Full text of H.16 Capital Market Developments : July 10, 1978
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. Capital Market ' Developments July 10, 1978 Prepared by the CAPITAL MARKETS SECTION in conjunction with the MORTGAGE and CONSUMER FINANCE SECTION DIVISION OF RESEARCH AND STATISTICS BOARD OF GOVERNORS FEDERAL,RESERVE SYSTEM Washington, D C. 20551 • Index # SUBSCRIPTION RATES: Weekly $15.00 per year or $.40 each in the United States, its possessions, Canada, and Mexico; 10 or more of the same issue to one address, $13.50 per year or $.35 each. Elsewhere, $20.00 per year or $.50 each. Address requests to Publications Services, Division of Administrative Services, and make payment remittance payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. Currency. TABLES „ g SECURITY VOLUME AND YIELDS 1 STOCK MARKET AND SECURITY CREDIT 9 — 16 MORTGAGE MARKET ® SYMBOLS @ ESTIMATE P PRELIMINARY r n.a REVISED NOT AVAILABLE — DATA DO NOT EXIST Table 1 YIELDS, VOLUME AND RECEPTION CORPORATE BOND MARKET VOLUME YIELDS WEEK ENDING 1978 - May 5 12 19 26 June 2 9 16 23 30 July 7 NEW ISSUE 1 Aaa UTILITY RECENTLY OFFERED Aaa UTILITY 2 3 GROSS OFFERINGS ($ MILLIONS) PER CENT SOLD BY END OF WEEK NEW ISSUES 4 IN SYNDICATE ($ MILLIONS) 8.87 8.95 9.02 8.90 8.92 8.98 9.10 128 288 515 647 96 93 94 94 5 21 31 41 9.04 9.03 9.13 9.16 9.05 9.06 8.96 9.10 9.18r 36 655 283 459 305 100 97 80 88 85 0 20 53 56 45 9.18p 9.19p 76 41 45 —— MUNICIPAL BOND MARKET VOLUME YIELDS WEEK ENDING MOODY'S NEW ISSUE Aaa BOND BUYER 20-60ND INDEX 3 GROSS OFFERINGS ($ MILLIONS) PER CENT SOLD BY END OF WEEK NEW ISSUES 4 IN SYNDICATE ($ MILLIONS) 5 12 19 26 5.45 5.55 5.55 5.75 5.98 5.99 5.98 6.16 739 1,213 1,518 1,097 79 87 91 81 281 191 290 294 June 2 9 16 23 30 5.75 5.65 5.65 5.75 5.85 6.19 6.18 6.16 6.26 6.29 134 743 797 666 1,494 92 90 87 83 89 213 174 177 211 163 July 7 5.85 6.31 156 86 156 1978 - May 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 1 RECENTLY OFFERED Aaa UTILITY 2 MOODY'S SEASONED CORPORATE Aaa 3 U.S. GOVT. 20-YEAR CONSTANT MATURITY 4 BOND BUYER 2 0 - B 0 N D INDEX 1974 - High Low 10.61 (10/4) 8.05 (2/15) 10.52 (10/11) 8.13 (1/4) 9.39 (10/11) 7.73 (1/4) 8.68 (8/30) 7.39 ( 1 / 4 ) 7.15 (12/12) 5.15 (2/7) 1975 - High Low 9.80 (5/2) 8.89 (2/7) 9.71 (5/25) 9.06 (2/28) 9.01 (5/2) 8.57 (2/28) 8.63 (9/19) 7.63 (2/21) 7.67 (10/3) 6.27 (2/13) 1976 - High Low 8.95 (5/28) 7.93 (12/10) 9.10 (1/2) 7.84 (12/31) 8.66 (5/28) 7.91 (12/31) 8.17 (5/28) 7.27 (12/31) 7.29 (1/2) 5.95 (12/16) 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 9.18 (7/7) 8.60 (3/24) 9.19 (7/7) 8.48 (1/6) 8.85 (7/7) 8.30 (1/6) 8.66 (7/7) 8.02 (1/6) 6.31 (7/6) 5.58 (3/17) 2 9 " 16 23 30 9.04 9.03 9.13 9.16 9.05 9.06 8.96 9.10 9.18r 8.79 8.74 8.72 8.76 8.82 8.49 8.47 8.47 8.55 8.63r 6.19 6.18 6.16 6.26 6.29 7 9.18p 9.19p 8.85p 8.66p 6.31 1978 - J u n e July 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 5 Weekly average of daily figures. U.S. Treasury data. 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 5 Table 3 LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS IN MILLIONS OF DOLLARS G R O S S PROCEEDS 1 CORPORATE PERIOD 19783 19771 19761 2 STATE AND LOCAL 19783 1977^ 19762 March 3,013 2,657 4,500e 4,362 2,792 5,578 3,381 3,863 6,632 3,295 2,743 4,744 3,402 3,442 4,063 2,451 2,885 3,365 April May June 3,300e 3,200e 4,200e 3,998 3,797 5,660 3,507 4,186 6,439 3,773 5,300 4,100e 3,409 4,566 5,786 2,218 3,575 3,115 July August September 4,289 3,469 4,177 3,216 3,357 4,817 3,113 4,118 4,013 2,734 2,821 2,814 October November December 4,221 5,331 6,531 4,511 3,074 6,503 3,807 3,332 3,646 3,524 3,336 2,342 January February 01 02 Q3 04 10,170e 10,700e 12,732 13,455 11,935 16,083 13,876 14,132 11,390 14,088 10,782 13,173e 10,907 13,761 11,244 10,785 8,701 8,908 8,369 9,202 1st Half 3 Qtrs. Year 20,870e 26,187 38,122 54,205 28,008 39,398 53,488 23,955e 24,668 35,912 46,697 17,609 25,978 35,180 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 ISSUE PERIOD 1976 - I GROSS PROCEEDS BY TYPE OF ISSUER 1 BONDS TOTAL PUBLICLY OFFERED MEMO COMMON AND MANUFACISSUES INCLUDED PRIVATELY PREFERRED TURING PLACED FOREIGN CONVERTIBLE STOCK PUBLIC UTILITY COMMUNICATIONS OTHER ISSUERS 13,876 14,132 11,390 14,088 7,569 7,427 4,904 6,553 2,754 3,584 4,624 4,962 3,553 3,121 1,861 2,573 1,340 1,843 1,267 1,795 262 478 199 55 4,497 3,757 2,982 4,259 4,044 3,140 3,317 3,917 765 1,879 378 541 4,596 5,358 4,715 5,369 IV 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 4,217 858 1,810 1,560 1,025 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 1977 - J a n u a r y February March April May June July August September October November December 4,362 2,792 5,578 3,998 3,797 5,660 4,289 3,469 4,177 4,221 5,331 6,531 2,786 1,102 2,610 1,961 1,600 2,045 2,360 1,947 1,908 2,114 2,211 1,542 974 780 1,773 1,446 949 2,580 972 965 1,569 979 1,200 3,820 602 910 1,195 591 1,248 1,035 695 557 700 1,128 1,920 1,169 300 433 125 600 350 850 935 150 475 300 425 300 0 6 0 50 2 56 25 262 208 1 22 16 1,129 757 1,145 1,381 643 1,416 1,349 1,068 633 731 782 2,541 989 470 1,588 984 1,670 1,471 903 497 1,501 1,437 1,729 1,080 50 557 808 334 309 41b 277 45 322 8 1,013 299 2,194 1,006 2,038 1,298 1,176 2,356 1,761 1,858 1,521 2,045 1,805 2,610 1978 - J a n u a r y February 3,013 2,657 1,382 1,464 998 667 633 526 325 0 0 0 273 716 644 465 519 34 1,578 1,441 I I III IV 1977 - I I I III NOTES: 1 Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other. Source: Securities and Exchange Commission. # # # # # # * e # # * Table 5A INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 J u l y 3 t h r o u g h J u l y 7, 1978 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE OFFERING YIELD MOODY'S/S&P'S RATINGS CORPORATE H.H. Robertson Co. P a r k e r D r i l l i n g Co. Diamond S t a t e Telephone Co. G e n e r a l Telephone Co. of Northwest Conv. d e b t . Com. s t k . Debt. 1 s t mtg. 16.0 26.5 10.0 50.0 1998 8.25 8.25 Ba/BB 2018 2008 9.00 9.38 9.10 9.38 Aaa/AAA A/A+ NOTES: • 1 Rights offering. Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings. T a b l e SB INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 J u l y 3 t h r o u g h J u l y 7, 1978 ISSUER STATE AND LOCAL Manatee Co.-Wide Sch. D i s t . , F l a . Albuquerque, New Mexico Albuquerque, New Mexico F l o r i d a S t a t e Bd. of Educ. TYPE G.O. Rev. Rev. G.O. AMOUNT (MILLIONS OF DOLLARS) 11.6 6.7 3.6 16.6 NOTES: 1 2 Includes only state and local security offerings of $10 million and over; excludes secondary offerings. For State and local government securities, G.O. denotes general obligation; Rev. denotes revenue obligations. MATURITY 1981-1998 1979-1998 2003 1979-1999 NET INTEREST COST 6.18 — — 5.76 OFFERING YIELD 4.70-6.20 4.50-7.10 7.38 4.30-6.05 MOODY'S/S&P'S RATINGS A/AAA A-1/A+ A-1/A+ Aa/AA Table 6A FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' As of J u l y 7, 1978 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING CORPORATE P a c i f i c T e l . & T e l e . Co. General Motors Acceptance Corp. Puget Sound Power & L i g h t Co. L o u i s i a n a Power & L i g h t Co. Filmways I n c . Houston F i r s t Savings A s s o c i a t i o n Hydro-Quebec ^ V i r g i n i a E l e c t r i c & Power Co. Arkansas Power & L i g h t ^United I l l u m i n a t i n g Co. Global Marine I n c . New England Power Co. Duke Power Co. P h i l i p Morris Inc. Texas I n t e r n a t i o n a l Co. P h i l i p Morris Inc. P e t r o Lewis Corp. Budget C a p i t a l Corp. Anglo Co. ^Citicorp *Transamerica Corp. V a l l e y N a t i o n a l Bank of Arizona Duke Power Co. Idaho Power Co. Idaho Power Co. Allegheny A i r l i n e s I n c . OTHER C a i s s e C e n t r a l e de C o o p e r a t i v e Economique Debt. Notes 1 s t mtg. 1 s t mtg. Notes Mtg.-backed 1 s t mtg. 1 s t mtg. 1 s t mtg. Com. s t k . Debt. 1 s t mtg. 1 s t mtg. Debt. Debt. Com. s t k . Debt. Debt. Debt. Notes Notes Com. s t k . Pfd. s t k . 1 s t mtg. Com. s t k . Pfd. s t k . (conv.) Bonds 300.0 250.0 65.0 60.0 35.0 50.0 100.0 150.0 75.0 20.0 20.0 50.0 125.0 150.0 30.0 143.0 35.0 25.0 15.0 250.0 60.0 19.8 40.0 60.0 30.0 25.0 75.0 NOTES: * Included in table for first time. 1 Includes only corporate and other security issues of $15 million and over; excludes exchanges, options July July July July July July July July July July July July July July July July July July July July July July Aug. Aug. Aug. Aug. Indef 11 11 11 12 12 13 18 20 20 24 25 26 26 8 9 9 10 Table 6B FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of J u l y 7, 1978 TYPE ISSUER AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING STATE & LOCAL *0hio A i r Q u a l i t y Dev. Auth. *Bass Brook, Minn. Oregon, S t a t e of Rockford A u d i t . B u i l d . A u t h . , 111. T o l e d o , Ohio Washington P u b l i c Power Supply Sys, *Texas T u r n p i k e Auth. ^Oregon Hsg. Finance Agy. S a l t R i v e r A g r i c . Improv. & Pwr. D i s t . , Ariz. ^Wisconsin, S t a t e of Hopkins C o . , Ky. Palm Beach Co. H l t h . Fac. A u t h . , Fla. New York, S t a t e of *New Hampshire Hsg. F i n . Agy. A u r o r a , Colo. Ohio P u b l i c Fac. Comm. Michigan S t a t e Hosp. F i n . Auth. Vermont, S t a t e of Grand R i v e r Dam A u t h . , Okla. ^ M i n n e a p o l i s , Minn. M i s s o u r i Housing Dev. Comm. *Rhode I s l a n d Hsg. & Mtge. F i n . Corp. * G t r . Chicago Metro. S a n t . D i s t . , 111. M i s s o u l a Co. High Sch. D i s t . , Mont, ^Meridian J t . Sch. D i s t . #2, I d . ^Minnesota Educ. Coord. Bd. P i c k e n s Co. & Richland C o . , S.C. Industry, Cal. A p p l e t o n , Wise. *South Dakota H l t h . & Educ. F a c . Auth. Bergen Co. U t i l i t i e s A u t h . , N . J . C i n c i n n a t i , Ohio *0regon, S t a t e of ^ C l e v e l a n d , Ohio Rev. Rev. G.O. Rev. G.O. Rev. Rev. Rev. 38.7 112.0 150.0 15.3 12.0 180.0 104.0 25.9 July July July July July July July July Rev. Rev. Rev. 100.0 75.0 24.5 J u l y 13 J u l y 13 J u l y 13 Rev. G.O. Rev. Rev. Rev. Rev. G.O. Rev. G.O. Rev. 17.0 104.0 80.8 19.5 100.0 16.9 34.5 421.0 35.7 45.0 July July July July July July July July July July Rev. 45.0 J u l y 20 G.O. G.O. G.O. Rev. Rev. G.O. G.O. 60.0 11.5 12.0 38.2 11.6 50.0 24.0 July July July July July July July 20 20 24 24 25 25 26 Rev. Rev. G.O. G.O. G.O. 16.0 170.0 11.5 48.7 23.0 July July Aug. Aug. Aug. 2 8 8 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. 10 10 11 11 11 11 12 12 13 13 14 17 18 18 18 19 19 19 11 Table 6B Continued FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' As of J u l y 7, 1978 TYPE ISSUER AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING STATE & LOCAL POSTPONEMENT P o r t l a n d , Oregon Rev. 14.0 J u l y 27 Table 7 STOCK PRICES AND VOLUME 1 STOCK PRICES DATE NYSE INDEX 3 AMEX BJ INDUSTRIALS 4 2 TRADING VOLUME NASDAQ 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 / 2 6 ) 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) 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 57.69 (1/3) 49.78 (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) 35.3 (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 56.20 (6/8) 48.37 (3/6) 866.51 (6/6) 742.12 (2/28) 151.32 (6/14) 119.73 (1/11) 124.51 (6/14) 99.09 (1/11) 63.5 (4/17) 7.6 (1/20) 6.2 (4/17) 1.3 (1/20) 18.8 (5/18) 2.8 (1/20) May 5 12 19 26 53.97 54.85 54.95 54.14 829.09 840.70 846.85 831.69 139.89 142.57 144.66 144.30 117.27 119.40 121.57 119.86 39.2 36.4 40.8 28.6 5.3 5.2 5.5 4.1 14.6 13.7 16.6 12.5 June 2 9 16 23 30 55.03 56.08 54.80 53.90 53.66 847.54 859.23 836.97 823.02 818.95 145.61 149.35 150.16 147.27 145.55 121.03 124.41 123.69 120.74 120.30 27.7 39.3 30.9 27.6 24.3 3.5 5.0 4.7 3.7 3.7 11.0 13.5 12.3 11.2 9.3 July 7 53.34 812.46 146.30 119.16 20.1 2.5 7.5 NOTES: 1 Figures other then hitfis end lows ere Fridays only. Highs and lows are for the year and are not necessarily for Fridays. 2 Volume figures are weekly averages of daily figures (millions of shares). 3 4 12/31/66 - 60 Based on everege price change until September 4, 1973 thereafter, based on market value of shares listed. 13 Table 8 SECURITY CREDIT REGULATED MARGIN CREDIT EXTENDED BY END OF PERIOD BROKERS ON MARGIN STOCK 1 BROKERS ON 2 CONVERTIBLE BONDS 3 BANKS UNREGULATED NONMARGIN STOCK CREDIT AT BANKS OUTSTANDING 1977 - A p r i l May June July August September October November December 1978 - J a n u a r y February March April May 196 196 198 204 200 196 191 , 246250 807 801 873 875 885 881 882 872 873 2,350 2,345 2,551 2,568 2,587 2,581 2,579 2,604 2,568 9,590 9,780 9,920 10,260 10,660 246 242 250 248 245 851 877 855 914 2,565 2,544 2,544 2,560 190 190 160 230 100 30 -30 50 130 -3 -3 —6 72 38 -5 8,880 9,070 9,230 9,460 9,560 9,590 9,560 9,610 9,740 CHANGE IN OUTSTANDING 1977 - A p r i l May June July August September October November December 1978 - J a n u a r y February March April May -150 190 140 340 400 2 6 -4 -4 -5> -2 10 -4 1 -10 1 206 17 19 —6 -2 25 —36 -4 -4 8 -22 -3 26 -21 -2 -59 -3 -22 16 NOTES: 1 Margin account debt as reported by the New York Stock Exchange, excluding credit for subscription issues and convertible bonds. 2 New York Stock Exchange data. 3 June data for banks are universe totals; all other data for banks represent estimates for all commercial banks based on reports by a reporting sample, which accounted for 60 per cent of security credit outstanding at banks on June 30. 4 Nonmargin stocks are those not listed on a national securities exchange and not included on the Board of Governors of the Federal Reserve System's list of OTC margin stocks. At banks, loans to purchase or carry nonmargin stocks are unregulated; at brokers, such stocks have no value. 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 MUTUAL SAVINGS BANKS DATE 1974 1975 1976 1977 REGULAR DEPOSITS NET FLOW 2,165 11,070 12,670 10,647 1 ANNUAL 3 GROWTH RATE 2.3 11.3 11.6 8.9 SAVINGS & LOAN ASSOCIATIONS NET NEW MONEY 2 -2,822 4,757 5,275 2,874 SHARE CAPITAL ANNUAL 3 GROWTH RATE NET FLOW 16,006 42,769 50,169 50,963 7.1 17.6 17.6 15.2 NET NEW MONEY 4,668 29,276 34,369 32,004 TOTAL 2 DEPOSITS NET FLOW 18,171 53,839 62,839 61,610 ANNUAL 3 GROWTH RATE 5.6 15.8 15.9 13.5 NET NEW MONEY 2 1,846 34,033 39,644 34,783 NOT SEASONALLY ADJUSTED 1977 - September October November December 1,200 683 406 1,425 1978 - J a n u a r y February March April May £ ' 626 476 1,712. -264 245 —— — — - - -137 296 99 -115 5,961 2,396 1,729 5,542 -59 170 338 -553 100 2,745 2,297 7,153 558 2,386 —— — — *— — —— —— -- 1,666 2,270 1,516 883 7,161 3,079 2,135 6,967 2,877 2,073 2,592 401 2,151 — 1,529 2,566 1,615 768 3,371 2,773 8,865 294 2,631 — 2,818 2,243 2,930 -152 2,251 6,787 5,089 4,226 4,065 16.2 12.0 9.9 9.4 — 2,733 2,596 3,294 2,474 3,367 6.3 5.9 7.5 5.6 7.6 SEASONALLY ADJUSTED 1977 - September uctober November December 1978 - J a n u a r y February March April May £./ 1,131 1,257 515 655 10.5 11.6 4.7 5.9 721 370 448 341 352 6.5 3.3 4.0 3.0 3.1 —- —— — — -- 5,656 3,832 3,711 3,410 18.2 12.2 11.7 10.6 2,012 2,226 2,846 2,133 3,015 6.2 6.8 8.7 6.5 9.1 —— - - • — 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 yowth rate for monthly data is the annualized monthly percentage increase in deposits. Souroe: National Association of Mutual Savings Banks and Federal Home Loan Bank Board. http://fraser.stlouisfed.org/ # # e # e Federal Reserve Bank of St. Louis e # # # tf.16 # 15 T a b l e 10 MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS BILLIONS OF DOLLARS, SEASONALLY ADJUSTED OUTSTANDING COMMITMENTS PERIOD TOTAL ALL SAVINGS MUTUAL & LOAN SAVINGS BKS ASSOCIATIONS (N Y. STATE) NET CHANGE TOTAL ALL SAVINGS MUTUAL & LOAN SAVINGS BKS ASSOCIATIONS (N Y. STATE) 1972 25.2 20.3 4.9 7.48 6.28 1.20 1973 19.9 16.4 3.5 -5.31 -3.92 -1.39 1974 14.7 12.5 2.2 -5.20 -3.91 -1.29 1975 20.6 18.6 2.0 5.81 6.06 1976 - J a n Feb Mar . Apr May Jim Jul Aug Sep Oct Nov Dec 20.6 21.3 21.8 21.8 22.4 22.9 23.2 23.6 24.5 25.7 27.1 27.9 18.6 19.4 19.6 19.6 20.1 20.7 21.0 21.3 21.9 23.1 24.3 25.0 2.0 2.0 2.2 2.2 2.3 2.2 2.3 2.3 2.6 2.6 2.7 2.8 .35 .79 .33 . .12 .50 .57 .30 .40 .89 1.21 1.35 .76 .35 .84 .16 .04 .46 .59 .27 .35 .62 1.21 1.24 .70 1977 - J a n Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 28.0 28.6 29.7 30.2 30.6 31.9 32.4 34.0 35.1 37.4 38.8 39.2 25.4 25.6 26.5 27.0 27.3 28.1 28.7 30.0 31.0 32.8 34.Q 34.3 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 .43 1.07 .49 .37 1.33 .54 1.50 1.24 1.95 1.41 .24 .38 .23 .90 .49 .30 .80 .57 1.32 1.07 1.78 1.18 .34 .07 .53 - .03 .18 .17 .37 .23 - .10 1978 - J a n Feb Mar Apr May 38.6 37.6 36.9 36.3 35.8 34.2 33.3 32.8 32.0 31.5 4.4 4.3 4.2 4.2 4.3 - .35 -1.05 - .45 - .74 - .49 - .11 - .96 - .51 - .70 - .54 - .24 - .09 — .06 - .04 .05 - .25 - .05 .17 .08 .04 - .02 .03 .05 .27 —— .11 .06 .07 .20 .17 •" — NOTES: Based on data from Federal Home Loan Bank Board and Savings Banks Association of New York State. Both series include a minor amount of nonresidential commitments; S&L commitments also include loans in process. Net changes are derived directly from unrounded end-of-period outstanding levels as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding. H.16 T a b l e 11 NET NEW MONEY BORROWINGS BY MAJOR HOUSING AGENCIES IN MILLIONS OF DOLLARS PERIOD TOTAL INCLUDING SHORT-TERM DISCOUNT NOTES INTERMEDIATE TOTAL FHLB ND LONG-TERM I S S U E S FHLMC FNMA FNMA & 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 1 -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. April May e 399 1,712 887 848 2,600 -12 1,388 -17 600 1,600 0 1,400 0 0 1,600 -12 -12 -17 0 0 0 0 0 600 0 411 324 904 248 1,000 NOTES; Based on data from Treasury Survey of Ownership. 1 Sales of FHLB discount notes began in May 1974. p Preliminary 17 Table 12 NET CHANGE IN MORTGAGE HOLDINGS IN MILLIONS OF DOLLARS PERIOD 1970 1971 1972 1973 1974 1975 1976 1977 TOTAL INCLUDING FNMA-GNMA 21,930 41,406 57,587 58,372 42,739 43,497 62,783 96,814 2 FINANCIAL INSTITUTIONS TOTAL 17,020 39,018 55,561 55,072 36,517 38,658 64,903 95,924 COMMERCIAL BANKS 2,462 9,940 16,800 19,600 11,700 4,200 13,900 25,400 MSB's 1,956 3,938 5,377 5,642 2,172 2,236 4,074 6,474 S & L's 10,254 23,919 31,932 25,552 17,567 29,289 44,515 58,566 INSURANCE COMPANIES FNMA-GNMA 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 Not S e a s o n a l l y Ad-justed 1977 - Oct Nov Dec 8,349 7,940 9,096 8,380 7,844 8,874 2,200 2,100 1,700 690 564 771 4,876 4,754 4,748 614 426 1,655 -31 96 222 1978 - J a n Feb Mar Apr May 5,557 6,155 8,749 9,304 5,237 5,657 8,276 8,696 1,400 1,600 2,400 2,500 2,900 412 344 553 486 3,019 3,409 4,835 4,856 5,023 406 304 488 854 320 498 473 608 Seasonally Adjusted 1977 - Oct Nov Dec 8,533 8,822 9,192 8,625 8,729 9,117 2,265 2,284 1,951 675 605 647 5,162 5,437 5,262 523 403 1,257 -92 93 75 1978 - J a n Feb Mar Apr May 7,588 7,542 8,921 8,495 7,209 6,942 8,361 7,748 1,788 2,009 2,329 2,149 2,693 572 515 587 482 4,305 4,041 4,830 4,300 3,995 544 377 615 817 379 600 560 747 Beginning January 1972 data reflect activity in limited amount of conventional mortgages. 18 Table 13 NET INCREASE IN MORTGAGE DEBT OUTSTANDING IN BILLIONS OF DOLLARS, S E A S O N A L L Y ADJUSTED ANNUAL RATES 2 QUARTER TOTAL Ct RESIDENTIAL TOTAL 1- to 4 FAMILY MULTIFAMILY COMMERCIA1 MULTFAMIA r & COMMERCIAI FARM 1971 - I II III IV 41.2 51.8 57.8 59.5 32.7 40.3 43.1 44.7 23.2 29.6 33.8 35.7 9.5 10.7 9.3 9.1 6.7 9.3 12.1 11.6 16.2 20.0 21.4 20.7 1.7 2.1 2.6 3.1 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 36.7 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 106.4 134.3 140.0 146.1 82.2 104.7 110.7 112.7 78.7 97.8 103.3 103.5 3.5 6.9 7,4 9.2 15.5 20.3 20.4 24.9 19.1 27.2 27.8 34.1 8.6 9.3 8.9 8.5 1978 - I (p) 124.1 93.7 85.6 8.1 20.6 28.7 9.8 NOTES: 1 ^ : i d ' T j a t a Ta m 0 r t 9 a 9 e dc ;rutsta:din9 f r o m F e d e r a l De P ° $ i t Insurance Corporation. Federal Home Loan Bank Board. Institute of Life property, where not available, and interpolations and extrapolations, where required, estimated mainly by Federal Reserve 2 m l " I ' , ' n °° £ a m °°ly an " U ~ °£ ^ *"'-"7 "d T a b l e 14 PRIVATE HOUSING PERMITS, STARTS, COMPLETIONS, AND MOBILE HOME SHIPMENTS IN T H O U S A N D S OF UNITS, SEASONALLY A D J U S T E D ANNUAL RATES PERIOD TOTAL 1969 1970 1971 1972 1973 1974 1975 1976 1977 1977 - J u l y Aug. Sept. Oct. Nov. Dec. 1978 - J a n . Feb. Mar. Apr. Hay ' PERMITS 1 1—FAMILY 2-OR MORE FAMILY TOTAL STARTS 1—FAMILY 2-OR MORE FAMILY TOTAL COMPLETIONS MOBILE HOME 1 —FAMILY 2-OR MORE SHIPMENTS FAMILY 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 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 1,639 1,772 1,695 1,850 1,893 1,811 1,089 1,156 1,135 1,216 1,257 1,210 550 616 560 634 636 601 2,072 2,038 2,012 2,139 2,096 2,203 1,453 1,454 1,508 1,532 1,544 1,574 619 584 504 607 552 629 1,671 1,677 1,875 1,665 1,769 1,641 1,253 1,269 1,458 1,249 1,280 1,299 419 409 417 416 489 342 251 270 300 319 318 324 1,526 1,534 1,647 1,740 1,587 1,032 95 7 1,037 1,115 1,057 49 577 610 583 530 1,548 1,569 2,047 2,181 2,075 1,156 1,103 1 , 4 29 1,500 1,488 392 466 618 681 587 1,759 1,696 1,794 1,944 1,300 1 , 2 33 1,368 1,506 459 322 269 284 252 247 463 426 438 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. 1 for Permit data for 1969 and 1970 based on 13,000 areas with permit systems. Digitized FRASER Table 15 ro o AVERAGE RATES AND YIELDS ON HOME MORTGAGES HUD(FHA) INSURED LOANS SECONDARY MARKET CONVENTIONAL LOANS PRIMARY MARKET RATE (IN PER CENT) 1 1 1 PERIOD NEW HOMES EXISTING HOMES NEW HOMES SPREAD (BASIS POINTS) RATE (IN PER CENT) SPREAD (BASIS POINTS) YIELD (IN PER CENT) SPREAD (BASIS POINTS) DISCOUNT (PERCENTAGE POINTS) SPREAD BETWEEN RETURNS ON NEW A a a CONVENTIONAL wwnf c n I M w t k UTILITY AND HUD(FHA) BOND NEW HOME YIELD MORTGAGES (IN PER CENT) (BASIS POINTS) 1976 - High Low 9.05 8 .90 91 5 9.10 8.95 95 10 9.06 8.25 59 8 4.3 2.0 65 -4 8.72 8 .05 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 1977 - J u l y Aug. Sept. Oct. Nov. Dec. 9.00 9.00 9.00 9.00 9.05 9.10 83 99 86 72 82 N.A. 9.05 9.05 9.05 9.05 9.05 9.10 88 104 91 77 82 N.A. 8.74 8.74 8.72 8.78 8.78 8.91 57 73 58 50 55 N.A. 1.9 • 1.9 1.7 2.2 2.2 3.2 26 26 28 22 27 19 8.17 8.01 8.14 8.28 8.23 N.A. 1978 - J a n . Feb. Mar. Apr. May 9.15 9.25 9.30 9.40 9.60 N.A. 54 47 48 58 9.20 9.25 9.30 9.45 9.60 N.A. 54 47 53 58 9.11 N.A. 9.29 9.37 9.67 N.A. N.A. 46 45 65 4 N.A . 1 3 -7 N.A. 8.71 8.83 8.92 9.02 4.7 N.A. 4.1 4.7 5.0 NOTES: 1 Grow yield spread is average mortgage return before deducting servicing costs, minus average yield on new issues of high-grede utility bonds with 5-year call protection. Rates on conventional first mortgages (excluding eddkione! fees end 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, prepeid in 15 veers, for immediate delivery, ere used. http://fraser.stlouisfed.org/ e # Federal Reserve Bank of St. Louis H.16 e # e e # # # # 4 21 Table 16 FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS CONVENTIONAL GOVERNMENT-UNDERWRITTEN AMOUNT (IN MILLIONS OF DOLLARS) DATE OF AUCTION OFFERED AMOUNT (IN MILLIONS OF DOLLARS) OFFERED ACCEPTED 855 (12/27) 570(12/27) 8 . 9 8 ( 1 2 / 2 7 ) 383 ( 5 / 2 ) 1977 - High 50 ( 9 / 7 ) Low 35 ( 9 / 7 ) 8.46 ( 1 / 1 0 ) 123 ( 7 / 2 5 ) ACCEPTED 278 ( 5 / 2 ) 71 ( 9 / 1 9 ) AVERAGE YIELD 9 . 2 1 (12/27) 8 . 8 1 (1/10) 3 17 31 131.3 325.8 156.1 82.2 212.6 105.7 8.77 8.84 8.86 187.3 242.7 328.1 137.2 167.8 224.0 9.07 9.11 9.14 Nov. 14 28 110.6 99.8 69.5 83.2 8.86 8.85 308.6 229.0 202.8 183.5 9.16 9.16 Dec. 13 27 329.1 855 .4 224.3 569.7 8.89 8.98 262.2 329.4 168.9 190.5 9.17 9.21 1977 - O c t . 1978 AVERAGE YIELD Jan. 9 23 1011.0 768.8 605.3 356.6 9.13 9.21 403.6 546.3 192.8 256.8 9.28 9.37 Feb. 6 21 640.9 558.2 338.0 285.5 9.27 9.35 633.6 580.5 299.3 266.7 9.45 9.53 Mar. 6 20 358.8 164.9 218.5 116.4 9.36 9.33 444.8 378.7 266.4 246.1 9.59 9.62 Apr. 3 17 625.5 283.8 363.7 165.5 9.44 9.44 522.8 451.4 295.3 282.8 9.69 9.74 May 1 15 30 655.1 611.4 851.2 349.9 269.9 446.9 9.52 9.63 9.83 645.8 716.9 573.1 305 .4 362.5 300.4 9.80 9.89 10.01 June 12 26 522 .0 573.0 285.2 351.4 9.86 9.96 350.1 224.4 207.0 135.0 10.07 10.13 NOTES: Average secondary market yields are gross before deduction of the fee of 38 basis points paid for mortgage servicing. They reflect the everage 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 fay bidders relate to total eligible bids received. H.16