Full text of H.16 Capital Market Developments : July 14, 1975
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:;j Capital Market Developments TS75 I July 1 4 , 1 9 7 5 ,£ Prepared by the CAPITAL MARKETS SECTION in conjunction with the MORTGAGE, AGRICULTURAL, and CONSUMER FINANCE SECTION DIVISION OF RESEARCH AND STATISTICS BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM Washington, D.C. 20551 Index TABLES 1-6 7, 8 9 — 16 SECURITY VOLUME AND YIELDS STOCK MARKET AND SECURITY CREDIT MORTGAGE MARKET SYMBOLS e ESTIMATE p PRELIMINARY r REVISED n.3. NOT A V A I L A B L E — DATA DO NOT EXIST Table 1 3 YIELDS, VOLUME AND RECEPTION CORPORATE B O N D MARKET YIELDS W E E K ENDING 1975 - May NEW I S S U E 1 A a a UTILITY . VOLUME RECENTLY • OFFERED A a a UTILITY 2 3 GROSS OFFERINGS ( $ MILLIONS) PER CENT S O L D BY END O F WEEK NEW ISSUES 4 IN S Y N D I C A T E ( $ MILLIONS) 2 9.80 9.69 340 95 10 9 9.65 9.60 1,210 93 80 16 9.54 9.61 1,024 95 55 23 9.61 9.66 825 93 144 90 85 30 9.62 9.70 415 6 9.41 9.53 1,002 98 June 13 8.95 9.22 20 9.07 9.14 27 9.37 4 11 July 4 951 98 13 1,237 93 143 9.41 800 93 197 9.62r 9.30r 220 9.38p 9.37p 750 95 97 58 36 . MUNICIPAL B O N D M A R K E T YIELDS WEEK ENDING 1975 - May July VOLUME BOND BUYER 20-BOND INDEX 3 GROSS OFFERINGS ( $ MILLIONS) PER CENT S O L D BY END O F WEEK NEW I S S U E S 4 IN S Y N D I C A T E ( $ MILLIONS) 2 6.40 6.94 451 87 109 9 6.35 6.86 613 84 130 16 June MOODY'S NEW ISSUE Aaa 6.35 6.88 626 80 190 23 6.50 7.09 641 76 256 30 6,50 7.09 378. 89 166 6 6.35 7.05 680 81 175 13 6.15 6.80 623 91 77 20 6.30 6.93 671 85 121 27 6.30 7.00 537 91 99 4 6.30 6.96 1,705 97 108 11 6.33 6.98 357 79 151 NOTES: 1 Fedwal 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 bash 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 4 CONSTANT MATURITY BOND BUYER 2D-BOND INDEX 1971 - High Low 8 .26 (7/30) 7 02 (2/5) 8.23 (1/1) 7.17 (12/31) 7,71 (8/21) 7.06 (2/12) 6.51 (6/18) 5.69 13/23) 6,.23 (6/23) 4,.97 (10/21) 1972 - High Low 7 .60 (4/21) 6 .99 (11/24) 7.49 (4/21) 7.15 (12/1) 7.36 (4/28) 7.05 (2/12) 6.19 (4/14) 5.74 (11/17) 6,.54 (4/13) 4,.96 (10/21) 1973 - High Low 8 .52 (8/10) 7 .29 (1/21) 8.32 (8/10) 7.28 (1/5) 7.77 (8/24) 7:11 (1/5) 7.79 (8/10) 6.42 (1/5) 5,.59 (8/3) 4,.99 (10/11) 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 .16 (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) 8.41 ( 5 / 2 ) , 7.63 (2/21) 7 .09 (5/29) 6,.27 (2/13) 6 13 20 27 9.41 8.95 9.07 9.37 9.53 9.22 9.14 9.41 8.73 8.75 8.16 7.95 7.99 8.07 7.05 6.80 6.93 7.00 4 11 9.62r 9.38p 9.30r 9.37p 8.82r 8.85p 8.13r 8.19p 6, 6,i l l 1975 - June 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 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 PERIOD GROSS PROCEEDS 1 CORPORATE 2 STATE AND LOCAL 1975 2,687 3,217 2,327 1,962 3,933 2,357 2,322 2,086 2,255 2,003 2,025 1,977 1,515 2,467 April May June 3,060 3,164 2,981 2,497 2,543 3,578 2,370 2,786 2,397 2,304 2,166 1,826 1,939 2,152 July August September 3,260 2,668 1,620 2,631 1,806 1,915 1,459 1,106 1,701 2,028 1,657 1,750 October November December 4,609 3,753 3,505 3,398 3,563 3,238 2,860 2,483 1,479 2,313 2,257 2,089 9,232 9,205 7,547 11,867 8,222 8,618 6,352 10,199 6,283 6,867 4,266 6,822 5,959 5,917 5,435 6,659 18,437 25,984 37,851 16,840 23,192 33,391 13,150 17,416 24,238 11,876 17,311 23,970 January February March Q1 02 Q3 Q4 5,275 4,531 5,343 15,149 1st Half 3 Qtrs. Year 1 1974 I 3,328 NOTES: 1 Securities and Exchange Commission estimates of gross proceeds. 2 Securities Industry Association estimates of principal amounts. 6,765 * 1 1974 | 1973 1973 1975 NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE AND ISSUER IN MILLIONS OF DOLLARS G R O S S PROCEEDS BY TYPE OF ISSUER GROSS PROCEEDS BY TYPE OF ISSUE PUBLICLY OFFERED COMMON AND PRIVATELY PREFERRED PLACED STOCK I S S U E S INCLUDED FOREIGN [CONVERTIBLE PUBLIC UTILITY COMMUNICATIONS OTHER ISSUERS 1,307 1,008 743 1,351 2,168 2,276 3,343 3,040 9,201 7,548 11,867 15,149 5,883 5,025 8,611 10,828 1,789 1,227 1,572 2,212 \1,533 1,295 1,684 2,109 115 373 374 1,255 39 310 76 1 2,541 1,887 4,079 6,033 3,189 2,376 1974 - Mar. 3,217 2,020 437 760 21 52 641 1,299 331 947 Apr. May June 3,060 3,164 2,981 1,594 2,350 1,939 666 607 516 800 207 526 63 42 10 12 15 12 1,202 862 478 1,131 912 1,147 288 663 356 442 730 1,000 July Aug. Sept. 3,260 2,668 1,620 2,086 2,042 897 620 299 308 555 325 415 223 150 205 104 1 1,094 605 188 618 1,079 680 295 364 349 1,254 620 404 Oct. Nov. Dec. 4,609 3,753 3,505 3,423 3,016 2,172 355 337 880 831 400 453 175 199 76 728 1,699 1,652 2,109 964 629 475 93 175 1,297 1,000 1,049 1975 - J a n . Feb. Mar. 5,275 4,531 5,343 3,657 3,201 3,970 1,028 708 476 590 622 470 610 175 1,848 1,713 2,472 1,269 1,951 1,507 932 107 312 1974 - II III IV 1975 - I 897 NOTES: 1 MANUFACTURING Other Issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other. Source: Securities and Exchange Commission. 1 2;',SI 1,226 761 1,053 Table 5A INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 June 30, t h r u J u l y 11, 1975 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE OFFERING YIELD MOODY'S RATING CORPORATE Delmarva Power & Light Co. Consumer Power Consumer Power E q u i t a b l e Gas Corp. Burlington Northern I n c . Delmarva Power & Light Co. P u b l i c S e r v i c e of Indiana Montana Power South Carolina E l e c t r i c & Gas Union P a c i f i c RR Co. South Carolina E l e c t r i c & Gas Ford Motor C r e d i t Co. Ford Motor C r e d i t Co. Standard Oil Co. of C a l i f . J e r s e y C e n t r a l Power & Light USLIFE Corp. Southern Railway N a t i o n a l Starch & Chemical Corp. Montana Power Com s t k 1 s t mtge 1 s t mtge 1 s t mtge Equip t r 1 s t mtge Pfd s t k Com s t k Com s t k Equip t r 1 s t mtge Notes Debt SF debt 1 s t mtge Notes Equip t r Conv debt 1 s t mtge 25.3 75.0 75.0 25.0 15.0 30.0 35.0 39.8 23.4 15.0 25.0 100.0 150.0 300.0 35.0 50.0 15.0 25.0 35.0 Other World Bank World Bank Notes Notes 200.0 300.0 1980 2000 1995 1990 2005 . —— 1 9.75 11.50 10.50 7.40-9.00 10.88 9.44 — —— — 1990 1984 1985 2000 2005 1985 1985 1990 2005 2005 8.50 9.38 8.85 9.70 8.75 10.25 9.50 8.50 5.75 9.60 8.70 9.38 8.85 9.73 8.83 10.25 9.50 8.85 5.75 9.60 1985 1980 8.60 8.30 8.60 8.30 Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings. Baa/ABaa/AA Aa A Aa — —— NOTES: * Rights offering. 9.75 11.50 10.50 8.75 11.00 9.44 — Aaa A Aa/A Aa/A Aaa Baa/Bbb A Aa Baa/Bbb Aa Aaa Aaa INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' ISSUER June 30, thru July 11, 1975 2 AMOUNT TYPE (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S RATING STATE AND LOCAL Maryland Dept. of T r a n s p o r t a t i o n Merriam, Kansas Merriam, Kansas Merriam, Kansas Municipal A s s i s t a n c e Corp., N.Y. Municipal A s s i s t a n c e Corp., N.Y, Municipal A s s i s t a n c e Corp., N.Y. Henrico Co., Va. Henrico (Co., Va. Port of P o r t l a n d , Oregon Delaware, S t a t e of Massachusetts, S t a t e of Tucson, Arizona Forsyth Co., N.C. Forsyth Co., N.C. Montgomery Co., Pa. Anne Arundel Co., Md. F l o r i d a S t a t e Board of Education Montgomery, Ala. Michigan S t a t e H o s p i t a l Fin. Auth. Michigan S t a t e H o s p i t a l Fin. Auth. Michigan S t a t e H o s p i t a l F i n . Auth. Michigan S t a t e H o s p i t a l F i n . Auth. Rev Rev Rev Rev Rev Rev Rev Rev Rev Rev G.O. G.O. G.O. Rev Rev G.O. G.O. Rev G.O. Rev Rev Rev Rev 34.0 4.7 6.1 13.2 296.0 209.0 495.0 4.1 7.9 20.7 50.0 450.0 10.0 5.9 4.6 12.0 20.0 37.9 17.0 9.2 5.8 19.9 7.6 2008 1979-1990 1997 2005 1977-1982 1985 1990 1976-1989 1995 1990 1976-1995 1976-1980 1976-1986 1978-1990 2000 1977-1991 1976-2005 1976-1996 1976-2000 1978-1991 1995 2003 2005 7.56 9.19 9.19 9.19 7.22 7.22 9.20 5.86 5.90 6.20 7.93 7.93 5.58 6.28 6.58 6.88 — — — 7.50 7.00-8.50 9.00 9.25 6.50-8.25 9.00 9.50 4:50-6.50 7.40 9.00 3.90-6.70 4.75-5.80 4.50-6.30 5.75-7.80 8.00 4.00-6.05 4.20-7.00 4.20-6.80 4.25-7.40 6.50-8.55 8.75 9.25 9.25 A A A A A A Aa A-l A-l A-l A—1 Aaa Aa Aa A A A A A NOTES: 1 2 Includes only state and local security offerings of $10 million and over; excludes secondary offerings. In case of State and local government securities, G.O denotes general obligation; Rev.-Ut., revenue obligations secured only by income from public utilities; Rev.-Q.-Ut., revenue bonds secured only by income from quasi-utilities; Rev.-S.T., revenue bonds secured by revenue from specific taxes only; Rev.-Rent., revenue bonds secured solely by lease payments. 3 Includes foreign government and International Bank for Reconstruction and Development issues and non-guaranteed issues by Federal Agencies. T a b l e SB C o n t i n u e d INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY June 30, t h r u J u l y 11, 1975 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S RATING STATE AND LOCAL Pennsylvania I n d u s t r i a l Dev. Auth. Pennsylvania I n d u s t r i a l Dev. Auth. Beaver Co. I n d u s t r i a l Dev. Auth., Pa. Beaver Co. I n d u s t r i a l Dev. Auth., Pa. San Diego Pub. Sch. Bldg. Corp. San Diego Pub. Sch. Bldg. Corp. Skowhegan, Maine Jackson Park H o s p i t a l Foundation, 111. Jackson Park H o s p i t a l Foundation, 111. Jackson Park H o s p i t a l Foundation, 111. Jackson Park H o s p i t a l Foundation, 111. Ohio, S t a t e of Ohio, S t a t e of Houston, Texas Ohio, S t a t e of Rev Rev Rev Rev Rev Rev Rev G.O. G.O. G.O. G.O. Rev Rev Rev G.O. 26.2 13.8 3.5 10.0 8.3 29.0 24.0 18.9 2.3 2.8 7.4 4.0 7.5 25.0 34.0 1977-1986 1990 1985 2005 1977-1986 2000 ,2000 ' 1976-2005 1976-1980 1996 2005 1985 2005 1976-2008 1976-1995 7.66 7.66 7.23 7.23 7.20 5.98 5.70-7.50 7.75 7.88 8.88 4.50-6.20 7.25 6.25-7.63 4.40-7.20 5.75-8.45 8.88 9.00 7.88 8.88 4.00-7.35 4.00—6.60 A A Baa Baa A-l A-l Aa Aaa Aaa Aaa Baa Baa Aa Aaa '• \o "t TO Table 6A FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 as of July 11, 1975 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING CORPORATE Texas Commerce Bancshares Inc. D e t r o i t Edison Co. Duquesne Light Co. Arco P i p e l i n e Co. Bell Tele, of Penna. Mountain Fuel Supply Co. C i t i e s Service Co. Norfolk & Western RR Arkansas Power & Light I n t e r s t a t e Power Arkansas Power & Light *Iowa Southern U t i l i t i e s Co. Missouri P a c i f i c RR Co. Northern I l l i n o i s Pub. Ser. Co. Citicorp F i r s t Bank System Inc. F i r s t Bank System Inc. Georgia Power Co. Columbus & Southern Ohio E l e c t r i c Columbus & Southern Ohio E l e c t r i c American Broadcasting Co. Texas Gas Transmission Co. L o u i s v i l l e & Nashville RR Co. General Tele. Co. of I l l i n o i s Baltimore Gas & E l e c t r i c North American P h i l i p s Corp. Minnesota Power & Light Co. Big Three Ind. Inc. Montgomery Ward & Co., I n c . Hughes Tool Co. Armco S t e e l Corp. Rainier Bancorp Tucson Gas & E l e c t r i c New J e r s e y Bell Tele. Philadelphia Electric Louisiana Power & Light Public Service of Indiana *Kansas City Power & Light SF debt Pfd s t k Com s t k Notes 1 s t mtge Debt SF debt Equip t r Pfd s t k Com s t k 1 s t mtge 1 s t mtge Equip t r 1 s t mtge Conv debt Notes Conv debt 1 s t mtge Com s t k Pfd s t k SF debt Debt Coll t r 1 s t mtge 1 s t mtge Debt 1 s t mtge Com s t k SF debt SF debt SF debt Notes • Com s t k Debt 1 s t mtge 1 s t mtge 1 s t mtge Com s t k 50.0 40.0 50.0 200.0 150.0 25.0 150.0 15.0 20.0 15.0 40.0 15.0 15.0 80.0 350.0 50.0 40.0 100.0 40.0 20.0 75.0 40.0 50.0 40.0 60.0 75.0 35.0 50.0 75.0 40.0 100.0 30.0 30.0 175.0 80.0 50.0 80.0 20.0 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 July July July July July July July July July July August August August August August August 14 15 15 15 15 15 15 15 16 16 16 17 17 21 22 22 22 23 23 23 23 23 24 24 29 29 31 5 5 6 6 7 7 11 a b l e 6A C o n t i n u e d FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' as of J u l y 11, 1975 ISSUER TYPE AMOUNT (IN MILLIONS O F DOLLARS) APPROXIMATE DATE OF OFFERING CORPORATE *Southwestern E l e c t r i c Power Co. *Consol Edison Co. of New York *Wisconsin E l e c t r i c Power Co. *Northern S t a t e s Power ^Pennsylvania E l e c t r i c Co. *Portland General E l e c t r i c *Harnischfeger Corp. B e l l Telephone Co. of Pennsylvania Reading & Bates Offshore D r i l l i n g Co. A. E. S t a l e y Manufacturing Schlumberger Ltd. Georgia Power Co. Houston Lighting & Power B a r n e t t Banks of F l a . , Inc. Ashland Oil I n c . Emerson E l e c t r i c Co. F i r s t Mayland Bancorp Other A u s t r i a , Republic of Norway, Kingdom of *Hydro-Quebec Montreal, City of 1st 1st 1st Com 1st Com Com Com mtge mtge mtge stk mtge stk stk stk 40.0 80.0 60.0 40.0 45.0 30.0 26.3 65.0 August August August August - August August August INDEF Com s t k Com s t k Com s t k Pfd s t k Com s t k Notes Debt Notes. Notes 24.6 47.6 171.0 60.0 40.0 50.0 100.0 50.0 25.0 INDEF INDEF INDEF INDEF INDEF INDEF INDEF INDEF INDEF Notes Notes Debt Debt 50.0 100.0 200.0 75.0 July July July July 12 12 13 14 14 21 17 23 29 12 T a b l e 6B FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 as of July 11, 1975 ISSUER STATE & LOCAL Maricopa Co. A r i z . Sabine River Auth., Texas P h i l a d e l p h i a Mun. Hosp. Auth., Pa. *New York S t a t e Power Auth. B r a i n t r e e , Mass. Hampton, Va. Washington Public Power Supply System Michigan S t a t e Hsg. Dev. Auth. ^Puerto Rico Highway Auth. *Alabama Highway Auth. P h i l a d e l p h i a , Pa. D e t r o i t City Sch. D i s t . , Mich. *Red River Auth. of Texas *New York S t a t e Job Dev. Auth. Oregon, S t a t e of ^Gainesville, Fla. T r i n i t y River Auth., Texas Maryland, S t a t e of *Clark Co. Sch. D i s t . , Nev. University of Texas System ^ C a l i f o r n i a , S t a t e of *Wisconsin, S t a t e of * I l l i n o i s , S t a t e of ^Pennsylvania, S t a t e of TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING - Rev Rev Rev Rev G.O. G.O. Rev Rev Rev Rev G.O. G.O. Rev G.O. G. 0. Rev Rev G.O. G.O. Rev G.O. G.O. G.O. G.O. 36.6 40.0 27.6 200.0 17.0 12.7 100.0 25.0 50.0 25.0 60.0 18.5 21.0 10.0 15.6 20.7 17.4 155.7 13.0 14.0 50.0 75.0 150.0 180.0 July July July July July July July July July July July July July July July July July July July July July July July August 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 thefirsttiitie. 14 15 15 16 16 17 17 17 18 22 22 22 22 22 22 22 23 23 24 24 29 29 31 7 Table 7 STOCK PRICES AND VOLUME 1 STOCK PRICES DA*re NYSE INDEX 3 | GJ INDUSTRIALS AMEX 4 1 NASDAQ 2 TRADING VOLUME NYSE | AMEX | NASDAQ 1973 - High Low 65. 48 (1/11) 49. 12 (12/13) 1051. 50 (1/11) 788. 31 (12/5) 130.47 (1/11) 85.26 (12/20) 136.84 (1/11) 89.12 (12/13) 26.0 (9/20) 9 . 0 (8/20) 5.5 (1/12) 1.4 (8/20) 11.3 (1/11) 3 . 5 (8/27) 1974 - High Low 53. 37 (3/13) 32. 89 (10/3) 891. 66 (3/13) 577 60 (12/6) 102.01 (3/14) 59.13 (12/6) 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 50. 85 (6/30) 37. 16 (1/8) 878 99 (6/30) 632 04 (1/2) 95.27 (7/11) 62.20 (1/2) 87.20 (7/11) 60.70 (1/2) 35.2 (2/13) 13.4 (1/20) 4.2 (2/21) 1.5 (1/21) 8 . 1 (2/13) 3 . 6 (1/20) 2 9 16 23 30 47..18 47,.94 47..96 48,.05 48,.46 848..48 850..13 837.,61 831..90 832,.29 84.91 87.39 87.11 87.73 88.68 80.25 82.82 82.44 82.62 83.10 19.9 24.3 24.1 17.9 20.0 2.3 2.8 2.5 2.0 2.7 5.6 7.0 6.4 , 5.8 6.5 June 6 13 20 27 49 .19 48,.20 49 .39 50,. 66 839..64 816..96 855 .44 873,.12 90.69 89.43 91,08 92.94 84.77 83.43 85.24 86.50 24.7 19.0 19.9 22.5 3.4 2.4 2.1 3.1 7.2 6.2 6.0 6.3 July 4 11 50 .45 50 .71 871,.79 871.09 92.60 95.27 86.20 87.20 19.3 22.5 2.6 3.4 6.0 6.3 1975 May • NOTES: 1 Figures other then highs end lows ere Frideys only. Highs end lows ere for the year end ere not necessarily for Fridays. 2 Volume figures are weekly everages of deily figures (millions of sheres). 3 12/31/66 - 50 4 Based on everege price change until September 4 , 1 9 7 3 thereafter, based on market value of shares listed. SECURITY CREDIT lb REGULATED MARGIN CREDIT EXTENDED BY END O F PERIOD BROKERS ON1 MARGIN STOCK B R O K E R S ON % CONVERTIBLE BONDS 3 BANKS UNREGULATED NONMARGIN S T O C K CREDIT AT BANKS OUTSTANDING 1974 - Apr. May June July Aug. Sept. Oct. Nov. Dec. 5,370 5,260r 5,160r 4,840r 4,590r 4,090r 4,000r 4,040r 3,910r 1975 - Jan. Feb. Mar. Apr. May 4,030r 4,200r 4,260 4,440 4,780 134 136 134 138 40 -HOr -100 -320 -250 -500r -90 40r -130r -1 -7 , 179 172 172 158 156 148 145 139 137 1,009 1,020 1,037 1,023 953 924 916 891 856 848 830 844r 824r 1,868 1,858 2,072 2,091 2,119 2,060 2,024 2,053 2,064 1,919 1,897 l,882r l,885r CHANGE IN OUTSTANDING 1974 - Apr. May June July Aug. Sept. Oct. Nov. Doc. 1975 - Jan. Feb. Mar. Apr. May 120r 170r 60r 180 340 -14 -3 -7 -3 -6 -2 1 11 17 -14 -70 -29 -8 -25 -35 -1 -10 214 19 28 -59 -36 29 11 -3 2 -2 4 -8 -18 14r -20r -145 -22 -15r -3r — 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 4 Table 9 SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS IN MILLIONS OF DOLLARS NET FLOW 9,621 10,067 4,815 2,909 1971 1972 1973 1974 1974 - February March April May 1975 February March April May£/ 521 1,240 -441 6 1 ANNUAL 3 GROWTH RATE 13.5 12.4 5.3 3.0 —— — 909 2,052 626 __ 1,140 — TOTAL SAVINGS & LOAN ASSOCIATIONS MUTUAL SAVINGS BANKS REGULAR DEPOSITS NET NEW MONEY 2 SHARE CAPITAL NET FLOW 5,378 5,451 -442 -2,822 27,793 32,567 20,237 16,008 341 308 -645 -182 1,824 4,165 -218 511 708 1,029 395 930 3,297 6,493 2,858 3,891 ANNUAL 3 GROWTH RATE 2 NET NEW MONEY DEPOSITS NET FLOW 19.0 18.7 9.8 7.0 20,653 23,884 10,507 . 4,669 37,414 42,634 25,052 18,917 — «* 1,697 1,751 -340 2,345 5,405 -659 * — —— 17.2 16.7 8.4 5.8 - —— - - 420 517 3,114 3,690 4,206 8,545 — 2,673 3,636 3,484 5,031 — — —» ANNUAL 3 GROWTH RATE — — NET NEW MONEY 26,331 29,335 1.0,062 1,847 2,038 2,059 -985 233 3,822 4,719 3,068 4,616 SEASONALLY ADJUSTED 1975 - January February March April May£/ 369 715 1,489 4.5 8.7 18.0 867 10.3 15.9 1,349 —— ---- 2,455 3,057 4,842 3,642 4,337 12.1 14.9 23.3 17.2 20.2 — -— — , 2,824 3,772 6,331 4,509 5,686 NOTES: 1 Regular deposits et mutual saving* banks exclude items such as Christmas dub and certain escrow accounts, which represent a very small part of total deposits. 2 New deposits net of both withdrawals and interest. Data for S&L's are for insured associations only, which represent 96 per cent 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. 9.9 13.1 21.7 15.2 19.0 -- 2 16 Table 10 MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS BILLIONS OF DOLLARS, SEASONALLY ADJUSTED OUTSTANDING COMMITMENTS PERIOD ALL SAVINGS MUTUAL & LOAN SAVINGS BK£5 ASSOCIATIONS (N.Y. STATE]) TOTAL NET CHANGE TOTAL ALL SAVINGS MUTUAL & LOAN SAVINGS BKS ASSOCIATIONS (N.Y. STATE) 1971 - Dec. 17.7 14.0 3.7 .49 .30 .19 1972 - Dec. 25 . 1 20.2 4.9 .56 .55 .01 1973 - 25 . 8 25.8 25.4 24.8 24.0 23.7 23.1 20.8 20.9 20.6 20.2 19.5 19.3 18.8 18.0 17.0 16.1 15.9 16.2 5.0 4.9 4.8 4 .6 4.5 4.4 4.3 4.2 4.0 . 3,9 3.7 3.5 .80 .21 -.43 -.57 -.89 -.21 -.67 -.92 -1.15 -1.06 -.41 .15 .66 .11 -.28 .14 -.10 -.15 -.17 -.12 -.06 -.11 -.17 -.15 -.16 -.15 -.20 1974 - Jan. Feb, Mar. Apr, May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May July Aug. Sept. Oct. -Nov. Dec . — 1975 22.2 21.0 20.0 19.6 19.7 19.3 19.4 19.5 19.7 18.5 18.0 17.3 16.7 16.2 14.9 14.4 14.4 • . 15.9 16.0 16.4 16.7 15.6 15.1 14.5 13.9 13.5 12.5 12.1 12.2 3.4 3.2 3.1 3.0 2.9 2.9 2.8 2.8 2.7 2.4 2.3 2.2 -.33 -.06 .20 .20 -1.08 .-.61 -.64 - .56 - .56 -1.31 -.54 -.03 -.40 -.77 -.15 - .56 - .75 -1.00 -.90 -.26 .35 -.33 .13 .33 .30 -1.02 -.54 -.60 -.55 -.43 -1.01 - .44 .14 -.10 -.19 -.13 -.10 -.06 -.06 -.04 -.01 -.13 -.30 -.10 -.11 - Jan. 14.4 12.3 2.1 -.04 .06 -.10 Feb. 14.4 12.6 1.8 .05 .30 -.25 Mar. Apr. 15.2 13.2 2.0 • 71 .60 .11 16.2 14.2 2.0 1.13 1.07 .06 May 16.9 14.8 2.1 .73 .62 .11 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. 1 T a b l e 11 NET NEW MONEY BORROWINGS BY MAJOR HOUSING AGENCIES IN MILLIONS O F DOLLARS PERIOD TOTAL INCLUDING SHORT-TERM DISCOUNT NOTES INTERMEDIATE AND LONG-TERM I S S U E S TOTAL FHLB FHLMC FNMA ' +530 1973 - July Aug. Sept. Oct. Nov. Dec. +1,475 +1,693 +1,910 +1,946 +11 +598 +1,528 +1,349 +1,850 +1,950 -150 +256 +998 +1,349 +1,500 +1,300 - - -150 - - — 1974 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. -671 -695 +424 +508 +1,442 +2,699 +1,804 +878 +2,768 +1,665 -89 +507 -756 -657 +450 -4 +992 +2,250 +1,499 +200 +2,750 +1,599 +93 +961 -800 -657 - — -4 +992 +1,500 +1,000 +400 +1,700 +1,499 -217 +470 1975 - J a n . Feb. Mar. Apr. p May p June p -242 -659 440 -21 -1,546 252 -5 -254 689 100 -1,265 600 -4 -554 -11 0 -1,265 0 — — — __ —— Notes: Based on data from t h e Treasury Survey of Ownership. 1/ Sales of FHLB discount notes began i n May 1974. jg/ Preliminary. FNMA & FHLB - - — - - - -200 - —— 300 0 0 0 0 —— +350 +650 —— +256 SHORT-TERM DISCOUNT NOTES!/ -53 +344 +60 -4 +161 +342 +1,050 +100 +310 +491 +85 -38 -26 +512 +450 +449 +305 +678 +18 +66 -182 -454 -1 0 700 100 0 600 -237 -405 -249 -79 -281 -348 +44 +450 —* - - +750 +499 —— • 18 T a b l e 12 NET CHANGE IN MORTGAGE HOLDINGS IN MILLIONS OF DOLLARS PERIOD TOTAL INCLUDING FNMA-GNMA 2 FINANCIAL INSTITUTIONS TOTAL COMMERCIAL BANKS MSB's S & L's INSURANCE FNMA-GNMA COMPANIES Not Seasonally Adjusted 1970 1971 1972 1973 1974 41,647 57,587 16,827 39,259 55,561 58,372 55,072 21,736 42,748 1974 - Oct. Nov. Dec. 1975 - J a n . Feb. Mar. Apr. May 36,526 2,419 1,655 1,992 1,476 1,082 1,313 862 1,514 1,946 3,268 2,255 1,588 2,333 3,458 2,462 1,845 10,254 23,919 2,348 1,221 4,909 2,388 2,026 5,078 6,222 565 522 595 545 475 729 516 453 66 100 70 428 1,111 1,618 268 403 258 132 2,285 3,185 451 9,940 16,800 19,600 11,700 5,377 5,642 2,170 31,932 500 400 500 45 79 - 22 100 -100 0 400 300 3,938 25,552 17,578 1,452 4,278 3,300 764 451 74 . 387 190 57 Seasonally Ad lusted 1974 - Oct. Nov. Dec. 1975 - J a n . Feb. Mar. Apr. May 2,847 2,461 1,986 2,614 2,829 2,473 3,519 2,205 1,973 1,456 2,108 2,630 1,912 3,128 533 509 734 447 184 53 384 33 98 67 -102 1,037 985 629 537 412 195 642 488 530 170 242 47 166 1,156 1,648 1,415 2,015 2,770 335 556 397 563 506 199 561 391 181 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. Data 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 89 per cent of the net increase estimated for all holders in 1972. 2 Beginning January 1972 data reflect activity in limited amount of conventional mortgages. Table 13 19 NET INCREASE IN MORTGAGE DEBT OUTSTANDING IN BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL RATES 2 QUARTER TOTAL 2t RESIDENTIAL TOTAL 1- t o 4 FAMILY , MULTIFAMILY COMMERCIAL MULTFAMILY & COMMERCIAL FARM 1968 - I II III IV 28.1 26.4 25.5 29.6 19.4 18.2 17.2 20.4 16.3 15.0 13.6 16.5 3.1 3.2 3.5 3.9 6.4 6.0 6.5 7.4 9.5 9.2 10.1 11.3 2.3 2.2 1.8 1.9 1969 - I II III IV 32.0 29.1 25.8 25.2 23.8 21.5 18.7 18.5 19.4 16.8 14.0 13.1 4.4 4.6 4.7 5.4 6.0 5.4 5.3 5.3 10.4 10.1 10.0 10.7 2.2 2.2 1.7 1.4 1970 I II III IV 20.7 22.9 28.5 31.8 14.4 16.8 21.3 22.8 9.4 11.6 15.0 16.2 5.0 5.2 6.3 6.6 4.8 4.6 5.1 6.8 9.8 9.8 11.5 13.4 1.5 1.5 2.1 2.2 1971 - I II III IV 37.3 47.7 52.3 54.2 27 .4 35.5 38.5 41.2 19.4 26.2 28.6 31.3 8.0 9.4 9.9 9.9 7.7 9.8 11.5 10.5 15.7 . 19.2 21.4 20.4 2.2 2.4 2.3 2.5 1972 - I II III IV 62.8 64.9 65.1 68.3 46.1 47.0 47.1 49.5 37.7 37.4 38.0 40.0 8.4 9.6 9.1 9.5 14.1 15.3 15.3 16.3 22.5 24.9 24.4 25.8 2.6 2.6 2.6 2.5 1973 - I II III IV 83.4 75.6 71.3 57.9 63.1 53.9 51.4 38.3 53.1 44.0 41.8 31.7 10.0 9.9 9.6 6.5 16.3 17.8 16.3 15.0 26.3 27.8 25.9 21.5 4.1 3.8 3.6 4.6 1974 - I II III IV 58.5 65.3 50.0 38.6 39.5 44.0 35.7 23.7 32.1 37.1 27.5 17.3 7.4 6.8 8.2 6.4 15 .4 17.3 9.0 7.6 22.7 24.1 17.2 14.0 3.6 4.0 5.3 7.3 1975 - I p 34.9 25.8 21.1 4.7 4.2 8.8 4.7 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 May differ somewhat from related flow of funds series mainly because of more aggregative type of seasonal adjustment. 3 Residential mortgage debt includes nonfarm only and is sum of 1 to 4- family and multifamily mortgage debt<combmed. 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 PERMITS PERIOD 1969 1970 1971 1972 1973 1974 1974 - July Aug. Sept. Oct. Nov. Dec. 1975 - J a n . Feb. Mar. Apr. May TOTAL 1—FAMILY COMPLETIONS STARTS 2 - O R MORE FAMILY TOTAL 1—FAMILY 2 - O R MORE FAMILY TOTAL 1 —FAMILY MOBILE 2 - O R MORE HOME FAMILY SHIPMENTS 1,324 1,352 1,952 \2,219 1,820 1,052 626 647 928 1,033 882 726 698 705 1,025 1,186 937 419 1,467 1,434 2,052 2,357 2,045 1,338 811 813 1,151 1,309 1,132 888 656 621 901 1,048 914 450 1,399 1,418 1,706 1,972 2,005 808 802 1,014 1,143 1,166 592 617 692 828 838 1,017 900 823 782 730 822 632 618 577 533 511 486 385 282 246 249 219 336 1,314 1,156 1,157 1,106 1,017 880 920 826 845 792 802 682 394 330 312 314 215 198 1,655 1,592 1,562 1,627 1,657 1,606 934 919 899 908 893 852 721 674 663 719 763 754 682 714 677 837 909 495 524 503 603 653 187 190 173 234 256 999 1,000 985 986 1,126 7-39 733 775 770 886 260 267 210 216 240 1,535 1,320 1,292 1,173 964 770 721 724 571 550 571 449 413 401 497 576 580 x . 340 316 252 217 195 195 185 219 199 194 NOTES: P r i v a t e permits ( f o r 14,000 a r e a s with permit systems, excluding farm), s t a r t s , and completions are Census Bureau d a t a . A dwelling u n i t i s s t a r t e d when excavation b e g i n s . In the case ox apartment b u i l d i n g s , a l l u n i t s a r e considered s t a r t e d a t t h a t time; however, a l l such u n i t s are considered completed when more than half of the u n i t s i n the s t r u c t u r e a r e ready f o r u s e . P r i v a t e mobile home s h i p m e n t s ' a r e Mobile Home Manufacturers Assoc. d a t a converted to s e a s o n a l l y a d j u s t e d annual r a t e by Census Bureau. \ J Permit data f o r 1969 and 1970 based on 13,000 a r e a s with permit systems. T a b l e 15 AVERAGE RATES AND YIELDS ON HOME MORTGAGES CONVENTIONAL LOANS PRIMARY MARKET 1 PERIOD RATE (IN PER CENT) SPREAD (BASIS POINTS) RATE (IN PER CENT) SPREAD BETWEEN RETURNS ON NEW Aaa CONVENTIONAL UTILITY 1 AND HUD(FHA) BOND DISCOUNT NEW HOME YIELD (PERCENTAGE MORTGAGES (IN PER CENT) POINTS) (BASIS POINTS) HUD(FHA) INSURED LOANS SECONDARY MARKET EXISTING HOMES NEW HOMES SPREAD (BASIS POINTS) NEW HOMES 1 YIELD (IN PER CENT) SPREAD (BASIS POINTS) 1973 - High Low 8.95 7.70 107 31 8.95 7.75 107 37 9.18 7.55 130 14 9.4 2.2 21 -23 8.36 7.38 1974 - High Low 9.80 8.55 45 -70 9.80 8.60 50 -70 10.38 8.54 44 -25 6.3 2.3 1 -70 10.46 8.10 1974 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 8.65 8.55 8.60 8.90 9.15 9.25 9.40 9.60 9.80 9.70 9.55 9.45 40 45 -4 -8 6 -25 -70 -39 -66 -33 -13 n.a. 8.65 8.60 8.60 8.90 9.15 9.25 9.40 9.60 9.80 9.70 9.60 9.45 40 50 -4 —8 6 -25 -70 -39 -66 -33 —8 n.a. 8.54 8.66 9.17 9.46 9.46 9.85 10.30 10.38 10.13 n.a . 44 2 19 37 -4 -25 31 -8 10 n.a. 2.3 3.2 5.1 5.3 5.3 6.3 5.8 6.3 4.6 n a 1 -6 -27 -31 -21 -45 -70 -58 -43 n.a. 9.51 8.25 8.10 8.64 8.98 9.09 9.50 10.10 9.99 10.46 10.03 9.68 1975 - J a n . Feb. Mar. Apr. May 9.15 9.05 8.90 9.00 9.05 15 11 -70 -66 -57 9.20 9.05 8.95 9.05 9.10 20 11 -65 -61 -52 8.99 8.84 8.69 -1 -10 -91 n.a. n.a. 9.16 -46 3.8 -6 3.8 2.6 5 .4 16 21 21 n.a. 5.0 -ii" 9.00 8.94 9.60 9 .66 9 ,*2 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. (V Table 16 22 FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS GOVERNMENT-UNDERWRITTEN DATE O F AUCTION AMOUNT (IN MILLIONS O F DOLLARS) OFFERED 1974 - High Low | AVERAGE YIELD ACCEPTED CONVENTIONAL AMOUNT (IN MILLIONS O F D O L L A R S ) OFFERED | AVERAGE YIELD ACCEPTED 1155 (3/25) 333 (3/25) 10.59 (9/9) 164 (4/18) 63 (4/8) 10.71 (9/9) 26 (11.18) 18 (11/18) 8.43 (2/25 14 (10/21) 7 (11/18) 8.47 (3/11: 1975 - Jan. 13 27 25.3 41.4 21.2 28.6 9.37 9.12 17.9 11.1 14.9 10.6 9.50 9.39 Feb. 10 24 24.6 36.2 18.1 23.8 8.98 8.87 14.8 20.0 9.1 9.1 9.20 9.04 Mar. 10 24 99.2 460.5 60.1 321.4 8.78 8.85 34.4 60.7 22.1 35.8 8.96 9.00 Apr. 7 21 551.6 470.9 277.2 247.3 8.98 9.13 99.8 79.2 44.6 64.8 9.13 9.26 May 5 19 525.5 165.6 280.4 115.0 9.29 9.25 69.8 46 .4 43.9 38.4 9.43 9.41 June 2 16 30 172.5 73.4 358.7 80.4 38.6 246.9 9 .14 9.06 9.07 51.2 28.5 67.5 27.1 15.7 47.3 9.26 9.21 9.18 1 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 loam, 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 bidden relate to total eligible bids received.
@FedFRASER