Full text of H.16 Capital Market Developments : July 20, 1981

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July 2 0 , 1 9 8 1

^
, t h « u A c S t i l V : dANK

JUL I *

Capital
Market
Developments

Prepared by
the Capital Markets Section
in conjunction with
the Mortgage and Consumer Finance Section
and the Government Finance Section
Division of Research and Statistics
Board of Governors of the Federal Reserve System
Washington, D C. 20551




^

CONTENTS
1. Yields, Volume and Reception: Corporate Bond Market
2. Yields, Volume and Reception: Municipal Bond Market
3. High Grade Bond Yields
4. Long-Term Corporate and State and Local Government Security Offerings and Placements
5. Treasury and Government-Sponsored Agency Marketable Coupon Offerings and Placements
6.
7.
8.
9.

New Corporate Security Issues by Type of Issue
New Corporate Security Issues by Type of Issuer
Public Offerings of Intermediate- and Long-Term Securities: Corporate
Public Offerings of Intermediate- and Long-Term Securities: State and Local

10. Public Offerings of Intermediate- and Long-Term Securities: U.S. Treasury
11. Public Offerings of Intermediate- and Long-Term Securities: Government-Sponsored Agencies
12. Forthcoming Public Offerings of Intermediate- and Long-Term Securities: Corporate
13. Forthcoming Public Offerings of Intermediate- and Long-Term Securities: State and Local
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.

Stock Prices
Trading Volume
Security Credit
Savings Flow at Selected Nonbank T h r i f t Institutions
Mortgage Commitments Outstanding at Selected Institutions
Net New Money Borrowings by Major Housing Credit Agencies
Net Change in Mortgage Holdings at Selected Institutions
Net Change in Mortgage Debt Outstanding, By Type of Property
Average Rates and Yields on Home Mortgages and Pass-Through Securities
FNMA Auctions of Commitments t o Purchase Home Mortgages
FHLMC Auctions of Commitments to Purchase Home Mortgages

25. Issues of Mortgage-Backed Securities

SYMBOLS
e
P
r
n.a.
— —

estimate
preliminary
revised
not available
data do not exist

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 t o one
address, $13.50 per year or $.35 each. Elsewhere, $20.00 per year or $.50 each. Address requests t o Publications Services, Division of
Support Services, and make payment remittance payable to the order of the Board of Governors of the Federal Reserve ystem in a
form collectible at par in U.S. Currency.




1. YIELDS, VOLUME AND RECEPTION
Corporate B o n d M a r k e t
Volume

Yields
Week ending

N e w issue
Aaa u t i l i t y 1

Recently o f f e r e d
Aaa u t i l i t y ?

Gross o f f e r i n g s 3
($ millions) 5

Percent sold b y
end o f week

N e w issues in s y n d i c a t e 4
($ millions)

1
8
15
22
29

16.12
15.94
15.80
15.54

16.26
15.62
15.63
15.29
14.97

539
410
976
544
328

100
100
99
100
100

0
0
10
0
0

June

5
12
19
26

14.93
15.01
14.35

15.03
14.74
14.59
14.80

1,020
1,115
669*
668

98
94
89
100

20
66
83
0

July

2
10
17

14.94
15.04
15.05p

519
382
669

99
100
100

3
0
0

1981-May

——

15.72p

2. YIELDS, VOLUME AND RECEPTION
Municipal Bond Market
Volume

Yields
Week ending

Moody's new
issue Aaa

Bond Buyer
G O. bond
index

Bond Buyer
Rev. bond
index

1
8
15
22
29

10.00
10.00
9.80
9.70
10.00

10.94
10.90
10.83
10.73
10.64

11.71
11.68
11.65
11.54
11.45

June

5
12
19
26

10.00
9.75
9.75
9.95

10.59
10.63
10.73
10.74

11.48
11.47
11.48
11.54

July

2
10
17

9.86
10.15
10.30

10.85
10.97
11.09

11.66
11.73
11.87

1981-May

New issues in
syndicate 4
($ millions)

Gross offerings
($ millions)

Percent sold by
end of week 3

963
547
919
795
702

95
94
96
80
87

126
83
84
84
172

9n
83
81
91

83
242
243
200

79
93
87

257
120
137

400
1,125
1,006*
966
681
637
505

* E x c l u d e s $150 m i l l i o n i s s u e of A l a s k a H o u s i n g F i n a n c e C o r p o r a t i o n .
1
2
3
4

Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection.
Federal Reserve series of implied free-market yield on Aaa-rated utility bond with 5-year call protection, released from price restrictions sometime
during the last four weeks.
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 when
necessary to make coverage of this series consistent with the gross offerings series.

5 G r o s s o f f e r i n g s r e f l e c t s g r o s s p r o c e e d s r a t h e r t h a n p a r v a l u e of o r i g i n a l d i s c o u n t b o n d s .



3. HIGH GRADE BOND YIELDS
New issue
Aaa utility 1

Date

Recently offered
Aaa utility2

Moody's
seasoned
corporate Aaa3

U.S. govt.
20-year constant
maturity 4

Bond Buyer
G.O. bond
index 5

Bond Buyer
Rev. bond
index 6

9.00(12/22

1/6

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

1979-High
Low

11.51(11/12) 11.45( 11/9) 10.87(12/28) 10.56( 11/9
8.79(
7/6
9.16(
7/6)
9.40( 8/17) 9.39 ( 6/29)

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

8.24(11/23)
7.23 ( 9/21)

1980-High
Low

1 4 . 5 1 ( 1 2 / 1 2 ) 1 5 . 0 3 ( 1 2 / 1 2 ) 1 3 . 4 9 ( 1 2 / 1 9 ) 12.86(12/12 1 0 . 5 6 ( 1 2 / 1 9 )
10.53( 6/20)10.79( 6/20) 10.34( 6/20) 9 . 5 9 ( 6 / 2 0 7 . 1 1 ( 5 / 9 )

11.41(12/19)
8.15 ( 5/8)

1981-High
Low

14.05(

5/8) 1 1 . 0 9 ( 7/17)
1/9) 9.49 ( 1/9)

11.87( 7/17)
10.34( 1/16)

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

1978-High
Low

16.12(

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

8.01(

5/1) 14.53( 5/15) 14.15(
5/1)1 6.26(
1 / 9 ) 1 3.99( 3/20) 12.59( 1/9) 11.98(

12.32
12.74

11.41
12.31
12.72

11.07
11.64

12.02

10.32
11.07
11.47

8.13
8.67
8.94

8.87
9.57
9.84

Oct.
Nov.
Dec.

13.18
13.85
14.51

13.13
13.91
14.38

12.31
12.97
13.21

11.75
12.44
12.49

9.11
9.56

9.97
10.43

10.11

11.08

1981-Jan.
Feb.
Mar.

14.12
14.90
14.71

14.17
14.58
14.41

12.81

12.29
12.98
12.94

9.66

10.10
10.16

10.64

13.35
13.33

Apr.
May
June

15.68
15.81
14.76

15.48
15.48
14.81

13.88
14.32
13.75

13.46
13.82
13.20

10.79
10.67

16.12

16.26

15.94
15.80
15.54

15.62
15.63
15.29
14.97

14.26
14.50
14.53
14.18
14.00

13.75
14.15
14.01
13.64
13.39

10.94
10.90
10.83
10.73
10.64

11.65
11.54
11.45

14.93
15.01
14.35

15.03
14.74
14.59
14.80

13.84
13.73
13.61
13.77

13.28
13.06
13.01
13.31

10.59
10.63
10.73
10.74

11.48
11.47
11.48
11.54

14.94
15.04
15.50p

14.04
14.19
14.24p

13.61
13.66r
13.73p

10.85
10.97
11.09

11.66

11.60

1980-July
Aug.
Sept.

1981-May
15
22
29
June

5

12
19
26

July

2

10
17

1
2
3
4
5
6

15.72p

10.62

11.01

10.90
11.32

11.60
11.49
11.71

11.68

11.73
11.87

Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection.
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.
Weekly average of daily closing figures.
Weekly average of daily figures. U.S. Treasury data.
... . .
Thursday figures. The average rating of the 2 0 general obligation bonds used in this index falls midway between the five top groups as classified by
Moody's Investors Service. Weekly Bond Buyer data.
, ... . .
..
.
Thursday figures. The average rating of the 25 revenue bonds used in this index falls midway between the five top groups as classified by Moody s
I nvestors Service. Weekly Bond Buyer data.




4. LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS
Gross proceeds, millions of dollars
Corporate 1

State and Local ^

1T95T5
3,078
2,424
2,435

T9ST
2,668
2,843
3,850
4,892
3,5 0 0 e
4,700e*

March

1979
3,770
3,165
4,354

1980
6,173
4,507
4,454

i w r
5,581
4,157
6,423

"TT7T
2,840
2,603
4,644

April

4,692

6,238

5,656
9,074
9,645

6,511
5,347
7,300e*

3,444
3,042
4,724

4,962
4,746
6,136

4,103
4,211
4,593

8,029
5,437
5,025

3,396
4,256
2,472

4,872
3,946
4,523

4,601
3,868
3,778

5,819
3,936
5,933

4,217
4,160
3,567

4,474
2,916
3,854

51,553

73,688

43,365

48,366

Period
January
February

4,160

May
June
July
August
September
October
November
December
Year

*
1
2
e

Excludes $150 m i l l i o n i s s u e of A l a s k a Housing F i n a n c e C o r p o r a t i o n .
S e c u r i t i e s and Exchange Commission e s t i m a t e s of g r o s s p r o c e e d s .
P u b l i c S e c u r i t i e s A s s o c i a t i o n e s t i m a t e s of p r i n c i p a l amounts,
E s t i m a t e d by F e d e r a l R e s e r v e on t h e b a s i s of a v a i l a b l e d a t a .

5. TREASURY AND GOVERNMENT SPONSORED AGENCY BORROWING

ivumons OT uoiiais
1

Federal Government
Means of financing combined deficit
Net cash borrowing from the public:
Public debt securities
Gov't.

Combined
deficit(+)
or
surplus!—)1

Total 3

-1979
-1980

41,397
50,670

37,360
79,201

1980--Apr.
May
June

-8,037
16,318
-11,963

July
Aug.
Sept.

Period

Other

Decrease(+)/ Sponsored
agency
increase(—)
borrowing^
in cash
operating
balance
23,631
366
24,705
3,621

Coupons

Nonmarketable

agency
securities

10,899
43,458

28,041
50,480

-397
-14,298

-1,402
-577

1,115
484

4,632
5,350
-4,615

4,515
91
-10,703

2,899
6,077
6,835

-2,602
-941
-685

-86
-32
-101

-2,393
3,200
-3,918

-10,276
7,768
-3,430

3,632
1,957
-529

16,384
8,347
-4,434

9,737
11,111
6,260

6,807
7,815
526

2,602
3,245
7,026

456
219
-1,407

-76
-28
-36

2,986
-701
-2,199

3,661
-2,063
-8,495

575
-835
2,432

Oct.
Nov.
Dec.

17,146
10,698
7,869

4,758
9,231
13,668

2,477
6,412
7,382

2,422
3,267
7,233

-63
-315
-1,023

-23
-30
-79

4,076
-3,985
-720

8,312
5,452
-5,079

5,116
412
3,378

1981--Jan.
Feb.
Mar.

8,339
17,063
13,048

6,772
13,916
15,138

4,320
8,548
6,343

4,159
5,849
8,997

-1,480
-489
-347

-35
-55
-14

3,179
-664
-1,479

-1,612
3,811
-611

1,408
13
1,960

CYCY

:

Bills

accounts.
£ £ n ^
gage Corporation, Federal National Mortgage Association.




.
^ r m Credit B a n , , Federa, Home Loan Banks. Federal Home Loan Mort-

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

Publicly p
offered

Privately
placed

Common and
preferred
stocks

1977
1978
1979
1980

53,792
47,230
51,533
73,688

24,072
19,815
25,814
41,587

17,943
17,057
14,394
11,612

11,777
10,358
11,325
20,490

1980-QI
QII
QUI
QIV

15,134
24,375
18,492
15,688

5,924
18,165
11,618
5,880

4,624
2,213
2,163
2,612

16,161

9,114

1980-0ct.
Nov.
Dec.

5,819
3,936
5,933

1981-Jan.
Feb.
Mar.
Apr.
May

Bonds
Period

1981-QI

Memo
Issues included
Convertible
Foreign

1,495

863
418
2,229
4,685

4,586
3,997
4,711
7,196

169
529
631
498

908
967
1,510
1,300

1,381

5,666

277

1,317

2,756
1,405
1,719

528
759
1,325

2,535
1,772
2,889

348
12
138

687
398
215

5,581
4,157
6,423

2,928
2,408
3,778

458
426
497

2,195
1,323
2,148

162
105
10

303
575
439

6,511
5,347

3,668
2,490

605
480

2,238
2,377

n.a.
n.a.

719
398

1,340
1,349

1,008

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

Public u t i l i t y

Communications

Other issuers1

13,393
10,813
11,357
20,248

14,127
12,232
13,324
15,786

4,522
3,660
4,522
7,250

21,827
20,549
22,332
30,404

1980-QI
QII
QUI
QIV

3,950
6,896
5,925
3,477

4,864
4,151
3,701
3,070

1,324
2,182
1,936

1,808

4,995
11,148
6,928
7,333

5,387

3,223

1,337

6,221

1981-QI
1980-0ct.
Nov.
Dec.

1,474
550
1,453

1,295
792
983

830
260
718

2,220
2,335
2,778

1981-Jan.
Feb.
Mar.

2,244
1,344
1,799

1,362
853
1,008

76
303
958

1,901
2,660

Apr.
May

1,886
2,172

1,491
1,195

609
56

2,524
1,924

1977
1978
1979
1980

1

1,660

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




p a r v a l u e of o r i g i n a l d i s c o u n t b o n d s .

8. PUBLIC O F F E R I N G S OF I N T E R M E D I A T E - A N D L O N G - T E R M SECURITIES: C O R P O R A T E 1
Issuer

Thomson McKinnon S e c . , I n c .
Dana Corp.
International Tel. & Tel.
Corp.
International Tel. & Tel.
Corp.
P h i l a d e l p h i a E l e c t r i c Co.
P h i l i p M o r r i s Co.
P h i l i p M o r r i s Co.
Gulf S t a t e s U t i l s . Co.
U n i v e r s a l H e a l t h S e r v i c e s Co.
General Telephone & E l e c t r o n i c
Corp.
Oppenheimer Co.
New York T e l e p h o n e Co.
New York T e l e p h o n e Co.
S o u t h e r n R a i l r o a d Co.
Ohio E d i s o n Co.
Union Tank Corp.
San Diego Gas & E l e c . Co.
Tacoma B o a t b u i l d i n g Co.
OTHER
Novo I n d u s t r i A/S
Ito-Yokado
B r i t i s h C o l . Hydro & Power
Auth.

*
1

Date

Type

Amount
(millions
of dollars)

Maturity

Coupon
rate

Offering
yield

7/1
7/1

Debt.
Conv.debt.

40.0
75.0

1991
2006

17.00
5.88

17.00
12.40

/
A/AA-

7/1

Debt.

75.3

2011

7.50

15.12

A/A

7/1
7/1
7/9
7/9
7/9
7/9

Debt.
1 s t . mtg.
Debt.
Notes
Com. s t k .
Com. s t k .

69.7
125.0
107.0
150.0
55.6
25.0

2001
2011
2001
1991

6.50
17.63
6.00
15.25

15.00
17.80
15.17
15.32

A/A
Baa/BBB
A/A
A/A

7/10
7/14
7/14
7/14
7/14

Com. s t k .
Debt.
Debt.
Notes
Equip.tr.

144.4
25.00
250.0
150.0
24.0

2001
2021
1991
1982-96

18.00
15.63
14.63
14.50

7/15
7/16
7/16
7/16

1 s t . mtg.
Equip.tr.
1 s t . mtg.
Conv.debt.

75.0
75.00
50.0
20.0

1991
2001
2011
2001

16.88
15.38
17.38
10.75

7/8
7/8

Com. s t k .
Conv.debt.

54.0
60.0

——

——

1996

5.75

5.75

7/9

Bonds

250.0

2011

15.50

15.61

—

—

——

—

——

——

3
—

—- —

—

18.00
15.73
14.75
15.80/
14.25
17.00
15.54
17.60
10.75

Rights offering.
Includes only corporate and other security offerings of $25 million and over; excludes options, exchanges, and secondary offerings.




Moody's/S&P's
ratings

—/BB
Aaa/AAA
Aaa/AAA
Aa/AAA
Baa/BBBA/A
Baa/BBBB/B—/
~/A+
Aaa/AAA

8
9. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL 1
Issuer

L a b e t t e & Cowley C o . , KS
L a b e t t e & Cowley C o . , KS
L a b e t t e & Cowley C o . , KS
L a b e t t e & Cowley C o . , KS
L a b e t t e & Cowley C o . , KS
N o r t h e a s t e r n P e n n s y l v a n i a Hosp
A u t h . , PA
N o r t h e a s t e r n P e n n s y l v a n i a Hosp
A u t h . , PA
Lee C o . , FL
Lee C o . , FL
P i t t s b u r g , PA
Michigan H i g h e r Ed. S t u d e n t
Loan Auth.
H u n t i n g t o n P a r k Redev. A g c y . ,
CA
H u n t i n g t o n P a r k Redev. A g c y . ,
CA
H u n t i n g t o n P a r k Redev. A g c y . ,
CA
H u n t i n g t o n P a r k Redev. A g c y . ,
CA
Alabama F e d . Aid Highway F i n .
Auth.
G e o r g i a , S t a t e of
Plaquemines P o r t Harbor &
T e r m i n a l D i s t . , LA
T y l e r Hosp. A u t h . , TX
T y l e r Hosp. A u t h . , TX
T y l e r Hosp. A u t h . , TX
N o r t h e r n C a l i f o r n i a Power
Agcy.
N o r t h e r n C a l i f o r n i a Power
Agcy.
N o r t h e r n C a l i f o r n i a Power
Agcy.
Los A n g e l e s Lomod D e v e l .
Corp.
Reno, NV
Reno, NV
Reno, NV
A l l e g h e n y Co. Hosp. Dev. A u t h .
PA

Net
interest
cost

Type2

Amount
(millions
of $)

7/1
7/1
7/1
7/1
7/1

Rev.
Rev.
Rev.
Rev.
Rev.

1.6
1.4
3.0
16.0
3.1

1983-93
1997
2002
2012
2013

n.a.
n. a.
n.a.
n.a.
n.a.

8.50-10.80
11.38
11.00
11.88
11.88

—/A+
—/A+
— / A+
— / A+
—/A+

7/1

Rev.

2.9

1984-91

n.a.

9.10-10.90

A/A

7/1
7/1
7/1
7/1

Rev.
Rev.
Rev.
G.O.

34.5
6.4
24.5
70.0

2008
1984-97
2009
1982-06

n.a.
n.a.
n.a.
n.a.

12.22
8.40-10.50
11.00
8.30-11.70

A/A
—/AAA
—/AAA
Baa/A

7/7

Rev.

40.0

1984

7/8

Rev.

1.9

1984-91

n.a.

7/8

Rev.

2.3

1996

n.a.

12.00

—/BBB

7/8

Rev.

10.0

2006

n.a.

11.00

—/BBB

7/8

Rev.

25.8

2014

n.a.

12.50

—/BBB

7/8
7/9

Rev.
G.O.

64.0
150.0

1984
1982-01

n.a.
9.89

9.25
7.75-10.25

MIG-1/—
Aaa/AA

7/9
7/10
7/10
7/10

Rev.
Rev.
Rev.
Rev.

80.7
4.3
5.5
32.7

1984
1985-96
2005
2013

n.a.
13.71
13.71
13.71

9.00
9.50-12.10
N.R.
13.75

Aaa/—
Baal/BBB+
Baal/BBB4
Baal/BBB+

7/10

Rev.

11.2

1984-96

10.26

8.00-10.20

A/AAA

7/10

Rev.

9.5

2001

10.26

10.30

A/AAA

7/10

Rev.

19.3

2007

10.26

10.40

A/AAA

7/10
7/13
7/13
7/13

Rev.
Rev.
Rev.
Rev.

47.2
3.8
4.0
32.2

1984
1984-93
1998
2011

n.a.
12.46
12.46
12.46

10.00
9.20-11.50
12.00
12.38

MIG-1

7/14

Rev.

2.7

1983-93

n.a.

8.75-11.25

—/A+

7/14
7/15

Rev.
Rev.

28.6
90.7

2012
1982

n.a.
n.a.

7/15
7/16
7/16
7/16
7/16

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

105.0
2.6
3.3
5.4
24.4

1982-01
1985-91
1996
2001
2011

Date

Maturity

10.60

Offering
yield

10.00
L0.00-11.00

Moody's/S&P's
ratings

A1/A+
—/BBB

A/A
A/A
A/A

A l l e g h e n y Co. Hosp. Dev. A u t h . ,
PA

Tennessee Local Devel. Auth.
Washington Suburban S a n i t a r y
D i s t . , MD
Lee C o . , FL
Lee C o . , FL
Lee C o . , FL
Lee C o . , FL

10.37
n.a.
n.a.
n.a.
n.a.

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




12.38
9.50
8.20-11.00
8.50-9.60
10.50
10.87
11.12

—/A+
MIG-1
Aa/AA
—/AAA
—/AAA
—/AAA
—/AAA

9. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL 1 ( c o n ' t . )
Issuer

Lee C o . , FL
Lee C o . , FL
New York C i t y , NY
Delaware Economic Development
Auth.
Delaware Economic Development
Auth.
Delaware Economic Development
Auth.
H a r r i s County Housing F i n a n c e
C o r p . , TX
H a r r i s County Housing F i n a n c e
C o r p . , TX

Date

Type 2

Amount
(millions
of $)

Maturity

Net
interest
cost

Offering
yield

7/16
7/16
7/16

Rev.
Rev,
G.O.

7.2
6.3
100.0

2014
2014
1982-01

n. a.
n. a.
11.81

11.00
11.00
8.50-12.00

7/17

Rev.

10.0

1984

n. a.

9.50

A/A

7/17

Rev.

10.0

2001

n.a.

11.75

A/A

7/17

Rev.

30.0

2011

n. a.

12.00

A/A

7/17

Rev.

1982-93

n.a.

7/17

Rev.

4.54
52.7

1994

n.a.

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




8.50-10.75
11.25

1Vloody's/S&P's
ratings

/
B/BBB

Aa/—
Aa/—

. 10.

10. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: U.S. TREASURY
Notes and Bonds
A m o u n t (millions of dollars)
Offering
date

Payment
date

Length

Maturity
date

Coupon A u c t i o n
average
rate
(percent) (percent)

Net proceeds

Gross proceeds
Private

Total

1

Total

1

Private <

2

Memo:
Foreign
add-ons 3

1980
Nov.

Dec,

5
6
7
25

11/17
11/17
11/17
12/1

3 - y r 6-mo 5 / 1 5 / 8 4
11/15/90
10-yr
y
r
11/15/10
30
11/30/82
2-•yr

13-1/4
13
12-3/4
13-7/8

13.31
13.07
12.81
13.99

4,315
2,663
2,160
4,966

3
16
18
30

12/8
12/31
12/31
1/5

5 •yr 2-mo 2 / 1 5 / 8 6
12/31/82
2 - •yr
12/31/84
4 •yr
1/15/88
7- •yr

13-1/2
15-1/8
14
12-3/8

13.52
15.15
14.03
12.49

0
190
0
0

8,259

2,815

2,815

4,601

1,771

1,771

3,188
4,955
3,620
2,710

3,188

3,188

3,188

7,973

2,337

?,337

2,710

2,710

2,710

170
0
63
0

11-3/4 11.82
13-5/8 13.69

1,501
5,191

1,501
4,730

1,501
2,045

1,501
2,045

0
125

8,801

3,638

3,638

130

5,012
3,460

2,551
3,460

2,551
3,460

186
195
68

1981
6
21

1/12
2/2

2 0 - y r 1-mo
2-yr

3
4
5
24
26

2/17
2/17
2/17
3/2
3/4

-yr
yr
29 - y r
2-yr
5-yr

Mar. 18
24
26
31

3/31
3/31
4/2
4/6

2-yr
4-yr
2 0 - y r 1-mo
7-yr

Apr. 22

4/30

May

5
6
7
20
28

5/15
5/15
5/15

June 18
23
25
30

6/30
6/30
7/2
7/7

Jan.
Feb.

6/1
6/3

2/15/01
1/31/83

6-mo 8 / 1 5 / 8 4
9-mo 1 1 / 1 5 ' 9 0
9-mo 1 1 / 1 5 / 1 0
2/28/83
2-mo 5 / 1 5 / 8 6

13-1/4
13
12-3/4
13-7/8
13-3/4

13.37
12.89
12.68
13.97
13.79

4,662
3,038
2,576
5,438
3,460

3/31/83
3/31/85
5/15/01
4/15/88

12-5/8
13-3/8
13-1/8
13-1/4

12. 75
13.49
13.21
13.34

5,601
3,794
1,751
2,972

4,901
3,535
1,751
2,972

2,085
985
1,751
2,972

2,118
952
1,751
2,972

?15

4/30/83

L4-1/2

14.51

4,586

4,325

1,573

1,573

0

5/15/84
3-yr
5/15/91
10-yr
/15/06-11
30-yr
5/31/83
2-yr
5 - y r 5-mo 1 1 / 1 5 / 8 6

15-3/4
14-1/2
13-7/8
15-5/8
13-7/8

15.81
14.56
13.99
15.72
13.95

3,776
2,074
2,302 .

844

2,221

2,221

0
0

4,763
3,206

4,352
3,206

2,120

2,120

0

3,206

3,206

195

6/30/83
6/30/85
8/15/01
7/15/88

14-5/8
14
13-3/8
14

14.72
14.04
13.45
14.07

4,606
3,389
1,751p
3,001p

4,306 ,
3,277
1,751P
3,001p

1,549
875
l,751p
3,001p

1,581
843
1,751P
3,001p

2-yr

2-yr
4-yr
2 0 - y r 1-mo
7-yr

0
0

6

I-

0

0

1 Excludes amounts sold to Government investment accounts and the Federal Reserve. Also excludes add-ons to foreign accounts.
2 May be larger than the total if the Government accounts and/or the Federal Reserve do not fully roll-over their maturing holdings.
3 Additional amounts of securities issued to foreign and international monetary authorities at the average auction price for new casn.




0

0
0
0

450

11
11. P U B L I C O F F E R I N G S O F I N T E R M E D I A T E - A N D L O N G - T E R M S E C U R I T I E S : G O V E R N M E N T - S P O N S O R E D A G E N C I E S
A m o u n t (millions of dollars)
Maturity
date

Yield
(percent)

Offering
date

Payment
date

FHLB

11/14
11/14

11/25
11/25

1-yr
4-yr

9-mo
8-mo

8/25/82
7/25/85

13.10

1,200

12.80

750

FFCB

11/26

12/1

2-yr

3-mo

9/1/83

13.75

FNMA

12/5

12/10

3-yr

1-mo

1/10/84

FFCB

U^80

1/5/81 3-yr

8-mo

Issuer

Length

Gross
proceeds

Maturing
issues

Net
proceeds

1,800

150

521

0

521

14.05

500

950

-450

9/3/85

12.75

404

433

-29

1/10/86

13.00

1,000

0

1,000

858

565

1981

1981

FNMA

1/8

1/12

5-yr

FFCB

1/13
1/13

1/20
1/20

4-yr
8-yr

1-mo

3/4/85
1/23/89

13.20
13.05

785
638

FHLB

1/21

1/28

2-yr

6-mo

7/25/83

13.35

600

FHLB

2/11
2/11

2/25
2/25

3 - y r 4-mo
4 - y r 11-mo

6/25/84
1/27/86

14.00
13.85

1,000
700

1,500

200

FNMA

2/13 I 2/17

7-yr

2/10/88

14.40

300

0

300

FNMA

3/4

| 3/10

4-yr

3/11/85

14.25

500

1,150

-650

FHLB

3/11 I 3/25
3/11
3/25

1-yr
3-yr

6/25/82
9/25/84

14.10
13.85

1,100
700

1,000

800

FFCB

3/25
4/1
3/25 I 4 / 1

2 - y r 11-mo
4 - y r 11-mo

3/1/84
3/3/86

13.85
13.95

683
970

364

1,289

FNMA

4/1

4-yr

4/10/85

13.75

500

1,300

FFCB

4/15
|4/15
4/15

4/20
4/20
4/20

2-yr„8-mo
4 - y r 8-mo
10-yr

12/1/83
12/2/85
4/22/91

14.10
14.30
14.10

588
769
544

924

977

FHLB

14/22

4/29

1/25/83

14.50

1,200

0

1,200

FHLB

5 '13
5/13
5/13

5/26
5/26
I 5/16

4/26/82

2 - y r 8-mo
5-yr

17.05
15.80
15.50

1,200

1/25/84
5/27/86

FFCB

15/28

I 6/1

4 - y r 3-mo

9/3/85

14.90

FNMA

6/3

6/10

3 - y r 4-mo

10/10/84

FHLB

6/10
6/10

6/25
6/25

1 - y r 9-mo
3 - y r 10-mo

FNMA

6/26

7/10

FFCB
FHLB
FHLMC
FNMA




Federal
Federal
Federal
Federal

I 4/10

3-mo
6-mo

1 - y r 9-mo
11-mo

600

-800

1,400

1,400

662

0

662

14.90

500

750

-250

3/25/83
4/25/85

14.80
14.55

1,100

0

1,800

3 - y r 10-mo I 5 / 1 0 / 8 5

I 15.25

600

1,200

-600

Farm Credit Banks
Home Loan Banks
Home Loan Mortgage Corporation
National Mortgage Association

1,000
600

700

12

As of J u l y 1 7 , 1981
Issuer

Republic A i r l i n e s , Inc.
E a s t e r n E d i s o n Co.
ITT F i n a n c i a l C o r p .
Xerox C r e d i t Corp.
Xerox C r e d i t C o r p .
^Missouri P a c i f i c Railroad
*Worthington I n d u s t r i e s I n c .
* S o u t h w e s t e r n P u b l i c S e r v i c e Co.
U.S. Home Corp.
* B . F . G o o d r i c h Co.
* I n d i a n a p o l i s Power & L i g h t
*Mary Kay C o s m e t i c s , I n c .
Farmland I n d u s t r i e s , I n c .
Kentucky U t i l i t i e s Co.
Kerr-McGee C o r p .
N a t ' l . R u r a l U t i l i t i e s Coop. F i n . C o r p .
^ B a r c l a y s American C o r p .
^ B a r c l a y s American C o r p .
E q u i t a b l e of Iowa Companies
K a i s e r Cement Corp.
F i r s t S a v i n g s A s s n . of Wise.
S t o r e r B r o a d c a s t i n g Co.
A l l e g h e n y Power System
Delmarva Power & L i g h t Co.
*American A i r l i n e s I n c .
* P i t n e y Bowes, I n c .
* J e t American A i r l i n e s
W e l l s Fargo & Company
Oklahoma Gas & E l e c . Co.
K a i s e r Aluminum & Chemical C o r p .
Northern Indiana Public Service
*E1 P a s o E l e c . Co.
Cameron I r o n Works, I n c .
K a i s e r Aluminum & Chemical Corp.
S o u t h e r n N a t u r a l Gas Co.
A n a r d a r k o P r o d u c t i o n Co.
A n a r d a r k o P r o d u c t i o n Co.
Texas G e n e r a l R e s o u r c e s
G e n ' l . Elec. Credit Corp.
G e n ' l . E l e c . C r e d i t Corp.
Pennsylvania Engineering Corp.
Citicorp
W i s c o n s i n Gas Co.
Chase M a n h a t t a n C o r p .
C o n t i n e n t a l I l l i n o i s Corp.
I n t e r n a t ' l . B u s i n e s s Machines Corp.
B r o o k l y n Union Gas Co.
N a t i o n a l M e d i c a l Care
P r i v a t e E x p o r t Funding C o r p .
M a n u f a c t u r e r s Hanover T r . C o r p .
Frontier Airlines, Inc.
C r e d i t h r i f t F i n . Corp.
Columbia Gas Systems
P u b l i c S e r v i c e E l e c . & Gas Co.

Type

Sub. d e b t .
1 s t . mtg.
Notes
Debt.
Notes
Equip, t r .
Conv. d e b t .
1 s t mtg.
Bonds
Notes
1 s t mtg.
Conv. d e b t .
Debt.
1st mtg.
Debt.
Debt.
Notes
Debt.
Notes
Com. s t k .
Com. s t k .
Com. s t k .
Com. s t k .
Com. s t k .
Com. s t k .
Com. s t k .
Com. s t k .
Pfd. stk.
Com. s t k .
Pfd.stk(conv)
Com. s t k .
Com. s t k .
Notes
Conv. d e b t .
Debt.
Debt.
Notes
Conv. d e b t .
Notes
Debt.
Debt.
Notes
1 s t . mtg.
Notes
Notes
Debt.
1 s t . mtg.
Conv. d e b t .
Notes
Notes
Conv. d e b t .
Notes
1 s t . mtg.
1 s t . mtg.

Amount
(millions of dollars)

50.0
30.0
200.0
100.0
100.0
26.7
35.0
30.0
100.0
50.0
50.0
50.0
100.0
75.0
200.0
100.0
50.0
150.0
40.0
37.0
41.0
75.8
80.0
25.0
65.0
33.0
28.8
35.0
39.0
75.0
48.0
95.0
75.0
75.0
100.0
75.0
75.0
25.0
150.0
300.0
30.0
150.0
30.0
100.0
100.0
250.0
50.0
30.0
100.0
100.0
40.0
50.0
125.0
100.0

Approximate date
of offering

J u l y 23
J u l y 23
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
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July

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




13
12. F O R T H C O M I N G P U B L I C O F F E R I N G S OF I N T E R M E D I A T E - A N D L O N G - T E R M SECURITIES: C O R P O R A T E 1 ( c o n ' t . )
Issuer

Cable American Corp.
C r y s t a l O i l Co.
F l o r i d a T e l e p h o n e Corp.
N o r t h w e s t Energy Co.
Ford Motor C r e d i t Co.
P h i l l i p s P e t r o l e u m Co.
Mellon N a t i o n a l Corp.
Amoco C r e d i t Corp.
B e n e f i c i a l Corp.
Westvaco C o r p .
Diamond Shamrock C o r p .
Cypress Mines Corp.
Cypress Mines C o r p .
D a l l a s Power & L i g h t Co.
Union E l e c t r i c Company
New England Power Co.

Type

Notes
Conv. d e b t .
Notes
Debt.
Notes
Debt
Notes
Debt.
Notes
Debt
Notes
Notes
Debt.
Pfd. stk.
Pfd. stk.
Pfd. stk.

OTHER
Kruger, I n c .
O r i e n t L e a s i n g Co.
World Bank
World Bank
Hydro-Quebec
Hydro-Quebec
M o n t r e a l , P r o v i n c e of
* A u s t r i a n C o n t r o l l e d Bank
Oslo Norway

Debt.
Conv. d e b t ,
Notes
Notes
Debt.
Debt.
Debt.
Notes
Bonds

"POSTPONED
N.Y. S t a t e E l e c . & Gas. Corp.
Ohio Edison Co.

1 s t . mtg.
1 s t . mtg.

Amount
(millions of dollars)

A p p r o x i m a t e date
of offering

50.0
31.2
45.0

July
July
July
July
July
July
July
July
July
July
July
Indef.
Indef.
Indef.
Indef.
Indef.

100.0
200.0
350.0
50.0

100.0
100.0
75.0
200.0

100.0
100.0
30.0
75.0
50.0
100.0
30.0
250.0
250.0
100.0
200.0
100.0
100.0
100.0
75.0
50.0

July
July
July
July
July
July
July
July
Indef.
July
July

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




14

As of J u l y 1 7 , 1981

13. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL1
Issuer

Type

Amount
(millions of dollars)

Approximate date
of offering

New O r l e a n s E x h i b i t i o n H a l l A u t h . , LA
J a c k s o n Co. , MI
I l l i n o i s Health Fac. Auth.
P l a t t e R i v e r Power A u t h . , CO
Columbus, OH
Corpus C h r i s t i , TX
S t . L o u i s , MO
I n t e r m o u n t a i n Power Agency, VT
Richmond Redev. A g c y . , CA
* C a l e x i c o Comm. Redev. A g c y . , CA
Nevada, S t a t e of
P u e r t o R i c o E l e c t r i c Power A u t h .
M u s c a t i n e , IA
Dade Co. H e a l t h F a c . A u t h . , FL
Sacramento M u n i c i p a l U t i l . D i s t . , CA

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

41.5
118.7
28.0
125.0
64.6
33.0
52.0
300.0
59.0
27.5
40.0
125.0
85.0
37.4

60.0

July
July
July
July
July
July
July
July
July
July
July
July
July
Aug.
Aug.

22
22
22
22
22
22
23
23
24
24
24
30
30
5
6

POSTPONED
New O r l e a n s , LA
Burbank R e d e v e l . A g c y . , CA
Alabama S p e c i a l Care F a c . F i n . A u t h .
D e n v e r , CO
Michigan S t a t e Bldg. Auth.
J a c k s o n C o . , OR

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

37.0
55.5
25.0
29.0
120.6
33.0

July
July
July
July
July
July

2
8
10
14
16
21

k

1

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




15
1

14. STOCK PRICES
Date

NYSE Index3

AMEX4

DJ Industrials

NASDAQ5

1979-High
Low

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

897.61 (10/5)
796.67 (11/8)

247.07 (12/31)
152.03 ( 1/2)

152.29 (10/5)
117.84 ( 1/2)

1980-High
Low

81.02 (11/28)
55.30 ( 3/27)

1000.17 ( 1 1 / 2 0 )
759.13 ( 4/21)

370.75 (11/29)
215.69 ( 3/27)

208.15 (11/28)
124.09 ( 3/27)

1981-High
Low

79.14 ( 1/6)
72.45 ( 2/20)

1024.05 ( 4/27)
931.57 ( 2/13)

379.77 ( 5/27)
330.34 ( 2/20)

223.47 ( 5/29)
192.29 ( 2/20)

1981-Mav

1
8
15
22
29

76.75
76.13
76.54
76.26
76.99

995.58
976.40
985.95
971.72
991.75

356.24
362.18
370.90
373.53
377.00

216.68
214.84
216.51
219.23
223.47

June

5
12
19
26

76.73
77.60
76.75
76.97

993.79
1006.28
996.19
992.87

370.01
367.71
370.61
378.71

221.30
222.76
219.56
219.76

July

2
10
17

74.73
75.15
75.96

959.18
955.67
958.90

366.84
363.44
370.02

212.80
210.54
212.76

15. TRADING VOLUME2
Date

NASDAQ

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

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

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

1980-High
Low

84.1 ( 11/5)
16.1 (12/26)

15.0 ( 1/15)
2.5 ( 4/14)

60.4 (11/19)
10.7 ( 4/14)

1981-High
Low

92.9 (
28.9 (

15.8 ( 1/7)
3.6 ( 2/13)

53.2 (
19.7 (

1981-May

1
2
3
4
5

AMEX

NYSE

1979-High
Low

1/7)
1/2)

1
8
15
22
29

54.4
44.2
41.8
42.9
53.1

5.7
5.0
5.6
5.5
6.8

35.1
32.0
32.6
33.1
36.1

June

5
12
19
26

54.0
51.9
55.8
44.7

7.2
5.8
6.3
5.7

35.7
32.8
32.8
32.5

July

2
10
17

43.4
45.9r
42.8

4.7
4.3r
4.1

32.9
29. l r
27.3

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




1/7)
1/2)

16
16. SECURITY CREDIT1
Outstanding, dollar amounts in millions

End of period

Marginable
stock

Convertible
bonds

Number of
margin accounts
(thousands)

Percent of debt
in accounts with
40 percent or more
customer equity

1976

7,960

204

810

38

1977

9,740

250

885

81

1978

10,830

205

955

67

1979

11,450

167

1,020

84

1980

14,500

219

1,180

86

Jan.
Feb.
Mar.

10,750
10,790
10,870

199
195
181

950
950
965

79
71
79

Apr.
May
June

11,220
11,130
11,590

194
183
172

960
970
980

77
78
79

July
Aug.
Sept.

11,840
12,060
12,000

178
176
177

970
995
1,005

81
86
84

Oct.
Nov.
Dec.

11,310
10,920
11,450

173
161
167

985
1,000
1,020

73
83
84

Jan.
Feb.
Mar.

11,820
12,460
11,740

165
175
171

1,035
1,065
1,075

87
84
54

Apr.
May
June

11,140
11,270
11,200

168
167
165

1,055
1,055
1,065

72
81
83

July
Aug.
Sept.

11,320
11,800
12,520

198
204
208

1,075
1,095
1,105

88
89
87

Oct.
Nov.
Dec.

13,080
14,140
14,500

211
220
219

1,120
1,155
1,180

87
87
86

Jan.
Feb.
Mar.

14,020
13,950
14,020

221
220
222

1,195
1,205
1,235

80
80
84

Apr.
May
June

14,630
14,700
14,870

238
250
254

1,260
1,260
1,320

79
79
75

1979

1980

1981

1

Margin credit extended
by brokers on:

-

-

-

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




—

17
17. S A V I N G S FLOWS A T S E L E C T E D N O N B A N K T H R I F T I N S T I T U T I O N S
Millions of dollars
Mutual Savings Banks
(regular deposits) 1
Date

Net f l o w
N.S.A.

1976

12,670

1977

Sea. adj.

Annual
growth
rate 3

Savings and Loan Associations
Net f l o w
N.S.A.

—

11.6

50,169

10,783

—

8.7

1978

8,426

—

1979

2,900

1980

7,380

1979-July
Aug.

Sea. adj.

Annual
growth
rate 3

Memo:
Net New M o n e y 2

Total
Net
flow
(sea. adj.)

Annual
growth
rate 3

At
insured
S&L's

At
MSB's

—

17.5

62,854

15.9

34,369

5,283

50,888

—

15.0

60,982

13.3

3],004

2,874

6.3

44,153

—

11.3

52,292

10.1

23,460

-591

—

2.1

39,051

—

9.1

42,226

7.4

15,029

-6,963

—

5.1

40,955

—

8.7

48,330

7.9

10,667

-4,831

-337
-92
520

-76
344
76

-0.6
2.9
0.6

2,006
1,199
4,744

2,799
2,795
2,822

7.4
7.4
7.4

2,723
3,139
2,898

5.5
6.3
5.8

1,455
717
-198

-733
-504
-1,072

Oct.
Nov.
Dec.

-983
-325
1,006

-372
-245
266

-3.1
-2.0
2.2

1,855
1,153
4,505

2,810
3,009
2,666

7.3
7.8
6.8

2,438
2,764
2,932

4.8
5.5
5.8

1,314
732
-700

-1,421
-765
-987

1980-Jan.
Feb.
Mar.

-927
141
930

-399
189
-115

-3.3
1.6
-1.0

2,059
1,622
4,390

2,206
2,734
-101

5.6
6.9
-0.3

1,807
2,923
-216

3.5
5.7
-0.4

1,167
1,079
-696

-1,436
-543
-679

Apr.
May
June

-449
881
1,770

481
1,001
991

4.0
8.3
8.2

325
3,011
5,269

4,235
3,078
3,118

10.7
7.7
7.8

4,716
4,079
4,109

9.2
7.9
7.9

-817
1,785
-169

-1,024
242
-176

July
Aug.
Sept.

992
610
1,377

1,274
1,017
914

10.5
8.3
7.4

2,216
2,507
5,588

3,083
4,130
3,513

7.6
10.1
8.6

4,359
5,147
4,427

8.3
9.7
8.3

961
1,285
6

246
1
-460

Oct.
Nov.
Dec.

402
312
1,307

1,078
401
496

8.7
3.2
4.0

3,870
2,507
7,591

4,909
4,698
5,693

11.9
10.8
13.5

5,987
4,899
6,184

11.1
9.0
11.3

2,550
1,461
2,055

-169
-227
-639

1981-Jan.
Feb.
Mar.

-365
295
1,284

200
349
191

1.6
2.8
1.5

1,987
2,304
3,740

1,983
3.5^6
-1,105

4.7
8.3
-2.6

2,183
3,895
-919

3.9
7.0
-1.6

599
879
-2,264

-979
-385
-757

-1,201
225

-210
345

-1.6
2.7

-2,919
1,470

1,461
1,431

3.4
3.3

1,251
1,776

2.2
3.2

-4,638
-161

-2,025
-575

Sept.

A

Prp

Ma^

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 percent of industry total
resources.
3 Annual growth rate for monthly data is the annualized monthly percentage increase in deposits.
Source: National Association of Mutual Savings Banks and Federal Home Loan Bank Board.
1




18. MORTGAGE COMMITMENTS OUTSTANDING AT SELECTED INSTITUTIONS
Billions of dollars, seasonally adjusted
Federal and Related Agencies

T h r i f t Institutions
Mutual
savings banks ,
(N.Y. state)

Total

A l l savings
and loan
associations

1979

31.4

28.1

3.3

1980

28.8

27.3

1.5

End of Period

FNMA

GNMA

FHLMC

12.1

6, 5

4.6

1.0

9.0

3.3

5.1

0.6

Total

6.0

4.7

1.1

11. t

!

5.6

1.0

' 10.6

j

5.3

4.5
4.5

O.ff

2.2

9.5

*

4.4

4.4

0.6

1.9

9.5

i

5.0

0.9

20,7

1.8

10.5

3.7
3.9

5.6

1.0

25.6
28.5
29.8

23.7
26.7
28.0

1.9
1.8

5.4

; 10.8

1.8

Oct.
Nov.
Dec.

29.4

27.7

29.4
28.8

27.8
27.3

1981-Jan.

28.5

Feb.

27.6

Mar.

26.9

Apr.
May

27.0
26.4

24.7

1980-Jan.

30.7

27,5

3.2

Feb.

29.9

Mar.

26.5

27.1
24. Q

2.8
Z.5»

Apr.

22.9

20.1

May

21.2

19.3

June

22.5

July
Aug.

Sept.

?

11.7
;

;

4.2

-

i

5.2

1.1
1.0

10.8

4.6
5.0

5.0

0.&

1.7

10.1

4.5

4.9

0.7

1.6

9.7

3.9

5.1

0.7

1.5

9.0

3.3

5.1

0.6

27.1

1.4

10.3

3.3

6.3

0.7

26.2

1.4

9.6

2.8

6.2

0.6

25.5

1.4
1.7

9.1
8.6

2.3

25.3

6.0
5.8

1.7

7.6

10.7

2.1
2.1

5.2

'

0.8
0.7
0.3

i

i

Based on data from Federal Home Loan Bank Board, Savings Banks Association of New York State, and federal and related agencies, seasonally adjusted
by Federal Reserve. Both thrift institutions series include a minor amount of non-residential commitments; S&L commitments also include loans in
process. Subtotals may not add to total because of rounding.




19
19. NET NEW MONEY BORROWINGS BY MAJOR HOUSING CREDIT AGENCIES
Millions of dollars
Total including
short-term
discount notes

Total

FHLB

1976

-1,750

-1,131

-2,031

0

900

-619

1977

2,732

1,444

496

-4

952

1,288

1978

19,030

13,578

6,302

576

6,700

5,452

1979-Jan.
Feb.
Mar.

967
1,457
912

0
1,033
1,372

0
834
0

0
199
-128

0
0
1,500

967
424
-460

Apr.
May
June

1,027
304
1,363

997
215
1,299

0
222
0

-3
-7
199

1,000
0
1,100

30
89
64

July
Aug.
Sept.

1,625
360
398

1,916
613
-154

700
415
0

216
198
146

1,000
0
-300

-291
-253
552

Oct.
Nov.
Dec.

2,297
1,791
1,375

1,599
1,453
150

1,300
953
0

-1
0
150

300
500
0

698
338
1,225

1980-Jan.
Feb.
Mar.

328
927
3,580

-2
10
1,780

0
-350
1,400

-2
160
-120

0
200
500

330
917
1,800

Apr.
May
June

2,205
1,366
-929

1,499
2,649
1,000

1,000
900
0

-1
-1
0

500
1,750
1,000

706
-1,283
-1,929

July
Aug.
Sept.

-979
-458
1,325

442
1,200
253

0
200
1,000

-8
0

450
1,000

-1,421
-1,658

-97

-650

1,072

Oct.
Nov.
Dec.

3,607
313

1,300
900

1,600
150

0
0

-300
750

2,307
-587

3,390

250

700

0

-450

3,140

1981-Jan.
Feb.
Mar.

207
-18
957

1,582
496
45

600
200
800

-18
-4
-105

1,000
300
-650.

-1,375
-514
912 •

Apr.

1,119

400

1,200

0

Period

Intermediate- and long-term issues

Based on data from Treasury Survey of Ownership.




FHLMC

FNMA

-800

FNMA and FHLB
short-term
discount notes

719

20. NET CHANGE IN MORTGAGE HOLDINGS AT SELECTED INSTITUTIONS
Millions of dollars, seasonally adjusted
Period

Total

Total

Major private financial institutions
Commercial
Life insur.
MSB's
S&L's
banks
companies

FNMA
and
GNMA

FHLMC

Mortgage pools
GNMAFHLMCguaranteed guaranteed

1979

122,984

88,780 29,225

3,882

43,064

12,609

8,162

976

20,804

3,262

1980

86,712

59,254 18,574

491

27,826

12,363

7,314

1,036

17,445

1,663

1980

Jan.
Feb.
Mar.

9,423
8,736
7,327

5,917
6,397
5,163

2,260
2,328
1,973

152
275
22

2,126
2,557
1,828

1,379
1,238
1,340

1,061
664
1,087

50
99
9

2,229
1,439
862

166
138
206

Apr.
May
June

7,047
3,340
2,398

3,493
1,414
714

1,447
620
195

-13
106
-109

857
—438
-236

1,203
1,127
864

1,125
533
259

135
-72
-1

2,125
1,263
1,246

169
202
181

July
Aug.
Sept.

6,111
7,624
8,076

3,871
5,575
6,287

1,095
1,084
1 yl59

-116
-103
-14

1,767
3,587
4,442

1,125
1,006
700

315
109
72

60
142
169

1,596
1,639
1,326

269
159
222

10,683
7,846
8,100

8,121
6,403
5,899

2,601
1,868
1,945

169
74
48

4,511
3,631
3,195

840
829
711

109
595
844

146
97
200

1,770
771
1,180

36
-21
-63

6,426
7,368
5,508
7,929

5,197
5,396
4,568
5,819
n.a.
ft. a

1,365
1,564
2,090
2,879
2,032
1,792

121
125
21
144

3,066
2,747
1,787
2,201
1,920
n.a.

645
960
670
595
n.a.

160
74
-133
108

—68
139
-35
134
209

964
1,637
892
1,791
1,042

173
122
216
77
242

n.a.

n.a.

Oct.
Nov.
Dec.
1981

Jan.
Feb.
Mar.
Apr.
May
Jun.

n.a. i
n. a

n.a.
n.a.

n.a.

n.a.
n.a.

n.a.

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 Association of Mutual Savings Banks, Federal Home Loan Bank
Board, American Council of Life Insurance, the Federal National Mortgage Association, the Government National Mortgage Association, and the Federal
Home Loan Mortgage Corporation. Data for mutual savings banks and life insurance companies may differ somewhat from those derived from regular
quarterly series because of minor conceptual differences for which adjustments are not made in the monthly series. Altogether, these groups accounted
for 89 percent of the net increase estimated for all holders in 1978.




21. NET CHANGE IN MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY 1
Billions of dollars, seasonally adjusted annual rates
Quarter

1

Total

Total

Residential
1 - to 4family

Multifamily

Commercial

Multifamily
and
commercial

Farm

1976-Q1
Q2
Q3
Q4

84.0
75.1
92.1
97.7

68.4
59.4
72.6
78.1

62.8
55.6
68.9
75.5

5.6
3.8
3.7
2.6

10.8
11.3
13.2
12.4

16.4
15.1
16.8
15.0

4.8
4.4
6.4
7.3

1977-Q1
Q2
Q3
Q4

108.9
134.2
139.1
150.6

87.8
111.3
115.0
118.3

83.5
102.8
106.7
109.7

4.3
8.4
8.2
8.6

14.5
14.9
17.4
25.5

18.7
23.3
25.6
34.1

6.7
8.1
6.8
6.8

1978-Q1
Q2
Q3
Q4

131.4
144.1
150.4
159.7

101.8
112.2
120.5
131.0

93.2
101.2
111.3
122.9

8.6
11.1
9.2
8.1

23.0
23.9
21.9
21.1

31.6
35.0
31.1
29.3

6.7
8.0
8.0
7.5

1979-Q1
02
Q3
Q4

151.7
160.8
158.5
148.2

116.5
120.5
119.6
116.2

109.9
114.3
110.6
107.0

6.6
6.2
9.0
9.2

23.9
27.6
27.7
22.0

30.5
33.8
36.7
31.1

11.2
12.7
11.1
10.1

1980-01
02
Q3
04

150.5
73.0
123.8
151.3

103.7
43.0
92.6
115.2

95.5
36.2
82.7
104.0

8.2
6.8
9.9
11.2

29.7
16.0
20.7
21.6

38.0
22.8
30.6
32.9

17.1
14.0
10.5
14.4

1981-Q1

113.9

79.1

71.2

7.9

21.7

29.6

13.1

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 n on farm mortgage debt by type of property, where
not available, and interpolations and extrapolations, where required, estimated mainly by Federal Reserve.




22 AVERAGE RATES AND YIELDS ON HOME MORTGAGES AND PASS-THROUGH SECURITIES
Secondary market
Primary market
FHA/VA mortgages
Rates on
Discount
Yield on
Yield in
conventional
Ceiling
points
Period
Period
GNMA
FNMA
loans at
rate
in FNMA
securities
auction
S&L's
auction

Conventional mortgages
Yield in
FNMA
auction

Yield in
FHLMC
auction

1979-High
Low

12.90
10.38

1979-High
Low

13.29
10.42

12.54
4.16

11-1/2
9-1/2

11.77
9.51

13.97
10.92

13.56
10.40

1980-High
Low

16.35
12.18

1980-High
Low

15.93
12.28

15.40
.93

14
11-1/2

14.17
10.73

17.51
12.81

16.22
11.60

1981-High
Low

16.80
14.80

1981 H i g h
Low

17.21
14.84

12.51
3.49

15-1/2
13-1/2

15.56
13.18

16.45
14.83

16.77
14.16

3
10
17
24

15.40
15.50
15.65
15.77

Apr.

14
14-1/2
14-1/2
14-1/2

14.69
14.64
14.61
14.81

1
8
15
22
25

15.82
16.12
16.64
16.63
16.80

May

14-1/2
15-1/2
15-1/2
15-1/2
15-1/2

15.46
15.37
15.16
15.23
14.97

5
12
19
26

16.76
16.69
16.71
16.62

June

15-1/2
15-1/2
15-1/2
15-1/2

14.96
14.75
15.09
15.33

16.31

3
10

16.64
16.79

15-1/2
15-1/2

15.35
15.56

16.34

1981
Apr.

May

June

July

June

6
13
20
27
4
11
18
26
1

16.47

10.14

16.61

10.81

17.21

8.58

16.65

5.89

8
15
22
29

16.17

3.49

16.17

3,47

6
13

16.93

4.82

15.57
15.75

16.42
16.45

16.29

15.35
15.44
15.51
15.69
16.35
16.77
16.51
16.45
16.31
16.16
15.98
16.13
16.43
16.56
16.69

Column 2 is average of contract interest rates on commitments for level-payment conventional first mortgages with 8 0 percent loan-to-value ratios and 30
year maturities made by a sample of insured S&Ls. Columns 4 and 8 are average gross yield to FNMA before deduction of the fee of 37% basis points paid
for mortgage servicing. They reflect the average accepted bid yield for first mortgages for optional delivery within 4 months, assuming prepayment in 12
years for 30-year loans, without adjustments for FNMA commitment fees and FNMA stock retention requirements. Column 7 is a 1-day quote on average
net yields to investors on GNMA-guaranteed mortgage-backed securities for immediate delivery, assuming prepayment in 12 years on pools of 30-year
FHA/VA mortgages carrying a coupon rate 50 basis points below the current FHA/VA ceiling rates shown in Column 6. Column 9 is the average net
yield to FHLMC on accepted bids in its weekly auction of commitments to buy conventional home mortgages for immediate (within 6 0 days) delivery.
Beginning July 7 , 1 9 8 0 , the FNMA auction results for FHA/VA mortgages do not include graduated payment mortgages.




23
23. FNMA AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES
Dollar amounts in millions
Date of
auction

Offered

FHA/VA mortgages
Accepted

Average yield

Offered

Conventional mortgages
Average yield
Accepted

980-High
Low

644.2
63.8

354.6
35.1

15.93
12.28

426.0
12.4

133.0
19.6

17.51
12.76

981-High
Low

146.9
35.8

119.7
34.1

17.21
14.84

176.9
12.4

147.1
11.1

16.45
14.83

27

74.8
64.3

61.2
53.3

16.47
16.61

49.5
77.4

37.7
54.3

15.57
15.75

May

11
26

109.9
94.9

99.6
79.5

17.21
16.65

114.6
166.7

72.2
83.7

16.42
16.45

June

8
22

107.5
130.1

98.0
118.1

16.17
16.17

176.9
129.6

147.1
76.4

16.31
16.29

July

6

130.0

119.7

16.43

124.2

109.3

16.34

Apr.

13

24. FHLMC AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES
Conventional mortgages, dollar amounts in millions
Future commitment program
Immediate delivery program
Date of
auction
Average yield
Accepted
Average yield
Offered
Accepted
Offered

1980-High
Low

401.4
4.9

200.3
2.5

16.22

11.60

255.2
34.1

26.9
10.5

17.15
12.89

1981-High
Low

141.6
40.7

65.9
13.2

16.77
14.16

73.6
25.2

18.4
5.0

17.24
15.16

15.2
13.2

16.35
16.77
16.51
16.45

69.1

17.5

17.12

25.9
29.9
40.9
35.2

53.8

17.4

16.90

25.2

12.4

17.24

1981-May

4

11
18

26
June

2

21.0
20.1

16

72.2
83.8
76.3

23
30

82.1
52.5

16.2

16.31
16.16
15.98
16.13
16.43

7
14

65.7
51.7

16.9
16.7

16.56
16.69

9

July

44.2
41.3
47.4
44.3.

Offerings in the FNMA auctions of 4-month purchase commitments relate to total bids submitted, and average yields to FNMA on accepted bids are gross
(before deduction of 37% basis points for mortgage servicing) assuming prepayment in 12 years for 30-year mortgages, without adjustments for FNMA
commitment fees or stock related requirements. Offerings in the FHLMC auctions relate to total bids submitted, and average yields to FHLMC on
accepted bids are net, excluding 37% basis points for mortgage servicing. Prior to June 2 4 , 1 9 8 0 , the FHLMC's future commitment program involved
6-month commitments; subsequently, 8-month commitments have been auctioned.
Source: FNMA and f-HLMC




25. ISSUES OF MORTGAGE-BACKED SECURITIES
Millions of dollars, not seasonally adjusted

Period

GNMA-guaranteed
New issues

Outstanding
(end of period)

Pass-through securities
F H LMC-guaranteed
New issues

Outstanding
(end of period)

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

Privately insured
New issues

1978

15,358

54,347

6,212

11,892

1,011

1,141

465

1979

24,940

76,401

4,546

15,180

2,575

3,641

1,110

1980

21,950

93,874

2,527

16,853

5,133

8,724

290

1980-Jan.
Feb.
Mar.

2,611
1,354
1,125

78,849
79,900
80,843

180
207
106

15,274
15,397
15,454

405
205
342

4,227
4,421
4,771

50
0
0

Apr.
May
June

1,778
1,127
1,320

82,419
83,385
84,282

199
391
232

15,613
15,949
16,120

510
495
413

5,269
5,760
6,168

0
0
190

July
Aug.
Sept.

1,874
2,215
1,807

85,634
88,031
89,452

288
320
275

16,370
16,658
16,852

485
466
355

6,603
6,995
7,338

50
0
0

Oct.
Nov.
Dec.

2,255
1,613
1,569

91,425
92,574
93,874

187
94
48

16,950
16,912
16,853

402
628
427

7,708
8,342
8,724

0
0
0

1981-Jan.
Feb.
Mar.
Apr.
May
Jun»

1,382
1,306
1,046
1,404
1,245
1,383

95,061
96,292
97,184
98,405
99,144
n.a.

168
94
127
97
422
n.a.

16,952
17,010
17,067
17,131
17,515
n.a.

529
251
460
506
714
n.a.

8,233
9,489
9,900
10,360
n.a.
n.a.

0
0
0
40
0
n.a.

GNMA-guaranteed securities are issued by private institutions and represent undivided interests in pools of Government-underwritten home mortgages
formed by these institutions. FHLMC-guarar.teed securities include Participation Certificates and Guaranteed Mortgage Certificates issued by FHLMC
against pools of conventional residential mortgages formed by FHLMC. Privately-insured pass-through securities are issued by private institutions against
pools of conventional residential mortgages and are underwritten by major private mortgage insurance companies.
Source: G N M A , FHLMC* H U D , and Federal Reserve.