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Capital Market Developments July 26, 1976 Prepared by t h e C A P I T A L MARKETS SECTION in c o n j u n c t i o n with the MORTGAGE and CONSUMER F I N A N C E SECTION DIVISION O F R E S E A R C H AND STATISTICS BOARD OF G O V E R N O R S F E D E R A L R E S E R V E SYSTEM Washington, D C. 2 0 5 5 1 % Index SUBSCRIPTION RATES: Weekly $ 1 5 . 0 0 per year or $ . 4 0 each in t h e United States, its possessions, Canada, and Mexico; 10 or more 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 to Publications Services, Division of Administrative Services, and make p a y m e n t remittance payable to the order of t h e Board of Governors of the Federal Reserve System in a form collectible at par in U.S. Currency. TABLES 1 - 6 SECURITY VOLUME AND YIELDS 7, 8 STOCK MARKET AND S E C U R I T Y CREDIT 9 - 1 6 MORTGAGE MARKET SYMBOLS e ESTIMATE p r PRELIMINARY REVISED n.a. NOT AVAILABLE — DATA DO NOT EXIST 3 Table 1 YIELDS, VOLUME AND RECEPTION CORPORATE BOND MARKET YIELDS WEEK ENDING 1976 - May RECENTLY OFFERED Aaa UTILITY 2! GROSS 3 OFFERINGS ($ MILLIONS) VOLUME PER CENT SOLD BY END OF WEEK NEW ISSUES 4 IN SYNDICATE ($ MILLIONS) 7 14 21 28 8.68 8.82 8.82 8.95 8.62 8.78 8.83 8.84 401 147 910 636 89 92 90 87 110 65 70 135 4 11 18 25 8.83 8.71 8.69 8.70 8.80 8.76 8.70 8.73 325 731 472 1,183 98 96 92 70 10 30 25 334 2 9 16 23 8.72 8.58 8.53 8.66p 8.67 8.57 8.55r 8.64p 80 85 87 98 213 146 139 13 June July NEW ISSUE 1 Aaa UTILITY • 260 248 515 160 MUNICIPAL BOND MARKET YIELDS WEEK ENDING 1976 - May MOODY'S NEW ISSUE Aaa VOLUME BOND BUYER 20-BGND INDEX 3 GROSS OFFERINGS ($ MILLIONS) PER CENT SOLD BY END OF WEEK NEW ISSUES 4 IN SYNDICATE ($ MILLIONS) 7 14 21 28 5.75 5.85 5.92 6.00 6.71 6.83 6.91 7.03 390 1,050 841 946 73 80 90 78 137 236 175 249 June 4 11 18 25 5.90 5.85 5.83 5.81 6.89 6.86 6.85 6.87 590 773 752 313 87 82 87 76 199 223 201 160 July 2 9 16 23 5.81 5.75 5.70 5.67 6.87 6.78 6.78 6.77 532 492 677 639 74 82 75 91 204 228 238. 212 NOTES: 1 2 Federal Reserve series of implied yield on newly issued, Am-rated utility bond with 5-year cell protection. Federal Reserve series of implied free-market yield on competitively bid Aee-reted utility bond with 5-year cell protection, released from price restrictions sometime during the lest four weeks. 3 4 Estimated by F.R. on the bests of available data. Corporate Market: Salomon Brothers Bond Market Roundup; Municipel Market: Weekly Bond Buyer. Date ere adjusted by Federal Reserve when necessary to make coverage of this series consistent with the gross offerings series. Table 2 HIGH GRADE BOND YIELDS NEW ISSUE Aaa UTILITY DATE 1 RECENTLY OFFERED Aaa UTILITY 2 MOODY'S SEASONED CORPORATE Aaa 3 U S . GOVT. 20-YEAR CONSTANT MATURITY 4 BOND BUYER 2Q-BOND INDEX 1972 - High Low 7.60 ( 4 / 2 1 ) 6.99 (11/24) 7.49 ( 4 / 2 1 ) 7.15 (12/1) 7 *36 ( 4 / 2 8 ) 7.05 (2/12) 6.19 (4/14) 5 . 7 4 (11/17) 6.54 (4/13) 4.96 (10/21) 1973 - High Low 8.52 (8/10) 7.29 ( 1 / 2 1 ) 8.32 (8/10) 7.28 (1/5) 7.77 ( 8 / 2 4 ) 7.11 (1/5) 7.79 ( 8 / 1 0 ) 6.42 ( 1 / 5 ) 5.59 (8/3) 4.99 (10/11) 1974 - High Low 10.61 (10/4) 8.05 (2/15) 10.52 ( 1 0 / 1 1 ) 8.13 (1/4) 9.39 (10/11) 7.73 (1/4) 8.68 (8/30) 7.39 (1/4) 7.15 (12/12) 5.16 (2/7) 1975 - High Low 9.80 (5/2) 8.89 (2/7) 9.71 (5/25) 9.06 (2/28) 9.01 (5/2) 8.57 (2/28) 8.63 (9/19) 7.63 (2/21) 7.67 ( 1 0 / 3 ) 6.27 (2/13) 1976 - High Low 8.95 (5/28) 8.38 (4/23) 9.10 (1/2) 8.44 (4/16) 8.66 (5/28) 8.36 (4/23) 8.17 (5/28) 7.80 (4'23) 7.29 ( 1 / 2 ) 6.54 (4/16) June 4 11 18 25 8.83 8.71 8.69 8.70 8.80 8.76 8.70 8.74 8.63 8.63 8.62 8.60 8.08 8.04 8.02 7.99 6.89 6.86 6.85 6.87 July 2 9 16 23 8.72 8.58 8.53 8.66p 8.67 8.57 8.55r 8.64p 8.63 8.57 8.53 8.56p 8.02 7.98 7.96r 8.03p 6.87 6.78 6.78 6.77 NOTES: 1 Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection. 2 Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection released from price restrictions sometime during the last 4 weeks. 3 Weekly average of daily closing figures. 4 Weekly average of daily figures. U S. Treasury data. 5 Thursday figures. The average rating of the 20 bonds used in this index falls midway between the four top groups as classified by Moody's Investors Service. Weekly Bond Buyer data. 5 LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS IN MILLIONS OF DOLLARS GROSS PROCEEDS 1l CORPORATE PERIOD 1976 I 2 1976 5,384 4,528 5,378 3,328 2,687 3,217 2,347 2,707 3,339 2,361 2,387 2,135 2,255 2,003 2,025 April May 4,294 5,798 5,615 3,060 3,164 2,981 2,430 3,477 2,741 2,406 2,900 3,064 2,397 2,304 2,166 July August September 4,327 2,398 2,834 3,248 2,667 1,617 3,580 2,783 2,159 1,459 1,106 1,701 October November December 4,707 4,070 4,305 4,609 3,739 3,511 2,323 2,381 2,052 2,860 2,483 1,479 15,290 15,707 9,559 13,082 9,232 9,205 7,532 11,859 6,883 8,370 8,522 6,756 6,283 6,867 4,266 6,822 30,997 40,556 53,638 18,437 25,969 37,828 15,253 23,775 30,531 13,150 17,416 24,238 3,297 3,764 01 02 03 04 1st Half 3 Qtrs. Year , i STATE AND LOCAL 1974 January February March 1975 ! NOTES: 1 Securities end Exchange Commission estimates of yoss proceeds. 2 Securities Industry Association estimates of principal amounts. 8,393 8,648 1 1975 1 1974 Table 4 NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE AND ISSUER IN MILLIONS OF DOLLARS GROSS PROCEEDS BY TYPE OF ISSUE GROSS PROCEEDS BY TYPE OF ISSUER BONDS COMMON MEMO AND MANUFACCOMMUNIOTHER PUBLIC PUBLICLY PRIVATELY ISSUES INCLUDED CATIONS ISSUERS TURING UTILITY OFFERED PLACED PREFERRED FOREIGN [CONVERTIBLE STOCK 10,849 2,350 2 ,091 1 ,255 1 6 ,,077 4, 735 1 ,, 3 8 2 3,099 10,510 1,595 1 ,035 3 ,602 656 3,412 6 ,,699 4, 407 1 ,, 1 9 0 5,428 2,076 1 ,225 2 ,054 463 2,,450 679 3 ,,324 3,105 5,816 3 ,131 1 ,902 4,136 215 3,,468 3, 421 1 ,215 4,979 1975 - I II III IV 1976 Feb. Mar. 4,528 5,378 3,201 3,971 705 510 622 897 610 175 „ — 1 ,, 6 7 5 2 ,, 4 7 9 1 ,,957 1 ,, 5 0 7 127 317 771 1,076 Apr. May June 4,294 5,798 5,615 2,771 3,796 3,943 423 502 670 1 ,100 1 ,500 1 ,002 135 475 425 130 315 211 1 ,, 7 3 1 2 ,, 6 5 0 2, , 3 1 8 1 ,, 3 8 0 1 ,, 5 4 9 1 ,, 4 7 8 415 413 362 767 1,188 1,457 July Aug. Sept. 4,327 2,398 2,834 2,658 1,356 1,414 1,014 479 583 654 563 837 925 425 300 38 1 ., 1 2 0 711 619 1 ,, 0 3 9 1 ;, 0 2 4 1 ,, 2 6 1 270 112 297 .1,897 551 657 Oct. Nov. Dec. 4,707 4,070 4,305 2,389 1,666 1,761 771 1,617 1,748 1 ,547 787 797 102 825 975 154 952 1 ,, 1 0 3 1 ., 4 1 4 1 ,, 2 4 7 1 ., 2 7 2 902 928 55 232 1,581 1,640 1,758 Jan. Feb. 3,297 3,764 2,189 2,142 538 695 570 927 605 335 121 15 1, , 0 2 0 1 ,139 1, ,087 789 16 171 1,175 1,664 1976 - - 15,290 15,707 9,559 13,082 —— NOTES: 1 Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other. DigitizedSource: for FRASER Securities and Exchange Commission. 61 '— Table 5A INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 June 28, t h r u J u l y 23, 1976 TYPE AMOUNT (MILLIONS OF DOLLARS) Pfd stk Pfd stk Pfd stk Debt Notes SF d e b t SF d e b t Notes 1 s t mtge 1 s t mtge 1 s t mtge SF d e b t Notes 1 s t mtge Debt Notes Com s t k Com s t k Pfd stk Pfd s t k Com s t k SF d e b t 1 s t mtge Notes SF d e b t Notes 1 s t mtge 50.0 25.0 50.4 25.0 20.0 75.0 65.0 25.0 50.0 60.0 60.0 40.0 25.0 50.0 60.0 40.0 55.5 53.5 20.8 30.0 27.0 50.0 100.0 100.0 100.0 50.0 45.0 MATURITY COUPON RATE OFFERING YIELD MOODY'S RATING 10.25 9.50 10.08 10.13 10.50 9.40 8.98 10.19 9.95 8.75 9.75 9.55 9.10 8.70 8.82 8.55 Ba/BB+ CORPORATE Western Union T e l e g . Co. Idaho Power Co. G e o r g i a Power Walter E. H e l l e r & Co. W a l t e r E. H e l l e r & Co. R e p u b l i c of Texas Corp. A. E. S t a l e y Manuf. Co. C r e d i t h r i f t F i n . Corp. G e o r g i a Power Wisconsin E l e c t . & Pwr. Co. Consumer Power Co. Southwest Bancshares I n c . F i r s t N a t i o n a l Bank i n A t l a n t a N o r t h e r n I l l i n o i s Gas Eaton Corp. E a t o n C r e d i t Corp. D e t r o i t Edison N i a g a r a Mohawk Power Corp. Brooklyn Union Gas Co. Oklahoma Gas & E l e c t r i c San Diego Gas & E l e c t r i c American S t o r e s Co. I l l i n o i s Power Co. Rockwell I n t e r n a t i o n a l Corp. Rockwell I n t e r n a t i o n a l Corp. B r a n i f f Airways San Diego Gas & E l e c t r i c Co. - — «— 1991 1986 2001 2001 2006 2006 2006 2006 2001 1984 2001 2001 1984 10. 25 9 . 50 10. 08 10. 13 10. 50 9 . 38 8. 88 10. 13 9. 88 8.,75 9..75 9 .38 9 .00 8 .75 8 .75 8 .50 -- - - 9 .88 8 .74 9.50 8.74 9 .38 8 .63 8 .90 9 .38 10 .00 10 .00 9.43 8.67 8.90 9.38 10.00 10.00 - - — w 2001 2006 1986 1996 1986 2006 - —— Baa/BBB Ba/BB A/AA A -/BBB Baa/BBB Aa Baa/AA/A+ — Aa A A A/BBB Aa/AA A/BBBf Aa Baa/A Baa/A Baa/BB Baa/BBB Table 5A Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY June 28, t h r u J u l y 23, 1976 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE OFFERING YIELD MOODY'S RATING CORPORATE Gambles C r e d i t Corp. New York S t a t e E l e c t r i c & Gas •American Commercial L i n e s I n c . •American Commercial L i n e s I n c . Ohio E d i s o n Co. D e t r o i t E d i s o n Co. Other World Bank World Bank World Bank Toronto Toronto J a p a n Development Bank Norway I n t e r - A m e r i c a n Dev. Bank Banque F r a n c a i s e du Commerce Exterieur Newfoundland, P r o v i n c e of Notes Com s t k Bonds SF bonds 1 s t mtge 1 s t mtge Notes Notes Bonds SF d e b t Debt r Notes Notes Debt Gtr n o t e s SF d e b t 60.0 43.1 22.1 15.7 60.0 50.0 1986 1977-1986 2001 2006 2006 9.38 9.45 -/A 5.95-8.15 8.50 9.50 10.63 5.95-8.15 8.50 9.45 10.63 A Baa/BBB 250.0 250.0 250.0 65.0 25.0 100.0 100.0 100.0 1981 1986 2001 1996 1986 1981 1981 2001 8.00 8.38 8.85 9.25 8.50 9.00 8.25 8.75 8.00 8.38 8.85 9.25 8.55 9.10 8.25 3.84 Aaa Aaa Aaa Aaa/AA Aaa/AA Aaa Aaa Aaa 75.0 50.0 1983 2001 8.95 10.00 8.95 10.00 Aaa Baa-l/A Table SB INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 June 28, t h r u J u l y 2 3 , 1976 AMOUNT (MILLIONS OF DOLLARS) ISSUER STATE AND LOCAL Cape Coral, Fla. Cape Coral, Fla. Washoe Co., Nev. Southfield Bldg. Auth., Mich. Bensalem Tp. Auth., Pa. Bensalem Tp. Auth., Pa. Cleveland, Ohio Industry Civic-Rec.-Indust. Auth., Cal. Industry Civic-Rec.-Indust. Auth., Cal. California Toll Bridge Auth. California Toll Bridge Auth. California Toll Bridge Auth. Alaska, State of Illinois Health Fac. Auth. Illinois Health Fac. Auth. Connecticut Hsg. Finance Auth. Connecticut Hsg. Finance Auth. Clark Co., Nev. Rochester, N.Y. Oliver Co., N.D. Oliver Co., N.D. San Antonio, Texas Rhode Island Hsg. & Mtg. Fin. Corp. G.O. G.O. Rev Rev Rev Rev G.O. Rev Rev Rev Rev Rev G.O. Rev Rev Rev Rev Rev G.O. Rev Rev Rev Rev 3.1 19.9 10.0 15.5 22.4 14.6 25.9 5.0 10.0 10.8 21.4 17.6 40.0 18.2 12.8 7.3 12.7 13.0 44.0 4.7 15.3 60.0 66.0 NET INTEREST COST 1981-1986 1989-2005 2006 1976-2004 1976-2011 1976-2014 1978-1998 1978-1994 2006 1981-1990 2000 2005 1978-1993 1979-1991 1996 1977-1995 2008 1977-1996 1976-2003 1981-1991 2005 1978-1999 1977-1988 6.58 6.58 - - 6.73 - —— 7.34 7.50 7.50 6.75 6.75 6.75 5.80 7.13 7.13 6.96 6.96 6.98 5.70 8.25 8.25 6.17 6.34 NOTES: 1 Includes only state and local security offerings of $10 million and over; excludes secondary offerings. 3 Includes foreign government and International Bank for Reconstruction and Development issues and non-guaranteed issues by Federal Agencies. OFFERING YIELD 5.40-6.10 6.10-6.60 7.92 3.50-7.00 3.25-6.63 3.75-7.00 4.75-7.70 5.00-7.25 7.37 5.00-6.10 6.75 6.85 4.10-6.65 4.75-7.00 7.38 4.00-6.70 7.00 4.25-7.20 3.00-6.40 6.00-7.50 8.25 3.70-6.60 4.50-6.60 MOODY'S RATING — — Baa Aa Aaa A A A A A A A A-1 Aa Aa Aa Aa A Aaa Baa Baa Aa A-l Table SB Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY June 28, t h r u J u l y 23, 1976 AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S RATMG STATE AND LOCAL Port Auth. of New York & New Jersey New Haven, Conn. G e o r g i a , S t a t e of Univ. of Texas System G. Chicago M e t r o . S a n i t a r y D i s t . , 111. M i n n e s o t a , S t a t e of B u r l i n g t o n , Iowa B u r l i n g t o n , Iowa Michigan S t a t e Hsg. Dev. Auth. Michigan State Hsg. Dev. Auth. I b e r v i l l e P a r . , La. I b e r v i l l e P a r . , La. P e n n s y l v a n i a I n d u s t . Dev. Auth. P e n n s y l v a n i a I n d u s t . Dev. Auht. C o n n e c t i c u t H e a l t h & Educ. F a c . Auth. C o n n e c t i c u t H e a l t h & Educ. F a c . Auth. C o n n e c t i c u t H e a l t h & Educ. F a c . Auth. Wausau, Wise. Wausau, Wise. Wausau, Wise. Beaver Co. I n d u s t . Dev. A u t h . , P a . I n d i a n a Co. I n d u s t . Dev. A u t h . , P a . Nueces R i v e r A u t h . , Texas S a l t R i v e r A g r i c . Improv. & Power D i s t . , Ariz. S a l t R i v e r A g r i c . Improv. & Power Dist., Ariz. S a l t R i v e r A g r i c . Improv. & Power i s t . , Ariz. Digitized forD FRASER Rev G.O. G.O. Rev G.O. G.O. Rev Rev Rev Rev Rev Rev Rev Rev Rev Rev Rev Rev Rev Rev Rev Rev Rev 100.0 19.5 26.4 16.0 40.0 62.0 4.4 14.4 2.2 12.8 24.0 1.0 12.5 7.5 3.3 8.9 8.8 2.0 16.2 15.0 12.0 30.0 2011 1978-1996 1977-1996 1977-1996 1978-1996 1977-1996 1980-1991 2006 1977-1996 2019 2006 2006 1979-1986 1991 1980-1991 1996 2009 1980-1994 1996 2006 2006 2006 2006 Rev 8.3 1982-1999 20.0 8.27 5.96 5.22 5.07 6.13 5.10 7.92 7.92 7.97 7.83 7.47 8.20 4.30-6.60 3.10-5.70 3.00-5.75 4.00-7.00 3.20-5.60 5.50-7.40 7.88 4.25-7.30 7.75 7.00 7.00 4.90-6.50 7.15 5.25-7.50 7.75 7.88 5.00-7.50 7.75 8.00 7.88 7.75 7.40 6.70 4.50-6.35 6.92 6.92 Rev 9.1 2006 6.70 6.63 Rev 22.6 2016 6.70 6.75 A Aa Aaa Aaa Aa Aaa A A A-l A-l A A A A A-l A-l A-l A A A Baa A A Aa Aa INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY June 28, t h r u J u l y 2 3 , 1976 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY 60.0 13.9 30.0 25.0 15.4 40.0 37.0 33.0 6.2 10.8 15.5 13.0 30.0 25.0 9.7 2.2 3.4 25.0 25.0 40.0 25.9 9.3 23.3 9.0 11.0 13.5 2006 1977-1993 1979-1991 1977-1996 2007 1977-1996 1978 1977-1997 1980-1996 2007 1978-1996 1979-2007 1977-1986 2006 1977-1991 1996 2006 2006 2006 1982-1996 1981-1993 1997 2007 1978-1996 2006 1976-2005 NET INTEREST COST OFFERING YIELD MOODY'S RATING STATE AND LOCAL Gulf Coast Waste D i s p o s a l A u t h . , Tex. Neenah, Wise. C h i c a g o , 111. T e n n e s s e e Housing Dev. Agency T e n n e s s e e Housing Dev. Agency Montgomery C o . , Md. Minnesota H i g h e r Educ. Coord. Bd. F l o r i d a S t a t e Bd. of E d u c a t i o n Maricopa C o . , A r i z . Maricopa C o . , A r i z . Fairbanks North Star Boro., Alaska Cape C o r a l , F l a . C o l o r a d o Hsg. F i n a n c e Auth. J o l i e t , 111. South Dakota Hsg. Dev. Auth. South Dakota Hsg. Dev. Auth. South Dakota Hsg. Dev. Auth. P e k i n , 111. Lawrenceburg, I n d . Texas, S t a t e of Hamilton C o . , Ohio H a m i l t o n C o . , Ohio Hamilton C o . , Ohio E r i e Co. Water A u t h . , N.Y. E r i e Co. Water A u t h . , N.Y. Plaquemine, La. Rev G.O. G.O. Rev Rev G.O. Rev G.O. Rev Rev G.O. Rev Rev Rev Rev Rev Rev Rev Rev G.O. Rev Rev Rev Rev Rev Rev 5.20 6.02 6.93 6.93 5.17 5.25 5.54 7.90 7.90 6.63 —— 5.92 6.91 6.85 6.85 6.85 6.91 8.61 5.26 7.82 7.82 7.82 6.68 6.68 7.23 6.20 3.40-5.80 4.30-6.40 4.00-6.90 7.10 3.25-6.00 4.75 3.20-5.90 5.50-7.63 7.88 4.50-7.25 3.80-5.90 6.87 4.50-6.60 7.00 7.10 6.87 8.50 4.20-5.75 5.50-7.40 7.75 8.00 4.00-6.50 6.75 4.00-7,25 Aaa Aa Aa A-l A-l Aaa Aa Aa A A A —- A-l Aa A-l A-l A-l Aa — Aaa A-l A-l A-l A A Baa Table 5B Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY June 28, t h r u J u l y 23, 1976 ISSUER AMOUNT (MILLIONS OF DOLLARS) MATURITY Rev G.O. G.O. Rev 10.0 25.0 10.3 10.0 1978-1996 1978-1997 1979-1996 1977-1996 Rev Rev G.O. Rev Rev Rev Rev Rev Rev Rev Rev Rev 15.8 28.0 45.0 26.7 17.1 57.3 4.9 34.6 4.2 2.4 4.1 14.6 1977-2009 19.76-1990 1977-2001 1979-1991 1996 2006 1980-1989 2009 1977-1988 1985 1992 2004 TYPE OFFERING YIELD MOODY'S RATING 6.13 5.72 6.77 6.31 4.00-6.70 3.80-6.10 4.50-7.00 3.85-6.50 A-l Aa A-l A 6.33 3.70-6.80 3.15-5.90 4.75-7.75 4.50-6.25 6.75 7.04 6.00-8.00 8.63 4.75-7.75 7.10 8.25 8.50 A Aaa A A-l A-l A-l A A Baa-1 Baa-1 Baa-1 Baa-1 NET INTEREST COST STATE AND LOCAL Phoenix, Ariz. Phoenix, Ariz. P i t t s b u r g h , Pa. P o r t l a n d , Oregon N a s h v i l l e & Davidson Co. M e t r o . G o v t . , Tenn. Weirton Mun. Hosp. Bldg. Comm., W. Va. New York, S t a t e of Nebraska P u b l i c Power D i s t . Nebraska P u b l i c Power D i s t . Nebraska P u b l i c Power D i s t . P h i l a d e l p h i a H o s p i t a l s Auth., Pa. P h i l a d e l p h i a H o s p i t a l s A u t h . , Pa. Weirton Mun. Hosp. Bldg. Comm., W. Va. Weirton Mun. Hosp. Bldg. Comm., W. Va. Weirton Mun. Hosp. B l d g . Comm., W. Va. W e i r t o n Mun. Hosp. B l d g . Comm., W. Va. w* 7.54 6.90 6.90 6.90 — — - - —— 13 Table 6A FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 as of J u l y 23, 1976 TYPE ISSUER AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING CORPORATE Aetna B u s i n e s s C r e d i t I n c . Aetna B u s i n e s s C r e d i t I n c . Nevada Pwr. Long I s l a n d L i g h t i n g P h i l a d e l p h i a E l e c t r i c Co. New England Gas & E l e c t r i c Kansas Gas & E l e c t r i c Co. S c o t t Paper Co. R e l i a n c e Group I n c . Fruehauf Corp. P u b l i c S e r v i c e E l e c t r i c & Gas Jones & Laugh1in S t e e l Corp. N a t i o n a l S t e e l Corp. N a t u r a l Gas P i p e l i n e ^General Motors Acceptance Corp. ^ T r a n s c o n t i n e n t a l Gas P i p e l i n e Corp. ^ T r a n s c o n t i n e n t a l Gas P i p e l i n e Corp. ^Mountain Fuel Supply Union E l e c t r i c ^American C r e d i t Corp. V i r g i n i a N a t i o n a l Bankshares I n c . Ohio A-T-0 I n c . Consumers Pwrs. Abbott L a b o r a t o r i e s I n t e r n a t ' 1 . Paper Co. Southern Union Co. Western Union T e l e . U nited I l l u m i n a t i n g I l l i n o i s B e l l T e l . Co. Arizona Pub. Svc. Co. Notes Notes Pfd s t k Com s t k ( r t s ) 1 s t mtge Pfd s t k Pfd s t k Com s t k Pfd s t k Debt 1 s t mtge 1 s t mtge 1 s t mtge 1 s t mtge Notes 1 s t mtge Pfd s t k 1 s t mtge 1 s t mtge Bonds Notes SF d e b t Pfd s t k Com s t k Com s t k SF d e b t SF d e b t Pfd stk Debt Com s t k Other Asian Development Bank Notes Postponed P a c i f i c Gas & E l e c t r i c Co. 1 s t mtge 20.0 20.0 15.0 80.0 100.0 20.0 20.0 70.0 50.0 50.0 60.0 75.0 150.0 50.0 150.0 50.0 30.0 30.0 70.0 50.0 30.0 20.0 40.0 90.0 160.0 25.0 25.0 15.0 175.0 40.0 July July July July July July July July July July August August August August August August August August August August August August August August August INDEF INDEF INDEF INDEF INDEF 75.0 August 175.0 August NOTES: * Included in table for first time. 1 Includes only corporate and other security issues of $15 million and over; excludes exchanges, options 26 26 27 27 28 29 3 4 4 10 10 11 11 12 24 3 14 Table SB FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 as of J u l y 23, 1976 AMOUNT (IN MILLIONS OF DOLLARS) ISSUER APPROXIMATE DATE OF OFFERING STATE & LOCAL Sayre Bore. Hospital Auth., Pa. Sayre Boro. Hospital Auth., Pa. *Miraiesota Housing Finance Agy. Pinellas Co., Fla. San Ramon Sch. Dist. Educ. Fac. Corp. Cal. Houston, Texas *Ocean Highway and Port Auth., Fla. *North Carolina Hsg. Finance Agy. Trinity River Auth., Texas Alaska Hsg. Finance Corp. •Fairfax Co. Water Auth., Va. *Onondaga Co., N.Y. Berkeley Co., S.C. Portsmouth, Va. *St. Charles Parish, La. Suffolk Co., N.Y. •Lucas Co., Ohio Ramsey Co., Minn. Cincinnati, Ohio Univ. of Kansas Coll. of Hlth. & Hosp. Florida, State of •California Poll. Control Fin. Auth. Maryland Dept. of Transportation Beaver Co. Indust. Dev. Auth., Pa. *Oklahoma City, Okla. •Mobile, Ala. LaCrosse, Wise. Oregon, State of Pennsylvania, State of •California, State of •Jefferson Co., Ky. * Included in the table for the first time. Rev Rev Rev Rev Rev G.O. Rev Rev Rev Rev Rev G.O. Rev G.O. Rev G.O. Rev G.O. G.O. Rev G.O. Rev Rev Rev G.O. Rev G.O. G.O. G.O. G.O. Rev 17.5 23.7 15.8 31.2 11.0 35.0 36.7 16.0 14.0 20.0 30.0 18.0 18.0 10.0 17.5 125.0 22.5 14.0 18.6 22.0 30.0 16.0 50.0 45.0 34.8 23.9 19.8 150.0 130.0 75.0 35.0 July July July July 26 26 27 27 July July July July July July July July July July August August August August August 27 28 28 28 28 29 29 29 29 29 2 3 3 4 4 August August August August August August August August August August August August 4 5 5 10 10 10 10 11 17 19 24 Table 7 STOCK PRICES AND VOLUME TRADING VOLUME STOCK PRICES BJ INDUSTRIALS 5 . 5 (1/12) 1 . 4 (8/20) 1 1 . 3 (1/11) 3 . 5 (8/27) 24.9 ( 1 / 3 ) 7.5 (7/5) 4.4 (1/3) .9 (9/26) 7.5 (1/3) 2.8 (7/5) 88.00 (7/15) 60.70 ( 1 / 2 ) 35.2 (2/13) 8.7 (9/15) 4 . 2 (2/21) 1 . 1 (9/15) 8 . 1 (2/13) 2 . 5 (9/15) 106.57 ( 7 / 9 ) 84.31 (1/2) 92.40 ( 7 / 9 ) 78.06 ( 1 / 2 ) 4 4 . 5 (2/20) 10.3 ( 1 / 2 ) 8.6 (2/20) 1.1 (1/2) 11.1 (2/20) 3.5 (1/2) 1051.50 (1/11) 788.31 (12/5) 53.37 (3/13) 32.89 (10/3) 891.66 (3/13) 577.60 (12/6) 102.01 (3/14) 58.26 (12/9) 96.53 (3/15) 54.87 (10/3) 51.24 (7/15) 37.16 (1/8) 881.81 (7/15) 632.04 ( 1 / 2 ) 96.86 (7/15) 62.20 ( 1 / 2 ) 56.06 ( 7 / 9 ) . 48.04 ( 1 / 2 ) 1011.02 (4/21) 858.71 ( 1 / 2 ) 49.12 (12/13) 1975 - High Low 136.84 (1/11) 26.0 (9/20) 89.12 (12/13) 9 . 0 (8/20) 65.58 (1/11) 130.47 (1/11) 85.26 (12/20) 54.26 54.01 53.96 53.31 996.22 992.60 990.75 975.23 102.91 104.81 104.76 103.16 90.02 89.78 89.39 88.04 16.3 19.7 18.4 16.9 2.0 2.4 2.1 2.0 5.8 6.3 5.9 5.7 52.78 53.73 55.29 55.35 963.90 978.80 1001.80 999.84 102.20 102.77 104.89 105.06 87.75 87.71 90.05 90.05 16.2 16.3 22.3 19.1 1.9 2.1 2.2 2.1 5.1 5.4 6.7 6.0 55.57 999.84 1003.11 993.21 990.91 105.17 106.57 106.02 111.10 90.88 91.48 92.40 91.60 19.8 20.0 23.9 19.9 2.3 2.1 2.5 2.2 5.8 6.2 6.9 6.0 56.06 55.94 55.63 NOTES: 1 Flew* ether than M^h and lows are Fridays only. High* and lews are for the year and are not necesserily for Fridays. 2 Volume figures ere weekly averages of deHy figures (millions of shares). 3 4 12/31/16-60 Based on average price change until September 4 . 1 9 7 3 thereafter, based on'market value of shares listed. 16 Table 8 SECURITY CREDIT REGULATED MARGIN CREDIT EXTENDED BY 2i iiudc^III ATCH yAuiiADny UNnctiULATcU NUNMAnuIN BROKERS ON 1 MARGIN STOCK BROKERS ON 2 CONVERTIBLE BONDS BANKS 1975 - May June July Aug. Sept. Oct. Nov. Dec. 4,700 4,990 5,300 5,220 5,250 5,300 5,370 5,390 140 146 143 142 145 144 146 147 819 844 820 832 852 1,007 1,008 960 1,883 2,434 2,387 2,457 2,520 2,311 2,270 2,281 1976 - J a n . Feb. Mar. Apr. May June 5,420 5,950 6,410 6,690 6,940 7,080 146 153 162 163 161 n.a. 1,000 1,037 1,042 1,076 1,007 n.a. 2,321 2,333 2,355 2,325 2,357 n.a. 340 290 310 -80 30 50 70 20 2 6 -3 -1 3 -1 2 1 -5 25 -24 12 20 155 1 -48 -2 551 -47 70 63 -209 -41 11 30 530 460 280 250 140 -1 7 9 1 -2 40 37 5 34 -69 40 12 22 -30 32 END OF PERIOD STOCK CREDIT AT BANKS OUTSTANDING CHANGE IN OUTSTANDING 1975 - May July Aug. Sept. Oct. Nov. Dec. 1976 - J a n . Feb. Mar. Apr. May June NOTES: 1 2 Margin account debt as reported by the New York Stock Exchange, excluding credit for subscription issues and convertible bonds. New York Stock Exchange data. 3 June data for banks are universe totals; all other data for banks represent estimates for all commercial banks based on reports by a reporting sample, which accounted for 60 per cent of security credit outstanding at banks on June 30. 4 Nonmargin stocks are those not listed on a national securities exchange and not included on the Board of Governors of the Federal Reserve System s list of OTC margin stocks. At banks, loans to purchase or carry nonmargin stocks are unregulated; at brokers, such stocks have no 4 Table 9 SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS IN MILLIONS OF DOLLARS MUTUAL SAVINGS BANKS REGULAR DEPOSITS NET FLOW 9,621 10,067 4,815 2,909 11,070 1971 1972 1973 1974 1975 1975 - September October November December 785 348 765 1,394 1976 - J a n u a r y February March April p 1,037 1,017 2,029 586 1 SAVINGS * LOAN ASSOCIATIONS NET NEW MONEY 2 SHARE CAPITAL ANNUAL 3 GROWTH RATE 13.5 5,378 12.4 5,451 -442 5.3 3.0 -2,822 11.3 4,757 27,793 32,567 20 ,237 16,053 43,118 -338 131 549 114 3,698 2,264 2,246 4,332 810 787 866 352 5,375 3,946 7,072 2,805 - - - - NET FLOW ANNUAL 3 GROWTH RATE 19.0 18.7 9.8 7.0 17.7 —— —— — NET NEW MONEY 2 TOTAL DEPOSITS NET FLOW 20,653 23,884 10,507 4,668 29,276 37,414 42,634 25,052 18,962 54,188 631 2,086 2,072 968 4,483 2,612 3,011 5,726 5,108 3,719 3,687 2,583 6,412 4,963 9,101 3,391 ANNUAL 3 GROWTH RATE 17.2 16.7 8.4 5.8 15.9 - - - —— NET NEW MONEY 26,331 29,335 10,062 1,846 34,033 293 2,217 2,621 1,082 5,918 4,497 4,553 3,935 NOTES: 1 Repilar 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 SSL's are for insured associations only, which repiasent 96 per cent of industry total resources. 3 Annual growth rate for monthly data is the annualized monthly percentage increase in deposits. Source: National Association of Mutual Savings Banks and Federal Home Loan Bank Board. H.16 Table 9 SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS IN MILLIONS OF DOLLARS MUTUAL SAVINGS BANKS REGULAR DEPOSITS NET FLOW 1975 - J a n u a r y February March April May June July August September October November December 1976 January February March April p 405 713 1,149 955 1,295 1,369 1,190 1,044 802 731 772 663 1,039 796 1,018 917 1 ANNUAL 3 GROWTH RATE 4.9 8.7 13.8 11.4 15.3 16.0 13.7 11.9 9.0 8.2 8.6 7.0 11.4 8.7 11.0 9.8 NET NEW MONEY SAVINGS & LOAN ASSOCIATIONS SHARE CAPITAL NET FLOW ANNUAL 3 GROWTH RATE SEASONALLY ADJUSTED 2,351 11.5 3,005 14.6 3,864 18.6 3,712 17.6 4,237 19.8 4,395 20.2 4,774 21.5 3,933 17.4 3,682 16.1 3,334 14.4 3,125 13.3 2,926 12.3 4,232 17.7 3,658 15.0 4,078 16.5 3,676 14.7 NET NEW MONEY NET FLOW 2,756 3,718 5,013 4,667 5,532 5,764 5,964 4,977 4,484 4,065 I;!!? 5,271 4,454 5,096 4,593 NOTES: 1 •* mutual wrings banks exclude items such as Christmas club and certain escrow accounts, New deposits net of both withdrawals and interest. Data for S&L's are for insured associations only, which 2 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. represent a very small part of total 96 per cent of industry total NET NEW MONEY Table 10 MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS BILLIONS OF DOLLARS, SEASONALLY ADJUSTED PERIOD OUTSTANDING COMMITMENTS MUTUAL ALL SAVINGS SAVINGS BKS> & LOAN ASSOCIATIONS (N Y. STATE) TOTAL 1972 - Dec. 25.2 20.3 NET CHANGE 4.9 .45 .43 .02 .04 .21 -.17 - - .09 -.09 .08 .14 .39 1.17 .49 .21 .94 1.10 .96 .07 .42 .08 -.11 -.24 .11 .01 .06 .04 -.02 .11 -.06 - .06 -.07 .04 .02 .67 .27 .29 .44 .04 -.06 .21 .09 .04 1973 - Dec. 19.9 16.4 3.5 1974 - Dec. 14.6 12.4 2.2 1975 - J a n . Feb. Ma r . Apr. May June July Aug. Sept. Oct. Nov. Dec. 14.6 14.5 15.0 16.2 16.8 17.0 17.9 19.1 20.0 20.1 20.4 20.4 12.5 12.6 13.0 14.2 14.7 14.9 15.9 16.9 17.9 18.0 18.4 18.5 2.1 1.9 2.0 2.0 2.1 2.1 2.1 2.2 2.1 2.1 2.0 2.0 -.03 -.01 .50 1.18 .55 .25 .92 1.21 .90 .01 .35 .04 1976 - J a n . Feb. Mar. Apr. May 20.5 21.1 21.5 21.9 22.5 18.5 19.2 19.4 19.7 20.2 2.0 1.9 2.1 2.2 2.3 .06 .61 .48 .38 .48 - ALL SAVINGS MUTUAL & LOAN SAVINGS BKS ASSOCIATIONS (N Y. STATE) TOTAL . NOTES: Based on data from Federal Home Loan Bank Board and Savings Banks Association of New York State. Both series include a minor amount of nonresidential commitments; S&L commitments also include loans in process. Net changes are derived directly from unrounded end-of-period outstanding levels as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding. 20 Table 11 NET NEW MONEY BORROWINGS BY MAJOR HOUSING AGENCIES IN MILLIONS OF DOLLARS PERIOD TOTAL INCLUDING SHORT-TERM DISCOUNT NOTES TOTAL EULB FHLMC +1,475 +1,693 +1,910 y+1,946 +11 +598 +1,528 +1,349 +1,850 +1,950 -150 +256 +998 +1,349 +1,500 +1,300 1974 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. -671 -695 +424 +508 +1,442 +2,699 +1,804 +878 +2,768 +1,665 -89 +507 -756 -657 +450 -4 +992 +2,250 +1,499 +200 +2,750 +1,599 +93 +961 -800 -657 —— — — -4 +992 +1,500 +1,000 +400 +1,700 +1,499 -217 +470 1975 - J a n . Feb. Mar. Apr. May -242 -659 +440 0 -1,568 +330 +236 -398 215 587 152 669 -5 -254 +689 +69 -1,279 + 600 + 300 -700 100 850 200 600 -4 -554 -11 -30 -1,279 0 0 -700 0 +150 0 0 -197 -1,160 447 131 -946 -101 0 -800 -100 700 -600 -200 0 -1,100 0 0 -600 0 1976 - J a n . Feb. Mar. Apr. May —— —— — -150 — — Notes: Based on d a t a from t h e T r e a s u r y Survey of Ownership. 1/ S a l e s of FHLB d i s c o u n t n o t e s began i n May 1974. ]>/ P r e l i m i n a r y . FNMA +530 1973 - J u l y Aug. Sept. . Oct. Nov. Dec. July Aug. Sept. Oct. Nov. Dec. FNMA & FHLB INTERMEDIATE AND LONG-TERM ISSUES +350 +650 +256 SHORT-TERM DISCOUNT . NOTES V -53 +344 +60 -4 +161 +342 +1,050 +100 +310 +491 +85 -38 -26 +512 +450 +449 +305 +678 +18 +66 -182 -454 + 300 0 -1 0 0 0 0 0 0 200 0 -1 0 + 700 + 100 0 + 600 + 300 0 100 700 0 600 -237 -405 -249 -69 -289 -270 -64 302 115 -263 -48 69 0 0 200 0 0 0 0 300 -300 700 0 -200 -197 -360 -547 -569 -346 99 +44 — +450 —— —— +750 +499 -200 —— 21 Table 12 NET CHANGE IN MORTGAGE HOLDINGS IN MILLIONS OF DOLLARS TOTAL INCLUDING FNMA-GNM4 PERIOD 2 FINANCIAL INSTITUTIONS TOTAL COMMERCIAL BANKS MSB's S & Ls INSURANCE FNMA-GNMA COMPANIES Not S e a s o n a l l y Ad l u s t e d 41,647 57,587 58,372 42,748 42,475 39,259 55,561 55,072 36,526 37,636 9,940 16,800 19,600 11,700 2,900 3,938 5,377 5,642 2,172 2,236 23,919 31,932 25,552 17,560 29,400 1,221 1,452 4,278 5,078 3,100 2,388 2,026 3,300 6,222 4,839 1975 - O c t . Nov. Dec. 4,781 3,284 4,413 4,132 2,918 3,754 900 500 600 226 200 272 2,996 2,323 2,774 210 195 508 649 366 658 1976 - J a n . Feb. Mar. Apr. May June 2,451 3,534 4,490 4,659 1,802 3,270 5,330 5,088 300 600 900 900 1,100 87 106 123 309 240 1,378 2,416 4,069 4,171 4,028 37 148 238 -292 410 264 -840 -429 -534 156 133 17 511 355 735 145 274 414 -299 486 415 -686 -255 -343 1971 1972 1973 1974 1975 S e a s o n a l l y Ad i u s t e d 1975 - O c t . Nov. Dec. 1976 - J a n . Feb. Mar. Apr. May June j 5,353 4,265 5,189 4,842 3,910 4,454 923 614 877 273 214 200 3,490 2,949 3,360 3,682 4,748 4,678 4,280 3,196 4,333 5,364 4,535 687 962 987 762 826 184 249 119 301 195 2,189 2,848 3,844 3,771 . 3,228 NOTES: 1 Monthly data for commercial banks based on Federal Reserve estimates benchmarked to Call Report data on real estate loans outstanding as available. Other data derived from mortgage debt outstanding as reported separately by National Assn. of Mutual Savings Banks, Federal Home Loan Bank Board, Institute of Life Insurance and, through August 1968, the Federal National Mortgage Association, and thereafter by FNMA and the Government National Mortgage Association. Data for mutual savings banks and for Life Insurance companies may differ somewhat from those derived from regular quarterly series because of minor conceptual differences for which adjustments are not made in the monthly series. Altogether, these groups accounted for 83 per cent of the net increase estimated for all holders in 1974. 2 Beginning January 1972 data reflect activity in limited amount of conventional mortgages. 22 T a b l e 13 NET INCREASE IN MORTGAGE DEBT OUTSTANDING 1 IN BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL R A T E S 4 C5 RESIDENTIAL QUARTER TOTAL 1969 - I II III IV 31.7 28.9 25.7 25.4 1970 - I II III IV TOTAL | | 1- to 4FAMILY MULTIFAMILY MULTFAML)r COMMERCIAL & FARM COMMERCIAI 23.3 21.3 18.7 18.0 18.9 16.7 14.0 12.2 4.4 4.7 4.7 5.7 6.2 5.3 5.3 6.0 10.6 10.0 10.0 11.7 2.2 2.2 1.8 1.4 20.7 22.7 28.4 32.5 15.7 16.7 .21.2 23.4 11.1 11.5 14.9 17.1 4.6 5,2 6.3 6.3 3.5 4.5 5.1 7.0 8.1 9.7 11.4 13.2 1.5 1.5 2.1 2.2 1971 - I II III IV 37.2 46.7 52.1 56.3 27.4 34.9 38.1 43.1 18.7 25.6 28.4 33.6 8.7 9.4 9.7 9.5 7.6 9.4 11.6 10.8 16.3 18.7 21.4 20.4 2.2 2.4 2.3 2.4 1972 - I II III IV 62.8 61.7 63.9 72.1 47.7 45.5 46.2 51.5 38.0 35.8 37.4 42.6 9.7 9.7 8.8 8.9 12.4 13.7 15.1 18.2 22.1 23.3 23.9 27.1 2.6 2.6 2.7 2.4 1973 - I II III IV 83.4 72.4 70.6 61.4 59.7 50.4 48.9 39.5 51.1 39.6 40.1 32.6 8.7 10.8 8.8 6.9 . 19.7 18.0 18.1 18.0 28.3 28.8 26.9 24.9 4.1 3.9 3.7 3.9 1974 - I II III IV 60.2 62.3 52.0 43.0 37.7 38.9 31.8 25.9 29.4 32.4 26.1 21.6 8.3 6.5 5.7 4.3 18.9 18.6 14.3 11.3 27.2 25.0 20.0 15.6 3.6 4.8 5.9 5.7 1975 - I II III IV 35.4 45.7 58.2 69.8 21.1 31.7 39.9 49.9 19.4 30.9 38.6 49.9 1.7 0.9 1.4 *-- 9.1 9.7 13.9 14.8 10.8 10.6 15.3 14.8 5.1 4.3 4.4 5.1 197.6 - I 71.5 54.0 49.9 4.1 12.0 - 5.4 NOTES: 1 Derived from data on mortgage debt outstanding from Federal Deposit Insurance Corporation, Federal Home Loan Bank Board, Institute of Life Insurance, National Association of Mutual Savings Banks, Departments of Commerce and Agriculture, Federal National Mortgage Association. Federal Housing Administration. Veterans Administration and Comptroller of the Currency. Separation of nonfarm mortgage debt by type of property, where not available, and interpolations and extrapolations, where required, estimated mainly by Federal Reserve. 2 May differ somewhat from related flow of funds series mainly because of more agyegative type of seasonal adjustment. 3 Residential mortgage debt Includes nonfarm only and is sum of 1 to 4- family and multifamily mortgage debt. Data r e v i s e d A p r i l 12 due t o r e e s t i m a t i o n of s e a s o n a l f a c t o r s . Digitized for4 FRASER * Less t h a n . 0 5 . ; T a b l e 14 PRIVATE HOUSING PERMITS, STARTS, COMPLETIONS, AND MOBILE HOME SHIPMENTS IN T H O U S A N D S OF U N I T S , S E A S O N A L L Y A D J U S T E D A N N U A L R A T E S PERMITS 1 1—FAMILY COMPLETIONS 2 - O R MORE FAMILY TOTAL 1 —FAMILY 2 - O R MORE FAMILY TOTAL 1 —FAMILY 2 - O R MORE FAMILY 1 ;,399 1,,418 1,,706 1,,972 2,,014 1,,692 i 3,296 808 802 1 ,014 1 ,143 1.,174 932 866 592 617 692 828 840 760 430 1969 1970 1971 1972 1973 1974 1975 1,324 1,352 1,925 2,219 1,820 1,074 924 626 647 906 1,033 882 644 668 698 705 1,018 1,186 937 431 257 1,407 1,434 2,052 2,357 2,045 1,388 1,161 811 813 1,,151 1,,309 1,,132 888 893 656 621 901 1,048 914 450 269 1975 - O c t . Nov. Dec. 1,111 1,127 1,091 794 814 812 317 313 279 1,431 1,381 1,283 1,,093 1,,048 962 338 333 321 i , ,115 i , ,386 i , ,329 738 992 993 377 394 336 1976 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1,147 1,165 1,188 1,082 1,158 1,122 851 863 882 803 807 834 296 302 306 279 351 288 1,236 1,547 1,417 1,367 1,430 1,492 957 1,,295 1,,110 1,,055 1,,067 1,,150 279 252 307 312 363 342 i , ,213 i , ,299 i 5 ,399 i , ,266 i , ,331 926 953 1.,032 984 915 287 346 367 282 416 = = = = = = = Permit data for 1969 and 1970 based on 13,000 areas with permit systems ! Table 15 AVERAGE RATES AND YIELDS ON HOME MORTGAGES CONVENTIONAL LOANS PRIMARY MARKET NEW HOMES EXISTING HOMES 1 PERIOD RATE (IN PER CENT) SPREAD (BASIS POINTS) RATE (IN PER CENT) SPREAD (BASIS POINTS) HUD(FHA) INSURED LOANS SECONDARY MARKET NEW HOMES 1 1 YIELD (IN PER CENT) SPREAD (BASIS POINTS) SPREAD BETWEEN RETURNS ON NEW Aea UTILITY AND HUD(FHA) BOND DISCOUNT NEW HOME YIELD (PERCENTAGE MORTGAGES (IN PER CENT) POINTS) (BASIS POINTS) rniuvFMTmMAi 1974 - High Low 9.80 8.55 45 -70 9.80 8.60 50 -70 10.38 8.54 44 -25 6.3 2.3 1 -70 10.46 8.10 1975 - High Low 9.25 8.90 15 -70 9.30 8.95 20 -65 9.74 8.69 31 -91 6.2 2.4 21 -49 9.70 8.94 1975 - O c t . Nov. Dec. 9.25 9.20 9.15 3 n.a. n.a. 9.30 9.25 9.20 8 n.a. n.a. 9.53 9.41 9.32 31 n.a. n.a. 4.0 3.1 2.4 -28 -21 -17 n •3• 1976 - J a n . Feb. 9.05 9.00 8. 95 8.90 9.00 9.05 39 42 42 32 5 35 9.10 9.05 9.00 8.95 9.05 9.10 44 47 47 37 10 40 9.06 9.04 40 46 2.4 2.2 - 1 - 4 8.82 9.03 9.05 24 8 35 2.5 4.1 4.2 8 - 3 0 Mar. Apr. May June NOTES: 1 Grow yield spread Is average mortgage return before deducting servicing costs, minus averaga yield on new issues of high-grade utility bonds with 5-year call protection. Rates on conventional first mortgages (excluding additional fees and charges) are based on unweighted HUD (FHA) field office opinions on prevailing contract interest rates in the market of the insuring offices, rounded to the nearest 5 basis points. For secondary market data, weighted HUD office opinions on the average bid price for HUD (FHA) loans with minimum do> Digitizedpayment, for FRASER prepaid in IB years, for immediate delivery, are used. 9.22 n.a. 8.66 8.58 8.53 8.58 8.95 8.70 Table 16 FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS CONVENTIONAL GOVERNMENT-UNDERWRITTEN AMOUNT (IN MILLIONS OF DOLLARS) AMOUNT (IN MILLIONS OF DOLLARS) AVERAGE YIELD 643 ( 8 / 2 5 ) 366 (8/11) 9.95 ( 9 / 2 2 ) 100 ( 4 / 7 ) 51 ( 4 / 2 1 ) 25 ( 2 / 1 0 ) 18 (2/10) 8 . 7 8 (2/10) 10 (10/20) 9 ( 2 / 1 0 ) 10.02 ( 9 / 2 2 ) 8.96 ( 3 / 1 0 ) 6 20 198.5 43.2 143.0 23.2 9.95 9.65 27.5 9.7 23.5 9.2 10.02 9.81 3 17 69.8 293.1 41.7 180.6 9.32 9.33 19.6 68.6 15.2 34.6 9.54 9.40 1 15 29 255.9 287.1 95.3 138.5 158.8 52.7 9.32 9.31 9.29 73.9 69.7 41.8 40.5 31.2 11.8 9.38 9.36 9.35 12 26 58.4 103.9 31.5 57.7 9.13 9.07 42.7 33.4 32.1 24.7 9.28 9.22 9 23 252.2 126.9 179.9 81.2 9.07 9.04 57.8 44.0 36.9 23.3 9.17 9.14 8 22 299.9 146.3 171.9 121.6 9.06 9.03 75.4 46.2 45.0 33.7 9.15 9.13 5 19 106.2 132.1 56.2 60.1 8.94 8.83 56.4 55.3 31.8 33.4 9.05 9.00 4 17 483.3 634.3 ' 222.3 321.4 8.94 9.13 110.7 128.8 60.1 68.9 9.09 9.24 1 14 28 349.5 L46.6 >61.2 224.7 98.8 157.5 9.20 9.14 9.12 131.4 77.3 93.6 90.5 70.3 59.2 9.31 9.30 9.31 12 48.3 88.4 9.05 90.7 82.0 9.27 grots before deduction of the fee of 38 bests points paid for mortgage servicing. They reflect the average act assuming a prepayment period of 12 years for 30-year loans, without special adjustment for Federal National fiitment fees and FNMA stock purchase and holding requirements on 4-month commitments. Mortgage amounts Bible bid* received.
@FedFRASER