rounding.



19. NET NEW MONEY BORROWINGS BY MAJOR HOUSING CREDIT AGENCIES
Millions of dollars

Intermediate- and long-term issues

FNMA and FHLB
short-term
discount notes

Total including
short-term
discount notes

Total

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

3-Jan.
Feb.
Mar.

563
1,731
912

82
1,399
-1

0
1,399
-1

82
0
0

0
0
0

481
332
913

Apr.
May
June

701
3,338
1,504

470
1,496
1,300

-1
1,498
0

-129
-2
300

600
0
1,000

231
1,842
204

July
Aug.
Sept.

1,626
1,550
1,627

1,900
1,000
1,076

700
1,000
0

0
0
126

1,200
0
950

-274
550
551

Oct.
Nov.
Dec.

1,799
1,429
2,250

1,695
1,113
2,048

-5
1,114
598

0
-1
200

1,700
0
1,250

104
316
202

)-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»—

1,981

1,581

1,300

-19

300

400

Period

Based on data from Treasury Survey of Ownership.


FHLB

FHLMC

FNMA

18
20. NET CHANGE IN MORTGAGE HOLDINGS A T SELECTED INSTITUTIONS
Millions of dollars, seasonally adjusted annual rates
Major private financial institutions
Period

Total

Total

Commercial
' banks

MSB's

S&L's

Life insur.
companies

Mortgagee pools

FNMA
and
GNMA

FHLMC

FHLMCGNMAguaranteed -guaranteed

1976

75,733

65,184

13,800

4,074

44,896

2,414

-2,120

-178

12,314

1,073

1977

114,298

96,137

26,200

6,595

58,158

5,184

890

-993

14,325

3,939

1978

1 2 6 , 6 1 5 103,399

35,400

6,378

52,219

9,402

8,696

-212

9,451

5,281

1978-Jan.
Feb.
Mar.

10,392
8,687
10,314

8,851
8,316
8,565

3,073
2,567
2,691

587
554
625

4,699
4,717
4,691

492
478
558

350
487
505

— 84
17
239

911
-459
932

364
326
73

Apr.
May
June

9,319
11,469
10,701

7,896
8,602
8,797

2,370
3,009
3,246

520
583
468

4,395
4,281
4,332

611
729
751

660
1,420
870

-88
-198
-731

468
1,103
786

383
542
979

July
Aug.
Sept.

10,352
11,183
10,366

8,308
9,094
8,404

3,349
3,274
3,074

594
544
498

3,695
4,239
4,134

670
1,037
698

538
915
808

-300
516
18

808
843
761

998
-815
375

Oct.
Nov.
Dec.

11,375
11,617
10,629

8,682
9,175
8,540

2,974
3,014
2,733

456
626
263

4,447
4,649
3,877

805
886
1,667

898
604
654

268
178
-49

1,017
1,235
994

510
425
490

1979-Jan.
Feb.
Mar.

10,315
10,153
10,272

7,917
7,722
7,237

2,694
2,489
2,413

575
486
395

4,015
3,804
3,359

633
943
1,070

820
846
1,125

231
74
338

1,205
1,083
1,266

142*
428
36

Apr.
May
June

9,823
11,168
10,659

7,560
8,253
8,266

2,477
2,304
2,742

375e
356
330

3,832
4,616
4,204

876
977
990

466
1,016
610

- 60
- 45
- 84

1,540
1,469
1,610

317
475
257

July
Aug.
Sept.

9,923
10,644
10,776

8,198
7,463
7,963

2,805
2,649
2,983

415
304
280

3,804
3,501
3,542

1,174
1,009
1,158

-220
515
191

79
156
162

1,597
2,129
2,152

269
381
308

Oct.
Nov.

12,139
n.a.

8,637
n.a.

2,884
2,610

237
n.a.

3,886
2,794

1,630
n.a.

-114
n.a.

2,344
n.a.

452
n.a.

820
n.a.

Monthly data for commercial banks based on Federal Reserve estimates benchmarked to Call Report data on real estate loansoutstandmg asavaiiable^
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 i-eaerai
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.




2 1 . N E T C H A N G E IN M O R T G A G E D E B T O U T S T A N D I N G , BY TYPE O F P R O P E R T Y 1
Billions of dollars, seasonally adjusted annual rates
Residential 2
Quarter

Total

Total

1 - t o 4family

Multifamily

Commercial

Multifamily
and
commercial

Farm

1976-Q1
Q2
Q3
Q4

81.7
75.5
92.7
98.1

62.9
55.4
72.7
78.0

61.5
55.6
69.0
75.4

1.4
-0.2
3.7
2.6

13.7
15.3
13.2
12.4

15.0
15.1
16.9
15.0

5.1
4.8
6.8
7.7

1977-Q1
Q2
Q3
Q4

110.7
134.9
140.2
150.2

87.5
110.3
114.3
116.8

83.3
102.0
106.1
108.2

4.2
8.3
8.2
8.6

14.6
15.2
17.5
24.6

18.8
23.5
25.6
33.2

8.6
9.4
8.4
8.8

1978-Q1
Q2
Q3
Q4

135.4
147.0
154.1
160.4

105.7
116.4
115.6
124.1

97.3
106.5
103.8
113.6

8.3
9.9
11.8
10.5

20.9
20.8
26.9
25.3

29.2
30.7
38.7
35.8

8.8
9.8
11.6
11.0

1979-Q1
Q2
Q3p

158.3
162.5
158.3

119.0
116.1
114.0

110.1
109.2
100.9

8.9
6.9
13.1

23.0
28.5
28.6

31.9
35.4
41.7

16.2
17.9
15.7

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 Residential mortgage debt includes nonfarm and is the sum of 1 - to 4 family and multifamily mortgage debt.

Note:

D a t a r e v i s e d due t o r e e s t i m a t i o n of s e a s o n a l f a c t o r s .




20
22. AVERAGE RATES A N D YIELDS ON HOME MORTGAGES A N D PASS-THROUGH SECURITIES
Secondary market

Primary market
Rates on
conventional
loans at
S&L's

Period

Period

9.10
8.70

1976-High

9.00
8.65

1977-High

9.73
8.98

1978-High
1979-High

Low

12.90
10.38

1 9 7 9 - S e p t ., 7
14
21
28

11.20
11.30
11.35
11.35

1976-High
Low

1977-High
Low

1978-High
Low

1979-High

Oct.

Nov.

Dec.

Conventional mortgages

FHA/VA mortgages

Low

Low

Low

Low

Sept.10
17
24
Oct.

Yield in
FNMA
auction

Discount
points
in FNMA
auction

9,20
8.39

4.93
2,05

9

8.98
8.46

5.03
1.50

9.86
9.13

Yield in
FNMA
auction

8,44
7,57

9,31

8-1/2

8.39
7.56

9.21

8

8.81

9.02
8.63

5.92
4.00

9
8-1/2

8.43
9.05

10.07
9.28

10.42
9.12

13.29
10.42

12.54
4.16

11-1/2
9-1/2

11.77
9.51

13.97
10.92

13.56
10.40

11.25

7.91

11.66

7.25

10
10
10
10-1/2

10.36
10.38
10.36
10.65

12.60

12.54

13.29

10.43

10-1/2
10-1/2
10-1/2
11-1/2

11.02
11.21
11.77
11.58

-1/2
-1/2
-1/2
-1/2
-1/2

11.73
11.51
11.69
11.36
11.29

-1/2
-1/2
-1/2
-1/2

11.18

12.98

11.49
11.39
11.39

12.99

5
12
19
26

11.35
11.45
11.75

2
9
16
23
30

12.80
12.85
12.80
12.80
12.90

Nov.
13
20
27

12.93

8.44

12.57

6.45

7
14
21
28

12.90
12.90
12.90
12.90

Dec. 10
17
24
31

12.42

5.55

12.55

6.30

15
22
29

12.00

Yield in
FHLMC
auction

Yield on
GNMA
securities

Dec.

Ceiling
rate

8

8,80

11.83
11.99
12.75
13.80
13.97
13.35

11.49
11.57
11.63
11.64
11.64
12.17
12.84
13.36
13.56
13.22
13.00
12.89
12.69
12.50
12.51
12.47
12.52

Column 2 is average of contract interest rates on commitments for conventional first mortgages with 80 percent loan-to-value ratios 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 GNMAguaranteed mortgage-backed securities for immediate delivery, assuming prepayment in 12 years on pools 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 yisld tn FHLMC on accepted bids
in its weekly auction of commitments to buy conventional home mortgages for immediate (within GO detyel delivery.



23. FNMA AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES
Dollar amounts in millions
F H A / V A mortgages

Date of
auction

Conventional mortgages
Accepted
Average yield

Offered

Accepted

855.4
50.3

569.7
35.1

8,98
8.46

415.9
122.9

278.0
70.5

9,21
8,81

1,249.4
130.3

605.3
80.1

10.60
9.13

716.9
74.7

362.5
47,5

10,92
9,28

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

1
15
29

891.1
1,017.4
1,034.9

360.8
448.3
321.3

11.66
12.60
13.29

195,0
400,9
454.0

126,6
165.9
138,7

11,99
12,75
13,80

Nov. 13
27

357.7
200.7

168.7
95.9

12.93
12.57

274.4
91.7

136,9
53.3

13,97
13,35

Dec. 10
26

305.3
343.9

118.6
130.7

12.42
12.55

206.9
206,3

72,6
79,8

12,98
12,99

1976-Hlgh
Low

1978-High
Low

1979-High
Low

1979-Oct.

Average yield

Offered

2 4 . FHLMC AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES
Conventional mortgages, dollar amounts in millions
Immediate delivery program

Date of
auction

Offered

Accepted

1977-High
Low

303.0
76.7

132.6
49.8

9.02
8.63

262.8
66,4

131.0
35.3

9,03
8.63

1978-High
Low

359.7
71.2

191.7
53.6

10,42
9.12

247,1
69,7

84.4
18.2

10.54
9,20

1979-High
Low

298.9
38.7

150.5
17.9

13.56
10.40

166.6
38,7

37.8
13.7

13,89
10,43

2
9
16
23
30

50.8
57.5
50.6
38.7
42.6

42,8
50.8
33,7
17.9
27.4

13,56
13.22
13.00
12.89
12.69

7
14
21
28

68,0
86.6
74.4
92.2

58.7
56.3
30.6
51.6

12.50
12,51
12.47
12.52

1979-Nov.

Dec.

Future commitment program

Average yield

Offered

Accepted

Average yield

—V
v.*-

38.7

13.7

13.25

20.2

12,85

„

54.3

Offerings in the FNMA auctions of 4-month purchase commitments relate to total bids submitted, and average yields to FNMA on accepted bids are gross
(before deduction of 37% basis points for mortgage servicing) assuming prepayment in 12 years for 30-year mortgages, without adjustments for FNMA
commitment fees or stock related requirements. Offerings in the FHLMC auctions relate to total bids submitted, and average yields to FHLMC on
accepted bids are net, excluding 37% basis points for mortgage servicing.
Source: FNMA and FHLMC



25. ISSUES OF MORTGAGE-BACKED SECURITIES
Millions of dollars, not seasonally adjusted
Pass-through securities
Period

GNMA-guaranteed
N e w issues

Outstanding
(end of period)

N e w issues

Outstanding
(end of period)

Public offerings
of mortgagebacked bonds
Outstanding
by savings and
(end of period)
loan assoc.

Privately insured

F H LMC-guaranteed

N e w issues

1976

13,764

30,571

1,396

2,671

n.a.

n.a.

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

Mar.

1,327
929
1,315

45,890
45,325
46,357

504
470
120

7,033
7,431
7,471

0
10
119

236
243
358

0
0
50

Apr.
May
June

823
1,255
999

46,463
47,387
48,033

466
651
1,093

7,861
8,434
9,422

201
135
23

557
689
703

290
75
0

July
Aug.
Sept.

997
1,648
1,203

48,663
50,051
50,844

299
725
394

10,371
10,224
10,512

72
35
33

764
797
822

0
50
0

Oct.
Nov.
Dec.

1,762
1,721
1,381

52,095
53,358
54,347

369
581
540

10,987
11,463
11,892

57
36
275

872
897
1,161

0
0
0

1979-Jan.
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

51
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.
Nov.

2,639
3,250

71,457
n.a.

530
n.a.

14,838
n.a.

488
383

2,987
3,353

1978-Jan.
Feb.

Feb.

75

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 underwritten by major private mortgage insurance companies.
Source: GNMA, FHLMC, HUD, and Federal Reserve.