Full text of H.16 Capital Market Developments : July 2, 1979

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V

A.

4 CK
v>:.

Capital
Market
Developments

July 2, 1 9 7 9

Prepared by the
C A P I T A L MARKETS SECTION
in c o n j u n c t i o n with the
MORTGAGE and CONSUMER
F I N A N C E SECTION




DIVISION O F R E S E A R C H AND S T A T I S T I C S
BOARD O F G O V E R N O R S
F E D E R A L R E S E R V E SYSTEM
Washington, D C. 2 0 5 5 1

/

Index

SUBSCRIPTION RATES:
Weekly $15.00 per year or $.40 each in the United
States, its possessions, Canada, and Mexico; 10 or
more of the same issue to one address, $13.50 per
year or $.35 each. Elsewhere, $20.00 per year or $.50
each. Address requests to Publications Services, Division of Administrative Services, and make payment
remittance payable to the order of the Board of
Governors of the Federal Reserve System in a form
collectible at par in U.S. Currency.




TABLES

1 - 6

SECURITY VOLUME AND YIELDS

7, 8

STOCK MARKET AND SECURITY
CREDIT

9-16

MORTGAGE MARKET

SYMBOLS
e
ESTIMATE
p
PRELIMINARY
r
REVISED
n.a. NOT AVAILABLE
DATA DO NOT EXIST

r

Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
VOLUME

YIELDS
WEEK ENDING

1979 - Apr.

May

June

2
13
20
27
4
11
18
25
1

8
15
22
29

NEW ISSUE
Aaa UTILITY

1

RECENTLY
OFFERED
Aaa UTILITY

9.59
9.68
9.66
9.87

— —

9.85
9.80

2

9.57
9.51
mm* mm

9.45p

PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
( $ MILLIONS)

9.61
9.68
9.70
9.88

615
300
727
1,233

98
100
87
90

13
0
91
122

9.93
9.93
9.85
9.74

124
274
570
859

80
89
84
100

25
30
89
0

250
1,128
933
741
992

96
94
92
91
92

10
63
70
65
80

9.72
9.58
9.46
9.48
9.40p

— —

GROSS
OFFERINGS
( $ MILLIONS)

3

MUNICIPAL BOND MARKET
VOLUME

YIELDS
WEEK ENDING

1979 - Apr.

May

June

GROSS
OFFERINGS
( $ MILLIONS)

MOODY'S
NEW ISSUE
Aaa

BOND BUYER
2D-BOND
INDEX

6
13
20
27

5.85
5.85
5.75
5.75

6.25
6.33
6.30
6.26

657
756
557
653

4
11
18
25

5.80
5.85
5.90
5.75

6.27
6.30
6.30
6.21

1

5.75
5.75
5.40
5.50
5.50

6.16
6.09
6.11
6,18
6.12

8
15
22
29

J

PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
( $ MILLIONS)

92
76
88
85

163
279
151
172

432
711
685
642

77
81
79
90

173
214
248
142

293
833
1,254
1,058
869

78
95
81
84
79

151
91
284
440r
292

.

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
4

Estimated by F.R. on the basis of available data.
Corporate Market: Salomon Brothers Bond Market Roundup; Municipal Market: Weekly Bond Buyer. Data are adjusted by Federal Reserve
necessary to make coverage of this series consistent with the gross offerings series.



Table 2

HIGH GRADE BOND YIELDS
1

NEW ISSUE
Aaa UTILITY

DATE

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

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)

8 . 9 5 ( 5 / 2 8 ) <:
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

9.29 (12/15)
8.60 (3/24)

9.54 (12/22)
8.48(1/6)

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

9.00 (12/22)
8.02 (1/6)

6.67 (12/22)
5.58 (3/17)

1979 - High
Low

9.87 (4/27)
9.43 (2/9)

9.93 (5/11)
9.40 (6/29)

9.52 (5/11)
9.19 (2/2)

9.30 (5/11)
8.83 (6/29)

6.42 (3/2)
6,09 (6/8)

1979 - March
April
May

9.62
9.70
9.83

9.62
9.74
9.84

9.37
9.38
9.50

9.08
9.12
9.21

6.33
6.29
6.25

9.93
9.93
9.85
9.74

9.51
9.52
9.51
9.49

9.28
9.30
9.23
9.11

6.27
6.30
6.30
6.21

9.72
9.58
9,46
9.48
9.40p

9.48
9.41
9.25
9 . 23r
9.25p

9.06
8.98
8.89
8.93_
8.83p

6.16
6.09
6.11
6.18
6.12

1975 - High
Low

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

1976 - High
Low

1979 - May

June

4
11
18
25
1

8
15
22
29

— —

'

9.85
9.80
— —

9.57
9.51
9.45p

,

NOTES:
1
Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year cail protection.
2
3

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.
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

Table 3

LONG-TERM CORPORATE AND
STATE AND LOCAL GOVERNMENT
SECURITY OFFERINGS AND PLACEMENTS
IN MILLIONS OF DOLLARS

GROSS PROCEEDS
PERIOD

January
February
March
A p ril
May
June

1978r

1977r

1979

1978

1977

3,668
3,165
3,600e

3,326
2,770
4,569

4,358
2,790
5,578

2,807
2,598
4,525

3,306
2,753
4,844

3,402
3,442
4,063

4,100e
3,200e
6,lOOe

3,397
4,227
5,539

3,928
3,733
5,632

2,998
2,900e
4,lOOe

3,824
5,525
4,369

3,409
4,566
5,786

4,414
3,379
4,236

4,251
3,458
4,178

3,920
6,407
2,323

3,113
4,118
4,013

3,799
3,207
4,401

4,025
5,341
6,518

3,231
4,320
3,690

3,807
3,332
3,646

10,665
13,163
12,029
11,407

12,726
13,295
11,887
15,884

10,903
13,718
12,650
11,241

10,907
13,761
11,244
10,785

23,828
35,857
47,264

26,021
37,908
53,792

24,621
37,271
48,512

24,668
35,912
46,697

August
September
October
November
December

10,433e
13,400e

02
03

2

STATE AND LOCAL

1979

July

Q1

1

CORPORATE

04
1st Half
3 Otrs.
Year

9,930
9,998e

NOTES:
1

Securities and Exchange Commission estimates of gross proceeds.

2

Securities Industry Association estimates of principal amounts.




5

Table 4

NEW CORPORATE SECURITY I S S U E S
BY TYPE OF ISSUE AND ISSUER
IN MILLIONS OF DOLLARS

GROSS PROCEEDS BY TYPE OF ISSUER

GROSS PROCEEDS BY TYPE OF ISSUE
PERIOD

BONDS

MEMO
COMMON
MANUFACAND
ISSUES INCLUDED
PRIVATELY
TURING
PREFERRED
PLACED
FOREIGN CONVERTIBLE
STOCK

COMMUNICATIONS

OTHER
ISSUERS

TOTAL

PUBLICLY
OFFERED

10,665
13,163
12,029
11,407

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

3,886
4,788
4,526
3,891

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

233
260
120
189

4
158
115
129

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

2,433
3,728
3,049
3,041

854
424
1,143
1,219

4,822
5,863
5,142
4,737

1978-January
February
March
April
May
June
July
August
September
October
November
December

3,326
2,770
4,569
3,397
4,227
5,539
4,414
3,379
4,236
3,799
3,207
4,401

1,382
1,464
1,902
1,959
1,719
1,744
2,052
1,497
1,610
1,651
1,608
1,227

1,311
730
1,845
931
1,469
2,388
1,734
1,100
1,692
964
873
2,054

633
576
822
507
1,039
1,407
628
782
934
1,184
726
1,120

233
0
0
12
106
142
80
40
0
10
30
149

0
0
4
20
2
136
16
6
93
101
22
6

465
755
1,335
606
958
1,854
843
740
1,116
498
840
1,073

644
531
1,258
743
1,713
1,272
793
877
1,379
1,626
761
654

529
34
291
75
349
376
552
215
302
457
460

1,689
1,450
1,683
1,973
1,557
2,333
2,404
1,211
1,527
1,372
1,150
2,215

1979-January
February

3,668
3,165

1,282
1,336

1,722
916

664
913

16
10

3
5

907
471

890
1,186

259
558

1,612
949

1978-1
II
III
IV

NOTES:
1

1
PUBLIC
UTILITY

Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other.

Source: Securities and Exchange Commission.



— —

Table 5A

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
June 4 through June

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

29,

1

1979

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

CORPORATE

Tenneco Inc.
Duke Power Co.
Borden Inc.
Alaska Interstate Co.
Pacific Gas & Electric Co.
United Gas Pipeline Co.
Union Tank Car Co.
Philip Morris Inc.
Mostek Corp.
Duke Power Co.
Elsinore Corp.
^Northern Indiana Public Service Co.
Public Service Co. of Oklahoma
Ford Motor Credit Co.
Southern Pacific Transp. Co.
Lachmar
Lachmar
South Carolina Elect. & Gas Co.
Commonwealth Edison Co.
Household Finance Corp.
Sears Roebuck Accept. Corp.
Toledo Edison Co.
Arkansas Power & L i g h t Co.
U t a h Power & L i g h t Co.

Debt.
250.0
1 s t . mtg.
150.0
Debt.
150.0
Debt.
15.0
1 s t . mtg.
200.0
Notes
50.0
Equip, tr. c e r t . 6 0 . 0
Notes
250.0
Com. stk.
17.4
Pfd. stk.
50.0
Com. stk.
17.7
Com. stk.
30.5
1 s t . mtg.
75.0
Notes
250.0
Equip, tr. c e r t . 2 4 . 0
Govt. gtd.
40*0
Govt. gtd.
30.0
1 s t . mtg.
50.0
1 s t . mtg.
200.0
Debt.
100.0
Med-term notes 1 5 0 . 0
Com. s t k .
Pfd. s t k .
Com. stk.

42.3
40.0
41.8

2004
2009
2004
1999
2012
1989
1999
1986
-

-

-

—

8.84

8.84
— «.

— —

— —>

mm mm

2009
1989
1980-1994
1993
1989
2009
1984
2004
1981-1989
—• —

—•

Rights offering.

1

Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings.

9.63
9.45
9.13
9.30
9.25
9.88
9.25
9.63
-

-

A/A
A/A
Aa/A+
B/B
Aa/AABaa/BBB
A/A

A/A

— —

— —»

*



— —

9.57
10.13
9.38
12.75
10.15
10.55
9.80
9.55

— —

NOTES:

** C o n v e r t i b l e f l o a t i n g - r a t e n o t e s .


9.50
10.13
9.38
12.75
10.13
10.50
9.80
9.55

9.63
9.45
9.50-9.15
9.30
9.25
9.94
9.30
9.63
9.25-9.75

9.92

9.65

' —

—

A/A

Aa/AA
Aaa/AAA
Aa/AA
--/

A/A
Aa/AAA/A
Aaa/AAA
Baa/BBB-

Table SA

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY

1

June 4 through June 2 9 , 19.79

ISSUER

AMOUNT
(MILLIONS
OF
DOLLARS)

TYPE

CORPORATE

MATURITY

COUPON RATE

OFFERING
YIELD

1

Global Marine I n c .
Eastern A i r l i n e s
Nortek I n c .
Wesco F i n a n c i a l Corp.
T r a i l e r Marine Transport
Sabine Corp.
Pneumo Corp.
Mellon N a t i o n a l Corp.
Cordis Corp.
American S a v i n g s & Loan A s s o c .
S t a n d a r d - P a c i f i c Corp.
Arizona P u b l i c S e r v i c e Co.
Sun Banks of F l o r i d a I n c .
C&P T e l . Co. of W. V i r g i n i a
A t c h i s o n , Topeka & Santa Fe Ry. Co.
Honeywell Corp.
Lifemark Corp.
Wells Fargo & Co.
Golden Nugget
P a c i f i c T e l . & T e l e . Co.
Great Western Savings & Loan A s s o c ,
Camp an e l l i. Indus t r i e s

Com. s t k .
Conv. debt.
Debt,
Debt.
Govt. g t d .
Conv. d e b t .
Debt.
Notes**
Debt,
Mtg.-backed
Debt.
Com. s t k .
Pfd. stk.
Debt.
Equip t r .
Debts.
Debt.
Notes
1 s t mtg.
Debt.
1 s t mtg.
Debt.

15.1
150.0
25.0
25,0
36.0
30.0
20,0
150.0
20.0
200.0
25.0
49.1
25.1
50.0
24.0
150.0
15.0
150.0
65.0
300.0
200.0
15.0

2019
1980-1994
2009
1999
1985
1994
2019
1989
1994

8.75
9.25
9.13
9.38
11.75
9.55
11.50
9.75
9.50
12.88

OTHER
Hydro-Quebec
F i n l a n d Bonds

Debt.
Bonds

200.0
100.0

2009
1989

10.13
9.63

10.13
9.63

•

#

#




#

#

$

#

——

1999
1999
1991
2004
1999
1994
1989
1999
1985
1999

11,50
13,59
10.13
9,50
6.50
11.63
11.50
12.32
11.00
12 „ 75

——

B/B
B/B
A/A+
— / —

Ba/BB
Ba/BB
Aaa/AAA
B/B
— j

—

B/B

——

—-—

»

11.50
12.50
10.13
9,50
6.50
11,63
11.50
12.25
11.00
12.75

MOODY'S/S&P'S
RATINGS

8.75
9.37
9.50-9.13
9.38
12.36
9.55
14.00
9.75
9.54
13.72

A/A
Aaa/AAA
Aaa/AAA
A/A+
B/B
A/A
B/CCC
A/A+
Aaa/AAA
B/B
Aa/AA
Aa/AAA

#

Table 5B

INTERMEDIATE AND LONG-TERM*
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY

1

June 4 through June 29, 1979
ISSUER

TYPE

AMOUNT
(MILLIONS OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

STATE AND LOCAL

New York S t a t e Dorm. Auth.
New York S t a t e Dorm. Auth.
New York S t a t e Dorm. Auth.
Homer D. Cobb Mem. Hosp. B d . , A l a .
Homer D. Cobb Mem. Hosp. B d . , A l a .
P u e r t o Rico Telephone Auth.
Puerto Rico Telephone Auth.
D a l l a s , Texas
Flour B l u f f Ind. Sch. D i s t . , Tex.
C a l i f o r n i a , S t a t e of
Dade County, F l a .
Ohio, S t a t e of
I l l i n o i s , S t a t e of
New J e r s e y , S t a t e of
Garden Grove Comm. Dev. A g y . , C a l i f .
Manatee C o . , F l a .
New J e r s e y H e a l t h Care F a c . F i n . Auth.
New J e r s e y H e a l t h Care F a c . F i n . Auth.
New J e r s e y H e a l t h Care Fac. F i n . Auth.
M a s s a c h u s e t t s Housing F i n . Agy.
M a s s a c h u s e t t s Housing F i n . Agy.
M a s s a c h u s e t t s Housing F i n . Agy.
River Rouge, Mich.
Spokane County, Wash.

Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
G. 0 .
G. 0 .
G.O.
Rev.
G.O.
G.O.
G.O.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.

6.5
7.9
8.1
3.8
10.5
18.3
91.7
40.0
11.5
60.0
48.0
65.0
100.0
100.0
10.8
20.0

5.3
2.5
11.3
17.2
33.1
49.7
15.1
13.0

NOTES:
1

Includes only state and local security offerings of $10 million and over; excludes secondary offerings.

2

For State and local government securities, G O. denotes general obligation; Rev. denotes revenue obligations.

*

Greater than 12 months.

**
Canadian Interest



Cost.

1981-1994
2003
2009
1984-1992
2009

6.02
6.02
6.02

198,

7.57
7.57
5.51
5.58
5.43**
6.20**

1994

2009
1983 t ,:,n 9
1981-2000
1980-1999

1982-2006
1980-2004
1980-2004
1982-2004
1980-2004
1980-2009
1982-1996
2000
2011
1982-1996
2008
2022
1984-1997
1982-2000

6.85
6.21

5.10-5.70
6.00
6.05
6.35-7.50
8.00
6.50-7.25
7.56
5.10-5.70
5.00-6.00
4.80-5.70
5.30-6.40
5.25-6.20
5.00-6.00
5.00-5.90
5.40-6.90
",30-6.25

— —

5.50-6.65

— —
— —

5.92
5,66
5.57

6.75
— —
— —
— — —

- -

6.90

5.50-6.70
7.13
7.24
5.85-7.00
5.50-6.70

Aaa/AA
Aaa/AA
Aaa/AA
Con. Baa/Prov.BBI
Con. Baa/Prov.BBI
A/A
A/A
Aa/AA
A/A
Aaa/AAA
A-1/A+
Aa/AA
Aaa/AAA
Aaa/AAA
A/ —

Baa/AAA
A-1/A+
A-1/A+
A-1/A+
A-1/A+
A-1/A+
A-1/A+
Baa/BBB
A/BBB+

Table SB Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
June 4 through June 2 9 , 1979

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

STATE AND LOCAL

Hammond-Tangipahoa Home Mtge. Auth.

La.
Hammond-Tangipahoa Home Mtge. A u t h . ,
La.
Gainesville, Fla.
Gainesville, Fla.
Gainesville, Fla.
Gainesville, Fla.
Gainesville, Fla.
Mercer County, Pa.
Mercer County, Pa.
North Dakota Municipal Bond Bank
P l a t t e County, Wyo.
P l a t t e County, Wyo.
P l a t t e County, Wyo.
S i t k a , Alaska (City'& Borough)
S i t k a , Alaska
S i t k a , Alaska
Oakland Redev. A g y . , C a l i f .
Oakland Redev. A g y . , C a l i f .
V i r g i n i a , S t a t e of
Omaha, Neb.
Milwaukee, Wise.
Nebraska P u b l i c Power D i s t .
Metro. Water D i s t . of Southern C a l i f .
Metro. Water D i s t . of Southern C a l i f .

**Canadian Interest Cost.



Rev.

6.0

1980-1999

Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
G. 0 •
G.O.
G. 0 .
G.O.
G.O.
Rev.
Rev.
Rev.

11.5
80.0
24.6
10.6
17.5
97.3
5.4
11.4
16.6
16.4
22.0
13.6
5.3
13.2
35.5
6.8
26.2
11.3
12.8
21.7
61.0
13.0
12.0

2011
1980-1999
1990-1999
2002
2006
2014
1980-1996
2009
1980-2000
1984-1996
2005
2008
1984-1994
2006
2019
1981-1992
2009
1980-1999
1980-1999
1980-1994
1983-2010
1980-1997
2005

•»

— —
— —
— —

——

— —
— —
— —
— —
— —
— —
-• —
— —
— —
— —

7.27
7.27
5.23
5.25
5.25
6.23**
6.06**
6.06**

5.50-7.10

--/AA-

7.30
5.00-5.65
5.50-6.00
6.20
6.30
6.53
5.70-7.00
7.20
5.30-6.25
5.50-6.25
6.75
6.75
6.20-7.00
7.38
7.63
5.50-6.75
7.20
4.70-5.40
4.75-5.40
4.90-5.35
5.20-6.45
4.75-5.60
5.93

--/AAAaa/-A-l/AA
A-l/AA
A-l/AA
A-l/AA
- - / P r o v . A- - / P r o v . AA/A+
A/BBB4A/BBB+
A/BBB+
Con. Baa/BBB
Con. Baa/BBB
Con. Baa/BBB
Baa-l/ABaa-l/AAaa/AAA
Aaa/AAA
Aaa/AAA
A-l/A
Aa/AA
Aa/AA

Table 5B Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
June 4 through June 29, 1979

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

STATE AND LOCAL

Metro. Water D i s t . of Southern C a l i f .
North C a r o l i n a , S t a t e of
L o u i s i a n a , S t a t e of
U n i v e r s i t y of L o u i s v i l l e , Ky.
New Albany-Floyd Cty. Sch. Bldg .
Corp., Ind.
Columbus, Ohio
Columbus, Ohio
Fort Worth, Texas
Fort Worth, Texas
Norman, Okla.
C a l i f o r n i a Housing Finance Agy.
J e f f e r s o n County, Ark.
J e f f e r s o n County, Ark.
J e f f e r s o n County, Ark.
Broward Cty. H e a l t h Fac. A u t h . , F l a .
Broward Cty. H e a l t h Fac. A u t h . , F l a .
Willmar, Minn.
Colbert County Hosp. Bd., A l a .
C o l b e r t County Hosp. B d . , A l a .
Central Dauphin Sen. D i s t . , Pa.
Maryland Comm. Dev. Adm.
Maryland Comm. Dev. Adm.
Maryland Comm. Dev. Adm.
Maryland Comm. Dev. Adm.
New York S t a t e Med. Care Fac. F i n .
Agcy.
**Canadian
Interest



Cost.

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

50.0
60.0
121.6

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

35.0
31.3
1.6

Rev.

35.0

2020
1980-1995
1980-2004
1981-2014

3.6

1994-2004
1981-2005
1981-2005
1982-2002
1981-2004
1982-1999
1980
1983-1995
1997
2006
1980-1994
2004
1982-2002
1984-1994
2009
1980-1991
1981-1999
2006
2020
2022

64.6

1980-2003

39.0
6.5
12.0
30.0
7.6
1.2
13.2
8.7
7.0
10.4
3.3
12.3
10.2

3.8
2.9
12.4

6.06**
5.13
5.42
6.33
6.08
5.72
5.72
5.45
5.54
5.16
— -

-

—

— —

-

-

5.94
-

-

——

——

6.10
4.60-5.30
4.80-5.70
5.10-6.60

Aa/AA
Aaa/AAA
Aa/AA
A/A+

5.70-6.25
5.00-6.00
5.10-6.00
4.90-5.90
4.80-5.85
4.80-5.20
4.90
6.00-7.10
7.13
7.25
5.30-6.70
7.00
5.25-6.00
6.00-7.00
7.63
5.20-6.00
5.20-6.60
6.80
7.00
7.00

Con. A/Prov. A
Aa/AA
Aa/AA
Aa/AA
Aa/AA
A-l/--

5.75-7.25

A/A

— —/ ——
- -/A
--/A
--/A

A-l/A
A-l/A
A/ - -

Con. Baa-l/BBBf
Con. Baa-l/BBBf
— — j —

Con.
Con.
Con.
Con.

Aa/ —
Aa/—
Aa/—
Aa/—

Table 5B Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
J u n e 4 through J u n e 29, 1979

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

Rev.
G .0.
G .0.
Rev.
Rev.
Rev.

99.6
75.0
30.5
8.9
3.0
17.7

2016
1982-1999
1980-1999
1980-1996
1999
2009

Rev.

8.6

1982-1996

Rev.

2.5

2002

Rev.
Rev.
Rev.
Rev.
Rev.
Rev.

25.9
92.1
64.4
18,5
44.9
60.1

2009
1980-1997
2010
2011
1980-1999
2009

Rev.

29.3

1984-1998

Rev.

18.6

Rev.

32.4

Rev.
G.O.

69.7
35.0

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

STATE AND LOCAL

New York S t a t e Med. Care Fac. F i n .
Agcy.
Hawaii, S t a t e of
Houston, Texas
Juneau, Alaska
J u n e a u , Alaska
Juneau, Alaska
J e f f e r s o n P a r . Hosp. S e r v i c e D i s t . #1.
La.
J e f f e r s o n P a r . Hosp. S e r v i c e D i s t . #1,
La.
J e f f e r s o n P a r . Hosp. S e r v i c e D i s t . #1,
La.
New Mexico Mortgage F i n . Auth.
New Mexico Mortgage F i n . Auth.
New Mexico Mortgage' F i n . Auth.
Alaska Housing F i n a n c e Corp.
Alaska Housing F i n a n c e Corp.
Washington P u b l i c Power Supply Sys.
#1
Washington P u b l i c Power Supply Sys.
#1
Washington P u b l i c Power Supply Sys.
#1
Washington P u b l i c Power Supply Sys.
#1
B a l t i m o r e County, Md.
Digitized for**
FRASER
Canadian Interest Cost.


A/A
Aa/AA
Aaa/AAA

—

7.40
5.15-6.00
4.90-5.70
5.50-7.10
7.25
7.42

—

5.50-6.80

A/A+

7.13

A/A+

7.25
5.40-6.90
7.20
7.10
5.30-7.00
7.16

A/A+
A-l/A
A-l/A
A-l/A
A/A
A/A

6.64

5.25-6.05

Aaa/AAA

2003

6.64

6.40

Aaa/AAA

2009

6.64

6.70

Aaa/AAA

6.80
4.90-5.90

Aaa/AAA
Aaa/AA

2017
1981-2009

—

5.72**
5.50
—
—

—

—

—
—
—
—
—

6.64
5.57**

—

/

—

/

—
—

—

/

—

Table 5B Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U . S . TREASURY
J u n e 4 t h r o u g h J u n e 29, 1979

ISSUER
STATE AND LOCAL
Mason County, W. Va.
Tucson, Ariz.
Tucson, Ariz.
Albuquerque, N. Mexico
Albuquerque, N. Mexico
Commerce Redev. Agy., Calif.
Mobile, Ala.
Illinois Educ. Fac. Auth.
Illinois Educ. Fac. Auth.
Lafourche Par. Home Mortgage Auth.,
La.
Lafourche Par. Home Mortgage Auth.,
La.
Lafourche Par. Home Mortgage Auth.,
La.
Green Bay, Wise.
Green Bay, Wise.
Kansas City, Kansas
Fremont, Neb.
New Mexico, State of
Delaware Dept. of Comm. Affairs
Econ. Dev.
Alexandria, La.
North Dakota Student Loan
North Dakota Student Loan
North Dakota Student Loan
Atlanta, Ga.
Atlanta, Ga.



TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

7.50
5.00-5.70
5.30-5.50
5.20-5.25
5.00-5.15
6.25
5.75-6.40
5.10-5.90
6.25

A-l/A
A-1/A+
Aa/AA
Aa/AA
Baa-1/-A/A+
Aaa/AA
Aaa/AA

50.0
7.0
5.0
6.5
4.0
12.0
12.3
7.0
8.0

2009
1980-1993
1985-1989
1980-1984
1982-1986
1982
1991-2003
1980-1999
2009

Rev.

6.3

1981-1999

5.50-7.10

A-l/AA

Rev.

10.1

2010

7.40

A-l/AA

Rev.
Rev.
Rev.
Rev.
Rev.
Rev.

2.4
4.1
13.1
25.0
11.0
23.2

2011
1983-1996
2012
1980-2014
1980-1999
1980-1984

Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.

18.2
10.0
44.1
17.9
15.8
34.0
51.0

2004
1980-2004
1980-1995
1989
1996
1983-1999
2010

Rev.
Rev.
Rev.
G.O.
G.O.
G • 0.
G.O.
Rev.
Rev.

5.68
5.56
5.24
5.26
6.91
6.30
— —
- -

——
——

6.26
5.82
5.28
•

—•

6.38
——
——
-

-

6.68
6.68

7.42
5.70-6.80
7.40
5.10-6.40
5.20-6.00
5.00-5.10

A-l/AA
- - / P r o v . A- - / P r o v . AAa/AA
A-1/A+
Aaa/AAA

6.60
5.20-6.60
5.35-6.30
5.90
6.40
5.30-6.40
6.75

A/A
Baa-l/BBRf
A/A+
A/A+
A/A+
A/A
A/A

Table SB Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
June 4 through June 29, 1979

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

STATE AND LOCAL

Lee County, F l a .
Lee County, F l a .
Lee County, F l a .
S u f f o l k County, N.Y.
W e s t c h e s t e r County, N.Y.
Connecticut H e a l t h & Educ. Fac. Auth.
C o n n e c t i c u t H e a l t h & Educ. Fac. Auth.
Pasco County, F l a .
Pasco County, F l a .
P o r t l a n d Hosp. Fac. A u t h . , Ore.
P o r t l a n d Hosp. Fac. A u t h . , Ore.
Jonesboro, Ark.
Jonesboro, Ark.
Jonesboro, Ark.
A l t o n , 111.
A l t o n , 111.
A l t o n , 111.
A l t o n , 111.
Bexar County Hosp. A u t h . , Tex.




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

1.7
3.4
6.9
68.1
13.2
34.3
25.2
11.5
22.5
25.8
5.7
10.6
6.3
18.1
5.1
3.4
4.0
2.9
20.7

1981-1990
2000
2010
1980-2012
1980-1999
1983-2000
2012
1981-1995
2008
2009
1980-1991
1986-2000
2005
2014
1980-1999
2004
2008
2009
1980-1999

——
— —
— —

6.71
5.30
6.88
6.88
6.37
6.37
— —
— —
——
——
» —
— —
— —
— —
——

5.50-5.90
6.75
7.00
5.25-6.90
4.70-5.60
5.50-6.85
7.00
5.30-6.00
6.38
7.35
5.60-6.65
5.60-6.40
6.55
6.80
5.50-7.10
7.38
7.50
7.50
5.55-6.35

A/AA/AA/AA/A
Aaa/AA
Con.A/Prov. A+Con.A/Prov. A+
Baa/-Baa / —
--/A--/ACon. A/ACon. A/ACon. A/A--/AA
--/AA
--/AA
--/AA
Aa/A+

15
Table 6A

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
As o f J u n e 2 9 ,

TYPE

ISSUER

1

1979
AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

*Glendale Federal Savings & Loan
Assoc.
C o n t i n e n t a l Telephone Corp.
*Missouri P a c i f i c R a i l r o a d
* P u b l i c Svc. Co of New Hampshire
*Imperial Bancorp.
Rochester Gas & E l e c t r i c Co.
L o u i s i a n a Power & Light Co.
San Diego Gas & E l e c t r i c Co.
D e t r o i t Edison Co.
Central Power & L i g h t Co.
P u b l i c S e r v i c e E l e c t . & Gas Co.
Boston Edison Co.
Storage Technology Corp.
Norfolk & Western Railway Co.
Kansas Gas & E l e c t r i c Co.
*El Paso E l e c t r i c Co.
*Gulf S t a t e s U t i l s . Co.
*Oklahoma Gas & E l e c t r i c Co.
*Idaho Power Co.
Beef and Bison Breeders I n c .
OTHER

*Canadian N a t i o n a l Railway

50.0
1 s t . mtg.
Com. s t k .
31.5
Equip, t r .
20.3
Com. s t k .
38.0
Floating-rate notes 15.0
20.0
Pfd. s t k .
60.0
Pfd. stk.
50.0
Com. s t k .
Com. s t k .
90.0
Pfd. stk.
50.0
1 s t . mtg.
100.0
Com. s t k .
45.0
50.0
Conv. d e b t .
23.2
Equip, t r .
24.0
Com. s t k .
16.5
Com. s t k .
35.0
Pfd. stk.
34.0
Com. s t k .
34.5
Com. s t k .
Com. s t k . w/warrants 4 5 . 0

July 3
J u l y 10
J u l y 10
J u l y 11
J u l y 12
J u l y 12
J u l y 12
J u l y 17
J u l y 18
J u l y 23
J u l y 24
J u l y 31
July
July
Aug. 2
Aug. 7
Aug. 9
Aug. 14
Aug. 15
Indef.

150.0

J u l y 12

Debt.

NOTES:

*
1

HirlwfW in

for first

only miroMM m d ottew security k w w of $15 million end turn; excludes exehanpw, options




Table 6B

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY

1

As of June 29, 1979
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

*Dade Co., F l a .
*Prudue U n i v e r s i t y , Ind.
^Massachusetts, S t a t e of
*Port of S e a t t l e Wash.
*0regon, S t a t e of
Chula V i s t a Redev. Agcy. C a l i f .
Lyon County Sch. D i s t . , Nev.
Aurora, Colo.
*New J e r s e y Turnpike Auth.
*Pennsylvania S t a t e Pub. Sch. Bldg.
Auth.
Chicago P u b l i c B l d g . Comm., 111.
San A n t o n i o , Texas
St. Petersburg, Fla.
*Brandon Sch. D i s t . , Mich.
* N a s h v i l l e & Davidson Metro. G o v t . ,
Tenn.
A l e x a n d r i a Health Care Trust
A u t h . , La.
Oklahoma Student Loan Auth.
Independence,Mo.
New Hampshire Educ & Health Auth.
Osseo Indep. Sch. D i s t . #279,
Minn.
New J e r s e y Economic Dev. Auth.
*Wisconsin Housing F i n a n c e Agcy.
Vermont Housing Agcy.
POSTPONEMENTS
P u l a s k i County R e s i d . Housing
B d . , Ark.
Denham S p r i n g s - L i v i n g s t o n Housing
& Mtge. F i n . A u t h . , La.
N a s h v i l l e & Davidson Cty. Metro.
G o v t . , Tenn.

NOTES:
1

Includes state and local government issues of $10 million and over.

*

Included in the table for the first time.




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

76.5
15.5
55.0
55.0
200.0
51.0
10.0
24.2
585.0

July
July
July
July
July
July
July
July
July

3
10
10
10
10
10
10
10
11

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

10.9
29.0
100.0
10.0
13.1

July
July
July
July
July

11
12
12
12
16

Rev.

20.0

July

17

Rev.
Rev.
Rev.
Rev.

22.5
10.0
11.0
12.7

July
July
July
July

17
17
17
17

G.O.
Rev.
Rev.
Rev.

11.0
42.0
20.0
41.0

July
July
July
July

17

Rev.

1Q0.0

June

28

Rev.
G.O.

35.0
21.0

June
July

10

Table 7

STOCK PRICES AND VOLUME
—li'lli ii II
DATE

!
\

1

STOCK PRICES
N Y S E iNDEX

3

BJ INDUSTRIALS

AMEX

4

NASDAQ

2

TRADING VOLUME
AMEX

NASDAQ

4 . 2 (2/21)
1.1 (9/15)

8 . 1 (2/13)
2.5 (9/15)

NYSE

5

1975 -High
',ow

I 51.24 ( 7 / 1 5 )
37.16 ( 1 / 8 )

881.81 (7/15)
632.04 ( V 2 )

96.86 ( 7 / 1 5 )
62.20 ( 1 / 2 )

88.00 (7/15)
60.70 (1/2)

35.2 (2/13)
8.7 (9/15)

1978 -High

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

1014.79 (9/21)
858.71 (1/2)

107.05 ( 7 / 1 2 )
84.31 (1/2)

92.52 ( 7 / 1 5 )
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

57.59 ( 1 / 2 )
49.73 ( U / 2 )

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

127.89 (12/30)
109.61 ( 1 / 1 2 )

105.05 ( 1 2 / 3 0 )
93.66 ( 4 / 5 )

35.3 (11/11)
10.6 ( 1 0 / 1 0 )

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

11.2 ( 1 1 / 1 0 )
5 . 1 (5/27)

1978 -High

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

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

176.87 ( 9 / 1 5 )
119.73 ( 1 / H )

139.25 ( 9 / 1 3 )
99.09 ( 1 / H )

66.4 (8/3)
7.6 (1/20)

11.0 (10/30)
1.3 (1/20)

18.8 (5/18)
2.8 (1/20)

I 5 3.33 (6/29)
1 53.88 (2/27)

878.72 (4/10)
807.00 (2/27)

200.77 ( 6 / 2 8 )
152.03 ( V 2 )

138.13 (6/29)
117.84 ( 1 / 2 )

45.5 (6/12)
18.3 (1/2)

7.9 (6/7)
2.2 (1/22)

19.0 (6/8)
7.2 (1/2)

20
27

i 58.04
57.53
57.09
57.40

875.69
869.89
856.98
856.64

181.74
180.32
180.82
183.65

133.75
133.54
133.67
134.37

34.7
29.7
29.4
31.0

4.5
4.0
3.8
4.1

16.5
15.2
13.5
14.1

May

4
11
13
25

56.76
55.48
56.26
56.61

847.54
830.56
841.91
836.37

182.55
176.41
180.10
185.45

133.72
129.69
131.01
132.67

29.9
28.0
26.8
28.0

5.4
3.4
3.5
3.8

13.4
12.6
12. 4
13.1

June

1
8
15
22
29

56.04
57.42
57.85
58.21
58.38

821.21
835.15
843.30
849.10
841.98

188.00
194.28
197.19
200.25
200.76

131.76
134.96
136.25
137.24
138.13

27.9
34.8
37.0
33.7r
35.3

3. 9
6.0
6.1
5.Or
4.2

13.7
16.7
16.2
15.6
15.3

Low

Lot/

1979 -High
Low

i

1979

6

Apr.

13

!i

NOTES:
1

Figures other than highs and lows are 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

12/31/65 = 50

4

8 / 3 1 / 7 3 - 100
1 / 2 9 / 7 1 = 100

5




18
Table 8

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

BROKERS O N
MARGIN
STOCK

1

BROKERS O N 2
CONVERTIBLE
BONDS

3
BANKS

UNREGULATED NONMARGIN
STOCK CREDIT
AT BANKS

OUTSTANDING

1978 - May
June
July
August
September
October
November
December

10,660
11,090
11,190
11,740
12,400
12,090
11,000
10,830

245
242
247
243
225
216
209
205

1979 - January
February
March
April
May

10,750
10,790
10,870
11,220
11,130

199
195
181
194
183

400
430
100
550
660
—130
-1,090
-170

-3
-3
5
-4
—18
—9
-7
-4

—80
40
80
350
90

-6
4
14
13
-11

s e r i e s discontinued

CHANGE IN OUTSTANDING

1978 - May
June
July
August
September
October
November
December
1979 - January
February
March
April
May

s e r i e s discontinued

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.




4

#

#

#

#

#

#

#

#

#

#

#

Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

SAVINGS & LOAN ASSOCIATIONS

MUTUAL SAVINGS BANKS
DATE

REGULAR DEPOSITS

NET
FLOW
2,165
11,070
12,670
10,647

1974
1975
1976
1977

1

ANNUAL 3
GROWTH
RATE
2.3
11.3
11.6
8.9

1978-October
November
December

510
275
1,317

1979-January
February
March
April—'
MayE-'

218
683
1,971
-832
75

1978-October
November
December

1,096
353
537

9.4
3.0
4.6

1979-January
February
March
April
May jg/

404
712
728
-74
204

3.4
6.0
6.1
-0.6
1.7

— — —

— —

-

-

-

-

NET
NEW
MONEY
-2,822
4,757
5,275
2,874
48
-59
-391
-121
338
463
-1,192
-300
— —
— —

-

-

— —

-

-

-

-

2

SHARE CAPITAL

NET
FLOW
16,006
42,769
50,169
50,963

NET
NEW
MONEY

ANNUAL 3
GROWTH
RATE
7.1
4,668
17.6
29,276
17.6
34,369
15.2
32,004

TOTAL

2

DEPOSITS

NET
FLOW
18,171
53,839
62,839
61,610

NOT SEASONALLY ADJUSTED-'
— 2,645
2,534
- 2,157
1,897
5,802
710
4,743
2,881
8,348
-1,150
2,046

— —
-

-

—

4,377
2,580
3,146
-1,490
1,636

3,155
2,432
7,119
4,961
3,564
10,319
-1,982
2,121

— —

-

-

-

-

-

-

4,606
4,752
4,247

9.9
10.1
9.0

12.7
9.4
10.5
2.4
7.6

4,068
4,128
4,561
816
3,005

10.4
8.6
9.4
1.6
6.1

— —

4,564
3,416
3,833
890
2,801

- —

-

-

1

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

2

New deposits net of both withdrawals and interest. Data for S&L's are for insured associations only, which represent 96 per cent of industry total resources.

3

Annual growth rate for monthly data is the annualized monthly percentage increase in deposits.

N a t i o n a l A s s o c i a t i o n of Mutual S a v i n g s Banks and F e d e r a l Home Loan Bank Board.




— —

SEASONALLY ADJUSTED
3,510
10.0
——
12.4
4,399
10.4
3,710

NOTES:

Source:

ANNUAL 3
GROWTH
RATE
5.6
15.8
15.9
13.5

NET
NEW
MONEY
1,846
34,033
39,644
34,783
2,582
1,838
319
4,256
2,918
3,609
-2,682
1,336
-

—

-

-

2

Table 10

MORTGAGE COMMITMENTS AT
SELECTED THRIFT INSTITUTIONS
BILLIONS OF DOLLARS, SEASONALLY A D JU STED

OUTSTANDING C O M M I T M E N T S
PERIOD
TOTAL

ALL SAVINGS
MUTUAL
SAVINGS B K S
& LOAN
ASSOCIATIONS (N Y. S T A T E )

NET CHANGE
TOTAL

A L L SAVINGS
MUTUAL
& LOAN
SAVINGS BKS
ASSOCIATIONS (N Y. STATE)

1974

14.5

12.3

2.2

-5.36

-4.03

-1.33

1975

20.0

18.0

2.0

5.47

5.72

-.25

1976

27.3

24.6

2.7

7.30

6.60

.70

1977

38 2

33.7

4.5

10.89

9.08

1.81

1978

38.3

33.4

4.9

.06

-.32

.38

1978 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

38.0
37.3
36.9
36.5
36.2
36.1
36.0
36.4
36.7
38.8
39.1
38.3

33.6
33.0
32.7
32.3
31.9
31.5
31.5
31.9
32.3
33.9
34.0
33.4

4.4
4.3
4.3
4.3
4.3
4.6
4.6
4.6
4.4
4.8
4.9
4.9

—. 32
-.70
-.38
-.39
-.34
.02
-.05
.35
-.34
1.96
.22
-.65

—. 08
-.61
-.34
-.42
-.39
-.32
-.03
.36
.42
1.63
.10
-.64

-.24
-.09
-.04
-.03
.05
.34
-.02
-.01
— .08
.33
.12
-.01

1979 - Jan.
Feb.
Mar.
Apr.
May

37.5
36. 6
36.0
36.0
35.4

32.6
31. 8
31.4
31.6
31.3

4.8
4.8
4.6
4.4
4.1

—. 88
-.93
— .52
-.36
-.67

—. 81
-.83
-.32
-.19
-.35

-.04
-.07
-.20
-.17
-.32

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

21

T a b l e 11

NET NEW MONEY B O R R O W I N G S
BY MAJOR HOUSING A G E N C I E S
IN M I L L I O N S O F DOLLARS

PERIOD

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

INTERMEDIATE AND L O N G - T E R M I S S U E S
TOTAL

FHLB

0
-200
0
—6
105
0
0
304
0
0
300
0

1977-Jan.
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

1978-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

399
1,712
887
848
3,091
1,492
1,605
1,811
1,683
1,680
1,108
3,023

-12
1,388
-17
600
1,483
1,276
1,881
1,182
1,131
1,630
885
2,183

0
1,400
0
0
1,500
0
700
1,200
0
0
900
750

1979-Jan.
Feb.
Mar.
Apr. ,
May —'

534
1,933
1,478
1,029
440

0
1,325
1,479
979
400

0
837
0
0
400

NOTES:
^
Based on data from Treasury Survey of Ownership.

Sales of FHLB discount notes began in May 1974.


FHLMC

-189
-393
-4
0
200
3
-47
-3
9
11
200
0
-12
-12
-17
0
-17
276
-19
— 18
181
-70
-15
183
-116
488
-21
-21
0

FNMA

.

-1
1
-350
752
—8
200
600
0
-300
200
0
0

FNMA&FHLB
SHORT-TERM
DISCOUNT
NOTES 1

-176
-270
643
-402
235
402
-22
46
486
-36
-34
1,078

0
0
0
600
0
1,000
1,200
0
950
1,700
0
1,250

411
324
904
248
1,608
216
-276
629
552
50
223
840

0
0
1,500
1,000
0

650
608
-1
50
40

22
T a b l e 12

NET CHANGE IN MORTGAGE H O L D I N G S
IN M I L L I O N S O F DOLLARS

PERIOD

1970
1971
1972
1973
1974
1975
1976
1977
1978

TOTAL
INCLUDING
FNMA-GNMA

21,930
41,406
57,587
58,372
42,739
43,497
62,783
96,814
110,936

2

FINANCIAL INSTITUTIONS
TOTAL

17,020
39,018
55,561
55,072
36,517
38,658
64,903
95,924
102,240

COMMERCIAL
BANKS

2,462
9,940
16,800
19,600
11,700
4,200
13,900
27,900
35,000

INSURANCE F N M A - G N M A
COMPANIES

MSB's

S & L's

1,946
3,938
5,377
5,642
2,172
2,236
4,074
6,565
6,378

10,254
23,919
31,932
25,552
17,567
29,289
44,515
58,158
51,695

2,348
1,221
1,452
4,278
5,078
2,933
2,414
5,184
9,167

4,910
2,388
2,026
3,300
6,222
4,839
-2,120
890
8,696

*

4

Not S e a s o n a l l y A d j u s t e d
1978 - Oct.
Nov.
Dec.

9,644
9,508
8,871

8,761
9,023
8,169

3,200
3,300
2,500

500
594
405

4,265
4,184
3,438

796
945
1,826

883
485
702

1979 - Jan.
Feb.
Mar.
Apr.
May

6,660
5,922
7,983

5,862
5,051
6,983

2,400
1,600
2,100
2,800
2,900

395
266
NA

2,602
2,445
3,515
4,285
5,297

465
740
1,052
820

798
871
1,000
419

*

1
Seasonally Adjusted
1978 - Oct.
Nov.
Dec.

9,925
10,234
8,660

9,027
9,630
8,006

3,299
3,278
2,769

456
626
263

4,450
4,762
3,818

822
964
1,156

898
604
654

1979 - Jan.
Feb.
Mar.
Apr.
May

8,726
7,833
8,117

7,906
6,987
6,992

2,815
2,172
2,031
2,619
2,746

575
486
395
NA

3,925
3,451
3,414
3,780
4,589

591
878
1,152
730

820
846
1,125
466

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 83 per cent of the net increase estimated for all holders in

2
Beginning January 1972 data reflect activity in limited amount of conventional mortgages.


|

4

T a b l e 13

NET INCREASE IN
MORTGAGE DEBT OUTSTANDING
IN B I L L I O N S OF DOLLARS, S E A S O N A L L Y A D JU STED A N N U A L R A T E S

2
QUARTER

TOTAL

3

RESIDENTIAL
TOTAL

1- t o 4 FAMILY

MULTIFAMILY

COMMERCIAL

MULTFAMILY
&
COMMERCIAL

FARM

1972 - I
II
III
IV

67.9
73.9
77.2
88.8

49.8
53.9
58.6
64.1

38.5
40.7
47.7
48.4

11,3
13.2
11.0
15.7

14.7
16.5
14,9
21.1

26.0
29.6
25.9
36.8

3.5
3.5
3.7
3.6

1973 - I
II
III
IV

82.0
86.7
79.8
71.1

57.5
59,2
55.4
48.9

49.4
46.1
42.9
41.1

8.1
13,1
12.5
7.9

18,8
21.7
19,4
16.7

27.0
34.8
31.9
24.5

5.6
5,8
5.0
5,5

1974 - I
II
III
IV

71.1
69.6
53.6
47.7

50.4
45.9
34.1
30.4

40.8
39.0
27,4
26.1

9,5
7.0
6,7
4.3

17.2
18,8
13.7
11.4

26.7
25.7
20.3
15.7

3.6
4,0
5.8
5.9

1975 - I
II
III
IV

45.8
53.0
61.3
68.7

32.0
38.1
45.1
50.4

31.1
38.7
45.2
50.5

0.9
"0.6
-0.1
-0.1

8.6
10,1
12.1
14.2

9.4
9,4
12.1
14,1

5.3
4.9
4.0
4,1

1976 - I
II
III
IV

80.9
74.5
93.1
99.6

62.5
55.0
72.7
78.9

61.0
55.2
68.9
76.5

1.5
-0.2
3.8
2.4

13.3
14.8
13.5
13.0

14,8
14,5
17.2
15.5

5.2
4.7
6.9
7.7

1977 - I
II
III
IV

108.5
133.8
140.1
153.6

85.9
110.0
113.7
119.4

81.6
101.8
106.2
110.2

4.2
8.3
7.5
9.2

14,0
14.5
17.8
25.6

18.2
22.8
25.3
34.8

8.6
9.2
8.6
8.7

1978 - I
II
I I I (r)
IV (p)

133.7
145.3
152.4
152.6

105.4
114.0
112.5
120.5

96.2
104.8
101.4
109,7

9.2
9.2
11,1
10.8

19.3
21.7
28.1
21.1

28.5
30.9
39.2
31.9

9.0
9.6
11.8
11.0

:

:

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 forResidential
Digitized
FRASER mortgage debt includes nonfarm only and is sum of 1-to 4- family and multifamily mortgage d e b t .


N>
4>

Table 14

PRIVATE HOUSING PERMITS, STARTS,
COMPLETIONS, AND MOBILE HOME SHIPMENTS
IN THOUSANDS OF UNITS, SEASONALLY ADJUSTED ANNUAL RATES

TOTAL

1 —FAMILY

698
705
1,018
1,186
937
431
264
403
552
618

1,407
1,434
2,052
2,357
2,045
1,338

1,160

811
813
1,151
1,309
1,132
888
892

1,538
1,987

1,162

2,020

1,140
1,129
1.184
1,209
1,172

1,268

625
587
654
626
617
559

920
881
1,056
1,040
1,027

522
544
565
477
564

TOTAL

1—FAMILY

1969
1970
1971
1972
1973
1974
1974
1976
1977
1978

1,324
1,352
1,925
2,219
1,820
1,074
939
1,297
1,677
1,801

626
647
906
1,033
882
644
676
894
1,125
1.183

1978 - July

1,765
1,716
1,838
1,835
1,787
1,827
1,442
1,425

PERIOD

Aug.
Sept.
Oct.
Nov.
Dec.

1979 - Jan.
Feb.
Mar.
Apr.
May

1,621
1,517
1,591

2 - O R MORE
FAMILY

MOBILE
HOME
1 —FAMILY 2 - O R MORE
SHIPMENTS
FAMILY

COMPLETIONS

STARTS

PERMITS 1

2 - O R MORE
FAMILY

TOTAL

1,451
1,433

656
621
901
1,048
914
450
268
376
375
587

1,399
1,418
1,706
1,972
2,014
1,692
1,297
1,362
1,652
1,866

808
802
1,014
1,143
1,174
932
867
1,026
1,254
1,366

592
617
692
828
840
760
430
336
398
499

413
401
497
576
567
329
216
246
277
275

2,104
2,004
2,024
2,054
2,107
2,074

1,455
1.431
1.432
1,436
1,502
1,539

646
573
592
618
605
535

1,928
1,948
1,900
1,883
1,885
1,888

1,320
1,363
1,370
1,414
1,375
1,416

608
584
530
468
510
472

232
283
272
286
280
303

1,679
1,381
1,786
1,735
1,827

1,139
953

540
428
520
462
632

1,815
1,894
1,957
1,997

1,331
1,376
1,412
1,405

484
518
545
592

311
272
270
273

1,266

1,273
1,193

NOTES:
h o m e shipment, are Mobile H o m e Manufacturers Association data converted to seasonally adjusted annual rate by Census Bureau.
1

Permit data for 1 9 6 9 and 1 9 7 0 based on 1 3 , 0 0 0 areas with permit systems

Beginning i n 1978 t o p r e s e n t data i s based on 1 6 , 0 0 0 a r e a s .


http://fraser.stlouisfed.org/
Federal #Reserve Bank of St.#Louis

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T a b l e 15

AVERAGE RATES AND YIELDS ON HOME MORTGAGES
CONVENTIONAL LOANS
PRIMARY MARKET
NEW HOMES

HUD(FHA) INSURED LOANS
SECONDARY MARKET

EXISTING HOMES

1

PERIOD
RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

1
RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

YIELD
(IN PER CENT)

SPREAD
BETWEEN
RETURNS ON
NEW Aaa
NEW HOMES
CONVENTIONAL
UTILITY
1
AND HUD(FHA)
BOND
SPREAD
DISCOUNT
NEW HOME
YIELD
(BASIS
(PERCENTAGE MORTGAGES (IN PER CENT)
POINTS)
POINTS)
(BASIS
POINTS)

1977 - High
Low

9.10
8.80

99
52

9.20
8.85

98
63

9.11
8.40

73
22

4.7
1.7

40
4

8.31
8.01

1978 - High
Low

10.30
9.15

100
47

10.30
9.20

100
47

10.16
9.11

98
45

5.0
4.1

14
-12

9.23
8.71

1978 - J u l y
Aug.
Sept.
Oct.
Nov.
Dec.

9.80
9.80
9.80
9.95
10.10
10.30

72
100
74
72
NA
NA

9.80
9.80
9.85
9.95
10.15
10.30

72
100
79
72
NA
"NA

9.92
9.78
9.78
9.93
10.16

84
98
72
55
NA
NA

3.1
2.1
2.1
2.1
3.6
4.8

-12
2
2
2
11
14

9.08
8.80
9.06
9,23
NA
NA

1979 — Jan.
Feb.
Mar.
Apr.
May

10.30
10.35
10.35
10.55
10.80

NA
76
75
68
100

10.30
10.35
10.40
10.55
10.80

NA
76
80
68
100

10.17
10.17
10.19
NA
10.61

NA
58
59
NA
81

4.9
4.9
5.0
NA
4.0

13
18
16
19
NA

NA
9.59
9.60
9.87
9.80

9.99

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.




ho

In

26
Table 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL

GOVERNMENT-UNDERWRITTEN
AMOUNT
(IN MILLIONS OF DOLLARS)

DATE OF
AUCTION

OFFERED

1011(1/9)

1978 - High
Low

ACCEPTED

AVERAGE
YIELD

605(1/9) 10.69(12/27)

130(8/7)

80(8/7)

9.13(1/9)

AMOUNT
(IN MILLIONS OF DOLLARS)

OFFERED

ACCEPTED

717(5/15)

363(5/15)

75(8/7)

48(8/7)

AVERAGE
YIELD

10.92(12/<7)
9.28(1/9)

1979 - J a n .

8
23

211.0
93.9

101.1
54.3

10.67
10.73

71.2
42.3

36.0
22.1

11.02
11.13

Feb.

6
20

168.2

42.4

37.9
123.3

10.61

19.4
43.6

17.9
27.5

11.07

10.47

Mar.

5
19

265.0
243.3

141.8
142.6

10.43
10.42

47.0
97.9

33.8
79.7

10.96
10.92

Apr.

2
16
30

260.7
326.9
735.1

139.2
191.5
307.8

10.44
10.51

98.6
157.7
107.3

10.92

10.82

167.8
252.9
241.2

14
29

279.2
147.1

118.6

10.88
10.80

250.3
208.3

102.0

66.4

112.3

11.30
11.41

June 11
25

159.7
60.2

66.3
33.6

10.79
10.74

237.1
120.4

123.2
72.1

11.60

May

11.02

11.01
11.17

11.54

NOTES:
Average secondary market yields are gross before deduction of the fee of 38 basis points paid for mortgage servicing. They reflect the average accepted bid yield for home mortgages assuming a prepayment period of 12 years for 30-year loans, without special adjustment for Federal National
Mortgage Association (FNMA) commitment fees and FNMA stock purchase and holding requirements on 4-month commitments. Mortgage amounts
offered by bidders relate to total eligible bids received.



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