Full text of H.16 Capital Market Developments : June 1, 1976
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Capital Market Developments June 1 , 1 9 7 6 Prepared by the CAPITAL MARKETS SECTION in conjunction with the MORTGAGE and CONSUMER FINANCE SECTION DIVISION OF RESEARCH AND STATISTICS BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM Washington, D C. 20551 Index SUBSCRIPTION RATES: Weekly $15.00 per year or $.40 each in the United States, its possessions, Canada, and Mexico; 10 or more of the same issue to one address, $13.50 per year or $.35 each. Elsewhere, $20.00 per year or $.50 each. Address requests to Publications Services, Division of Administrative Services, and make payment remittance payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. Currency. TABLES 1 - 6 SECURITY V O L U M E AND Y I E L D S 7, 8 STOCK MARKET AND S E C U R I T Y CREDIT 9-16 MORTGAGE MARKET SYMBOLS e ESTIMATE p PRELIMINARY r REVISED n.a NOT AVAILABLE — DATA DO NOT EXIST 3 Table 1 YIELDS, VOLUME AND RECEPTION CORPORATE BOND MARKET YIELDS WEEK ENDING NEW ISSUE 1 A a a UTILITY VOLUME RECENTLY OFFERED Aaa UTILITY 2 GROSS 3 OFFERINGS ($ MILLIONS) PER C E N T SOLD BY END OF WEEK NEW ISSUES IN S Y N D I C A T E ($ MILLIONS) 1976 - Mar. 5 12 19 26 8.72 8.63 8.61 8.53 8.72 8.64 8.60 8.50 440 998 920 410 90 95 99 92 73 30 6 63 Apr. 2 9 16 23 30 8.60 8.42 8.38 8.58 8.54 8.50 8.44 8.54 8.57 345 252 390 1,157 387 96 98 96 89 85 46 10 41 98 151 7 14 21 28 8.68 8.82 8.82r 8.95p 8.62 8.78 8.83r 8.85p 89 92 90r 87 110 65 7 Or 135 May — 401 147 910 633 4 MUNICIPAL BOND MARKET VOLUME YIELDS WEEK ENDING ] MOODY'S N E W ISSUE Aaa BOND BUYER 20-80ND INDEX 3 GROSS OFFERINGS ($ MILLIONS) PER C E N T SOLD BY END OF WEEK NEW ISSUES 4 IN S Y N D I C A T E ($ MILLIONS) 1976 - Mar. 5 12 19 26 6.10 6.05 6.01 5.81 7.04 6.98 6.92 6.72 509 1,064 529 534 87 90 88 92 155 187 169 93 Apr. 2 9 16 23 30 5.77 5.74 5.63 5.63 5.63 6.69 6.65 6.54 6.55 6.55 490 502 514 543 523 82 78 93 85 84 134 158 97 139 136 May 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 NOTES: 1 Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection. 2 Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection, released from price restrictions sometime during the last four weeks. • 3 Estimated by F.R. on the basis of available data. 4 Corporate Market: Salomon Brothers Bond Market Roundup; Municipal Market: Weekly Bond Buyer. Data are adjusted by Federal Reserve when necessary to make coverage of this series consistent with the gross offerings series. Table 2 HIGH GRADE BOND YIELDS NEW ISSUE Aaa UTILITY DATE 1 RECENTLY OFFERED * Aaa UTILITY MOODY'S SEASONED CORPORATE Aaa 3 U S. GOVT. 20-YEAR CONSTANT MATURITY 4 B O N D BUYER 20-BDND INDEX 1972 - High Low 7.60 (4/21) 6.99 (11/24 ) 7.49 (4/21) 7.15 (12/1) 7.36 (4/28 ) 7.05 (2/12) 6.19 (4/14) 5.74 (11/17) 6.54 (4/13) 4.96 (10/21) 1973 - HLgh Low 8.52 (8/10) 7.29 (1/21) 8.32 (8/10) 7.28 (1/5) 7.77 (8/24 ) 7.11 (1/5) 7.79 (8/10) 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 (10/11) 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 ( /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 (10/3) 6.27 (2/13) 1976 - High Low 8.95 6/28) 8.38 (4/23 ) 9.10 (1/2) 8.44 (4/16) 8.66 6/28) 8.36 (4/23) 8.16 6/28) 7.80 &/23) 7.29 (1/2) 6.54 (4/16) 2 9 16 23 30 8.60 8.42 8.38 8.58 8.54 8.50 8.44 8.54 8.57 8.46 8.42 8.36 8.36 8.41 7.90 7.84 7.80 7.84 7.94 6.69 6.65 6.54 6.55 6.55 7 14 21 28 8.68 8.82 8.82r 8.95p 8.62 8.78 8.83r 8.85p 8.48 8.56 8.62 8.66p 8.03 8.15 8.16r 8.16p 6.71 6.83 6.91 7.03 1976 - Apr. May 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 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. & Table 3 LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS IN M I L L I O N S O F D O L L A R S GROSS PROCEEDS 1i CORPORATE PERIOD 1 1975 1 2 S T A T E A N D LOCAL 1974 1976 5,384 4,528 5,378 3,328 2,687 3,217 2,344 2,679 3,321 2,361 2,387 2,135 2,255 2,003 2,025 April May June 4,294 5,798 5,618 3,060 3,164 2,981 2,354 2,406 2,900 3,064 2,397 2,304 2,166 July August' September 4,390 2,398 2,844 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 15,710 9,632 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 31,000 40,632 53,714 18,437 25,969 37,828 15,253 23,775 30,531 13,150 17,416 24,238 1976 January February March O O DO 3,216 1st Half 3 Qtrs. Year , I NOTES: 1 Securities and Exchange Commission estimates of gross proceeds. 2 Securities Industry Association estimates of principal amounts. 8,344 1 1975 1 1974 Table 4 NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE AND ISSUER IN MILLIONS OF DOLLARS PERIOD 1975 - I II III IV TOTAL GROSS PROCEEDS BY TYPE OF ISSUER GROSS PROCEEDS BY TYPE OF ISSUE BONDS MEMO COMMON MANUFACPUBLIC COMMUNIOTHER AND ISSUES INCLUDED PUBLICLY PRIVATELY ISSUERS CATIONS TURING UTILITY OFFERED PLACED PREFERRFD FOREIGN (CONVERTIBLE STOCK 15,290 15,710 9,632 13,082 10,849 10,510 5,428 5,816 2,350 1,595 2,147 4,135 2,091 3,605 2,057 3,131 1,255 1,035 1,225 1,902 1975 - Jan. Feb. Mar. 5,384 4,528 5,378 3,677 3,201 3,971 1,135 705 510 572 622 897 470 610 175 — Apr. May June 4,294 5,798 5,618 2,771 3,796 3,943 423 502 670 1,100 1,500 1,005 July Aug. Sept. 4,390 2,398 2,844 2,658 1,356 1,414 1,075 479 593 Oct. Nov. Dec. 4,707 4,070 4,305 2,389 1,666 1,761 1976 - Jan. 3,216 2,189 1 656 463 215 6,077 6,699 2,524 3,468 4,735 4,407 3,324 3,421 1,382 1,190 679 1,215 3,099 3,414 3,105 4,979 1 1,923 1,675 2,479 1,271 1,957 1,507 938 127 317 1,252 771 1,076 135 475 425 130 315 211 1,731 2,650 2,318 1,380 1,549 1,478 415 413 362 767 1,188 1,459 657 563 837 925 425 300 38 1,180 711 633 1,039 1,024 1,261 270 112 297 1,901 551 653 771 1,617 1,747 1,547 787 797 102 825 975 61 154 952 1,103 1,413 1,247 1,272 902 928 55 232 1,581 1,640 1,758 457 570 605 121 1,007 1,084 15 1,110 NOTES: 1 Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other. Source: Securities and Exchange Commission. Table 5A INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 May 3, thru May 28, 1976 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) Pfd stk Pfd stk Com stk Com stk Debt 1st mtge 1st mtge Gvt gtr Gvt gtr 1st mtge Debt Com stk Com stk 1st mtge Equip tr 1st mtge Com stk Com stk Com stk Pfd stk Pfd stk Com stk Com stk 50.0 35.0 50.8 15.0 60.0 40.,0 25.,0 6.,0 16.,0 45,,0 200.,0 67,.2 94,.5 80,.0 16,.8 50 .0 18,.5 26,.1 32,.0 15 .0 n o .0 44 .2 45 .3 MATURITY COUPON RATE •* 9.52 5.89 OFFERING YIELD MOODY'S RATING CORPORATE Philadelphia Electric Co. Boston Edison Allied Stores Corp. Parker-Hannifin Corp. Southern Natural Gas Kansas City Pwr. & Light Co. Iowa Public Service Co. Farrell Lines Farrell Lines Central Illinois Light Co. BankAmerica Corp. Cleveland Electric Illuminating Champion Internat'1 Corp. Ohio Power Co. Southern Ry Southern Calif. Gas Interstate Power Co. Wisconsin Power & Light Co. Olinkraft Inc. Missouri Public Svc. General Telephone & Electronics Public Service Co. of Indiana Columbus & Southern Ohio Electric mm mm —— -- —— 1986 2006 2006 1986 2002 2006 2001 8.35 8.,88 9.,00 7.,95 8.,35 9,.20 8.,85 — — 2005 1977-1991 1996 10,.00 8 .25 8 .75 10,.00 6.40-8.35 9 .15 — — — -- -- —— -- -- — -- 9 .75 9 .90 — — — — • Rights offering. 1 Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings. A/BBB /BBB —— —— 8.,25 8.,88 9,,00 7.,95 8.,35 9,,25 8,.75 — -- NOTES: 9.52 5.89 9.75 9.00 A Aa A/AA Aaa Aaa A —— -- Baa/BBB Aa/AA+ Aa/A Ba/BB Baa/BBB Table 5A Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY May 3, thru May 28, 1976 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE OFFERING YIELD MOODY'S RATING CORPORATE Chase Manhattan Corp. Youngstown Sheet & Tube Co. SCM Corp. Gelco Corp. Columbia Gas System Wisconsin Pwr. & Light Co. DuPont (E.I.) de Nemours & Co. DuPont (E.I.) de Nemours & Co. Seafirst Corp. Ocean Drilling & Exploration Continental Oil Co. Long Island Lighting Indianapolis Pwr. & Light Kentucky Utilities Ford Motor Credit Co. Ford Motor Credit Co. American Express Credit Co. National Fuel Gas Co. John Manville Corp. Kansas City Power & Light Continental Oil Commonwealth Edison Co. Notes 1st mtge SF debt Conv debt Debt 1st mtge SF debt Notes SF debt Pfd stk Debt 1st mtge 1st mtge 1st mtge Debt Notes Notes Pfd stk Com stk Com stk Com stk Com stk 200.0 65.0 50.0 15.0 75.0 35.0 300.0 100.0 50.0 19.5 200.0 70.0 25.0 30.0 125.0 125.0 50.0 30.0 66.9 21.4 154.7 131.9 1986 1991 1996 1996 1996 2006 2006 1986 2001 — 2001 2006 2006 2006 2001 1986 1986 —— __ 8.75 9.88 10.00 7.00 9.13 8.88 8.50 8.00 9.25 6.00 8.88 9.63 9.30 9.25 9.13 8.63 8.50 9.20 8.80 9.92 10.00 7.00 9.20 8.85 8.50 8.00 9.30 6.00 8.90 9.63 9.30 9.13 9.15 8.63 8.50 9.20 —- Baa/BBB Baa/BBB -/B A Aa Aaa Aaa Aa/A+ —— Aa A Aa/AA~ Aa Aa/A+ Aa/A+ Aa/A+ A/BBBH Table 5A Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U S. TREASURY May 3, thru Hay 28, 1976 AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE OFFERING YIELD MOODY'S RATING CORPORATE Other New Brunswick Pwr. Comm. Brazil Canberra, Australia Canberra, Australia Canberra, Australia Debt Debt Bonds Bands Binds 100.0 50.0 75.0 50.0 75.0 2001 1286 1981 1986 1996 9.38 10.00 8.25 8.75 9.13 9.38 10.00 8.25 8.80 9.29 A-l/A — Aaa Aaa Aaa Table SB INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' May 3, thru May 28, 1976 ISSUER TYPE 2 AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD 4.14 6.46 6.46 6.09 5.88 6.57 6.57 5.13 5.13 6.35 5.35 6.83 6.60 7.82 7.82 7.82 5.02 4.50 7.17 6.49 6.49 6.49 5.63 3.70-4.30 5.50 6.50 3.25-6.40 4.20-6.50 4.40-6.00 6.75 MOODY'S RATING STATE AND LOCAL Sacramento Mun. Utility Dist., Cal. Gulf Coast Waste Disposal Auth., Texas Gulf Coast Waste Disposal Auth., Texas Illinois Educ. Facilities Auth. Honolulu, Hawaii Lower Colorado River Auth., Texas Lower Colorado River Auth., Texas Dallas, Texas Dallas, Texas Pima Co., Ariz. Vermont, State of Irvine Ranch Water Dist., Cal. Tallahassee, Fla. Erie Co. Hospital Auth., pa. Erie Co. Hospital Auth., Pa. Erie Co. Hospital Auth., Pa. Erie Co. Hospital Auth., Pa. Macomb Co., Mich. Port of Portland, Oregon Metro. Water Dist. of Southern, Calif. Metro. Water Dist. of Southern, Calif. Metro. Water Dist. of Southern, Calif. Illinois, State of G.O. Rev Rev Rev G.O. Rev Rev G.O. G.O. G.O. G.O. G.O. Rev Rev Rev Rev Rev G.O. Rev Rev Rev Rev G.O. 25.0 3.0 12.0 10.0 35.0 15.0 45.0 16.5 5.5 14.9 14.0 10.4 24.0 9.9 7.2 25.3 31.8 11.2 10.4 10.3 10.8 28.9 150.0 1978-1981 1991 2006 1977-2004 1979-1996 1981-1991 2003 1977-1992 1993-1996 1999 1977-1995 1980-2006 1979-2006 1980-1991 1996 2006 1976-1986 1977-1979 1996 1978-1999 2008 2020 1977-2001 5.45-6.10 — 3.30-5.90 4.75-6.90 4.50-6.70 5.40-7.25 7.50 7.75 3.00-5.25 4.25-4.50 7.00 3.75-6.15 . 6.40 6.50 3.30-6.45 Aa A A Aaa Aa A-l A-l Aaa Aaa A-l Aa A-l A-l A-l A-l Aaa MlGl — Aa Aa Aa Aaa NOTES: 1 Includes only state and local security offerings of $10 million and over; excludes secondary offerings. 2 In caw of State and local government securities, G O denotes general obligation; Rev. Ut., revenue obligations secured only by income from public utilities; Rev.-Q.-Ut., revenue bonds secured only by income from quasi-utilities; Rev.-S.T., revenue bonds secured by revenue from specific taxes only; Rev. Rent., revenue bonds secured solely by lease payments. 3 includes foreign government and International Bank for Reconstruction and Development issues and non-guaranteed issues by Federal Agencies. Table 5B Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY May 3, thru May 28., 1976 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S RATMG STATE AND LOCAL Martin Memorial Hosp. Assoc., Fla. Martin Memorial Hosp. Assoc., Fla. Martin Memorial Hosp. Assoc., Fla. Puerto Rico Telephone Auth. Puerto Rico Telephone Auth. New Hampshire, State of New Hampshire, State of New Hampshire, State of Brookhaven, N.Y. Chicago Pub. Bldg. Comm., 111. Florida State Board of Education Milwaukee, Wise. Georgia, State of Baltimore, Md. New York, State of Minnetonka, Minn. Chesapeake, Va. New Castle Co., Del. Martin Memorial Hosp. Assoc., Fla. Brazos River Auth., Texas Brazos River Auth., Texas Omaha Public Power Dist., Neb. San Antonio, Texas Seattle, Wash. Wisconsin Hsg. Finance Auth. Wisconsin Hsg. Finance Auth. Wisconsin Hsg. Finance Auth. Rev Rev Rev Rev Rev G.O. G.O. G.O. G.O. Rev Rev G.O. G.O. G.O. G.O. G.O. G.O. G.O. Rev Rev Rev Rev G.O. Rev Rev Rev Rev 2.5 4.4 7.0 17.0 33.0 17.8 25.0 6.2 12.6 24.0 100.0 12.2 31.9 34.3 59.0 12.0 12.5 17.7 22.3 2.0 8.0 30.0 20.0 35.0 5.4 9.2 6.1 1978-1990 2000 2008 1977-1986 2016 1977-1996 1977-2006 1977-2006 1977-2004 1978-1996 1977-2006 1977-1991 1977-1996 1977-1997 1977-2001 1978-1993 1979-1995 1977-2001 1976-2008 1980-1989 2004 1979 1979-1996 1977-2005 1977-1996 2010 2018 9.00 9.00 5.54 5.96 5.85 5.89 6.30 6.23 5.19 5.44 6.14 7.30 6.04 5.84 6.27 6.53 6.53 4.50 5.40 6.31 —— —— -- 5.25-7.50 7.85 7.93 5.00-7.75 9.09 3.25-6.15 3.50-6.30 3.25-6.30 3.50-6.00 4.20-6.90 3.40-6.65 3.30-5.60 3.25-5.80 4.00-7.00 4.75-7.60 4.00-6.40 4.25-6.65 3.50-6.75 3.00-6.30 4.40-5.90 6.61 4.68 4.00-6.40 3.70-6.70 3.90-6.75 7.06 7.13 A A Aaa Aaa Aaa Aa Aa Aa Aaa Aaa A-l A A A-l Aa Aaa Aa Aa MIGl Aa Aa Aa Aa Aa Table 5B Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY May 3, thru May 28, 1976 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S RATING STATE AND LOCAL New York State Power Auth. New York State Power Auth. Columbus Sch. Dist., Ohio Birmingham Medical Clinic Bd. Ala. Birmingham Medical Clinic Bd. Ala. Birmingham Medical Clinic Bd. Ala. Birmingham Medical Clinic Bd. Ala. Louisiana, State of Ohio, State of Mississippi, State of Washington Co. Hosp. Auth., Pa. Washington Co. Hosp. Auth., pa. Washington Co. Hosp. Auth., pa. Indianapolis, Ind. Maricopa Co., Ariz. Maricopa Co., Ariz. Maricopa Co., Ariz. Southeastern Mass. Univ. Bldg. Auth. Southeastern Mass. Univ. Bldg. Auth. New Jersey Hsg. Finance Agy. New Jersey Hsg. Finance Agy. New Jersey Hsg. Finance Agy. Glendale, Calif. Geisinger Medical Center Auth., Pa. Geisinger Medical Center Auth., Pa. Geisinger Medical Center Auth., Pa. Indiana Co. Indust. Dev. Auth., Pa. Springfield City Sch. Dist., Ohio Horry Co. Sch. Dist., S.C. Rev Rev G.O. Rev Rev Rev Rev G.O. G.O. G.O. Rev Rev Rev Rev Rev Rev Rev Rev Rev Rev Rev Rev Rev Rev Rev Rev Rev G.O. G.O. 16.0 64.0 34.0 3.0 7.5 3.2 8.8 73.0 100.0 40.0 4.0 3.2 17.0 15.0 9.8 10.2 11.2 2.2 16.0 5.4 35.3 11.0 10.0 5.0 2.0 3.0 12.0 12.0 13.0 1986-1995 2010 1977-1999 1977-1985 1986-1996 1999 2005 1977-2001 1976-1990 1981-1996 1979-1990 1995 2008 1977-2001 1980-1992 1999 2004 1977-^1991 2011 1977-1996 2020 2023 1978-1999 1977-1986 1990 1996 2006 1977-1996 1978-1994 7.49 7.49 6.12 7.31 7.31 7.31 7.31 5.78 5.14 5.94 8.12 8.12 8.12 6.36 7.56 7.56 7.56 8.03 8.03 8.40 8.40 8.40 6.25 7.00 7.00 7.00 7.32 6.23 6.44 6.00-7.10 7.50 3.70-6.70 6.20-7.00 7.20 7.30 3.40-6.20 3.00-5.80 4.70-6.45 5.25-7.50 7.88 8.10 3.75-6.60 5.40-7.30 7.50 7.54 4.75-7.00 8.00 4.50-7.50 8.25 8.25 4.00-6.40 4.25-6.25 7.00 7.25 7.25 4.00-6.70 4.25-6.75 A-l A-l Aa Aa Aa Aa Aa Aa Aaa Aa A A A Aa A-l A-l A-l A-l A-l A-l A-l A-l Aa Aa Aa Aa A A-l A Table SB Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY May 3, thru May 28, 1976 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S RATMG STATE AND LOCAL Los Angeles Dept. later & Power, Cal. Los Angeles Dept. Vdter & Power, Cal. Los Angeles Dept. Vdter & Power, Cal. test Virginia, State of test Virginia, State of Memphis, Tenn. Pittsburgh Sch. Dist., Pa. Nassau Co., N.Y . Somerset Co. Indust. Poll. Fin. Auth., N.J. Detroit City Sch. Dist., Mich. Massachusetts, State of DeKalb Co., Ga. Florida, State of Farmington, N. Mexico Gainesville, Fla. Gainesville, Fla. Chicago Sch. Dist., 111. North Carolina, State'of Tennessee State Sch. Ibnd Auth. Tennessee State Sch. Bond Auth. Tennessee State Sch. fond Auth. Nueces River Auth., Texas Port of Tacoma, Wish. Delaware Co. later Control Auth., Pa. Delaware Co. V&ter Control Auth., Pa. Rev Rev Rev G.O. G. 0. G.O. G.O. G.O. 1.3 8.7 10.0 44.0 6.0 25.0 22.2 30.0 1981-1984 1985-2000 2016 1977-1997 1998-2001 1978-1997 1977-2001 1977-2005 Rev G.O. G.O. Rev Rev Rev Rev Rev G.O. G.O. Rev Rev Rev Rev Rev Rev Rev 22.4 10.0 125.0 25.0 12.0 25.0 12.8 17.2 35.0 75.0 26.4 29.2 4.5 11.2 38.6 4.2 2.6 2006 1977-1991 1977-1996 1977-2005 1982-1995 2006 1978-1995 2001 1979-1992 1977-1998 1977-1996 2006 2011 1996 1979-2001 1978-1991 1996 6.69 6.69 6.69 6.03 6.03 5.92 6.93 7.87 7.07 7.58 6.85 6.84 6.95 6.95 7.00 5.43 6.92 6.92 6.92 8.19 — — __ 5.50-6.50 6.80 3.75-6.40 4.00-6.60 3.90-7.10 5.25-7.90 6.50 4.50-7.20 5.25-7.80 3.80-6.90 5.40-7.10 7.50 4.50-6.75 7.04 5.25-7.30 3.50-6.30 4.10-6.75 7.00 7.06 8.00 5.00-7.30 4.25-6.60 7.13 Aa Aa Aa A-l A-l Aa A-l A Aa A A-l A A-l A A-l A-l A Aaa A-l A-l A-l A A-l A—1 Table 5B Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY May 3, thru May 28, 1976 TYPE ISSUER AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S RATING 7.25 7.38 7.40 4.60-7.10 A-1 A-1 A A STATE AND LOCAL Delaware Co. V&tet Control Auth., Pa. Delaware Co. V&ter Control Auth., Pa. Nueces River Auth., Texas Delaware, State of Rev Rev Rev G.O. 3.7 5.3 25.0 75.0 2001 2006 2006 1978-1996 — — — 6.95 15 Table 6A FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 as of May 28, 1976 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING CORPORATE Chrysler Fin. Corp. A. E. Staley Manuf. Co. Arkansas Louisiana Gas Arizona Pub. Svc. Co. *Pennyslvania Elect. Co. Florida Pwr. & Light Northern S tates Power Co. Public Service New Mexico New York Tele. Pennsylvania Pwr. & Light General Motors Accept. Corp. General Motors Accept. Corp. Southern Union Co. Central Illinois Pub. Svc. Co. General Tele, of OhioMountain Fuel Supply General Tel. of Oklahoma AT&T *American Quasar Petroleum Co. Rochester Gas & Electric Chesapeake & Ohio Ry Toledo Edison Louisville Gas & Electric Co. Louisville Gas & Electric Co. Potomac Edison Potomac Edison *Jersey Central Pwr. & Light Duquesne Light Co. Pub. Svc. of Oklahoma Utah Pwr. & Light Tampa Electric Co. Brooklyn Union Gas *Pacific Tel. & Tele. *Georgia Power Idaho Power Co. *Georgia Power *Ohio A.T.O. Inc. *General Finance Corp. Notes SF debt 1st mtge Com stk 1st mtge 1st mtge Com stk Pfd stk 1st mtge Pfd stk Notes Debt SF debt Com stk 1st mtge 1st mtge 1st mtge Com stk Conv debt 1st mtge Equip tr 1st mtge Pfd stk 1st mtge Pfd stk 1st mtge 1st mtge 1st mtge Pfd stk Com stk Pfd stk 1st mtge Debt Pfd stk Pfd stk 1st mtge SF debt Notes 75.0 65.0 25.0 40.0 60.0 125.0 65.0 20.0 250.0 75.0 100.0 200.0 25.0 30.0 40.0 30.0 40.0 685.0 17.5 50.0 15.0 50.0 25.0 25.0 15.0 25.0 35.0 80.0 25.0 34.0 17.5 35.0 300.0 50.0 25.0 50.0 20.0 30.0 NOTES: • Included in table for first time. 1 Includes only corporate and other security issues of $15 million and over; excludes exchanges, options June June June June June June June June June June June June June June June June June June June June June June June June June June June June June June June June June June June June June June 1 2 2 2 2 3 3 3 8 8 9 9 9 10 10 10 10 11 15 15 15 16 16 16 17 17 21 22 22 23 23 23 29 30 30 30 l b Table 6A Continued FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 as of May 28, 1976 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING CORPORATE *Gulf Life Holding Co. *Beneficial Corp. *United States Steel Corp. United Technologies Credit Browning Ferris Industries Credithrift Fin. Corp. TransAmerica Corp. *United Illuminating Masco Corp. Me t ro-Goldwyn-Mayer Fruehauf Corp. Kerr-McGee Corp. United Illuminating New York State Electric & Gas Eaton Corp. Eaton Credit Corp. ITT Financial Corp, D. H. Baldwin Shell Oil Co. Adventist Properties Mtge. Trust Applied Digital Data System Reliance Group Inc. Abbott Laboratories Illinois Bell Tel. Co. Notes Debt Conv debt Notes Notes Notes Notes Pfd stk Debt SF debt Debt SF debt Pfd stk Com stk Debt Notes Debt Notes Com stk Bene int Com s tk Pfd stk Com stk Debt 60.0 100.0 400.0 50.0 40.0 25.0 50.0 15.0 60.0 90.0 50.0 125.0 15.0 40.0 60.0 40.0 75.0 15.0 162.0 15.0 15.0 50.0 81.0 175.0 June June June June June June July INDEF INDEF INDEF INDEF INDEF INDEF INDEF INDEF INDEF INDEF Othejr *Quebec, Province of Inter-American Dev. &nk SF debt Debt 100.0 100.0 June INDEF Postponed Northwest Pipeline Corp. Union Electric SF debt 1st mtge 35.0 70.0 May May Cancelled Hanes Corp. Com stk 18.5 May June June June June June . 10 25 17 FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 as of May 28, 1976 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE O F OFFERING STATE & LOCAL Texas City, Texas G.O. teshington Pub. Power Supply System Rev Pennsylvania, State of G.O. Virginia, State of G.O. *Illinois Health & Educ. Fac. Auth. Rev Sheboygan, Wise. G.O. Port of Seattle, Wash. G.O. *0maha Public Power Dist., Neb. Rev *Hawaii, State of G.O. *S t. Paul, Minn. G.O. *Rockland Co., N.Y. G.O. Ventura Co. Pub. Fac. Corp., Calif Rev Maryland, State of G.O. *Detroit, Mich. G.O. *East Chicago, Ind. Rev *St. Clair Co., Mich. Rev Middlesex Co., N.J. G.O. St. Paul Sch. Dist. #625, Minn. G.O. Austin, Texas Rev Austin, Texas G.O. Wisconsin, S tate of G.O. Elizabeth, N.J. G.O. Columbus, Ohio G.O. California Toll Bridge Auth. Rev *King Co., Wash, G.O. Univ. of Kansas Coll.of Health & Hosp. Rev *Clark Co., Nev. Rev Postponement Cleveland, Ohio G.O. 10.0 120.0 137.0 19.5 54.0 16.0 10.3 100.0 75.0 25.9 12.0 31.0 175.3 16.5 22.0 28.5 15.2 26.5 40.0 15.6 120.0 13.0 17.4 49.8 12.0 June June June June June 2 3 3 3 4 June June June 8 8 8 June June June 8 8 9 June 9 June 10 June 15 June June June June June June June 22.0 13.0 June 29 June 30 52.5 May NOTES: 1 Includes state and local government issues of $10 million and over, foreign government. International Bank for Reconstruction issues of Federally sponsored agencies; excludes secondary offerings. * Included in the table for the first time. 15 15 15 15 16 16 21 26 Table 7 STOCK PRICES AND VOLUME STOCK PRICES BJ INDUSTRIALS TRADING VOLUME AMEX NASDAQ NYSE 1973 - High Low 65 48 (1/11) 49 12 (12/13) 1051.50 (1/11) 788.31 (12/5) 130,.47 85..26 136.84 (1/11) 26.0 (9/20) 89.12 (12/13) 9.0 (8/20) 5.5 1.4 11.3 (1/11) 3.5 (8/27) 1974 - High Low 53.,37 (3/13) 32.89 (10/3) 891.66 (3/13) 577.60 (12/6) 102,.01 58,.26 96.53 (3/15) 24.9 (1/3) 54.87 (10/3) 7.5 (7/5) 4.4 .9 7.5 (1/3) 2.8 (7/5) 1975 - High Low 51.,24 (7/15) 37.,16 (1/8) 881.81 (7/15) 632.04 (1/2) 96..86 62.,20 88.00 (7/15) 35.2 (2/13) 60.70 (1/2) 8.7 (9/15) 4.2 1.1 8.1 (2/13) 2.5 (9/15) 1976 - High 55,,15 (3/24) Low 48.,04 (1/2) 1,011.02 (4/21) 858.71 (1/2) 105.,30 84,.31 92.09 (2/25) 44.5 (2/20) 78.06 (1/2) 10.3 (1/2) 8.6 1.1 (1/2) 53,,05 53.,91 53,,76 54.,87 972.92 987.64 979.69 1,003.46 103,,65 104.,48 103.,37 104..73 89.47 90.99 89.54 90.89 24.1 27.2 21.4 23.1 4.0 4.0 3.3 3.1 7.2 7.6 7.9 7.0 54.54 54.41 53.55 54.48 54.11 991.58 968.28 980.48 1,000.71 996.85 104.09 102.08 101.90 103.09 102.57 90.63 88.89 89.17 90.60 90.08 17.8 21.2 16.4 21.7 16.3 2.6 2.8 2.1 6.3 7.2 5.8 7.0 54.26 54.01 53.96 53.31 996.22 992.60 990.75 975.23 102.91 104.81 90.02 89.78 89.39 88.04 16.3 19.7 18.4r 16.8 1976 Mar. 5 12 19 26 103'. 16 NOTES: 1 Figures ether than h i * * and low* are Fridays only. Highs and lows are for the year and are not necessarily for Fridays. 2 Volume figures are weekly averages of deily figures (millions of shares). 3 12/31/66 - 60 4 Based on average price change until September 4, 1973 thereafter, based on market value of shares listed. 2.5 1.9- 2.0 2.4 2. lr 2.0 11.1 (2/20) 3.5 (1/2) 6.0 5.8 6.3 5.9r 5.7 19 Table 8 SECURITY CREDIT R E G U L A T E D M A R G I N CREDIT E X T E N D E D BY E N D O F PERIOD BROKERS ON MARGIN STOCK 1 BROKERS ON % CONVERTIBLE BONDS BANKS 3 UNREGULATED NONMARGIN STOCK CREDIT A T BANKS OUTSTANDING 1975 - Apr. MayJune July Aug. Sept. Oct. Nov. Dec. 4,360 4,700 4,990 5,300 5,220 5,250 5,300 5,370 5,390 138 140 146 143 142 145 144 146 147 824 819 844 820 832 852 1,007 1,008 960 1,885 1,883 2,434 2,387 2,457 2,520 2,311 2,270 2,281 1976 - Jan. Feb. Mar. Apr. 5,420 5,950 6,410 6,690 146 153 162 163 1,000 1,037 n.a. n.a. 2,321 2,333 n.a. n.a. 1975 - Apr. May June July Aug. S ept. Oct. Nov. Dec. 180 340 290 310 -80 30 50 70 20 4 2 6 -3 -20 -5 25 -24 12 20 155 1 -48 -3 -2 551 -47 70 63 -209 -41 11 1976 - Jan. Feb. Mar. Apr. 30 530 460 280 40 37 n.a. 40 12 n.a. C H A N G E IN O U T S T A N D I N G 1 7 9 1 NOTES: 1 Margin account debt as reported by the New York Stock Exchange, excluding credit for subscription issues and convertible bonds. 2 New York Stock Exchange data. 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 O Table 9 SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS IN M I L L I O N S O F D O L L A R S MUTUAL SAVINGS BANKS REGULAR D E P O S I T S DATE 1971 1972 1973 1974 1975 NET FLOW 9,621 10,067 4,815 2,909 11,070 1974 - September October November December 319 -74 449 1,053 1975 - September October November December 785 348 765 1,394 1976 - January February March p 1,037 1,017 2,029 1975 - January February March April May 405 713 1,149 955 1,295 1 ANNUAL 3 GROWTH RATE 13.5 12.4 5.3 3.0 11.3 —— —— __ —— —— —— 4.9 8.7 13.8 11.4 15.3 SAVINGS & LOAN ASSOCIATIONS NET NEW MONEY 2 SHARE CAPITAL NET FLOW 5,378 5,451 -442 -2,822 4,757 27,793 32,567 20,237 16,053 43,118 -689 -260 236 -37 1,425 438 1,226 3,393 -338 131 549 114 3,698 2,264 2,246 • 4,332 810 787 866 -—— —— —— — ANNUAL 3 GROWTH RATE 5,375 3,946 7,101 SEASONAL 2,351 3,005 3,864 3,712 4,237 19.0 18.7 9.8 7.0 17.7 —— —— __ —— —— —— AD JILTED 11.5 14.6 18.6 17.6 19.8 NET NEW MONEY 2 TOTAL DEPOSITS NET FLOW 37,414 42,634 25,052 18,962 54,188 -1,068 312 1,091 571 1,744 364 1,675 4,446 631 2,086 2,072 968 4,483 2,612 3,011 5,726 — 293 2,217 2.621 1,082 5,108 3,719 3,683 6,412 4,963 9,130 — — 5,918 4,497 4,549 — — — — 2,756 3,718 5,013 4,667 5,532 1 Regular deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of total deposits. 2 New deposits net of both withdrawals and interest. Data for S&L's are for insured associations only, which represent 96 per cent of industry total resources. 3 Annual growth rate for monthly data is the annualized monthly percentage increase in deposits. Source: National Association of Mutual Savings Banks and Federal Home Loan Bank Board. NET NEW MONEY 20,653 23,884 10,507 4,668 29,276 NOTES: ANNUAL 3 GROWTH RATE 17.2 16.7 8.4 5.8 15.9 — __ —— 9.6 12.9 17.2 15.8 18.5 26,331 29,335 10,062 1,846 34,033 -1,757 52 1,327 534 — -- 2 Table 9 SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS IN M I L L I O N S O F D O L L A R S SAVINGS & LOAN ASSOCIATIONS MUTUAL SAVINGS BANKS REGULAR D E P O S I T S DATE NET FLOW 1 ANNUAL 3 GROWTH RATE 1975 - June July August September October November December 1,369 1,190 1,044 802 731 772 633 16.0 13.7 11.9 9.0 8.2 8.6 7.0 1976 - January February j>/ 1,039 797 11.4" 8.7 NET NEW MONEY —— --—— --- SHARE CAPITAL NET FLOW. ANNUAL 3 GROWTH RATE 4,395 4,774 3,933 3,682 3,334 3,125 2.926 20.2 21.5 17.4 16.1 14.4 13.3 12.3 4,232 3,652 17.7 15.0 NET NEW MONEY —— --—— -— 2 TOTAL DEPOSITS NET FLOW 5,764 5,964 4,977 4,484 4,065 3,897 3,559 19.0 19.3 15.9 14.1 12.6 12.0 10.8 5,271 4,449 15.9 13.3 NOTES: 1 Regular deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of total deposits. 2 New deposits net of both withdrawals and interest. Data for SSL's are for insured associations only, which represent 96 per cent of industry total resources. 3 Annuel growth rate for monthly data is the annualized monthly percentage increase in deposits. Source: National Association of Mutual Savings Banks end Federal Home Loan Bank Board. ANNUAL 3 GROWTH RATE NET NEW MONEY -— — — — -- 2 Table 10 MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS BILLIONS OF DOLLARS, SEASONALLY ADJUSTED OUTSTANDING COMMITMENTS PERIOD TOTAL ALL SAVINGS MUTUAL & LOAN S A V I N G S BK£ 3 ASSOCIATIONS ( N Y. S T A T E : 1 NET CHANGE TOTAL ALL SAVINGS MUTUAL SAVINGS BKS & LOAN ASSOCIATIONS ( N Y. S T A T E ) - 1972 - Dec. 25.2 20.3 4.9 .45 .43 .02 1973 - Dec. 19.9 16.4 3.5 .04 .21 -.17 -- .09 -.09 1974 - Dec. 14.6 12.4 2.2 1975 - Jan. Feb. Mar. 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 .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 1976 - Jan. Feb. Mar. 20.5 21.1 18.5 19.2 19.4 2.0 1.9 .06 .61 .02 .67 .27 .04 -.06 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. JMet 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. %3 Table 11 NET NEW MONEY BORROWINGS BY MAJOR HOUSING AGENCIES IN MILLIONS OF DOLLARS PERIOD TOTAL INCLUDING SHORT-TERM DISCOUNT NOTES INTERMEDIATE AND LONG-TERM ISSUES TOTAL FHLB FHLMC 1973 - July Aug. Sept. Oct. Nov. Dec. +1,475 +1,693 +1,910 :+1,946 +11 +598 +1,528 +1,349 +1,850 +1,950 -150 +256 +998 +1,349 +1,500 +1,300 — — 1974 - Jan. 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 - Jan. Feb. Mar. Apr. May June July Aug. Sept. Nov. Dec. p -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 1976 - Jan. p -154 Oct. 0 — Notes: Based on data from the Treasvry Survey of Ownership. 1/ Sales of FHLB discount notes began in May 1974* 2/ Preliminary. FNMA — +530 — —— — +350 +650 —— -150 —— +256 +44 -- +450 — 0 FNMA & FHLB —— —— —— • —— -200 —— —— +300 0 -1 0 0 0 0 0 0 200 0 0 +750 +499 — +1,050 +100 +310 +491 -1 0 + 700 +100 0 + 600 + 300 0 100 700 0 600 0 SHORT-TERM DISCOUNT . NOTES 1/ -53 +344 +60 -4 +161 +342 +85 -38 -26 +512 +450 +449 +305 +678 +18 * +66 -182 -454 -237 -405 -249 -69 -289 -270 -64 302 115 -263 -48 69 -154 Table 12 NET CHANGE IN MORTGAGE HOLDINGS IN MILLIONS OF DOLLARS PERIOD TOTAL INCLUDING FNMA-GNMA 2 FINANCIAL INSTITUTIONS TOTAL COMMERCIAL BANKS MSB's S & L's INSURANCE COMPANIES FNMA-GNMA Not Seasonally Adjusted 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 6,222 i 4,839 • 1975 - Oct. Nov. Dec. 4,781 3,284 4,413 4,132 2,918 3,754 700 200 200 226 200 272 2,996 2,323 2,774 210 195 508 649 366 658 1976 - Jan. Feb. Mar. Apr. May 1,912 3,134 1,502 2,870 0 200 400 87 106 123 1,378 2,416 4,088 37 148 410 264 -840 • ; * i ; I : 1971 1972 1973 1974 1975 2,388 2,026 3,300 * i Seasonally Adjusted 1975 - Oct. Nov. Dec. 5,152 3,829 4,793 4,641 * 3,474 4,058 722 311 481 273 214 200 3,490 2,949 3,360 156 133 17 511 ' 355 | 735 ; 1976 - Jan. Feb. Mar. Apr. May June 3,382 4,348 2,896 3,933 378 562 487 184 249 119 2,189 2,848 3,863 145 274 486 415 -686 NOTES: 1 Monthly data for commercial banks based on Federal Reserve estimates benchmarked t o 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 f r o m 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. | | f T a b l e 13 2< NET INCREASE IN MORTGAGE DEBT OUTSTANDING1 IN B I L L I O N S O F D O L L A R 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 4 3 RESIDENTIAL QUARTER TOTAL TOTAL I [ MULTFAMLY 1- to 4 FAMILY MULTIFAMILY COMMERCIAL S FARM COMMERCIAL 1969 - I II III IV 31.7 28.9 25.7 25.4 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 1970 - I II III IV 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 1976 - 66.2 51.3 47.7 3.6 10.4 14.0 4.5 I ' - 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 f l o w of funds series mainly because of more aggregative type of seasonal adjustment. 3 Residential mortgage debt includes nonfarm only and is sum of 1 to 4- family and multifamily mortgage debt. 4 Data revised April 12 due to reestimation of seasonal factors . Digitized* forLess FRASER than .05. Table 14 PRIVATE HOUSING PERMITS, STARTS, COMPLETIONS, AND MOBILE HOME SHIPMENTS IN THOUSANDS OF UNITS, SEASONALLY ADJUSTED ANNUAL RATES PERMITS 1" PERIOD 1—FAMILY 1969 1970 1971 1972 1973 1974 1975 1,324 1,352 1,925 2,219 1,820 1,074 924 1975 - Jan. Feb. Mar. Apr. May July Aug. Sept Oct. Nov. Dec. 1976 - Jan. Feb. Mar. Apr. 2 - O R MORE FAMILY COMPLETIONS MOBILE 1 —FAMILY 2 - O R MORE HOME FAMILY SHIPMENTS 2 - O R MORE FAMILY 644 668 698 705 1,018 1,186 937 431 257 1,467 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 1,399 1,418 1,706 1,972 2,014 1,692 1,296 808 802 1,,014 1,,143 1.,174 932 866 592 617 692 828 840 760 430 689 701 677 837 912 949 1,042 995 1,095 1,079 1,085 1,028 508 515 503 603 658 679 711 732 779 769 787 766 182 186 173 234 254 270 331 263 316 310 298 262 1,005 953 986 982 1,085 1,207 1,264 1,304 1,431 1,381 1,283 748 722 763 774 853 874 916 979 966 ,093 ,048 962 257 231 223 208 232 206 291 285 338 338 333 321 1,547 1,350 1,314 1,244 1,269 1,202 1,261 1,267 1,315 1,115 1,386 1,329 959 793 757 782 827 808 882 880 969 738 992 993 588 557 557 462 442 394 379 387 346 377 394 336 1,120 828 . 850 827 822 292 284 307 280 1,236 1,547 1,433 1,372 957 1,295 1,119 1,067 279 252 314 305 1,213 1,294 1,348 926 945 1,,007 287 349 341 1,134 1,134 1,102 626 647 906 1,033 882 Permit data for 1969 and 1970 based on 13,000 areas with permit systems 1,080 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) 1 RATE (IN PER CENT) SPREAD (BASIS POINTS) SPREAD BETWEEN RE1URNS ON NEW Aaa CONVENTIONAL UTILITY 1 AND HUD(FHA) BOND DISCOUNT NEW HOME YIELD (PERCENTAGE MORTGAGES (M PER CENT) (BASIS POINTS) POINTS) HUD(FHA) INSURED LOANS SECONDARY MARKET NEW HOMES YIELD (IN PER CENT) SPREAD (BASIS POINTS) 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 - Oct. 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 9.22 n.a. n.a. 1976 - Jan. Feb. 9.05 9.00 8. 95 8.90 39 42 42 32 9.10 9.05 9.00 8.95 44 47 47 37 9.06 9.04 n•a• 8.82 40 46 n. a • 24 2.4 2.2 - 1 -4 2.5 8 8.66 8.58 8.53 8.58 Mar. Apr. NOTES: 1 Gross yield spread is average mortgage return before deducting servicing costs, minus average yield on new issues of high-grade utility bonds with 5-year call protection. Rates on conventional first mortgages (excluding additional fees and charges) are based on unweighted HUD (FHA) field office opinions on prevailing contract interest rates in the market areas of the insuring offices, rounded to the nearest 5 basis points. For secondary market data, weighted HUD office opinions on the average bid price for HUD (FHA) loans with minimum downpayment, prepaid in 15 years, for immediate delivery, are used. 28 T a b l e 16 FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS CONVENTIONAL GOVERNMENT-UNDERWRITTEN DATE OF AUCTION AMOUNT (IN MILLIONS OF DOLLARS) 1975 - High Low 1975 - Oct. AVERAGE YIELD AMOUNT (IN MILLIONS OF DOLLARS) AVERAGE YIELD 643 (8/25) 366 (8/11) 9.95 (9/22) 100 (4/7) 51 (4/21) 10.02 (9/22) 25 (2/10) 18 (2/10) 8.78 (2/10) 10 (10/20) 9 (2/10) 8.96 (3/10) 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 Nov. 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 Dec. 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 1976 - Jan. 12 58.4 103.9 31.5 57.7 9.13 9.07 42.7 33.4 32.1 24.7 9.28 9.22 252.2 126.9 179.9 81.2 9.07 9.04 57.8 44.0 36.9 23.3 9.17 9.14 299.9 146.3 171.9 121.6 9.06 9.03 75.4 46.2 45.0 33.7 9.15 9.13 26 Feb. Mar. 22 Apr. May 132.1 56.2 60.1 8.94 8.83 56.4 55.3 31.8 33.4 9.05 9.00 483.3 634.3 222.3 321.4 8.94 9.13 110.7 128.8 60.1 68.9 9.09 9.24 106.2 NOTES: Average secondary market yields are gross before deduction of the fee of 38 basis points paid for mortgage servicing. They reflect the average accepted bid yield for home mortgages assuming a prepayment period of 12 years for 30-year loans, without special adjustment for Federal National Mortgage Association (FNMA) commitment fees and FNMA stock purchase and holding requirements on 4-month commitments. Mortgage amounts offered by bidders relate to total eligible bids received.
@FedFRASER