Full text of H.16 Capital Market Developments : July 6, 1981

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July 6 , 1 9 8 1

5

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




198!

CONTENTS
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.

Yields, Volume and Reception: Corporate Bond Market
Yields, Volume and Reception: Municipal Bond Market
High Grade Bond Yields
Long-Term Corporate and State and Local Government Security Offerings and Placements
Treasury and Government-Sponsored Agency Marketable Coupon Offerings and Placements
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
Public Offerings of Intermediate- and Long-Term Securities: U.S. Treasury
Public Offerings of Intermediate- and Long-Term Securities: Government-Sponsored Agencies
Forthcoming Public Offerings of Intermediate- and Long-Term Securities: Corporate
Forthcoming Public Offerings of Intermediate- and Long-Term Securities: State and Local
Stock Prices
Trading Volume
Security Credit
Savings Flow at Selected Nonbank Thrift 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
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 to Publications Services, Division of
Support Services, and make payment remittance payable t o the order of the Board of Governors of the Federal Reserve System in a
form collectible at par in U.S. Currency.




3
1. YIELDS. VOLUME AND RECEPTION
Corporate Bond Market
Yields
Recently offered
New issue
Aaa utility 2
Aaa utility 1

Week ending
1981-May

June

16.12

1
8
15
22
29

14.93
15.01
14.35

5

12
19
26

July

2

New issues in syndicate 4
($ millions)

539
410
976
544
328

100
100
99
100
100

0
0
10
0
0

15.03
14.74
14.59
14.80r

1,020

98
94
89
100

20
66
83
0

14.94p

519

16.26
15.62
15.63
15.29
14.97

15.94
15.80
•15.54

Volume
Percent sold by
end of week

Gross offerings 3
($ millions) 5

1,115
669*
668

99

2. YIELDS, VOLUME AND RECEPTION
Municipal Bond Market

Volume

Yields
Week ending

1981-May

June

July

* Excludes

Bond Buyer
G O. bond
index

Moody's new
issue Aaa

Bond Buyer
Rev. bond
index

Gross offerings
($ millions)

Percent sold by
end of w e e k 3

New issues in
syndicate 4
($ millions)

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

963
547
919
795
702

95
94
96
80
87

126
83
84
84
172

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

400
1,125
966

90
83
81
91

83
242
243
200

2

9.86

10.85

11.66

681

79

257

$150 m i l l i o n

Issue

of

Alaska

1,006*

Housing Finance

Corporation.

during the last four weeks.
4 Corporate Market: tolomonBrothers 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 Gross o f f e r i n g s r e f l e c t s




gross

proceeds

rather

than par

value

of

original

discount

bonds.

3. HIGH GRADE BOND YIELDS

New issue
Aaa utility1

Date

Recently offered
Aaa utility 2

Low

1979-High
Low

1980-High
Low

1981-High

Bond Buyer
G O. bond
index 5

Bond Buyer
Rev. bond
index 6

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

——

11.51(11/12) 11.45 ( 11/9) 10.87(12/28) 10.56( 11/9:
; . 4 0 ( 8/17) 9.39( 6/29)
8.79(
7/6:
9.16(
7/6)

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

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

14.51(12/12) 15.03(12/12) 13.49(12/19) 12.86(12/12: 10.56(12/19)
5/9)
9.59( 6/20: 7.11(
10.53( 6/20) 10.79( 6/20) 10.34( 6/20)

11.41(12/19)
%.15( 5 / 8 )

16.12(
14.05 (

Low

U.S. govt.
20-year constant
maturity4

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

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

1978-High

Moody's
seasoned
corporate A a a 3

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

5/1) 14.53( 5/15) 14.15(
5/1) 16.26(
1/9) 11.98(
1/9) 1 3 . 9 9 ( 3 / 2 0 ) 12.59(

5/8) 10.94(
1/9) 9.49(

5/1)
1/9)

—

11.71(
5/1)
10.34( 1/16)

11.60
12.32
12.74

11.41
12.31
12.72

11.07
11.64
12.02

10.32
11.07
11.47

8.13
S . 67
8.94

8.87
9.57
9.84

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
10.11

9 . 97
10.43
11.08

1981-Jan.
Feb.
Mar.

14.12
14.90
14.71

14.17
14.58
14.41

12.81
13.35
13.33

12.29
12.98
12.94

9.66
10.10
10.16

10.64
11.01
10.90

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

10.62
10.79
10.67

11.32
11.60
11.49

16.26
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

11.71
11.68
11.65
11.54
11.45

15.03
14.74
14.59
14.80r

13.84
13.73
13.61
13.77r

13.28
13.06
13,01
13.31r

10,59
10.63
10.73
10.74

11.48
11.47
11.48
11.54

14.94p

13.99p

13.59p

10.85

11.66

1980-July
Aug.
Sept.
Oct.
Nov.

1981-May

>

1

8
15
22
29
June

July

;

5
12
19
26

16.12
15.94
15.80
15.54
—

14.93
15.01
14.35
—

2

= = : : : ; s i :

restrictions sometime during the last four weeks.
3 Weekly average of daily closing figures.
4 Weekly average of daily figures. U.S. Treasury data.
uw
5 Thursday figures. The average rating of the 20 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.
. .
M
6 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
Investors Service. Weekly Rond Buyer data.




4. LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS
Gross proceeds, millions of dollars
State and Local

Corporate

Period
January
February
March

1979
3,770
3,165
4,354

1980
6,173
4,507
4,454

1981
5,581
4,157
6,423

1979
2,840
2,603
4,644

1980
3,078
2,424
2,435

2,668
2,843
3,850

April
May
June

4,692
4,160
6,238

5,656
9,074
9,645

6,511
4,600e
6,900e*

3,444
3,042
4,724

4,962
4,746
6,136

4,892
3,500e
4,700e*

July
August
September

4,103
4,211
4,593

8,029
5,437
5,025

3,396
4,256
2,472

4,872
3,946
4,523

October
November
December

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

Year

*
1
2
e

IVol

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 .
S e c u r i t i e s and E x c h a n g e 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 a m o u n t s .
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
Millions of dollars
Federal Government
Means of financing combined deficit
Net cash borrowing from the p u b l i c :
Public debt securities
Gov't,
agency
NonCoupons
Bills
securities
marketable

Decrease!*)/ Sponsored
agency
increase(-)
borrowing4
in cash
operating
balance

Combined
deficit(+)
or
surplusf—) 1

Total 3

-1979
-1980

41,397
50,670

37,360
79,201

10,899
43,458

28,041
50,480

-397
-14,298

-1,402
-577

1,115
484

366
3,621

23,631
24,705

1980--Apr.

-8,037
16,318
-11,963

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

Aug.
Sept.

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.

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

Period

CYCY

May
June
July

Mar.

Other

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

Bonds
Privately
Publicly *
placed
offered

Total

Memo
Issues included
Convertible
Foreign

Common and
preferred
stocks

1,340
1,349

11,612

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

1,495

863
418
2,229
4,685

5,880

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

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

169
529
631
498

908
967
1,510
1,300

16,161

9,114

1,381

5,666

277

1,317

1980-0ct.
Nov.
Dec.

5,819
3,936
5,933

2,756
1,405
1,719

528
759
1,325

2,535
1,772
2,889

348
12
138

687
398
215

1981-Jan.
Feb.
Mar.

5,581
4,157

2,928
2,408

6,423

3,778

458
426
497

2,195
1,323
2,148

162
105
10

303
575
439

Apr.

6,511

3,668

605

2,238

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

1980-QI
OH
QUI
QIV

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

5,924
18,165

1981-QI

11,618

1,008

719

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

Manufacturing

Public utility

Communications

Other issuers1

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

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

4,522
3,640
4,522
7,250

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

1980-QI
Oil
QUI
QIV

3,nr0
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

1981-QI

5,387

3,223

1,337

6,22.1

1980-0ct.
Nov.
Dec.

1,474
550
1,453

1,295
792
983

830
260
718

2,220
2,335

1981-Jan.
Feb.
Mar.

2,244
1,344
1,790

1,362
853

1,008

76
303
958

1,901
1,660
2,660

Apr.

1,886

1,491

609

2,524

1977
1978
1979
1980

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

2,z/R

2 T o t a l r e f l e c t s e;ross 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 .




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

P i l l s b u r y Co.
Wells Fargo Corp.
New E n g l a n d T e l . & T e l . Co.
N o r t h e r n I n d i a n a Pub. Svc.
S t a n d a r d O i l Co. ( I n d i a n a )
D e t r o i t E d i s o n Co.
W e s t e r n Union T e l e g r a p h Co.
Tenneco I n c .
Tenneco I n c .
Lifemark Corp.
U n i t e d Gas P i p e l i n e
S h e l l O i l Co.
S h e l l O i l Co.
A l l i s Chalmers C r e d i t Corp.
S o f t w a r e AG I n t e r n a t i o n a l
L . B . F o s t e r Co.
P a c i f i c Power & L i g h t Co.
D a l l a s Power & L i g h t Co.
F o r e m o s t McKesson, I n c .
American T e l e p h o n e & T e l e g r a p h
Co.
S o u t h e r n Co.
GMAC
Nat M . M e d i c a l E n t e r p r i s e s ,
Inc.
M i s s o u r i P a c i f i c R.R. Co.
A s s o c i a t e s C o r p . of N. America
C o n t i n e n t a l T e l e p h o n e Co.
Digicon Inc.
South C a r o l i n a E l e c t r i c &
Gas Co.
S o u t h C a r o l i n a E l e c . & Gas
Co.
Duquesne L i g h t Co.
Westinghouse C r e d i t Corp.
^oiir-^hnne S v s t e n s , I n c .
Research-Cottrell, Inc.
TT
cstern - ? n c i f i c Ind. I n c .
Potomac E l e c . & Power Co.
Texas E a s t e r n T r a n s m i s s i o n
Corp.
G e o r g i a Power Co.
Ryder System I n c .
G e o r g i a Power Co.
^ e n e r a ? Foods C o r p .
G e n e r a l Foods C o r p .
G e n ' l . Motors Accept. Corp.
Eastern A i r l i n e s , Inc.
Eastern A i r l i n e s , Inc.
Monongahela Pwr. Co.
K a n s a s Power & L i g h t Co.
P u b l i c S e r v i c e E l e c t r i c & Gas
Co.
Goulds Pumps, I n c .

Date

Type

Amount
(millions
of dollars)

6/2
6/2
6/2
6/3
6/3
6/4
6/4
6/5
6/5
6/5
6/9
6/9
6/9
6/9
6/9
6/9
6/9
6/10
6/10

Com. s t k .
62.6
Notes
100.0
Debt.
150.0
Com. s t k .
44.0
Notes
250.0
Pfd. stk.
25.0
Notes
75.0
Notes
200.0
Debt.
100.0
Com. s t k .
34.1
Notes
75.0
Notes
200.0
Debt.
300.0
Notes
75.0
Com. s t k .
28.8
Com. s t k .
28.9
Com. s t k .
80.0
1 s t . mtg.
50.0
Conv.debt.
80.0

6/10
6/10
6/11

Com. s t k .
Com. s t k .
Notes

941.0
127.1
250.0

6/11
6/16
6/17
6/17
6/17

Conv.debt.
Equip, t r .
Debt.
Com. s t k .
Com. s t k .

85.0
26.7
67.7
37.5
25.7

6/17

Com. s t k .

30.5

Maturity
——

:

1991
2018
—

1991
—

1991
1991
2006
—

1991
1991
2011
1991

Offering
yield

—

14.75
15.40
——

14.00
15.68
16.00
14.50
15.00
——

15.50
13.88
14.25
16.00

14.09
15.68
16.00
14.69
15.08
——

15.58
13.97
14.25
16.00

——

——

——

——

——

——

2011
2006

Moody's/S&P'<
stings

——

14.50
15.25

——

——

15.8%
9.7

15.22
9.75

Aa/AA
Aaa/AA+
—

— —.

——

—

—

/

—

Baa/BBB
Aaa/AA-f
Aaa/AA+
Baa/A/
—

/

—

Aaa/AAA
Baa/BBB-f

—

/

—

1989

14.63

14.70

Aaa/AAA

2006
1982-96
2001

9.00
13.38
6.00

9.00
13.45
14.45

Ba/BBB
Aa/AA

——

—

——

—

—

2011
2011
1991
20AT
2006

6/18
6/23
6/23
6/23
6/23
6/23
6/24
6/24
6/24
6/24
6/24

Debt.
Pfd. stk.
Com. s t k .
1 s t . mtg.
^eht.
Debt.
Notes
Equip, t r .
Equip, t r .
Pfd. stk.
Com. s t k .

1991

6/24
6/24

115.5
Com. s t k .
Conv.debt.
25.0

1991

—
—

2011
2001
2011
1991
1998
1997

—

—

—

/

—

- - / -

16.00
16.00
14.75
9.11
10.50
15.00
14.50

16.00
16.12
14.91
o.n
10.50
16.75
14.64

A/A-

14.75
15.04

15.00
15.04

A/A

—

A/BBBA/A

R /n
Ba/"RBBa/B r ,Aa/A+

Baa/BBB

—

16.25
6.nn

7.00
—

17.50
17.50

16.38
13.75
13.80
14.25
17.50
17.50

—

—

—

—

—

—

——

——

——

9.88

9.88

2006

A/A

—

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

Baa/BBB+
Aa/AA
Aa/AA

Aaa/AAA
Ba/BA
Ba/BA
Baa/ A

Ba/BA

2 Amount 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 .




/

Aaa/AAA
Baa / —
Baa/BB
A/A
A/A

j
——

6/17 1 s t . mtg.
70.0
6/17 1 s t . mtg.
80.0
6/17 Notes
100.0
A/11 , C o n v . d e b t .
40.0
6/18 Conv.debt.
25.0
t/lR
Debt.
60.0
6/18 1 s t . mtg.
50.0
150.0
75.0
83.6
125.0
71.4
103.2
189.4
42.5
47.5
25.0
36.5

Coupon
rate

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

Date

Type

Amount
(millions
of dollars)

Comdisco, I n c .
Templeton Energy, I n c .
N i a g a r a Mohawk P o w e r Co.
IBM C r e d i t C o r p .
IBM C r e d i t C o r p .
Long I s l a n d L i g h t i n g Co.
Long I s l a n d L i g h t i n g Co.
I n t e m a t ' 1. T e l . & T e l . Corp.
I n t e r n a t * 1. T e l . & T e l . Corp.
Dana C o r p .
Thomson McKinnon S e c . , I n c .

6/25
6/25
6/30
6/30
6/30
6/30
6/30
7/1
7/1
7/1
7/1

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

6/2
6/2

OTHER
Pembroke C a p i t o l L t d .
United Mexican S t a t e s
B e l l Canada
C a n a d i a n N a t i o n a l R a i l w a y Co.
F e d . B u s . D e v ' l . Bank of
Canada
B a r c l a y s N. A m e r i c a n C a p i t a l
Corp.
M u n i c i p a l i t y of M e t r o . T o r o n t o
Canadian P a c i f i c , L t d .
M a n i t o b a , Canada
New B r u n s w i c k , C a n a d a
Gulf C a n a d a
POSTPONED
UNC R e s o u r c e s C o r p .

Maturity

Coupon
rate

Offering
yield

50.0
25.7
60.0
100.0
58.7
50.0
50.0
69.7
75.3
75.0
40.0

2001

13.00

13.00

1986
1988
1991
2011
2001
2011
2006
1991

6/4

Debt.
Bonds
Debt.
Debt.

200.0
100.0
150.0
150.0

6/5

Notes

6/10
6/12
6/17
6/23
6/24
6/25

Debt.
Notes
Equip.tr.
Debt.
Notes
Debt.

6/9

Conv.debt.

6/3

—
—

—
—

Moody's/S&P's
ratings

—

—

/ —

16.75
17.38
6.50
7 . 50
5.88
17.00

14.45
13.85
16.75
17.60
15.0^
15.13
12.40
17.00

Aaa/AAA
Aaa/AAA
Baa/BBB
Baa/BBB
A/A
A/A
A/AA-

1991
1988
1991
2006

14.00
15.00
14.50
15.00

14.10
15.21
14.60
15.20

Aaa/AAH-

100.0

1988

14.63

14.70

Aaa/AAA

125.0
50.0
75.0
150.0
100.0
200.0

1991
1991
1991
1991
1991
2011

14.63
14.50
14.38
14.75
14.75
15.00

14.82
14.50
14.38
14.75
15.05
15.00

Aaa/AAA
Aaa/AAA
Aa/AAA
Aa/ —
Al/ —
Aa/AA

14.38
—

30.0

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




-/BB+

—

— - / —

Aa/AA
Aa/AA

9
9.

- - . ,r n ^ P . N G , OF INTERMEDIATE- AND LONG TERM S E C U R H ^ S T ^ ^
Amount
(millions

Issuer
Port Sheldon Economic Devel.
Corp., MI
Cook Co., IL
Cook Co., IL
Minneapolis Comm. Dev. Agcy.
Minneapolis Comm. Dev. Agcy.
Minneapolis Comm. Dev. Agcy.
Shawnee Co., KS
Shawnee Co., KS
Delaware Co. Indus Devel.
Auth.
Delaware Co. Indus. Devel.
Auth.
LieiawciLc Co.
vv. Indus. Devel.
Delaware
Municipal Assistance Corp
Midland Co. Econ. Devel. Corp
Virginia Education Loan Auth.
Virginia Education Loan Auth.
Virginia Education Loan Auth.
California Hsg. Fin. Agcy.
North Carolina, State of
Kentucky Higher Ed. Student
Loan Corp.
Kentucky Higher Ed. Student
Loan Corp.
Boca Raton, FL
Maryland, State
University of Texas System
New York State Dormitory JUith
Shelby Co Health & Ed. Fac.
Bd., TN
Shelby Co. Health & Ed. Fac.
Bd., TN
Shelby Co. Health & Ed. Fac.
Bd., TN
Shelby Co. Health & Ed. Fac.
Bd., TN
Shelby Co. Health & Ed. Fac.
Bd., TN
Shelby Co. Health & Ed. Fac.
Bd., TN
Tennessee School Bond Auth.
North Slope Borough, AK
Gov't. Devel. Bk. for Puerto
Rico
Sullivan, IN
Putnam Co., FL
New Mexico, State of
Maricopa Co. Indus. Devel.
Auth., AZ
Maricopa Co Indus. Devel.
Auth., AZ

3

Canadian interest cost.




Maturity

6/4
6/4
6/5
6/5
6/5
6/5
6/5

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

43.5
2.5
29.9
77.1
28.5
14.4
24.5
.5

1991
1984-93
2013
1983-95
2006
2007
2013
1982-86

6/5

Rev.

10.0

1984

6/5
6/5
6/5
6/5

6/9
6/9

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

71.5
18.5
237.0
30.0
33.0
7.0
10.0
27.5
90.0

6/9

Rev.

32.5

6/9

6/10
6/10
6/10
6/10

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

57.5
26.8
91.9
63.0
40.0

6/10

Rev.

6/10

6/1

6/8
6/8
6/8

2010
2011
2001
1984
1997
1991
1997
1982-21
1982-99

Offering

Moody's/S&P's
ratings

10.00
8.75-11.00
11.88
25-11.25
11.63
11.63
9.75
8.00-9.00

Aaa/AAA

interest

n.a

— / AA

9.38
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
10.65
9.16

13.00
12.75
11.38
8.75
11.85
10.50
11.00
7.00-10.50
7.25-9.60

Baa/BBBBaa/BBBBaa/BBBBaal/—
Aa/—
A/A
A/A
A/A
A1/A+
Aaa/AAA
A1/A+

n.a.

9.00

1984
1982-97
1984-96
1982-01
1984

n.a.
9.33

10.50
7.40-9.80
8.00-9.20
7.50-9.90
8.00

A1/A+
Aa/A+
Aaa/AAA
Aaa/AAA
MIG-1

9.6

1986-94

11.01

8.40-10.25

Aa/AA

Rev

5.5

1997

11.01

11.00

Aa/AA

6/10

Rev.

4.8

1999

11.01

11.25

Aa/AA

6/10

Rev.

40.7

2008

11.01

11.60

Aa/AA

6/10

Rev.

15.8

2010

11.01

11.44

Aa/AA

6/10
6/10
6/10

Rev.
BAN's
G.O.

15.0
36.5
65.0

2011
1982
1985-93

11.01
n.a.
n.a.

10.00
8.00
9.30-10.30

Aa/AA
MIG-1
A/A

6/11
6/12
6/12

75.0
25.0
75.0
49.6

1982-00
2009
1984
1982-96

n.a.
11.61
n.a.
8.35

9.50-12.00
11.50
9.25
7.50-8.25

A/A+
A/A
A/A+
Aaa/AAA

6/15

Rev.
Rev.
Rev.
Rev.
Rev.

17.4

1984-93

n.a.

8.75-11.00

A1/A+

6/15

Rev.

103.2

2008

n.a.

12.00

A1/A+

6/15

1984

9.20

9.39
8.24

10
9. PUBLIC OFFERINGS OF INTERMEDIATE- A N D LONG-TERM SECURITIES: STATE AND LOCAL 1

Issuer
Alabama Public School & College
Auth.
Delaware, State of
Louisiana, State of
New Jersey Econ. D e v e l . Auth.
Dallas, TX
Dallas, TX
Hudson Co. Util. Auth., NJ
Hudson Co. Util. Auth., NJ
Hudson Co. Util. Auth., NJ
Hudson Co. Util. Auth., NJ
Northern Colorado Water Conservatory Dist., CO
Northern Colorado Water Conservatory Dist., CO
Northern Colorado Water Conservatory Dist., CO
New York State Dorm. Auth.
Minnesota Hsg. Fin. Agcy.
California, State of
Phoenix, AZ
Port of Morrow, OR
Port of Morrow, OR
Farmington, N.M.
Houston, TX
California Transportation Comm
Washington D.C. Higher Ed.
Loan Prgm.
Washington D.C. Higher Ed.
Loan Prgm.
Baltimore Co., MD
San Antonio, TX
Lafayette Public Power Auth.,
LA
Lafayette Public Power Auth.>
LA
Lafayette Public Power Auth.,
LA
New York State Med. Care Fac.
Fin. Agcy.
New York State Med. Care Fac.
Fin. Agcy.
Kansas City, KS
West Point Indus. Devel. Auth.
VA
Baltimore, MD
Baltimore, MD
Monroe Co., N.Y.
California Dept. of Water
Resources
California Dept. of Water
Resources

Net
interest
cost

Date

Type 2

Amount
(millions
of $)

Maturity

6/16

6/18
6/18
6/18
6/18

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

30.0
45.0
131.5
25.0
31.3
40.0
17.1
41.9
34.8
11.3

1988-01
1983-01
1982-06
1984
1982-01
1982-01
1983-96
2006
2010
2C ;1

6/18

Rev.

10.0

1985-96

6/18

Rev.

11.6

2002

6/18
6/19
6/19
6/23
6/23
6/23
6/23
6/24
6/24
6/24

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

62.7
36.0
28.0
150.0
27.0

6/25

Rev.

30.0

6/25
6/25
6/25

Rev.
Rev.
Rev.

30.0
40.0
30.0

1984
1984
1985-06

11.15
q.oo
11.61 9.00-11.50

6/26

Rev.

3.4

1983-93

.75-10.80

6/26

Rev.

6.1

2000

n.a.

11.38

Baal/AAA

6/26

Rev.

33.7

2012

n.a.

11.25

Baal/AAA

6/26

Rev.

35.0

2004

11.06

10.63

— / AAA

6/26
6/26

Rev.
Rev.

85.0
37.0

2022
2013

11.06
n.a.

11.00
9.50

—/AAA
Aa/AA-

6/26
6/29
6/29
6/30

Rev.
Rev.
Rev.
G.O.

31.3
1.0
49.0
32.0

1985
1982-86
2013
1982-00

6/30

Rev.

50.0

1984

9.55I/

9.00

MIG-1

6/30

Rev.

50.0

1984

9.63

9.00

MIG-1

6/16
6/16
6/16
6/17
6/17

2.0
23.5
130.0
45.1
25.0

2014
1984
1983-97
1982-06
1989-95
1Q84-Q3
2011
1984
1982-01
1986-02
1984

Offering
yield

10.17 9 . 0 0 - 1 0 . 5 0
9.66 8 . 0 0 - 1 0 . 2 5
9.21 7.50-10.00
9.13
9.68
9.53 7.50-10.15
9.99 7.75-10.40
n. a. . 7 5 - 1 1 . 2 5
11.88
n. a.
11.13
n. a.
11.69
n. a.
n. a.

Moody's/S&P s
ratings

Aa/AA
Al/AA
Aa/AA
A/A
Aaa/AAA
Aa/AA
-/A
— /A
— /A
— /A

8.50-10.50

A1/A+

10.85

A1/A+

9.51
9.94

11.25
8.13
8.50-11.00
7.50-9.70
9.40-10.40
50-10.75
12.00
8.75
7.50-10.40
8.50-10.20

A1/A+
MIG-1
Al/AAAa/AA+
Al/AA
Aa/AA
Aa/AA
Aaa/AAA
Aaa/AAA
A/A+

n. a.

9.50

Al/AA-

n. a.
n. a.

10.77
9.84
10.34
n. a.
n. a.
n. a.

n. a.
n. a.

9.41
9.13
10.13 8.25-9.25
10.00
10.13
9.04 7.25-9.75

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.




(con t )

Al/AAAa/AAA/A
Baal/AAA

A/A
A/A
A/A
Aaa/ —

11
9. PUBLIC OFFERINGS OF INTERMEDIATE- A N D LONG-TERM SECURITIES: STATE A N D LOCAL

Issuer

Date

C a l i f o r n i a D e p t . of Water
Resources
6/30
L a b e t t e & Cowley C o . , KS
7/1
L a b e t t e & Cowley C o . , KS
7/1
L a b e t t e & Cowley C o . , KS
7/1
7/1
L a b e t t e & Cowley C o . , KS
7/1
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.
7/1
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.
7/1
A u t h . , PA
7/1
Lee C o . , FL
Lee C o . , FL
7/1

Type 2

Amount
(millions
of $)

Maturity

Net
interest
cost

1

Offering
yield

1Vloody's/S&P's
ratings

MIG-1
—/A+
—/A+
— / A+
— /A+
— / A+

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

50.0
1.6
1.4
3.0
16.0
3.1

1984
1983-93
1997
2002
2012
2013

9.00
9.65
n . a . 13 . 5 0 - 1 0 . 8 0
n.a.
11.38
n.a.
11.00
n.a.
11.88
n.a.
11.88

Rev.

2.9

1984-91

n.a.

1

9.10-10.90

A/A

Rev.
Rev.
Rev.

34.5
6.9
24.5

2008
1984-97
2009

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

12.22
8.40-10.50
11.00

A/A
— /AAA
— /AAA

Memorandum
*Alaska Housing Finance Corp.

6/18

90.0
60.0

1993
1998

——

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.

* Interest




income on t h i s i s s u e i s t a x a b l e .

16.25
16.25

A/A
A/A

12

.

10. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: U.S. TREASURY
Notes and Bonds
Offering
date

Payment
date

Length

Maturity
date

Coupon Auction
average
rate
(percent) (percent)

Amount (millions of dollars)
Net proceeds

Gross proceeds
Total

Private

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
11/15/10
30-yr
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 - y r 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

259

| 2,815

2,815

4,601

I 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

I 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

5,012
3,460

2,551
3,460

2,551
3,460

0
130
0
186
195

1981
Jan.

6
21

1/12
2/2

2 0 - y r 1-mo
2-yr

Feb.

3
4
5
24
26

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

3-yr
9-yr
29-yr
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

J u n e 18
23
25
30

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

1



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

68
0
0
215

4/30/83

14-1/2

14.51

4,586

4,325

1,573

1,573

0

15-3/4 15.81
14-1/2 14.56
13-7/8 13.99
15-5/8 15.72
1 3 - 7 / 8 13.95

3,776
2,074
2,302

6,844

2,212

2,212

0
0
0

4,662p
3,195p

4,251
3,000

2,120

2,120

0

3,195

3,000

4,552p
3,854p
1,751P
3,001p

4,252p| 2,010p
2,585p 1,340p
1,751P l,751p
3,001p 3,001p

2-yr

5/15/84
3-yr
5/15/91
10-yr
5/15/06-11
30-yr
::'31/23
2-yr
1
1/15/86
5 - y r 5-mo
2-yr
4-yr
2 0 - y r 1-mo
7-yr

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

2,010p
1,340p
1,751P
3,001p

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

Offering Payment
date
date

Issuer

Length

Maturity
date

Yield
(percent)

Amount (millions of dollars)
Gross
proceeds

Maturing
issues

Net
proceeds

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
12.80

1,200
750

1,800

150

FFCB

11/26

12/1

2-yr

3-mo

9/1/83

13.75

521

0

521

FNMA

12/5

12/10

3-yr

1-mo

1/10/84

14.05

500

950

-450

FFCB

12/2460 1 / 5 / 8 1 3 - y r

8-mo

9/3/85

12.75

404

433

-29

1/10/86

13.00

1,000

0

1,000

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

858

565

FHLB

1/21

1/28

2-yr

6-mo

7/25/83

13.35

600

0

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

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
3/11

3/25
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
3/25

4/1
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

4/10

4-yr

4/10/85

13.75

500

1,300

-800

FFCB

4/15
4/15
4/15

4/20
4/20
4/20

2 - y r 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

4/22

4/29

1 - y r 9-mo

1/25/83

14.50

1,200

0

1,200

FHLB

5 '13
5/13
5/13

5/26
5/2-5
5/26

11-mo
2 - y r 8-mo
5-yr

4/26/82
1/25/84
5/27/86

17.05
15.80
15.50

1,200
1,000
600

FFCB

5/28

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

3/25/83
4/25/85

FFCB
FHLB
FHLMC
FNMA




-

Federal
Federal
Federal
Federal

3-mo
6-mo

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

1,400

1,400

662

0

662

14.90

500

750

-250

14.80
14.55

1,100
700

0

1,800

As of J u l y 2 , 1981
12. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- A N D LONG-TERM SECURITIES: CORPORATE 1

Issuer

Frontier A i r l i n e s , Inc.
P h i l a d e l p h i a E l e c t r i c Co.
U n i t e d I l l u m i n a t i n g Co.
E a s t e r n E d i s o n Co.
C r e d i t h r i f t F i n . Corp.
N o r t h e a s t U t i l i t i e s Co.
W i s c o n s i n Gas Co
P e n n s y l v a n i a E n g i n e e r i n g Corp.
Citicorp
Northern Indiana Public Service
Mellon N a t i o n a l Corp.
N o r t h w e s t Energy Co.
ITT F i n a n c i a l C o r p .
P h i l l i p s P e t r o l e u m Co.
Ford Motor C r e d i t Co.
Westvaco Corp.
Amoco C r e d i t C o r p .
P r i v a t e Export Funding Corp.
B e n e f i c i a l Corp.
Wendy's I n t e r n a t 1 1 . Co.
A l l e g h e n y Power System
D e l m a r v a Power & L i g h t Co.
W e l l s F a r g o & Company
Oklahoma Gas & E l e c . Co.
* K a i s e r Cement C o r p .
* F i r s t S a v i n g s A~sn. of W i s e .
Cable American Corp.
C r y s t a l O i l Co.
N a t i o n a l Medical Care
P u b l i c S e r v i c e E l e c . & Gas Co.
Southern Natural Resources, Inc.
Republic A i r l i n e s , Inc.
M a n u f a c t u r e r s Hanover T r . C o r p .
B r o o k l y n Union 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.
Xerox C r e d i t C o r p .
Xerox C r e d i t C o r p .
Cameron I r o n Works, I n c .
Texas General Resources
I n t e r n a t 1 1 . Business Machines Corp.
*Philip Morris, Inc.
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.
G e n ' l . E l e c . C r e d i t Corp.
G e n ' l . Elec. C r e d i t Corp.
New York T e l . Co.
New York T e l . Co.
New York S t a t e E l e c . & Gas C o r p .
Union Tank C o r p .
Farmland I n d u s t r i e s , I n c .
K e n t u c k y U t i l i t i e s Co.
Ge ne ra l Telephone & E l e c t r o n i c s Corp.
S t o r e r B r o a d c a s t i n g Co.
K a i s e r Aluminum & C h e m i c a l C o r p .

Type

Amount
(millions of dollars)

Approximate
of offerin

40.0
125.0
25.0
30.0
50.0
65.0
30.0
30.0
150.0
48.0
50.0
100.0
75.0
350.0
200.0
75.0
100.0
100.0
100.0
30.0
80.0
25.0
35.0
39.0
37.0
41.0
50.0
31.2
30.0
100.0
100.0
50.0
100.0
50.0
75.0
75.0
100.0
100.0
75.0
25.0
250.0
100.0
100.0
100.0
150.0
300.0
250.0
150.0
75.0
75.0
100.0
75.0
150.0
75.8
75.0

July 2
July 7
July 9
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

Conv. d e b t .
1 s t . mtg.
Pfd. stk.
1 s t . mtg.
Notes
Com. s t k .
1 s t . mtg.
Debt.
Notes
Com. s t k .
Notes
Debt.
Notes
Debt.
Notes
Debt.
Debt.
Notes
Notes
Com. s t k .
Com. s t k .
Com. s t k .
Pfd. stk.
Com. s t k .
Com. s t k .
Com. s t k .
Notes
Conv. d e b t .
Conv. d e b t .
1 s t . mtg.
Notes
Sub. d e b t .
Notes
1 s t . mtg.
Notes
Debt.
Debt.
Notes
Notes
Conv. d e b t .
Debt.
Notes
Notes
Notes
Notes
Debt.
Debt.
Notes
1 s t . mtg.
Equip, t r .
Debt.
1 s t . mtg.
Com. s t k .
Com. s t k .
P f d . s t k . ( c o n v ')

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




15
12. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- A N D LONG-TERM SECURITIES: CORPORATE' 1 ( c o n ' t )
Issuer

*Kerr-McGee C o r p .
* I n t e r n a t T 1 . T e l . & T e l . Corp.
*Ohio E d i s o n Co.
*Ohio E d i s o n Co.
* N a t 1 1 . R u r a l U t i l i t i e s Coop. F i n . Corp.
* E q u i t a b l e of Iowa Companies
*Philip Morris, Inc.
*Philip Morris, Inc.
C y p r e s s Mines C o r p .
D a l l a s Power & L i g h t Co.
Cypress Mines Corp.
Union E l e c t r i c Company
New E n g l a n d Power Co.
OTHER
World Bank
World Bank
Hydro-Quebec
Hydro-Quebec
ITO Yokado Co.
M o n t r e a l , P r o v i n c e of
B r i t i s h C o l . Hydro & Power A u t h .
Oslo Norway
WITHDRAWAN
Philip Morris, Inc.

Type

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

Amount
(millions of dollars)

200.0
150.0

50.0
50.0

100.0
40.0
150.0
150.0
100.0
30.0

100.0
75.0
50.0

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

250.0
250.0
200.0
100.0
50.0
100.0
200.0
100.0

M.M. N o t e s

100.0

Approximate date
of offering

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

July
July
July
July
July
July
July
Indef.
Julv

1 Includedonl^corporate^nlTtHher security issues of $25 million and over; excludes exchanges, options, and secondary offerings.




0

As of J u l y 2 , 1 9 8 1

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

Issuer

Montgomery S p e c i a l C a r e F a c . F i n . A u t h . , AL
T y l e r H o s p . A u t h . , TX
H u n t i n g t o n I k r k R e d e v . A g c y . , CA
M i c h i g a n H i g h e r Ed. S t u d e n t Loan A u t h .
M c A l l e n H o s p . A u t h . , TX
^ G e o r g i a , Stale of
N o r t h e r n C a l i f o r n i a Power A g c y .
R i c h l a n d R e d e v . A g c y . , CA
^ P i t t s b u r g h , PA
T y l e r H o s p . A u t h . , TX
^Alabama F e d . A i d Highway F i n . A u t h .
*Plaquemines Port Harbor & Terminal
D e n v e r , CO
W a s h i n g t o n S u b u r b a n S a n i t a r y D i s t . , MD
* R e n o , NV
P l a t t e R i v e r Power A u t h . , CO
Michigan S t a t e Bldg. Auth.
* C o l u m b u s , OH
C o r p u s C h r i s t i , TX
I n t e r m o u n t a i n Power A g e n c y , UT
^Nevada, S t a t e of
* 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
* S a c r a m e n t o M u n i c i p a l U t i l . D i s t . , CA
POSTPONED
New York S t a t e M e d i c a l C a r e F a c . F i n . A u t h . ,
C h i c a g o P u b l i c B l d g . Comm., IL
P u t n a m C o . , FL
North Texas Higher Ed. Auth.
S o u t h C a r o l i n a , S t a t e of
M c A l l e n H o s p . A u t h . , TX
P i t t s b u r g h , PA
G e o r g i a , S t a t e of
B u r b a n k R e d e v e l . A g c y . , CA
New O r l e a n s , LA

*
i

Type

Approximate date
of offering

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

25.0
41.5
40.0
40.0
34.0
150.0
39.0
59.0
70.0
42.5
64.0
80.7
29.0
105.0
40.0
125.0
88.0
64.6
33.0
300.0
40.0
85.0
37.4
60.0

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

6
6
7
7
8
9
10
10
10
10
10
10
14
15
15
15
16
22
22
23
24
30
5
6

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

26.6
50.0
50.0
35.0
65.0
34.0
70.0
150.0
55.5
37.0

June
June
June
June
June
June
June
June
June
July

9
9
11
12
23
24
25
25
30
2

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




Amount
(millions of dollars)

17
14. STOCK PRICES 1
AMEXl

DJ Industrials

NYSE Index3

Date

NASDAQ 5

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

247.07 ( 1 2 / 3 1 )
152.03 ( 1/2)

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

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)

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 / 2 9 )
192.29 ( 2/20)

1979-High
Low

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

1980-High
Low

81.02 (11/28)

1981-High
Low
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

74.73

959.18

366.84

212.80

1981-May

16. TRADING VOLUME 2

AM EX

NYSE

Date

NASDAQ

1979-High
Low

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

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

2 5 . 8 (12/17)
7.2 ( 1/2)

1980-High
Low

8 4 . 1 ( 11/5)

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

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

1981-High
Low

92.9 (
28.9 (

1/7)

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

53.2 (
19.7 (

16.1 (12/26)

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
44.7r

7.2
5.8
6.3
5.7r

35.7
32.8
32.8
3 2 . 5r

July

2

42.9

4.7

34.8

1981-May

3 12/31/65 = 50
4 8/31/73 = 100
5 2/5/71 = 100




1/2)

1/7)
1/2)

16. SECURITY CREDIT1
Outstanding, dollar amounts in millions

End of period

Margin credit extended
by brokers on:
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

88

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

Mar.

10,750
10,790
10,870

199
195
181

950
950
965

79
71
79

Apr.
MayJune

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.
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
jlu. ) 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.
Mar.

14,020
13,950
14,020

221
220
222

1,195
1,205
1,235

80
80
84

Apr.
May

14,630
14,700

238
250

1,260
1,260

79
79

1979

-

Jan.
Feb.

1980

-

Feb.

1981

-

Feb.

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




19
17. SAVINGS FLOWS AT SELECTED NONBANK THRIFT INSTITUTIONS

Millions of dollars
Mutual Savings Banks
(regular deposits) 1
Date

Net flow
N.S.A.

Sea. adj.

Annual
growth
rate 3

Net flow
N.S.A.

Sea. adj.

Annual
growth
rate 3

Memo:
Net New Money 2

Total

Savings and Loan Associations

Net
flow
(sea. adj.)

Annual
growth
rate 3

At
insured
S&L's

At
MSB's

1976

12,670

11.6

50,169

17.5

62,854

15.9

34,369

5,283

1977

10,783

8.7

50,888

15.0

60,982

13.3

3],004

2,874

1978

8,426

6.3

44,153

11.3

52,292

10.1

23,460

-591

1979

2,900

2.1

39,051

9.1

42,226

7.4

15,029

6,963

1980

7,380

5.1

|40,955

8.7

148,330

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

-983
-325

1,006

-3.1
-2.0
2.2

1,855
1,153
4,505

2,810

Dec.

-372
-245
266

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

1,807
2,923

-101

5.6
6.9
-0.3

• -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
1,991

4.0
8.3
8.2

325
3,011
5,269

4,235
3,078
3,118

10.7
7.7
7.8

I 4,716
4,079
I 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 I 4,359
10.1
5,147
8 . 6 I 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

I 5,987
4,899
I 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
3.546
•1,105

4.7
8.3
-2.6

I 2,183
3,895
I -919

3.9
7.0
-1.6

599
879
-2,264

-979
-385
-757

Apr.
Mav

-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

-2,025
-575

1979-July
Aug.
Sept.
Oct.
Nov.

3,009

2,666

-161

1 Regular deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of
2 New deposits net of both withdrawals and interest. Data for S&L's are for insured associations only, which represent 96 percent ofjndustry 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.




20
18. MORTGAGE COMMITMENTS OUTSTANDING A T SELECTED INSTITUTIONS

End of Period

Total

Federal and Related Agencies

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

Total

FNMA

GNMA

FHLMC

1979

31 . 4

28.1

3.3

12.1

6.5

4.6

1.0

1980

28.8

27.3

1.5

9.0

3.3

5.1

0.6

1979-Jan.
Feb.
Mar.

36.9
36.5
36.1

32.2
31.8
31.5

4.7
4.7
4.6

15.1
14.0
13.2

8.6
7.6
6.8

4.8
4.8
4.8

1.7
1.6
1.6

Apr.
May
June

36.3
36.1
35.8

31.7
31.7
31.5

4.6
4.4
4.3

13.0
12.3
11.9

6.7
6.2
5.9

4.8
4.7
4.7

1.5
1.4
1.3

July
Aug.
Sept.

35.8
35.9
36.6

31.7
32.0
32.7

4.1
3.9
3.9

11.8
11.4
12.1

5.8
5.7
6.6

4.7
4.5
4.3

1.3
1.2
1.2

Oct.
Nov.
Dec.

35.9
33.0
31.4

32.3
29.5
28.1

3.6
3.5
3.3

13.7
12.7
12.1

7.7
7.0
6.5

4.7
4.6
4.6

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

11.7
11.1
10.6

6.0
5.6
5.3

4.7
4.5
4.5

1.1
1.0
0.8

Apr.
May
June

22.9
21.2
22.5

20.7
19.3
20.7

2.2
1.9
1.8

9.5
9.5
10.5

4.4
3.7
3.9

4.4
5.0
5.6

0.6
0.9
1.0

July
Aug.
Sept.

25.6
28.5
29.8

23.7
26.7
28.0

1.9
1.8
1.8

10.7
10.8
10.8

4.2
4.6
5.0

5.4
5.2
5.0

1.1
1.0
0.8

Oct.
Nov.
Dec.

29.4
29.4
28.8

27.7
27.8
27.3

1.7
1.6
1.5

10.1
9.7
9.0

4.5
3.9
3.3

4.9
5.1
5.1

0.7
0.7
0.6

1981-Jan.
Feb.
Mar.
Apr.
May

28.5
27.6
26.9
27.0
n. a.

27.1
26.2
25.5
25.5
24.7

1.4
1.4
1.4
1.7
n.a.

10.3
9.6
9.1
8.6
7.6

3.3
2.8
2.3
2.1
2.1

6.3
6.2
6.0
5.8
5.2

0.7
0.6
0.8
0.7
0.3

process. Subtotals may not add to total because of rounding.




,|
t

* 19. NET tfEW MONEY BORROWINGS BY MAJOR HOUSING CREDIT AGENCIES
'*
Millions of dollars
FNMA and FHLB
short-term
discount notes

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
i
253

0
200
1,000

-8
0
-97

450
1,000
-650

-1,421
-1,658
1,072

1.300
, 900

1,600
150

0
0

-300
750

2,307
-587

250

7p0

0

-450

3,140

1,000
300
-650.

-1,375
-514
912-

Period

Oct, .
Nov*
Dec.
1981-Jan.
Feb.
v
H*r.
M:.
U

'
•

•
•

Intermediate- and long-term issues

3,607
313
3,390

:

207
-18
; Hd.91}
?."•
i i

i
•

\

1
1
i nt' . 1- ,•*
f • . ••

Based on del* from Treasury Survey of Ownership.




1,582
496
;
45

600
200
800-

FNMA

FHLMC

-18
-4
-105 .
* »

22
20. NET CHANGE IN MORTGAGE HOLDINGS AT SELECTED INSTITUTIONS
Millions of dollars, seasonally adjusted
Major private financial institutions
I Life insur.
Total
Commercial
Period
S&L's I companies
MSB's
Total
banks

FNMA
and
GNMA

FHLMC

Mortgage pools
FHLMCGNMA
guaranteed guaranteed

1979

122,984

88,780 29,225

3,882

43,064

12,609

8,162

976

20,804

1980

86,712

59,254 18,574

491

27,826

12,363

7,314

1,036

17,445

1979
Jan.
Feb.
Mar.

9,818
10,225
9,672

7,589
7,717
6,789

2,451
2,415
1,840

521
469
400

4,051
3,891
3,339

567
942
1,011

730
815
1,212

163
28
241

1,068
1,299
1,296

Apr.
May
June

8,874
11,093
11,285

6,468
8,381
8,626

1,383
2,395
2,901

233
354
398

3,998
4,654
4,253

855
979
1,074

459
696
586

-22
65
25

1,641
1,562
1,771

July
Aug.
Sept.

10,257
10,392
10,749

8,159
7,377
7,823

2,737
2,596
2,962

382
305
268

3,919
3,380
3,375

1,121
1,096
1,218

152
640
428

72
73
109

1,629
2,012
2,142

Oct.
Nov.
Dec.

11,276
10,179
8,165

8,341
6,637
4,872

2,715
2,388
2,344

236
231

3,808
2,827
1,469

1,583
1,191
973

707
907
.830

-39
247
13

1,902
2,298
2,182

Jan.
Feb.
Mar.

9,423
8,736
7,327

5,917
6,397
5,163

2,260

2,126
2,557

1,828

1,379
1,238
1,340

1,061

2,328
1,973

152
275
22

664
1,087

50
99
9

2,229
1,439
862

Apr.
May
June

7,047
3,340
2,398

3,493
1,414
714

1,447

-13

1,203
1,127
964

1,125
533
259

135
-72
-1

2U25
1,263
1,246

July
Aug.
Sept.

6,111

1,125

315
109
72

60
142
169

1,596
1,639
1,326

Oct.
Nov,
Dec.

10,683
7,846

109
595
844

146
97
! 200

1,770
771

160

-68
139
-35
-134
115

1,11#

86

1980

7,624
8,076

8,100

620

106

195

-109

857
-438
-236

3,871
5,575
6,287

1,095
i ,es4
1,159

-116
-103
-14

1,767
3,587
4,442

1,006

8,121

2,601

6,403
5,899

1,868
1,945

169
74
48

4,511
3,631
3,195

840
829
711

5,337
5,396
4,638

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

121
125
21
144
n.a.

3,066
2,747
1,787

785
960
670

700
1
1

1,180

1981
Jan.
Feb.
Mar.
Apr.
May

6,650

7,008
5,237
n.a.
n.a.

n.a.

n.a.

2,201
1,920

n.a.
n.a

74
-133
n.a.
n.a.

1,381
-35
65
n.a

Board, American Council of Life Insurance, the Federal National Mortgage Association, the Government National Mortgage Aseocietion, end tW Federal
Home Loen Mortgage Corporation. Data for mutual savings banks and life insurance companies may differ somewhat fromthoeederived froniregular
quarterly series because of minor conceptual differences for which adjustments are not made m the monthly series. Altogether, these groups eccounted
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
Residential
Quarter

Total

Total

Multifamily

Commercial

Multifamily
and
commercial

Farm

1976-01
Q2

84.0
75.1

68.4
59.4

62.8
55.6

5.6
3.8

10.8
11.3

16.4
15.1

4.8
4.4

Q3
Q4

92.1
97.7

72.6
78.1

68.9
75.5

3.7
2.6

13.2
12.4

16.8
15.0

6.4
7.3

1977-Q1

108.9

Q2

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

8.6

03
Q4
1978-Q1

131.4

101.8

02
Q3
Q4

144.1
150.4
159.7

112.2
120.5
131.0

93.2
101.2
111.3
122.9

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

1979-01
02
03
04

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
Q2
03
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

j

;
| —* •!

,- -

•

i

•

1 - t o 4family

j

!

1 Derived from date 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, wrfiere required, estimated mainly by Federal Reserve.




24
22. AVERAGE RATES A N D YIELDS ON HOME MORTGAGES A N D PASS-THROUGH SECURITIES
Secondary market
FHA/VA mortgages

Primary market
Rates on
conventional
loans at
S&L's

Period

Period

Yield in
FNMA
auction

Discount
points
in FNMA
auction

Ceiling
rate

Conventional mortgages
Yield o n
GNMA
securities

Yield in
FNMA
auction

Yield in
FHLMC
auction

1979-High
Low

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
in.73

17.51
12.81

16.22
11.60

1981-High
Low

16.80
14.80

1981

High
Low

17.21
14.84

12.51
3.49

15-1/2
13-1/2

15.46
13.18

16.45
14.83

16.77
14.16. •

2
9
16
23
30

14.95
14.80
14.85
14.85
15.07

Jan.

5
12
19
26

14.89

7.63

15.04

14.84

7.33

Feb.

3

14.88

7.56

6
13
20
27

15.00
15.03

Feb.

10
17

15.59

11.11

23
2

15.88

12.51

6
13
20
27

15.40
15.40
15.40
15.40

Mar.

15.39

7.45

15.74

9.23

3
10
17
24

15.40

Apr.

16.47

10.14

16.61

10.81

1
8

15.82
16.12

17.21

8.58

15
22

16.64
16.63
16.80

16.65

5.89

16.17

3.4f

16.17

3.47

Jan.

Feb.

Mar.

Apr.

May

12.

25
June

5
12
19 •
26

15.20
15.30

Mar.

15.50
15.65
15.77

16.76
16.69
16.71
16.62

May

9
16
23
30
6
13
20
27
4
li
18
26

June

1

June

8
15
22
29

13-1/2

13.18

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

13.50
13.62
13.71
13.76

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

14.08
14.41
14.26
14.31

14
14
14
14

14.17
13.96
14.23
14.18

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

14.69
14.64
14.61
14.81

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

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

14.96
14.75
15.OT
»15.23

14.85
14.83

15.26
15.38

15.19
15.42

14.16
14.43
14.51
14.60
14.72
15.04
15.10
15.13
15.31
15.18
14.93
15.08
15.11
15.35

15.57
15.75

16.42
16.45

16.31
16.29

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

veers for 30kvear loan* without adjustments for FNMA commitment fees and FNMA stock retention requirements. Column / Is a 1-day quote on average
net yields to investors on GNMA-guaranteed mortgege*ecked securities for imipediate delivery, assuming prepayment in 12 yean on pools of 30-year
FHA/VA mortgages carrying a coupon rata 50 basis points below the current FHA/VA ceiling axel shown in Column 6. Column 9 is the •«*«»?" e t
yield to FHLMC on accepted bids in its weekly auction of commitments to buy conventional heme mortgages for immediate (within 60 days) delivery.
Beginning July 7 I960, the FNMA auction results for FHA/VA mortgages do not delude graduated payment mortgages.




25
23. FNMA A U C T I O N S OF COMMITMENTS TO PURCHASE HOME M O R T G A G E S
Dollar a m o u n t s in millions
Offered

980-High
Low
981-High
Low
Apr.

May

June

Conventional mortgages

F H A / V A mortgages

D a t e of
auction

Accepted

Average yield

Offered

Accepted

Average yield

644. 2

354.6

15.93

426.0

133.0

17.51

63.8

35.1

12.28

12.4

19.6

12.76

146.9

118.1

17.21

176.9

147. 1

16.45

35.8

34.1

14.84

12.4

11.1

14.83

49.5
77.4

37.7

15.57

54.3

15.75

13

74.8

61.2

16.47

27

64.3

53.3

16.61

11

109.9

99.6

17.21

114.6

72.2

16.42

26

94.9

79.5

16.65

166.7

83.7

16.45

8

107.5

98.0

16.17

176.9

147.1

16.31

22

130.1

118.1

16.17

129.6

76.4

16.29

24. FHLMC A U C T I O N S OF COMMITMENTS TO PURCHASE HOME M O R T G A G E S
C o n v e n t i o n a l m o r t g a g e s , dollar a m o u n t s in millions
Date of
auction

Offered

I m m e d i a t e delivery p r o g r a m
Average yield
Accepted

980-High
Low

401.4

200.3

4.9

2.5

981-High

141.6

65.9

40.7

13.2

Low
Apr.

June

26.9

34.1

10.5

16.77

73.6

18.4

17.12

14.16

30.3

5.0

15.16

7

77.6

24.7

15.35

88.6

21

77.1
86.0

23.8
26.9

15.44
15.51
15.69

30.8

F u t u r e c o m m i t m e n t program
Average yield
Accepted

255.2

14
27
May

16.22
11.60

Offered

—

62.6
—

——

—

—

—

4

44.2
41.3
47.4

15.2
13.2
21.0

16.35
16.77
16.51

—

26

44.1.

20.1

16.45

—

2

72.2

25.9

16.31

83.8

29.9

16.16

——

15.87

—

11
18

9

—

5.0

17.15
12.89

—

69.1

——

17.5

17.12

——

——

—

——

—

• •!

53.8

17.4

16.90

16

76.3

40.9

15.98

—

—

——

23

82.1

35.2

16.13

—

—

—

30

n. a.

n.a.

16.43

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 24, 1980, the FHLMC's future commitment program Involved
6-month commitments; subsequently, 8 month commitments have been auctioned.
Source: FNMA and FHLMC




26
25. ISSUES OF MORTGAGE BACKED SECURITIES
Millions of dollars, not seasonally adjusted
Pass-through securities
GNMA-guaranteed

Period

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

1977

17,

44,896

4,131

6,610

242

238

1,115

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

1979-Jan.
Feb.
Mar.

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

Apr.
May
June

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

July
Aug.
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.
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.
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
84,26:

199
?ni
232

15,613
15,949
16,120

510
495
413

5,269
5,760
6,168

0
0
190

July
Aug.

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

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

1,302
1,306
1,046
1,404
1,245

95,061
96,292
97,184
98,405
99,144

168
94
127
97
422

16,952
17,010
17,067
17,131
17,515

529
251
460
506
714

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

0
0
0
40
0

Nov.

Sept.
Oct.
Nov.

Dec.
1981-Jan.
Feb.
Mar.
Apr.
May
June

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 and are underwritten by major private mortgage insurance companies.
Source: GNMA, FHLMC, HUD, arvi Federal Reserve.