Full text of H.16 Capital Market Developments : July 21, 1980

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

July 21, 1980

Capital
Market
Developments
Ftet> e °

,un

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




A #

CONTENTS
1. Yields, V o l u m e and R e c e p t i o n : C o r p o r a t e Bond Market
2. Yields, V o l u m e and R e c e p t i o n : Municipal Bond Market
3. High Grade Bond Yields
4. Long-Term C o r p o r a t e and S t a t e and Local G o v e r n m e n t Security Offerings and Placements
5. Treasury and G o v e r n m e n t - S p o n s o r e d Agency Marketable C o u p o n Offerings and Placements
6. New C o r p o r a t e Security Issues by T y p e of Issue
7. New C o r p o r a t e Security Issues by T y p e of Issuer
8. Public Offerings of Intermediate- and Long-Term Securities: C o r p o r a t e
9. Public Offerings of Intermediate- and Long-Term Securities: State and Local
10. Public Offerings of Intermediate- and Long-Term Securities: U.S. Treasury
11. Public Offerings of Intermediate- and Long-Term Securities: Government-Sponsored Agencies
12. F o r t h c o m i n g Public Offerings of Intermediate- and Long-Term Securities: C o r p o r a t e
13. F o r t h c o m i n g Public Offerings of Intermediate- and Long-Term Securities: S t a t e and Local
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.

Stock Prices
Trading V o l u m e
Security Credit
Savings Flow at Selected N o n b a n k T h r i f t Institutions
Mortgage C o m m i t m e n t s 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 T y p e of Property
Average Rates and Yields on H o m e Mortgages and Pass-Through Securities
FNMA A u c t i o n s of C o m m i t m e n t s t o Purchase H o m e Mortgages
FHLMC A u c t i o n s of C o m m i t m e n t s t o Purchase H o m e Mortgages

25. Issues of Mortgage-Backed Securities

SYMBOLS
e
p
r
n.a.
—

estimate
preliminary
revised
n o t available
data d o n o t exist

SUBSCRIPTION RATES
Weekly $ 1 5 . 0 0 per year or $ . 4 0 each in t h e United States, its possessions, Canada, and Mexico; 10 or m o r e of t h e same issue t o one
address, $ 1 3 . 5 0 per year or $ . 3 5 each. Elsewhere, $ 2 0 . 0 0 per year or $ . 5 0 each. Address requests t o Publications Services, Division of
S u p p o r t Services, and m a k e p a y m e n t r e m i t t a n c e payable t o t h e order of t h e Board of Governors of t h e Federal Reserve System in a
f o r m collectible at par in U.S. C u r r e n c y .




3
1. YIELDS, VOLUME A N D RECEPTION
Corporate Bond Market
Volume

Yields
Week ending

New issue
Aaa utility 1

Recently o f f e r e d
Aaa utility2

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

Percent sold by
end of week

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

13.98
13.28
12.87
12.42

13.93
13.30
12.69
12.64

825
355
565
1,047

91
100
100
90

75
0
0
125

9
16
23
30

1

12.10
11.38
11.43
11.50
11.52

12.05
11.55
11.65
11.60
11.55

1,570
850
747
2,083
1,740

99
59
64
100
90

16
98
58
0
173

June

6
13
20
27

11.45
10.91
10.53
10.90

11.28
10.85
10.79
11.08

1,911
2,331
1,609
1,059

99
100
81
86

15
0
299
150

3
11
18

11.50
11.48r
11.54p

11.18
11.26r
11.33p

217
1,204
1,614

68
76
94

70
288
98

1980-Apr.

4
11
18
25
CM

July

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

Yields
Bond Buyer
Rev. b o n d
index

New issues in
syndicate4
($ millions)

M o o d y ' s new
issue Aaa

Bond Buyer
G.O.bond
index

4
11
18
25

8.25
8.60
7.60
7.66

9.44
9.07
7.89
8.11

10.25
9.90
9.19
9.29

225
608
1,291
1,356

93
94
92
86

38
39
112
167

May

2
9
16
23
30

7.15
6.60
6.60
6.80
6.85

7.96
7.11
7.44
7.72
7.73

9.03
8.15
8.24
8.51
8.58

1,201
943
1,093
1,015
799

98
93
92
92
70

38
73
136
156
286

June

G
13
20
27

7.40
7.25
6.80
7.11

7.67
7.53
7.55
7.76

8.51
8.44
8.39
8.52

1,536
1,052
1,171
1,010

93
85
89
67

178
226
184
466

July

3
11
18

7.00
7.40
7.50

7.88
7.95
8.03

8.66
8.70
8.77

1,108
599
1,139

93
77
90

349
342
237

Week ending

1980-Apr.

Gross offerings
($ millions)

Percent sold by
end of w e e k 3

1 Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection.
2 Federal Reserve series of implied free-market yield on Aaa-rated utility bond with 5-year call protection, released from price restrictions sometime
during the last four weeks.
3 Estimated by F.R. on the basis of available data.
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.




4
3. HIGH GRADE BOND YIELDS
New issue
Aaa utility 1

Date

Recently offered
Aaa u t i l i t y 2

Moody's
seasoned
corporate A a a 3

U.S. govt.
20-year c o n s t a n t
maturity4

Bond Buyer
G.O. bond
index5

1977-High
Low

8.36(12/16)
7.90(1/7)

8.48(12/30) 8.28(12/30)
7.88(1/7)
7.95(1/7)

7.99(12/30)
7.26(1/7)

5.93(2/4)
5.45(11/17)

1978-High
Low

9.30(11/10)
8.61(3/24)

9.54(12/22) 9.27(12/29)
8.30(1/6)
8.48(1/6)

9.00(12/22)
8.01(1/6)

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

1979-High
Low

1 . 5 1 ( 1 1 / 1 2 ) 1 1 . 4 5 ( 1 1 / 9 ) L0.87(12/28) 1 0 . 5 6 ( 1 1 / 9 )
8.79(7/6)
9.39(6/29) 9.16(7/6)
9.40(8/17)
14.12(3/28) 13.00(3/28)
10.79(6/20) L0.34(6/20)

12.79(2/22)
9.59(6/20)

Bond Buyer
Rev. bond
index 6

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

7.38(10/26)
6.08(7/6)
9.44(4/4)
7.11(5/9)

10.25(4/4)
8.15(5/8)

1980-High
Low

14.22(3/28)
10.53(6/20)

1979-Apr.
May
June

9.70
9.83
9.50

9.74
9.84
9.50

9.38
9.50
9.29

9.21

July
Aug.
Sept.

9.58
9.48
9.93

9.53
9.49
9.87

9.20
9.23
9.44

8.92
8.97
9.21

6.13

Oct.
Nov.
Dec.

10.97
11.42
11.25

10.91
11.36
11.32

10.13
10.76
10.74

9.99
10.37
10.18

7.08
7.30
7.22

8.11
8.08

1980-Jan.
Feb.
Mar.

11.73
13.57
14.00

11.77
13.35
13.90

11.09
12.38
12.96

10.65

7.35

8.21

12.49

9.17

Apr.
May
June

12.90
11.53
10.97

12.91
11.64
10.99

12.04
10.99
10.58

11.40
10.36
10.08

8.63
7.59
7.63

9.66

11.45
10.91
10.53
10.90

11.28

10.88
10.53
10.34
10.53

10.29
9.78
9.59
9.86

7.67
7.53
7.55
7.76

8.51
8.44
8.39
8.52

10.84
10.94r
ll.lOp

10.15 r
10.26r
10.29p

7.88
7.95
8.03

8.66

1980-June

6
13

20
27

July

3

11
18

10.85
10.79

11.08
11.18

11.50
11.48r
11.54p

11.26r
11.33p

9.21
8.91

12.21

6.29
6.25
6.13

6.20
6.52

8.16

7.80

8.91
9.95

8.50
8.47

8.70
8.77

iK5 SESrS

restrictions sometime during the last four weeks.

3

Weekly average of daily closing figures.

5

J , % S % . ' obligation bond, u „ d , „ h i , i n ® ,

e

bo,*,
I nvestors Service. Weekly Bond Buyer data.




«

id-,,

•»• «™ ' » • • = « » »

B

»

— . . . , ^ p , . . — > « , «.««»•.

4. LONG-TERM CORPORATE A N D STATE A N D LOCAL GOVERNMENT SECURITY OFFERINGS A N D PLACEMENTS
Gross proceeds, millions of dollars
S t a t e and Local

Corporate

Period

1978

1979

1980

1978

1979

1980

3,326
2,770
4,569

3,770
3,165
4,354

6,210
4,452
4,353

3,306
2,753
4,844

2,840
2,603
4,644

3,007
2,340
2,700e

3,397
4,227
5,539

4,692
4,160
6,238

5,350e
8,700e
9,200e

3,824
5,525
4,369

3,444
3,042
4,724

5,000e
4,800e
5,800e

August
September

4,414
3,379
4,236

4,103
4,162
4,587

3,920
6,407
2,323

3,396
4,256
2,472

October
November
December

3,799
3,207
4,401

4,601
3,831
3,801

3,231
4,320
3,690

4,217
4,160
3,567

47,264

51,464

48,512

43,365

January
February
March
April
May
June
July

Year

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

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

Period

Combined
deficit(+)
or
surplus(-)1

Totals

Federal G o v e r n m e n t
Means of financing c o m b i n e d deficit
Net cash borrowing f r o m t h e public2
Public d e b t securities
Gov't,
agency
NonCoupons
Bills
securities
marketable

Decrease(+)/
Other

increase!—)
in cash
operating

Sponsored
agency
borrowing4

balance

CY-/-1978
CY -1979

52,870
41,397

53,683
37,360

706
10,899

31,777
28,041

22,644
-397

-1,431
-1,402

3,206
1,115

-4,019
366

23,509
23,631

1979-July
Aug.

8,167
16,003
-15,558

4,831
3,268
4,250

48
551
889

3,529
2,700
2,570

1,312
-41
280

—68
-17
-14

-619
6,155
-2,582

3,955
6,580
-17,226

3,094
821
910

Dec.

14,646
8,941
1,997

2,217
5,548
11,207

314
3,408
7,544

2,085
1,463
3,614

357
704
57

-20
—80
—62

-1,287
8,984
1,124

13,716
4,869
-10,334

3,196
2,546
1,542

1980-Jan.
Feb.
Mar.

5,170
10,458
15,350

5,201
2,066
11,802

2,8-78
1,900
13,358

-27
-40
—19

647
2,478
1,013

-678
5,914
2,535

2,261
1,542
4,764

Apr.
May
June

-8,037
3,618

4,632

4,515

-86

-2,393

10,276

3,632

Sept
Oct.
Nov.

278
2,050
3,307% - 3 , 1 4 9 r
3,517 - 5 , 0 6 6
2,899

2,602

1 U.S. unified budget deficit or surplus plus off-budget entities deficit or surplus.
2 Change in outstanding amount of public debt securities and government agency securities less change in holdings of those securities by government
accounts.
3 Also includes changes in matured and noninterest-bearing public debt.
4 Change in outstanding amount of marketable securities issued by Federal Farm Credit Banks, Federal Home Loan Banks, Federal Home Loan Mortgage Corporation, Federal National Mortgage Association.




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

Total

Publicly
offered

Privately
placed

Memo
Issues included
Convertible
Foreign

C o m m o n and
preferred
stocks

1977
1978
1979

53,792
47,230
51,464

24,072
19,815
25,814

17,943
17,057
14,325

11,777
10,358
11,325

1,340
1,349
1,008

863
418
2,229

1979-Q1
QII
QUI
QIV

11,289
15,090
12,852
12,233

4,522
9,154
6,386
5,752

4,570
3,874
2,974
2,907

2,197
2,062
3,492
3,574

67
59
763
119

8
1,494
540
187

1980-QI

15,015

5,861

4,600

4,554

169

908

July
Aug.
Sept.

4,103
4,162
4,587

2,247
1,972
2,167

875
966
1,133

981
1,224
1,287

227
110
426

153
159
228

Oct.
Nov.
Dec.

4,601
3,831
3,801

2,669
1,583
1,500

903
1,029
975

1,029
1,219
1,326

10
21
88

50
24
113

1980-Jan.
Feb.
Mar.

6,210
4,452
4,353

2,450
1,426
1,985

2,384
1,430
786

1,376
1,596
1,582

47
122

32
76
800

0

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

Manufacturing

Public utility

Communications

O t h e r issuers 1

13,393
10,813
11,346

14,127
12,232
13,289

4,442
3,640
4,522

21,827
20,549

1979-QI
QII
QUI
QIV

2,096
3,050
3,704
2,496

3,012
3,626
2,472
4,179

1,399
799
931
1,413

4,779
7,637
5,745
4,148

1980-QI

3,907

4,966

1,278

4,864

July
Aug.
Sept.

1,000
1,163
1,541

772
503
1,197

94
336
501

2,235
2,162
1,348

Oct.
Nov.
Dec.

1,487
477
532

1,786
1,265
1,128

482
856
75

845
1,236
2,067

1980-Jan.
Feb.
Mar.

1,276
1,340
1,291

1,873
1,262
1,831

483
572
223

2,578
1,276
1,010

1977
1978
1979

1 Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other.
Source: Securities and Exchange Commission and Federal Reserve Board.




22,309

8. PUBLIC O F F E R I N G S OF INTERMEDIATE- A N D LONG-TERM SECURITIES: CORPORATE 1

Issuer
Southern Pacific Transp. Co
Penncorp Financial Inc.
American Can Co.
Dayton Power & Light Co.
Dayton Power & Light Co.
Public Serv. Co. N. Hampshire
Long Island Lighting Co.
Revlon Inc.
Twentieth Century-Fox Film
Corp.
Connecticut Gen'1. Mtg. &
Realty
CCI Corp.
Philadelphia Electric Co.
Louisville Gas & Elec. Co.
Dow Chemical Co.
Gen'l. Tel. Co. of Northwest
United Illuminating Co.
Fremont General Corp.
Marathon Oil Co.
Wheelabrator-Frye Inc.
Chesebrough Ponds Inc.
Great Atlantic & Pacific Tea
Co.
Pacific Tel. & Tel. Co.
Pacific Tel. & Tel. Co.
Walter E. Heller Int'l. Corp.
Pacific Gas & Elec. Co.
Union Camp Corp.
First National Boston Corp.
Crystal Oil Co.
Inco Ltd.
Celanese Corp.
Celanese Corp.
General Motors Accept. Corp.
General Motors Accept. Corp.
Up John Co.

OTHER
Westburne Int'l. Industries

*
1

7/1
7/1
7/2
7/8
7/8
7/8
7/8
7/9

Amount
(millions Maturity
of dollars)
2 7 . 0 1981-95
]Equip, tr.
2000
40.0
Debt.
2010
150.0
Debt.
30.0
Pfd. stk.
44.0
Com. stk.
42.8
Com. stk.
Com. stk.* 134.0
2010
200.0
Debt.

7/9

Debt.

7/9
7/9
7/10
7/10
7/10
7/10
7/10
7/10
7/11
7/11
7/15

Date

Type

Coupon
rate

Offering
yield

10.25
13.75
11.38
11.60

10.65
14.00
11.45
11.60

Moody's/S&P's
ratings

— / —

—

— / —
-

-

- - / - -

10.88

11.00

Aa/AA

50.0

2000

13.25

13.25

Ba/BB

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

50.0
30.0
105.0
28.7
400.0
100.0
40.0
25.0
200.0
75.0
100.0

1990
2000

11.50
13.88

11.55
13.88

A/A
B/B

7/16
7/16
7/16
7/16
7/17
7/17
7/17
7/17
7/17
7/18
7/18
7/18
7/18
7/18

Com. stk.*
Notes
Debt.
Debt.
Pfd. stk.
Debt.
Notes
Debt.
Debt.
Notes
Debt.
Notes
Debt.
Notes

56.3
150.0
150.0
100.0
137.5
100.0
100.0
35.0
100.0
100.0
100.0
200.0
200.0
150.0

7/8

Com. stk.

- - /
- -

2010
2010
1990
1990
1987
2005
1990

11.25
12.13
13.25
12.88
10.25
11.75
10.63

11.35
12.20
13.25
13.01
10.25
11.75
10.67

11.35
12.35
11.75
12.80
10.88
10.65
13.75
12.38
10.88
11.88
10.88
11.75
10.65

11.35
12.35
11.86
11.64
10.97
10.65
14.05
12.38
10.98
11.90
10.88
11.88
10.65

—

- -

1990
2020
1990
- -

2010
1987
2000
2010
1987
2005
1987
2000
1990

—

- - / - -

44.4

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




Aa/AA
Ba/BB
A/A
Baa/BBB

Aa/AA/A
Baa/BBB+
— / BBB
Aa/AA
A/A
Aa/AA
— / —

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

9. PUBLIC OFFERINGS OF INTERMEDIATE- A N D LONG-TERM SECURITIES: STATE A N D LOCAL 1

Issuer

Date

Type2

Miami, FL
Miami, FL
P i n e l l a s Co., FL
P i n e l l a s Co., FL
P i n e l l a s C o . , FL
Chicago Sch. F i n . A u t h . , IL
Georgia P r e s i d e n t i a l F i n .
Auth.
Massachusetts Health & Ed.
Fac. Auth.
Massachusetts Health & Ed.
Fac. Auth.
North Carolina S t a t e Educa.
A s s i s t . Auth.
North Carolina S t a t e Educa.
A s s i s t . Auth.
Orlando U t i l . Comm., FL
Houston, TX
Washington Suburban S a n i t a r y
D i s t . , MD
Nassau Co., NY
Vermont, S t a t e of
Pennsylvania Hsg. F i n . Agcy.
Pennsylvania Hsg. F i n . Agcy.
Texas A&M U n i v e r s i t y Sys.
New York C i t y Hsg. D e v e l .
Corp.
Oklahoma Co. Home F i n . Auth.
Oklahoma Co. Home F i n . Auth.
Oklahoma Co. Home F i n . Auth.
Oklahoma Co. Home F i n . Auth.
Oklahoma Co. Home F i n . Auth.
Maryland Comm. D e v e l . Admin.
Maryland Comm. D e v e l . Admin.
Brevard Co. Hsg. F i n . A u t h . ,
FL
Brevard Co. Hsg. F i n . A u t h . ,
FL
Brevard Co. Hsg. F i n . A u t h . ,
FL
Brevard Co. Hsg. F i n . A u t h . ,
FL
Washington Pub. Pwr. Supply
System
Tennessee, S t a t e of
Houston, TX
A u s t i n , TX
A u s t i n , TX

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

Rev.
Rev.
Rev.
Rev.
Rev.

BID WITHDRAWN
Milwaukee Co., WI

Amount
(millions
of $)

Maturity

Net
interest
cost

1Moody's/S&P's
ratings

—/AAA
—/AAA

G.O.

14.0
46.0
37.2
76.2
46.6
:1 5 0 . 0

1990-2001
2015
1984-1995
2000
2003
1982-2009

6.50-8.38
n.a.
8.75
n.a.
6.00-8.40
n.a.
9.00
n.a.
8.38
n.a.
9.563/ 6 . 0 0 - 9 . 5 0

A/AA/ABaal/AA-

7/1

Rev.

65.0

1982-2011

8.172/ 5.25-8.88

Aa/AA

7/3

Rev.

4.9

1984-1996

9.76

6.60-9.00

Baal/A

7/3

Rev.

24.9

2013

9.76

9.83

Baal/A

7/3

Rev.

18.0

1982-1990

n.a.

5.00-6.25

A-l/AA

7/3
7/8
7/9

Rev.
Rev.
Rev.

12.0
75.0
25.0

1995
1982-2003
1984-2005

7.40
n.a•o /
7.68f// 5.20-8.05
7.84— 5 . 5 0 - 8 . 2 0

A-l/AA
Aa/AA
A/A

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

Rev.
Rev.
Rev.
Rev.

58.2
44.0
51.2
51.6
44.8
26.0

1981-2005
1981-2010
1982-2000
1983-2023
1983
1981-2000

7.25
8.15
6.80
n.a.
n.a.
6.61

Aa/AA
A-l/AAA
Aa/ - A-1/A+
MIG-1
Aaa/AAA

7/10
7/15
7/15
7/15
7/15
7/15
7/15
7/15

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

L09.0
13.5
19.8
24.1
62.0
19.4
22.8
5.1

1982-2021
1983-1991
1998
2003
2011
2012
1982-1996
2000

n.a.

7/15

Rev.

14.2

1981-1994

n.a.

5.25-8.50

A/AA-

7/15

Rev.

24.1

2003

n.a.

9.13

A/AA-

7/15

Rev.

13.6

2006

n.a.

8.50

A/AA-

7/15

Rev.

38.1

2012

n.a.

9.38

A/AA-

7/15
7/15
7/16
7/17
7/17

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

Rev.

180.0
71.4
50.1
13.2
45.0

1989-2018
1981-2010
1981-2000
1982-2003
1986-2000

9.50., 8.50-9.85
7 0
" j / 4.80-7.70
6.87— 5 . 0 0 - 7 . 5 0
5.00-7.60
6.87
5.90-8.00
7.23

7/15

G.O.

55.7

1981-1999

7.21

G.O.
G.O.

5.00-7.80
5.20-8.30
5.00-7.50
5.50-9.30
5.75
4.75-7.40

. 5.00-9.13
5.80-7.85
' 3/
9.30
9 3
'
9
8.50
.34f,
9.50
9 3
'
J/
9.50
9.34—
n.a.
5.40-8.30
8.60
n.a.
9

34

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.




Offering
yield

5.10-8.00

A/A—

Aa/AAA
A-l/AA
A-l/AA
A-l/AA
A-l/AA
A-l/AA
Aa/ —
Aa/--

A-1/A+
Aaa/AA+
Aaa/AAA
Aaa/AA+
Aa/A+
Aa/ AAA,

9
10. PUBLIC OFFERINGS OF INTERMEDIATE- A N D LONG-TERM SECURITIES: U.S. T R E A S U R Y
Notes and Bonds
A m o u n t (millions of dollars)
Offering
date

Payment
date

Maturity
date

Length

Coupon Auction
average
rate
(percent) (percent)

Gross proceeds

Net proceeds
Private 1 - 2

Total

Private 1

Total

1,502
4,484

1,502
4,051

1,502
609

1,502
609

1980
Jan.
Feb.

3
23

1/10
1/31

15yr lmo
2yr

2/15
2/15

3-l/2yr
7-l/4yr
30yr
2yr
Syr 2-1/2mo

2/28
2/28
3/3
3/31
3/31

2/15/95
1/31/82

10-1/2
11-1/2

10.60
11.52

0
0

8 / 1 5 / 8 3 1 1 - 7 / 8 11.98
12.02
5 / 1 5 / 8 7 12
2/15/05-10 1 1 - 3 / 4 11.84
2/28/82 1 3 - 7 / 8 13.98
5 / 1 5 / 8 5 1 4 - 3 / 8 14.39

9,404

7,626

2,452

2,452

4,497
2,719

4,098
2,719

677
2,719

677
2,719

0
200

2yr
4yr

3/31/82
3/31/84

15
14-1/4

15.01
14.29

4,072
2,974

3,572
2,605

910

910

0
66

5/15/95
4/30/82

12-5/8
l l r 3/8

12.69
11.44

1,503
4,574

1,503
4,115

1,503
1,394

1,503
1,394

0
0

9-1/4
8/15/83
11/15/89 10-3/4
5/15/05-10 10

9.32

9.88
10.12

13,019

7,743

5,754

5,754

102
55
0

4,284
3,293
5,214
3,724

4,010
3,293
4,514
3,219

3,293
3,029
-683

4/8
4/30

15yr lmo
2yr

5/15
5/15
5/15

3-l/4yr
9-l/2yr
30yr

6/5
6/5
6/30
6/30

2yr
Syr 2-1 / 2mo
2yr
4yr

5/31/82
8/15/85
6/30/82
6/30/84

9-3/8
9-5/8
8-5/8
8-7/8

9.37

7/9

14yr lOmo

5/15/95

10-3/8

10.42

9.66
8.63
8.99

1,186

1,186
3,293
2,659
-313
l,502p

iS Z S S S Z S Z S S S a



Memo:
Foreign
add-ons3

0
285
214
0

10
11. PUBLIC O F F E R I N G S O F I N T E R M E D I A T E - A N D LONG-TERM S E C U R I T I E S : G O V E R N M E N T S P O N S O R E D AGENCIES
A m o u n t (millions of dollars)
Offering P a y m e n t
date
date

Issuer

1979

1979

FHLB

11/15
11/15
11/15

11/26
11/26
11/26

FHLMC

11/15

12/3

FNMA

12/5

12/10

FFCB

12/19 :L/2/80
1980

Length

Maturity
date

Yield
"
(percent)

Gross
proceeds

Maturing
issues

Net
proceeds

1-yr 9-mo
3-yr 6-mo
7-yr

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

12.30
11.60
11.30

1,000
1,000
600

1,700

900

29-yr 9-mo

9/15/09

12.48

150

0

150

3-yr 6-mo

7/11/83

10.85

1,000

1,000

0

5-yr

12/3/84

10.65

433

531

-98

10/20/82
1/21/85
1/22/90

10.95
10.90
10.95

755
818
438

900

1,111

2/11/85

11.70

500

300

200

10/26/81
8/25/83

12.85
12.25

900
600

1,850

-350

1980
2-yr 10-mo
5-yr
10-yr

FFCB

1/16
1/16
1/16

1/21
1/21
1/21

FNMA

1/31

2/11

5-yr

FHLB

2/15
2/15

2/25
2/25

1-yr 8-mo
3-yr 6-mo

FNMA

3/5
3/5

3/10
3/10

1-yr 11-mo
3-yr 11-mo

2/10/82
2/10/84

15.25
14.10

1,000
500

1,000

500

FHLB

3/13
3/13

3/25
3/25

1-yr 4-mo
3-yr 7-mo

7/27/81
10/25/83

15.80
14.05

900
500

0

1,400

FNMA

4/2
4/2

4/10
4/10

2-yr
4-yr 1-mo

4/12/82
5/10/84

15.30
14.25

600
1,000

1,100

500

FFCB

4/9
4/9
4/9

4/21
4/21
4/21

3-yr
5-yr
8-yr

4/20/83
4/22/85
4/20/88

13.40
13.25
12.65

1,030
811
454

1,165

1,130

FNMA

4/30
4/30

5/12
5/12

4-yr 3-mo
7-yr

8/10/84
5/11/87

11.10
11.15

1,000
750

0

1,750

FHLB

5/14
5/14
5/14

5/27
5/27
5/27

2-yr 2-mo
3-yr 10-mo
6-yr 9-mo

7/26/82
3/26/84
2/25/87

9.60
9.85
10.45

1,000
800
600

1,500

900

FFCB

5/29

6/2

4-yr 6-mo

12/3/84

9.55

870

0

870

FNMA

6/4
6/4
6/4

6/10
6/10
6/10

2-yr 11-moi
4-yr 7-mo
8-yr

5/10/83
1/10/85
6/10/88

9.50
9.90
10.50

500
1,000
500

900

1,100

6/25

7/1

4-yr 11-mc>

6/3/85

9.20

1,214

323

891

FNMA

7/2

7/10

4-yr 11-mc3

6/10/85

9.95

1,000

550

450

FFCB

7/9
7/9
7/9

7/21
7/21
7/21

12/1/83
12/1/86
7/23/90

9.30
10.00
10.40

841
1,002
600

1,175

1,268

. FFCB

FFCB
FHLB
FHLMC
FNMA

—
—

Federal
Federal
Federal
Federal




3-yr 5-mo
6-yr 5-mo
10-yr

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

11

As of J u l y 18, 1980
12. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- A N D LONG-TERM SECURITIES: CORPORATE 1
Issuer

F l o r i d a N a t ' l Banks of F l a .
*Sea Containers A t l a n t i c Ltd.
Leaseway T r a n s p o r t a t i o n Corp.
*Central Power & Light Co.
Central Maine Power Co.
*American G r e e t i n g s Corp.
Trane Co.
Rochester Gas & E l e c . Co.
*Indiana Gas Co.
Gen'l T e l . Co. of F l o r i d a
*Chrysler Corp.
Arrow E l e c t r o n i c s I n c .
*Charter Co.
Citicorp
*Northwest Energy Co.
Avco F i n a n c i a l S e r v i c e s I n c .
Transamerica F i n a n c i a l Corp.
Jim Walter Corp.
Ina Corp.
P a c i f i c F i r s t Fed. S&L A s s o c .
New York T e l . Co.
Central Fed. S&L A s s o c .
F i d e l i t y Fed. S&L A s s o c .
C a t e r p r i l l a r Tractor Co.
MCI Communications Corp.
Amarex I n c .
Ricohs Co. Ltd.
Boston Gas Co.
U . S . Home Finance Corp.
U.S. Leasing Corp.
I n t e r n a t i o n a l Bank of Washington
Twentieth Century-Fox Film Corp.
Sears Roebuck & Co.
Amax I n c .
Caesars World I n c .
American Maize Products Co.
*Wells Fargo & Co.
*J.C. Penney C o . , I n c .
*Engelhard Minerals & Chemicals Corp,
*K-Mart Corp.
I l l i n o i s T e l . Co.
Puget Sound Power & Light Co.
Texas Gas Transmission
P u b l i c S e r v i c e of Indiana
P u b l i c S e r v i c e of Indiana
Idaho Power Co.
*C&P T e l . Co. of Maryland
Columbia Gas System
Portland General E l e c t . Co.
San Diego Gas & E l e c t r i c Co.
* F i r s t N a t i o n a l Charter Corp.
*Southern Union Co.
Ohio Edison Co.

Type

Debt.
Pfd. stk.
Notes
Pfd. stk.
Pfd. stk.
Notes
Notes
Pfd. s t k .
1 s t . mtg.
Debt.
Govt.-gtr.
Debt.
Debt.
Pfd. stk.
Pfd. stk.
Notes
Notes
Notes
Notes
Mtg.-backed
Debt.
Mtg.-backed
Mtg.-backed
Notes
Debt.
Debt.
Conv. d e b t .
1 s t . mtg.
Notes
Debt.
Debt.
Notes
Notes
Notes
Debt.
Conv. d e b t .
Notes
Debt.
Debt.
Notes
Debt.
Com. s t k .
Debt.
1 s t . mtg.
Com. s t k .
Com. s t k .
Debt.
Debt.
1 s t . mtg.
1 s t . mtg.
Notes
Debt.
Pfd. stk.

Amount
(millions of dollars)

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

50.0
30.0
75.0
40.0
25.0
50.0
50.0
25.0
25.0
100. n
250.0
25.0
50.0
150.0
60.0
100.0
75.0
100.0
75.0
50.0
450.0
75.0
50.0
300.0
65.0
30.0
50.0
40.0
100.0
25.0
30.0
50.0
200.0
100.0
25.0
25.0
100.0
200.0
200.0
200.0
400.0
50.0
75.0
125.0
60.0
35.0
175.0
100.0
60.0
50.0
25.0
50.0
50.0

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




J u l y 22
J u l y 22
J u l y 23
J u l y 23
J u l y 24
J u l y 24
J u l y 24
J u l y 29
J u l y 30
J u l y 30
J u l y 31
J u l y 31
J u l y 31
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
Aug. 5
Aug. 7
Aug. 20
Aug. 21
Aug. 21
Aug. 26
Aug. 26
Aug.
Aug.
Aug.
Aug.
Aug.
Indef.

12
12. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- A N D LONG-TERM SECURITIES: CORPORATE 1
Issuer

Type

Amount
(millions of dollars)

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

OTHER
Ontario,
Ontario,
European
European

P r o v i n c e of
P r o v i n c e of
Investment Bank
Investment Bank

Bonds
Notes
Debt.
Notes

250.0
150.0

100.0
100.0

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




Indef.
Indef.
Indef.
Indef.

As of J u l y 18, 1980

^

1 3 . FORTHCOMING PUBLIC O F F E R I N G S OF INTERMEDIATE- A N D LONG-TERM SECURITIES: STATE A N D LOCAL 1
Issuer

Maricopa Co. Indus. D e v e l . A u t h . , AZ
R o c h e s t e r , NY
Michigan S t a t e Hosp. F i n . Auth.
*Triborough Bridge & Tunnel A u t h . , NY
Columbus, OH
Michigan Higher Education Student Loan Auth.
Minnesota Hsg. F i n . Agcy.
N a s h v i l l e & Davidson Co. Metro. Health &
Ed. Fac. B d . , TN
•Massachusetts Hsg. F i n . Agcy.
Hawaii Hsg. Auth.
*Plano, TX
*Turlock I r r i g a t i o n D i s t . , CA
• M i s s o u r i Environmental Improvement Auth.
• P o r t l a n d , OR
Texas Municipal Power Agcy.
C h a r l o t t e , NC
Clark C o . , NV
Ohio, Higher Education Fac.
Oregon, S t a t e of
I l l i n o i s E d u c a t i o n a l Fac. Auth.
• J e f f e r s o n P a r i s h Home Mort. A u t h . , LA
•Michigan S t a t e Hsg. D e v e l . Auth.
•Puerto P i c o P u b l i c Bldg. Auth.
C a l i f o r n i a , S t a t e of
Newark, NJ
• P h i l a d e l p h i a , PA
•Municipal A s s i s t a n c e Corp.

Type

Amount
millions of dollars)

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

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

63.0
56.1
47.0
231.0
84.5
64.0
25.7

July
July
July
July
July
July
July

21
22
23
23
23
24
24

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

22.1

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

25
25
25
28
29
30
30
31
5
5
5
5
5
5
7
8
12
13
15
20

75.0
50.0
26.7
50.0

60.0
29.0

250.0
27.0

28.0

85.0
40.0
65.0
150.0-200.0

60.0
100.0
170.0
29.5

100.0
100.0

POSTPONED
Toledo-Lucas Co. Port A u t h . , OH
South C a r o l i n a , S t a t e of

Rev.
G.O.

32.6
75.9

J u l y 11
J u l y 15

TEMPORARILY DELAYED
East Baton Rouge Mort. F i n . A u t h . , LA

Rev.

200.0

J u l y 22

*
1

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




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

Date

NASDAQ5

AMEX4

DJ Industrials

1977-High
Low

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

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

127.89 ( 1 2 / 3 0 )
109.61 (1/12)

105.00 ( 1 2 / 3 0 )
93.66 (4/5)

1978-High
Low

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

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

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

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

1979-High
Low

63.39 (10/5)
53.88 ( 2 / 2 7 )

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

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

152.29 ( 1 0 / 5 )
117.84 (1/2)

1980-High
Low

69.84 (7/18)
55.30 (3/27)

923.98 ( 7 / 1 8 )
759.13 ( 4 / 2 1 )

312.90 (7/17)
215.69 (3/27)

169.99 ( 7 / 1 8 )
124.09 ( 3 / 2 7 )

1980-June

6
13
20
27

64.67
66.13
65.20
66.34

861.52
876.45
869.71
881.83

282.01
287.75
285.12
296.76

152.68
156.59
156.50
159.18

July

3
11
18

67.07
67.45
69.84

888.91
891.13
923.98

306.36
306.60
310.41

160.87
164.82
169.99

15. TRADING V O L U M E 2
NYSE

Date

AMEX

NASDAQ

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

11.2 (11/10)
5.1 (5/27)

1977-High
Low

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

1978-High
Low

66.4 (8/3)
7.6 (1/2)

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

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

1979-High
Low

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

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

25.8 (21/17)
7.2 (1/2)

1980-High
Low

67.7 (1/16)
23.1 (4/14)

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

36.1 (2/8)
10.7 (4/14)

1980-June

6
13
20
27

39.3
42.4
39.0
39.3

5.1
5.5
4.9
5.5

17.5
18.9
19.0
19.1

July

3
11
18

38.6
44.5r
51.1

5.4
6.1r
6.5

20.3
23.4r
25.1

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




16. SECURITY CREDIT1
Outstanding, dollar a m o u n t s in millions

r~

j

^ x

- -

'

Margin credit extended
by brokers o n :

I

End of period

Convertible
bonds

Marginable
stock

N u m b e r of
margin a c c o u n t s
(thousands)

Percent of d e b t
in a c c o u n t s with
4 0 percent or more
c u s t o m e r equity

1976

7,960

204

810

88

1977

9,740

250

887

81

1978

10,830

205

- 955

67

1979

11,450

164

995

84

1979 - 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

1980 ~ Jan.
Feb.
Mar.

11,820
12,460
11,740
11,140
11,270
11,200

165
175
171
168
167
167

1,035
1,065
1,075
1,055
1,055
1,065

87
84
54
72
81
83

Apr.

May
June

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




I

16
17. SAVINGS FLOWS AT SELECTED NONBANK THRIFT INSTITUTIONS
Millions of dollars
Mutual Savings Banks
(regular d e p o s i t s ) 1
Net f l o w

Date

N.S.A.

Sea. a d j .

Savings and Loan Associations
Net f l o w

Memo:
Net New Money 2

Total

Annual
growth
rate3

Net
flow
(sea. adj.)

Annual
growth
rate3

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

32,004

2,874

11.3

52,292

10.1

23,460

-591

9.1

42,289

7.4

15,029

—6,885

Annual
growth
rate3

N.S.A.

11.6

50,169

8.7

Sea. adj.

1976

12,670

—

1977

10,783

~

1978

8,426

—

6.3

44,153

1979

2,900

—

2.1

39,218

19 78-Jan.
Feb.
Mar.

626
476
1,712

928
483
580

8.4
4.3
5.2

2,740
2,293
7,143

2,780
2,946
3,155

8.6
9.1
9.6

3,708
3,429
3,735

8.6
7.9
8.5

2,877
2,073
2,592

-59
170
338

Apr.
May
June

-209
436
1,304

567
636
807

5.1
5.6
7.1

557
2,376
6,648

2,975
3,234
4,548

9.0
9.7
13.6

3,542
3,870
5,355

8.0
8.7
11.9

401
2,145
1,744

-553
97
-90

July
Aug.
Sept.

341
260
1,378

626
884
1,036

5.5
7.7
9.0

3,070
2,310
6,425

3,838
4,228
4,577

11.3
12.4
13.2

4,464
5,112
5,613

9.9
11.2
12.2

2,812
2,069
1,606

38
-75
-45

Oct.
Nov.
Dec.

510
275
1,317

802
518
490

6.9
4.4
4.2

2,641
2,155
5,795

3,956
4,269
3,429

11.3
12.1
9.6

4,758
4,787
3,919

10.2
10.2
8.3

2,534
1,897
710

48
59
-405

1979-Jan.
Feb.
Mar.

218
683
1,971

584
705
798

5.0
6.0
6.7

4,735
2,876
8,334

4,987
3,733
3,909

13.9
10.3
10.7

5,571
4,438
4,707

11.7
9.2
9.7

4,377
2,580
3,146

-118
342
463

Apr.
May
June

-832
61
890

16
280
341

0.1
2.3
2.9

-1,147
2,037
6,854

1,667
3,006
4,515

4.5
8.1
12.1

1,683
3,286
4,856

3.4
6.7
9.8

-1,490
1,627
1,469

-1,192
-341
-649

July
Aug.
Sept.

—318
-112
517

9
508
134

0.1
4.2
1.1

2,015
1,199
4,770

2,844
3,192
2,620

7.5
8.4
6.8

2,853
3,700
2,754

5.7
7.4
5.5

1,455
717
-198

-714
-504
-1,000

-985
-199
1,006

-694
74
183

—5.8
0.6
15.1

1,863
1,157
4,525

3,321
3,527
2,030

8.6
9.1
5.2

2,627
3,601
2,213

5.2
7.1
4.0

1,314
732
-700

-1,420
-765
-987£'

-5.0
1.4
-1.9
3.4 ,
8.41/

2,065
1,626
4,403
326
3,070

2,191
2,617
-324
3,393
4,116

5.6
6.6
—0 . 8
8.6
10.3

1,586.
2,785
-546
3,795
5,116

3.1
5.4
^1.1
7.4
9.6

1,167
1,079
-696
-817
1,835

-1,436
-543
-679
-1,024
200

Oct.
Nov.
Dec.
1980-Jan.
Feb.
Mar.
Apr.
Mayp

-605
-927
168
141
-222,/
930
402 SJ
-449
775rf 1 , 0 0 0 . 2 /

—

~

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 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.




17
18. MORTGAGE COMMITMENTS OUTSTANDING AT SELECTED INSTITUTIONS
Billions of dollars, seasonally a d j u s t e d

End of Period

Total

Thrift Institutions
All savings
Mutual
savings banks
and loan
(N.Y. state)
associations

Federal and Related Agencies
Total

FNMA

GNMA

FHLMC

1976

27.1

24.4

2.7

7.9

3.7

3.8

0.4

1977

37.7

33.2

4.5

11.0

5.1

4.5

1.4

1978

37.5

32.7

4.8

16.5

9.9

4.8

1.8

1979

31.5

28.1

3.4

12.6

6.9

4.7

1.0

1978-Jan.
Feb.
Mar.

37.7
37.3
37.0

33.3
33.0
32.7

4.4
4.3
4 3

12.1
13.3
13.8

6.3
7.2
7.6

4.5
4.7
4.8

1.3
1.4
1.4

Apr.
May
June

36.7
36.6
36.5

32.4
32.1
31.9

4.3
4.5
.. 4 . 6

14.2
14.9
14.9

8.2
8.9
8.9

4.7
4.6
4.5

1.3
1.4
1.5

July
Aug.
Sept.

36.5
36.7
36.7

31.9
32.1
32.3

4.6
4.6
4.4

15.6
15.2
16.1

9.4
9.0
9.6

4.5
4.4
4.6

1.7
1.8
1.9

Oct.
Nov.
, Dec.

38.1
38.1
37.5

33.4
33.3
32.7

4.7
4.8
4.8

16.8
16.9
16.5

10.5
10.5
9.9

4.6
4.7
4.8

1.7
1.7
1.8

1979-Jan.
Feb.
Mar.

37.0
36.5
36.0

32.2
31.8
31.4

4.8
4.7
4.6

15.4
14.1
13.0

8.9
7.7
6.7

4.8
4.8
4.8

1.7
1.6
1.5

Apr.
May
June

36.2
35.8
35.7

31.7
31.7
31.5

4.5
4.1
4.2

12.6
12.0
11.7

6.4
6.0
5.6

4.8
4.7
4.8

1.4
1.3
1.3

July
Aug.
Sept.

35.7
35.9
36.7

31.7
32.0
32.7

4.0
3.9
4.0

11.6
11.2
12.2

5.5
5.5
6.8

4.8
4.4
4.2

1.3
1.3
1.3

Oct.
Nov.
Dec.

35.9
33.0
31.5

32.3
29.4
28.1

3.6
3.6
3.4

14.1

\u

8.2
7.7
6.9

4.6
4.7
4.7

1.3
1.1
1.0 .

1980-Jan.
Feb.
Mar.

30.7
29.9
26.5

27.5
27.1
24.0

3.2
2.8
2.5

11.9
11.2
10.5

6.2
5.7
5.2.

4.7
4.5
4.5

1.0
1,0
0.8

Apr.
May
June

22.8
21.0

20.7
19.2

2.1
1.8

9.2
9.3

4.2
3.5

0.6
0.8

n. a.

n.a.

n.a.

n.a.

n,a.

4.4
5.0
5,7

n,a,

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.




18
19. NET NEW MONEY BORROWINGS BY MAJOR HOUSING CREDIT AGENCIES

millions ui uun
Intermediate- and long-term issues

'

=NMA and FHLB
short-term
discount notes

Total including
short-term
d i s c o u n t notes

Total

1976

-1,750

-1,131

-2,031

0

900

-619

1977

2,732

1,444

496

-4

952

1,288

1978

19,030

13,578

6,302

576

6,700

5,452

1978-Jan.
Feb.
Mar.

563
1,731
912

82
1,399
-1

0
1,399
-1

82
0
0

0
0
0

481
332
913

Apr.
May
June

701
3,338
1,504

470
1,496
1,300

-1
1,498
0

-129
-2
300

600
0
1,000

231
1,842
204

July
Aug.
Sept.

1,626
1,550
1,627

1,900
1,000
1,076

700
1,000
0

0
0
126

1,200
0
950

-274
550
551

Oct.
Dec.

1,799
1,429
2,250

1,695
1,113
2,048

-5
1,114
598

0
-1
200

1,700
0
1,250

104
316
202

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

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.
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

2,205
1,076

1,499
2,650

1,000
900

-1
0

.500
1,750

706
-1,574

Period

Nov.

Nov.

Apr;May e /

Based on data from Treasury Survey of Ownership.




FHLB

FHLMC

FNMA

89

64

19
20. NET CHANGE IN MORTGAGE HOLDINGS AT SELECTED INSTITUTIONS
Millions of dollars, seasonally adjusted annual rates
Major private financial institutions
Period

Total

Total

Commercial
banks

MSB's

S&L's

Life insur.
companies

FNMA
and
GNMA

Mortgagee pools
FHLMC

FHLMCGNMAguaranteed <guaranteed

1976

75,396

64,89?

13,737

4,041

44,727

2,393

-2,04^

-712

12,199

1,055

1977

114,008

95,874

26,157

6,540

58,021

5,156

961

-990

14,224

3,939

1978

126,474 103,305

35,376

6,314

52,237

9,378

8,73!

-233

9,389

5,275

Mar.

10,364
8,633
10,326

8,792
8,310
8,566

3,039
2,569
2,703

574
551
619

4,699
4,717
4,691

480
473
553

352
438
494

-130
15
165

970
-463
940

443
333
161

Apr.
May
June

9,448
11,327
10,798

7,953
8,658
8,857

2,380
3,033
3,259

533
614
489

4,456
4,281
4,332

584
730
777

682
1,182
818

-39
-143
-681

467
1,132
796

379
498
1,008

July
Aug.
Sept.

10,552
11,171
10,369

8,272
9,193
8,369

3,354
3,262
3,049

570
545
498

3,695
4,239
4,154

653
1,147
668

759
921
884

-319
484
-2

815
832
764

1,025
-259
354

Oct.
Nov.

11,435
11,221
10,851

8,627
9,057
8,651

2,932
3,003
2,793

462
564
295

4,447
4,649
3,877

786
841
1,686

904
583
712

313
104
24

1,143
1,047

448
430
455

7,857
7,716
7,240

2,662
2,491
2,426

559
483
388

4,015
3,804
3,359

621
938
1,067

832
790
1,385

179
65
253

1,202

Mar.

10,284
9,970
10,293

1,080
1,276

214
319
139

Apr.
May
June

9,707
10,995
10,765

7,371
8,311
8,351

2,487
2,328
2,753

204
388
373

3,832
4,616
4,204

848
979
1,021

489
745
530

-3
19
-25

1,542
1,505
1,625

308
415
284

July
Aug.
Sept.

10,161
10,641
10,854

8,152
7,567
7,972

2,809
2,636
2,953

384
29 7
276

3,804
3,501
3,616

1,155
1,133
1,127

35
524
284

62
114
144

1,608
2,12.2
2,161

304
314
293

Oct.
Nov.

11,665
10,483
8,534

8,585
7,004
4,982

2,844
2,594
2,521

248
265
21

3,892
3,113
1,455

1,601
1,132
985

764
866
903

-71
202
34

2,002
2,393
2,338

385
18
277

Mar.

9,924
8,035
7,322

6,196
6,166
4,974

2,474
2,402
1,826

197
290
6

2,088
2,458
1,737

1,437
1,235
1,405

1,182
631
1,286

68
144
29

2,374
1,198
834

104
80
199

. Apr.
May

6,071
n. a.

2,616
n. a.

890
526

-49
n.a.

643
-549

1,132
n.a.

1,155
584

154
-130

2.006
1,205

140
238

1978-Jan.
Feb.

Dec.
1979-Jan.
Feb.

Dec.
1980-Jan.
Feb.

1,009

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.




20
21. NET CHANGE IN MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY 1
Billions of dollars, seasonally a d j u s t e d annual rates
Residential 2
Quarter

Total

Total

1 - t o 4family

Multifamily

Commercial

Multifamily
and
commercial

Farm

61.5
55.6
69.0
75.4

1.4
-0.2
3.7
2.6

13.7
15.3
13.2
12.4

15.1
15.1
16.9

98.1

62.9
55.4
72.7
78.0

15.0

5.1
4.8
6.8
7.7

1977-Ql
Q2
Q3
Q4

110.7
134.9
140.2
150.2

87.5
110.3
114.3
116.8

83.3
102.0
106.1
108.2

4.2
8.3
8.2
8.6

14.6
15.2
17.5
24.6

18.8
23.5
25.6
33.2

8.6
9.4
8.4
8.8

1978-Ql
Q2

135.3
147.0

97.4

29.0
30.6
38.6

11.6

113.3

11.9
10.4

20.9
20.7
26.7
25.5

9.8

154.3

106.6
104.1

8.2
9.9

Q3
Q4

105.6
116.5
116.0
123.7

35.8

11.2

.109.0
111.0
105.8
104.6

8.8
6.9
9.1
9.9

22.3
28.5
30.0
21.3

31.1
35.4
39.1
31.2

17.9
16.4
14.4

95.1

9.3

25.7

35.0

14.3

81.7

1976-Ql
Q2
Q3

75.5
92.7

Q4

160.4

1979-Ql
Q2
Q3
Q4r

155.9
164.3
161.3
150.2

117.8
117.9
114.9
114.5

1980-Qlp

144.4

104.4

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




8.8

15.9

2 2 . AVERAGE RATES A N D YIELDS ON HOME MORTGAGES A N D PASS-THROUGH SECURITIES
Secondary m a r k e t

Primary m a r k e t

Conventional mortgages

F H A / V A mortgages
Rates o n
conventional
loans at
S&L's

Period

1976-High
Low

1977-High
Low

1978-High
Low

1979-High
Low

1980-Jan.

Feb.

Mar.

Apr.

May

June

July

Yield i n *
FNMA
auction

Period

9.10
8.70

1976-High

9.00
8.65

1977-High

10.38
8.98

1978-High

12.90
10.38

1979-High

Low

Low

Low

Low

4
11
18
25

12.85
12.90
12.87
12.89

Jan.

1
8
15
22
29

Feb.

Discount
points
in FNMA
auction

8.44
7.57

9.31
8.80

8.98
8.46

5.18
1.50

8-1/2
8

8.39
7.56

9.21
8.81

9.02
8.63

10.60
9.13

7.13
1.88

9-1/2
8-1/2

9.68
8.43

10.92
9.28

10.42
9.12

13.29
10.42

12.54
4.16

11-1/2
9-1/2

11.77
9.51

13.97
10.92

13.56
10.40

7.17

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

11.70
11.70
12.07
12.28

13.10

12.63
12.69
12.76
12.90

11-1/2
12
12
12
13

12.53
12.74
13.72
13.65
13.58

13
13
13
13

13.57
13.84
14.17
13.78

14
14
14
13

13.40
12.96
12.23
11.98

13
13
11-1/2
11-1/2
11-1/2

11.03
11.26
11.78
11.12
11.52

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

10.89
10.79
10.73
11.42

13.05

11-1/2
11-1/2

11.42
11.61

12.76

—

12.85
12.85
12.88
12.98
13.59

4
11
19
25
Mar. 3

13.76

12.88

7
14
21
28

14.00
15.40
15.70
16.03

Mar. 10
17
24
31

4
11
18
25

16.35
16.35
16.35
16.25

Apr.

2
9
16
23
30

15.90
14.68
14.15
13.38
13.20

May

6
13
20
27

13.06
12.85
12.58
12.35

June

3
11 |

12.18
12.23

July

7
14

Yield in
FHLMC
auction

9
8

—

9
16
23
30

Yield in
FNMA
auction

4.93
1.96

12.70

5
12
19
27
June 2

Yield on
GNMA
securities

9.20
8.39

7
14
21
28

7
14
21
28

Ceiling
rate

—

13.11

——

15.21

..

—

9.43

—

17.25
—

15.26

12.19

15.73

14.42

15.93

15.35

——

—

——

15.18

6.41

——

14.03

5.83

13.16

0.93

12.59

6.52

——

—

12.42

5.59

12.28

4.77

——

12.53
—

6.19
—

—

13.29
13.67
—

14.57
15.36
——

17.00
—

17.51
16.91
—

15.67
——

13.81
—

13.27
—

12.81
—

——

—

13.05
13.25
13.48
14.10
14.44
15.34
16.16
16.22
16.05
15.78
15.53
15.04
14.52
13.36
12.61
12.69
12.48
12.42
12.22
11.93
11.60
11.67
11.83
11.94

Column 2 is average of contract interest rates on commitments for conventional first mortgages with 80 percent loan-to-value ratios made by a sample of
insured S&Ls. Columns 4 and 8 are average gross yield to FNMA before deduction of the fee of 37% basis points paid for mortgage servicing. They reflect
the average accepted bid yield for first mortgages for optional delivery within 4 months, assuming prepayment in 12 years for 30-year loans, without
adjustments for FNMA commitment fees and FNMA stock retention requirements. Column 7 is a 1 -day quote on average net yields to investors on GNMAguaranteed mortgage-backed securities for immediate delivery, assuming prepayment in 12 years on pools of 30-year FHA/VA mortgages carrying a
coupon rate 50 basis points below the current FHA/VA ceiling rates shown in Column 6. Column 9 is the average net yield to FHLMC on accepted bids
in its weekly auction of commitments to buy conventional home mortgages for immediate (within 60 days) delivery.

^Beginning July 7, the FNMA a u c t i o n r e s u l t s f o r FHA/VA mortgages do not i n c l u d e graduated
payment mortgages.



22
23. FNMA AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES*
Dollar a m o u n t s in millions
Date of
auction

F H A / V A mortgages
Offered

1978-High

Accepted

Average yield

1,249.4
130.3

605.3

1,034.9
36.5

Low

Offered

Conventional mortgages
Accepted
Average yield

10.60
9.13

716.9
74.7

362.5
47.5

10.92
9.28

448.3
19.4

13.29
10.42

454.0
19.4

172.2
17.9

13.97
10.92

644.2
199.0

323.7
88.5

12.28

15.93

426.0
53.9

133.0
24.1

12.81

1980-Apr. 14
28

284.8
208.9

110.9
88.5

15.18
14.03

81.3
53.9

41.7
24.1

16.91
15.67

May

12
27

236.2
372.5

113.1

101.0

13.16
12.59

159.7

120.0

53.4
55.7

13.81
13.27

9
23

333.1
269.4

146.1
120.4

12.42
12.28

110.1
59.6

43.4
32.6

12.81

7

629.0

256.3

12.53

107.4

58.4

12.76

Low

1979-High
Low

1980-High

June
July

* p ^ i ° L r S g e s .

t h e

80.1

aUCtl0n

™SUltS

f 0 r

^

17.51

13.05

" r t g a g e , do „ o t I n c l u d e graduated

24. FHLMC AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES
Conventional mortgages, dollar a m o u n t s in millions
Immediate delivery program

Date of
auction

Offered

1978-High

Offered

Accepted

Average yield

191.7
53.6

10.42
9.12

247.1
69.7

84.4

18.2

10.54
9.20

298.0
38.7

150.5
17.9

13.56
10.40

166.6

37.8
13.7

13.89
10.43

337.1
24.4

140.4
20.8

16.22
11.60

129.5
38.1

31.2

11.6

17.36
12.13

3
10
17
24

213.4
188.3
172.1
224.6

115.7
108.4
125.0
170.2

12.42
12.22
11.93
11.60

48.0

23.9

12.13

1
8
15

401.4
371.3
n.a.

200.3
181.7
n.a.

11.67
11.83
11.94

212.3

25.6

12.89

1979-High
Low

1980-High
Low

July

F u t u r e c o m m i t m e n t program *

Average yield

359.7
71.2

Low

June

Accepted

38.7

*As of June 24, the six-month forward commitment program was d i s c o n t i n u e d , and subsequent
data r e f e r to FHLMC's eight-month program.
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 3754 basis points for mortgage servicing.
Source: FNMA and FHLMC




25. ISSUES OF MORTGAGE-BACKED SECURITIES
Millions of dollars, n o t seasonally adjusted
Pass-through securities
Period

GNMA-guaranteed
New issues

Outstanding
(end of period)

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

1976

13,764

30,571

1,396

2,671

n.a.

1977

17,440

44,896

4,131

6,610

242

2 38

1,115

1978

15,358

54,347

6,212

11,892

1,011

1,141

465

1,327
929
1,315

45,890
45,325
46,357

504
470
120

7,033
7,431
7,471

0
10
110

236
243
358

0
0
50

823
1,255
999

46,463
47,387
48,033

466
651
1,093

7,861
8,434
9,422

201
135
23

557
689
703

290
75
0

997
1,648
1,203

48,663
50,051
50,844

299
725
394

10,371
10,224
10,512

72
35
33

764
797
822

0
50
0

1,762
1,721
1,381

52,095
53,358
54,347

369
581
540

10,987
11,463
11,892

57
36
381

872
897
1,161

0
0
0

1,703
1,361
1,464

55,627
56,575
57,955

317
494
118

12,093
12,462
12,466

60
136
84

1,325
1,411
1,482

0
0
0

1,489
1,673
1,860

60,274
61,551
63,001

364
572
382

12,790
13,296
13,562

151
201
142

1,619
1,821
1,915

0
0
400

Sept.

2,032
2,934
2,640

64,401
67,135
69,358

321
554
347

13,781
14,200
14,421

204
190
254

2,105
2,257
2,516

225
350
65

Oct.
Nov.
Dec.

2,639
3,250
1,895

71,457
74,106
76,401

530
186
361

14,838
14,916
15,180

470
383
300

2,987
3,353
3,641

0
0
70

1980-Jan.

2,611
1,354
1,125

78,849
79,900
80,843

180
207
106

15,274
15,39 7
15,454

408
205
342

4,230
4,424
4,742

50
0
0

1,778
1,127
1,320

82,419
83,385
n.a.

199
391
n,a.

15,613
1-5,949
n.a,

510
495.
n.a.

5,240
5,732
n.a.

0
0
190

1978-Jan.
Feb .

Mar.
Apr.

May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

1979-Jan.
Feb.

Mar.
Apr.

May
June
July
Aug.

Feb.

Mar.
Apr.

May
June

n.a.

75

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