Full text of H.16 Capital Market Developments : June 11, 1979
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Tf Capital Market Developments June 11, 1979 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 TABLES 1 - 6 SECURITY VOLUME AND YIELDS 7, 8 STOCK MARKET AND SECURITY CREDIT 9-16 MORTGAGE MARKET year or $.35 each. Elsewhere, $20.00 per year or $.50 each. Address requests to Publications Services, Division of Administrative Services, and make payment remittance payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. Currency. SYMBOLS e ESTIMATE p PRELIMINARY r REVISED n.a. NOT A V A I L A B L E DATA DO NOT EXIST Table 1 YIELDS, VOLUME AND RECEPTION C O R P O R A T E BOND MARKET VOLUME YIELDS WEEK ENDING 1979 - Apr. Hay June 2 13 20 27 NEW ISSUE Aaa UTILITY 1 RECENTLY OFFERED Aaa UTILITY 9.59 9.68 9.66 9.87 3 GROSS OFFERINGS ($ MILLIONS) PER CENT SOLD BY END OF WEEK NEW ISSUES 4 IN SYNDICATE ($ MILLIONS) 9.61 9.68 9.70 9.88 615 300 727 1,233 98 100 87 90 13 0 91 122 124 274 570 859 80 89 84 100 25 30 89 0 250 1,128 96 95 10 62 4 11 18 25 9.85 9.80 9.93 9.93 9.85 9.74 1 8 9. 60p 9. 72r 9.61p —• — 2 MUNICIPAL BOND MARKET VOLUME YIELDS WEEK ENDING 3 GROSS OFFERINGS ($ MILLIONS) PER CENT SOLD BY END OF WEEK NEW ISSUES 4 IN SYNDICATE ($ MILLIONS) MOODY'S NEW ISSUE Aaa BOND BUYER 2Q-BOND INDEX 6 13 20 27 5.85 5.85 5.75 5.75 6.25 6.33 6.30 6.26 657 756 557 653 92 76 88 85 163 279 151 172 May 4 11 18 25 5.80 5.85 5.90 5.75 6.27 6.30 6.30 6.21 432 711 685 642 77 81 79 90 173 214 248 142 June 1 8 5.75 5.75 6.16 6.09 293 833 78 95 151 91 1979 - Apr. 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. Corporate Market: Salomon Brothers Bond Market Roundup; Municipal Market: Weekly Bond Buyer. Data are adjusted by Federal Reserve when necessary to make coverage of this series consistent with the gross offerings series. 4 \ Table 2 HIGH GRADE BOND YIELDS 1 NEW ISSUE A a a UTILITY DATE RECENTLY OFFERED A a a UTILITY 2 MOODY'S SEASONED CORPORATE Aaa 3 U.S. GOVT. 20-YEAR C O N S T A N T MATURITY 4 B O N D BUYER 2Q-BOND INDEX 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 (5/28) 7.93 (12/10) 9.10 (1/2) 7.84 (12/31) 8.66 (5/28) 7.91 (12/31) 8.17 (5/28) 7.27 (12/31) 7.29 ( 1 / 2 ) 5.95 (12/16) 1977 - High Low 8.36 (12/16) 7.90 (1/7) 8.48 (12/30) 7.95 (1/7) 8.28 (12/30) 7.88 ( 1 / 7 ) 7.99 (12/30) 7.26 (1/7) 5.93 (2/4) 5.45 (11/17) 1978 - High Low 9.29 (12/15) 8.60 (3/24) 9.54 (12/22) 8.48 (1/6) 9 . 2 7 (12/29) 8.30 (1/6) 9.00 (12/22) 8.02 (1/6) 6.67 (12/22) 5.58 (3/17) 1979 - High Low 9.87 (4/27) 9.43 (2/9) 9.93 (5/11) 9.40 (2/2) 9.52 ( 5 / 1 1 ) 9.19 (2/2) 9.30 (5/11) 8.89 (2/2) 6.42 (3/2) 6.16 ( 5 / 3 1 ) 1979 - F e b r u a r y March April May 9.53 9.62 9.70 9.83 9.56 9.62 9.74 9.84p 9.26 9.37 9.38 9.50 9.03 9.08 9.12 9.21 6.31 6.33 6.29 6.25 4 11 18 25 9.85 9.80 9.93 9.93 9.85 9.74 9.51 9.52 9.51 9.49 9.28 9.30 9.23 9.11 6.27 6.30 6.30 6.21 1 8 9.60p 9.72r 9.61p 9.48 9.46p 9.06r 9.04p 6.16 6.09 1979 - May June 5 NOTES: 1 Federal Reserve series of implied yield on newly issued, Aaa rated utility bond with 5-year call protection. 2 Federal Reserve series of implied free-market yield on competitively bid Aaa rated utility bond with 5-year call protection released from price restrictions sometime during the last 4 weeks. 3 Weekly average of daily closing figures. 4 Weekly average of daily figures. U.S. Treasury data. 5 Thursday figures. The average rating of the 20 bonds used in this index falls midway between the four t o p groups as classified by Moody's Investors Service. Weekly Bond Buyer data. http://fraser.stlouisfed.org/ Federal# Reserve Bank of St. Louis * + # # # # # # # # Table 3 LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS IN MILLIONS O F DOLLARS G R O S S PROCEEDS PERIOD January February March A p ril May 1978 1977 1979 1978 1977 3,668 2,800e 3,600e 3,013 2,657 4,442 4,362 2,792 5,578 2,807 2,598 4,525 3,306 2,753 4,844 3,402 3,442 4,063 4 , lOOe 3,200e 3,285 4,035 5,215 3,998 3,797 5,660 2,998 2,900e 3,824 5,525 4,369 3,409 4,566 5,786 4,226 3,311 3,832 4,289 3,469 4,177 3,920 6,407 2,323 3,113 4,118 4,013 3,685 3,207 4,401 4,221 5,331 6,531 3,231 4,320 3,690 3,807 3,332 3,646 10,112 12,535 11,369 11,293 12,732 13,455 11,935 16,083 10,903 13,718 12,650 11,241 10,907 13,761 11,244 10,785 22,647 34,016 45,309 26,187 38,122 54,205 24,621 37,271 48,512 24,668 35,912 46,697 July August September October November December 10,068e 03 04 1st Half 3 Qtrs. Year NOTES: 1 Securities and Exchange Commission estimates of gross proceeds. 2 Securities Industry Association estimates of principal amounts. 2 S T A T E AND LOCAL 1979 June 01 02 1 CORPORATE 9,930 Table 4 NEW CORPORATE SECURITY I S S U E S BY TYPE OF ISSUE AND ISSUER IN MILLIONS O F DOLLARS G R O S S P R O C E E D S BY TYPE O F ISSUER G R O S S P R O C E E D S BY TYPE O F I S S U E PERIOD MEMO BONDS TOTAL PUBLICLY OFFERED COMMON AND PRIVATELY PREFERRED PLACED STOCK ISSUES INCLUDED FOREIGN CONVERTIBLE MANUFACTURING PUBLIC UTILITY COMMUNICATIONS OTHER ISSUERS 12,732 13,455 11,935 16,083 6,498 5,606 6,215 5,867 3,527 4,975 3,506 5,999 2,707 2,874 2,214 4,217 268 346 272 275 6 108 495 39 3,031 3,440 3,250 4,054 3,047 4,125 2,901 4,246 1,415 1,059 644 1,320 5,238 4,830 5,140 6,460 10,112 12,535 11,369 11,293 4,748 5,421 5,284 4,486 3,383 4,196 3,868 3,792 1,981 2,918 2,217 3,015 233 260 120 189 4 158 115 129 2,218 2,898 2,534 2,408 2,367 3,672 3,012 3,034 844 384 1,120 1,207 4,684 5,581 4, 701 4, 641 1978-January February March April May June July August September October November December 3,013 2,657 4,442 3,285 4,935 5,215 4,226 3,311 3,832 3,685 3,207 4,401 1,382 1,464 1,902 1,958 1,719 1,744 2,177 1,497 1,610 1,651 1,608 1,227 998 667 1,718 853 1,277 2,066 1,541 1,032 1,295 865 873 2,054 633 526 822 474 1,039 1,405 508 782 927 1,169 726 1,120 233 0 0 12 106 142 80 40 0 10 30 149 0 0 4 20 2 136 16 6 93 101 22 6 273 716 1,229 549 878 1,471 842 721 971 495 840 1,073 644 465 1,258 743 1,685 1,244 799 875 1, 338 1,619 761 654 519 34 291 35 349 353 552 215 290 457 460 1,578 1,441 1,665 1,960 1,470 2,151 2,231 1,162 1,308 1,279 1,148 2,214 1979-January 3,668 1,282 1,722 664 16 3 907 890 259 1,612 1977-1 I I I I I IV 1978-1 I I I I I IV NOTES: 1 Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other. Source: Securities and Exchange Commission. 1 * Table 5A INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' June 4 through June 8, 1979 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) CORPORATE 250.0 Debt. 150.0 1 s t . mtg. 150.0 Debt. 15.0 Debt. 200.0 1 s t . mtg. 50.0 Notes Equip, t r . c e r t . 6 0 . 0 250.0 Notes 17.4 Com. s t k . 50.0 Pfd. stk. Tenneco I n c . Duke Power Co. Borden I n c . Alaska I n t e r s t a t e Co. P a c i f i c Gas & E l e c t r i c Co. United Gas P i p e l i n e Co. Union Tank Car Co. Philip Morris Inc. Mostek Corp. Duke Power Co. MATURITY 2004 2009 2004 1999 2012 1989 1999 1986 — NOTES: * Rights offering. 1 Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings. / COUPON RATE 9.50 10.13 9.38 12.75 10.13 10.50 9.80 9.55 OFFERING YIELD 9.57 10.13 9.38 12.75 10.15 10.55 9.80 9.55 — 8.84 MOODY'S/S&P'S RATINGS A/A A/A Aa/A+ B/B Aa/AABaa/BBB A/A A/A - - 8.84 A/A » Table 5B INTERMEDIATE AND LONG-TERM* PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 June 4 through June 8, 1979 AMOUNT (MILLIONS O F DOLLARS) TYPE ISSUER S T A T E AND LOCAL New York S t a t e Dorm. Auth. New York S t a t e Dorm. Auth. New York S t a t e Dorm. Auth. Homer D. Cobb Mem. Hosp. Bd. , A l a . Homer D. Cobb Mem. Hosp. B d . , A l a . P u e r t o Rico Telephone Auth. P u e r t o Rico Telephone Auth. D a l l a s , Texas F l o u r B l u f f I n d . Sch. D i s t . , Tex. C a l i f o r n i a , S t a t e of Dade County, F l a . Ohio, S t a t e of I l l i n o i s , S t a t e of New J e r s e y , S t a t e of Garden Grove Comm. Dev. Agy., C a l i f . Manatee C o . , F l a . New J e r s e y H e a l t h Care Fac F i n . Auth, New J e r s e y H e a l t h Care Fac F i n . Auth New J e r s e y H e a l t h Care Fac F i n . Auth M a s s a c h u s e t t s Housing F i n . Agy. M a s s a c h u s e t t s Housing F i n . Agy. M a s s a c h u s e t t s Housing F i n . Agy. 1981-1994 2003 2009 1984-1992 2009 1986-1994 2009 1983-1999 1981-2000 1980-1999 1982-2006 1980-2004 1980-2004 1982-2004 1980-2004 1980-2009 1982-1996 2000 2011 1982-1996 2008 2022 6.5 7.9 8.1 3.8 10.5 18.3 91.7 40.0 11.5 60.0 48.0 65.0 100.0 100.0 10.8 Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. G. 0 • G. 0 . Rev. G.O. G.O. G.O. Rev. Rev. Rev. Rev. Rev. Rev. Rev. MATURITY 20.0 5.3 2.5 11.3 17.2 33.1 49.7 NET I N T E R E S T COST 6.02 6.02 6.02 - - — — 7.57 7.57 5.51 5.58 5.43** 6.20** 5.92 5.66 5.57 6.85 6.21 — — - — — — — — — — — — OFFERING YIELD 5.10-5.70 6.00 6.05 6.35-7.50 8.00 6.50-7.25 7.56 5.10-5.70 5.00-6.00 4.80-5.70 5.30-6.40 5.25-6.20 5.00-6.00 5.00-5.90 5.40-6.90 5.30-6.25 5.50-6.65 6.75 6.90 5.50-6.70 7.13 7.24 MOODY'S/S&P'S RATINGS Aaa/AA Aaa/AA Aaa/AA Con. Baa/Prov.BBB+ Con. B a a / P r o v . BBB4A/A A/A Aa/AA A/A Aaa/AAA A-1/A+ Aa/AA Aaa/AAA Aaa/AAA A/-- Baa/AAA A-1/A+ A-1/A+ A-1/A+ A-1/A+ A-1/A+ A-1/A+ NOTES: 1 Includes only state and local security offerings of $10 million and over; excludes secondary offerings. 2 For State and local government securities, G O. denotes general obligation; Rev. denotes revenue obligations. * ** G r e a t e r t h a n 12 months. Canadian I n t e r e s t C o s t . http://fraser.stlouisfed.org/ Federal#Reserve Bank of St.e Louis + e # # # * # » * Table 6A FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of June 8, 1979 TYPE ISSUER AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING CORPORATE 1 s t . mtg. 75.0 P u b l i c S e r v i c e of Oklahoma Equip, t r . c e r t . 24.0 Southern P a c i f i c T r a n s p . Co. 35.0 •^Northern I n d i a n a P u b l i c S e r v i c e Co. Com. s t k . 1 s t . mtg. 50.0 South C a r o l i n a E l e c t . & Gas Co. 1 s t . mtg. 200.0 Commonwealth Edison Co. Notes Ford Motor C r e d i t Co. 250.0 *San Diego Gas & E l e c t . Co. Com. s t k . 43.9 ^Norfolk & Western Railway Co. Equip, t r . 23.2 Toledo Edison Co. Com. s t k . 40.0 P u b l i c S e r v i c e E l e c t . & Gas Co. 1 s t . mtg. 100.0 Eastern A i r l i n e s Conv. d e b t . 50.0 Utah Power & L i g h t Co. Com. s t k . 40.0 Arkansas Power & L i g h t Co. Pfd. stk. 40.0 Nortek I n c . Debt. 25.0 Wesco F i n a n c i a l Corp. Debt. 25.0 S t a n d a r d - P a c i f i c Corp. Debt. 25.0 C&P T e l . Co. of W. V i r g i n i a Debt. 50.0 * A t c h i s o n , Topeka & S a n t a Fe Ry. Equip, t r . 24.0 Arizona P u b l i c S e r v i c e Co. Com. s t k . 40.0 *Lifemark Corp. Debt. 15.0 Pneumo Corp. Debt. 20.0 Cordis Corp. Debt. 20.0 Sears Roebuck Accept. Corp. Med-term n o t e s 150.0 Sabine Corp. Conv. d e b t . 30.0 *Rochester Gas & E l e c t r i c Co. Pfd. stk. 20.0 ^ L o u i s i a n a Power & L i g h t Co. Pfd. stk. 60.0 *San Diego Gas & E l e c t . Co. Com. s t k . 50.0 P a c i f i c T e l . & T e l e . Co. Debt. 300.0 ^ C e n t r a l Power & L i g h t Co. Pfd. stk. 50.0 * D e t r o i t Edison Co. Com. s t k . 90.0 Beef and Bison B r e e d e r s I n c . Com. s t k . / w . w a r r a n t s 4 5 . 0 OTHER Hydro-Quebec Debt. 200.0 NOTES: * Included in table for first time. 1 Includes only corporate and other security issues of $15 million and over; excludes exchanges, options June 11 June 12 June 13 June 13 June 14 June 14 June 17 June 19 June 19 June 19 June 21 June 21 June 21 June 21 June 21 June 21 June 26 June 26 June 27 June 28 June June June June J u l y 12 J u l y 12 J u l y 17 J u l y 17 J u l y 18 J u l y 18 Indef. June 14 10 Table 6B FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of June 8, 1979 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) Rev. Rev. G. 0 . G.O. 50.0 17.1 11.3 33.0 June June June June 12 12 12 12 Rev. G.O. G.O. G.O. 35.0 116.5 60.0 12.8 June June June June 12 12 12 12 Rev. Rev. G.O. Rev. G.O. G.O. Rev. Rev. G.O* 75.0 61.0 12.0 10.4 21.7 39.0 6.5 35.0 32.9 June June June June June June June June June 12 12 12 12 12 13 13 13 13 Rev. Rev. Rev. G.O. Rev. G.O. G.O. Rev. 35.0 22.4 150.0 80.0 12.0 2.9 10.5 42.0 June June June June June June June June 13 14 14 14 18 18 18 19 G.O. 17.5 Rev. G.O. Rev. G.O. 150.0 35.0 105.0 75.0 June June June June Rev. Rev. Rev. 165.0 23.2 11.0 June 21 June 26 June 26 APPROXIMATE DATE OF OFFERING STATE & LOCAL *Mason County, W. Va. River Rouge, Mich. V i r g i n i a , S t a t e of ^Oakland Redev. Agy., C a l i f . Denham S p r i n g s - L i v i n g s t o n Hsg. & Mtge. F i n . A u t h . , LA. L o u i s i a n a , S t a t e of North C a r o l i n a , S t a t e of Omaha, Neb. Metro. Water D i s t . of Southern Calif. Nebraska P u b l i c Power D i s t . Norman, Okla. Willmar, Minn. Milwaukee, Wise. F o r t Worth, Texas F o r t Worth, Texas U n i v e r s i t y of L o u i s v i l l e , Ky. Columbus, Ohio New Albany-Floyd Cty. Sch. Bldg. Corp., Ind. ^Maryland Comm. Dev. A dm. ^Gainesville, Fla. ^Gainesville, Fla. *Tucson, A r i z . *Tucson, A r i z . Albuquerque, N. Mex. New J e r s e y Economic Dev. Auth. S t . Paul I n d . Sch. D i s t . #625, Minn. Washington P u b l i c Power Supply System #1 Baltimore County, Md. Alaska Housing Finance Corp. ^Hawaii, S t a t e of *New York S t a t e Med. Care Fac. F i n . Agy. *New Mexico, S t a t e of ^Fremont, Neb. NOTES: 1 Includes state and local government issues of $10 million and over. Included in the table for the first time. June 19 19 19 21 21 11 Table 6B C o n t i n u e d FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of June 8, 1979 ISSUER STATE & LOCAL A l e x a n d r i a , La. ^ P o r t l a n d Hosp. Fac. A u t h . , Ore. ^Vermont Hsg. Agy. * J e f f e r s o n County, Ark. Connecticut H e a l t h & Educ. F a c . Auth. *Aurora, Colo. * S u f f o l k County, N.Y. *Chicago P u b l i c Bldg. Comm., 111. TYPE AMOUNT (IN MILLIONS OF DOLLARS) Rev. Rev. Rev. Rev. 10.0 31.5 41.0 22.0 June 27 June 28 June June Rev. G,0. G.O. Rev. 59.5 24.2 68.1 29.0 June J u l y 10 J u l y 11 J u l y 12 APPROXIMATE DATE OF OFFERING \ M STOCK PRICES AND VOLUME 1 STOCK PRICES DATE NYSE INDEX 3 BJ INDUSTRIALS AMEX 4 2 TRADING VOLUME NYSE NASDAQ AMEX NASDAQ 1975-High Low 51.24 ( 7 / 1 5 ) 37.16 ( 1 / 8 ) 881.81 (7/15) 632.04 ( 1 / 2 ) 96.86 (7/15) 62.20 (1/2) 88.00 (7/15) 60.70 ( 1 / 2 ) 35.2 ( 2 / 1 3 ) 8.7 (9/15) 4 . 2 (2/21) 1.1 (9/15) 8 . 1 (2/13) 2.5 (9/15) 1976-High Low 57.51 (9/21) 48.04 (1/2) 1014.79 ( 9 / 2 1 ) 8 5 8 . 7 1 (V2) 107.05 ( 7 / 1 2 ) 84.31 (1/2) 92.52 ( 7 / 1 5 ) 78.06 ( 1 / 2 ) 44.5 (2/20) 10.3 ( 1 / 2 ) 8.6 (2/20) 1.1 (1/2) 11.1 (2/20) 3.5 (1/2) 1977-High Low 57.69 ( 1 / 2 ) 49.78 (11/2) 999.75 ( 1 / 3 ) 800.85 (11/2) 127.89 ( 1 2 / 3 0 ) 109.61 (1/12) 105.05 (12/30) 93.66 ( 4 / 5 ) 35.3 (11/11) 10.6 ( 1 0 / 1 0 ) 4.2 (1/12) 1.4 (9/22) 11.2 ( 1 1 / 1 0 ) 5.1 (5/27) 1978-High Low 60.38 (9/12) 48.37 (3/6) 907.74 ( 9 / 8 ) 742.12 ( 2 / 2 8 ) 176.87 ( 9 / 1 5 ) 119.73 ( 1 / H ) 139.25 ( 9 / 1 3 ) 99.09 ( 1 / H ) 66.4 (8/3) 7.6 ( 1 / 2 0 ) 11.0 (10/30) 1.3 (1/20) 18.8 (5/18) 2.8 (1/20) 1979-High Low 58.18 ( 4 / 1 0 ) 53.88 (2/27) 878.72 (4/10) 807.00 (2/27) 194.53 (6/7) 152.03 ( 1 / 2 ) 134.96 ( 6 / 8 ) 117.84 ( 1 / 2 ) 43.4 ( 6 / 7 ) 18.3 ( 1 / 2 ) 7. 9 ( 6 / 7 ) 2.2 (1/22) 18.9 (6/7) 7.2 (1/2) 6 13 20 27 58.04 57.53 57.09 57.40 875.69 869.89 856.98 856.64 181.74 180.32 180.82 183.65 133.75 133.54 133.67 134.37 34.7 29.7 29.4 31.0 4.5 4.0 3.8 4.1 16.5 15.2 13.5 14.1 4 11 18 25 56.76 55.48 56.26 56.61 847.54 830.56 841.91 836.37 182.55 176.41 180.10 185.45 133.72 129.69 131.01 132.67 29.9 28.0 26. 8 28.0 5.4 3.4 3.5 3.8 13.4 12.6 12. 4 13.1 1 8 56.04 57.42 821.21 835.15 188.00 194.28 131.76 134.96 27.9r 35. 6p 3. 9r 6. 2p 13.7 16. l p 1979 Apr. May June NOTES: 1 Figures other than highs and lows are Fridays only. Highs and lows are for the year and are not necessarily for Fridays. 2 Volume figures are weekly averages of daily figures (millions of shares). 3 4 12/31/65 = 50 Based on average price change until September 4, 1973 thereafter, based on market value of shares listed. # # # # # # # $ # # # 13 Table 8 SECURITY CREDIT REGULATED MARGIN CREDIT EXTENDED BY END O F PERIOD B R O K E R S ON MARGIN STOCK 1 BROKERS O N 2 CONVERTIBLE BONDS OUTSTANDING 248 245 242 247 243 225 216 209 205 1978 - A p r i l May June July August September October November December 10,260 10,660 11,090 11,190 11,740 12,400 12,090 1979 - J a n u a r y February March April 10,750 10,790 10,870 11,220 204 195 185 194 340 400 430 100 550 660 -130 -1,090 -170 2 -3 -3 5 -4 —18 —9 -7 -4 -80 40 80 350 -1 9 -13 9 CHANGE IN OUTSTANDING 1978 - A p r i l May June July August September October November December 1979 - J a n u a r y February March April 11,000 10,830 BANKS UNREGULATED NONMARGIN S T O C K CREDIT AT BANKS 2,560 914 d i s c o n t i n u ed series 16 -59 series discontinued NOTES: 1 Margin account debt as reported by the New York Stock Exchange, excluding credit for subscription issues and convertible bonds. 2 3 New York Stock Exchange data. 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 = value. 1 H Table 9 ^ SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS IN MILLIONS OF DOLLARS REGULAR DEPOSITS DATE NET FLOW ANNUAL 3 GROWTH RATE 2.3 11,3 11.6 8.9 2,165 11,070 12,670 10,647 1974 1975 1976 1977 1 NET NEW MONEY -2,822 4,757 5,275 2,874 1978-October November December 510 275 1,317 48 -59 -391 1979-January February March r / April £/ 218 683 1,971 -775 -121 338 463 -1,100 1978-October November December 1,096 353 537 9.4 3.0 4.6 1979-January February March _r/ April £/ 404 712 728 -17 3.4 6.0 6.1 -0.1 TOTAL SAVINGS & LOAN ASSOCIATIONS MUTUAL SAVINGS BANKS SHARE CAPITAL NET FLOW 16,006 42,769 50,169 50,963 ANNUAL 3 GROWTH RATE 7.1 17.6 17.6 15.2 NET NEW MONEY 4,668 29,276 34,369 32,004 DEPOSITS NET FLOW 18,171 53,839 62,839 61,610 4/ NOT SEASONALLY ADJUSTED2,534 2,645 1,897 2,157 710 5,802 4,377 2,580 3,146 -1,517 4,743 2,881 8,348 -1,184 5.6 15.8 15.9 13.5 NET NEW MONEY 1,846 34,033 39,644 34,783 3,155 2,432 7,038 2,582 1,838 298 5,009 3,548 10,319 -1,959 4,256 2,918 3,609 -2,617 SEASONALLY ADJUSTED 10.0 3,510 12.4 4,399 10.4 3,710 4,564 3,416 3,833 856 ANNUAL 3 GROWTH RATE 12.7 9.4 10.5 2.3 4,606 4,752 4,166 9.9 10.1 9.0 5,016 4,112 4,561 838 10.4 8.6 9.4 1.7 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 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. 4 December through February MSB d a t a have been r e v i s e d by the NAMSB. Source: N a t i o n a l A s s o c i a t i o n of Mutual Savings Banks and F e d e r a l Home Loan Bank Board. # # # # # # # # Hi1 ® # # # T a b l e 10 MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS BILLIONS 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 NET C H A N G E OUTSTANDING COMMITMENTS PERIOD TOTAL MUTUAL ALL S A V I N G S SAVINGS BKS & LOAN ASSOCIATIONS (N Y. S T A T E ) TOTAL A L L SAVINGS MUTUAL & LOAN SAVINGS BKS ASSOCIATIONS (N Y. STATE) 1974 14.5 12.3 2.2 -5.36 -4.03 -1.33 1975 20.0 18.0 2.0 5.47 5.72 -.25 1976 27.3 24.6 2.7 7.30 6.60 .70 1977 382 33.7 4.5 10.89 9.08 1.81 1978 38.3 33.4 4.9 -06 -.32 .38 1978 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 38.0 37.3 36.9 36.5 36.2 36.1 36.0 36.4 36.7 38.8 39.1 38.3 33.6 33.0 32.7 32.3 31.9 31.5 31.5 31.9 32.3 33.9 34.0 33.4 4.4 4.3 4.3 4.3 4.3 4.6 4.6 4.6 4.4 4.8 4.9 4.9 -.32 -.70 -.38 -.39 -.34 .02 -.05 .35 -.34 1.96 .22 -.65 -.08 -.61 -.34 -.42 -.39 -.32 -.03 .36 .42 1.63 .10 -.64 -.24 -.09 -.04 -.03 .05 .34 -.02 -.01 -.08 .33 .12 -.01 1979 - J a n . Feb. Mar. Apr. 37.5 36. 6 36.0 35.6 32.6 31. 8 31.4 31.2 4.8 4.8 4.6 4.4 —. 88 -.93 -.52 -.36 — .81 -.83 -.32 -,19 -.04 -.07 -.20 -.17 NOTES: Based on data from Federal Home Loan Bank Board and Savings Banks Association of New York State. Both series include a minor amount of nonresidential commitments; S&L commitments also include loans in process. Net changes are derived directly from unrounded end of period outstanding levels as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding. H.16 T a b l e 11 NET NEW MONEY B O R R O W I N G S BY MAJOR HOUSING A G E N C I E S IN MILLIONS OF DOLLARS PERIOD 1977-Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1978-Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1979-Jan. Feb. Mar. , AprX TOTAL INCLUDING SHORT-TERM DISCOUNT NOTES 12 -862 289 344 532 605 531 347 195 247 466 1,078 399 1,712 887 848 3,091 1,492 1,605 1,811 1,683 1,680 1,108 3,023 • 534 1,933 1,478 1,050 NOTES: Based on data from Treasury Survey of Ownership. Sales of FHLB discount notes began in May 1974. INTERMEDIATE AND LONG-TERM I S S U E S TOTAL 188 -592 -354 746 297 203 553 301 -291 211 500 0 FHLB 0 -200 0 —6 105 0 0 304 0 0 300 0 FHLMC FNMA FNMA & F H L B SHORT-TERM DISCOUNT NOTES 1 -189 -393 -4 0 200 3 -47 -3 9 11 200 0 -1 1 -350 752 -8 200 600 0 -300 200 0 0 -176 -270 643 -402 235 402 -22 46 486 -36 -34 1,078 -12 1,388 -17 600 1,483 1,276 1,881 1,182 1,131 1,630 885 2,183 0 1,400 0 0 1,500 0 700 1,200 0 0 900 750 -12 -12 -17 0 -17 276 -19 —18 181 -70 -15 183 0 0 0 600 0 1,000 1,200 0 950 1,700 0 1,250 411 324 904 248 1,608 216 -276 629 552 50 223 840 0 1,325 1,479 1,000 0 837 0 0 -116 488 -21 0 0 0 1,500 1,000 650 608 -1 50 17 Table 12 NET CHANGE IN MORTGAGE HOLDINGS IN MILLIONS O F DOLLARS PERIOD 1970 1971 1972 1973 1974 1975 1976 1977 1978 TOTAL INCLUDING F NM A- G NM A 21,930 41,406 57,587 58,372 42,739 43,497 62,783 96,814 110,936 FINANCIAL INSTITUTIONS TOTAL COMMERCIAL BANKS MSB's S & L's 17,020 39,018 55,561 55,072 36,517 38,658 64,903 95,924 102,240 2,462 9,940 16,800 19,600 11,700 4,200 13,900 27,900 35,000 1,946 3,938 5.377 5,642 2,172 2,236 4,074 6,565 6.378 10,254 23,919 31,932 25,552 17,567 29,289 44,515 58,158 51,695 INSURANCE FNMA-GNMA COMPANIES 2,348 1,221 1,452 4,278 5,078 2,933 2,414 5,184 9,167 4,910 2,388 2,026 3,300 6,222 4,839 -2,120 890 8,696 Not S e a s o n a l l y Adjusted 1978 - J u l Aug Sep Oct Nov Dec 1979 - Jan Feb Mar. Apr. 556 728 998 984 883 485 702 9,591 9,644 9,508 8,871 8,621 10,263 8,607 8,761 9,023 8,169 3,400 3,900 3,000 3,200 3,300 2,500 674 636 550 500 594 405 3,991 4,721 4,294 4,265 4,184 3,438 6,660 5,922 7,983 5,862 5,051 6,983 2,400 395 266 316 2,602 2,445 3,515 4,297 465 740 1,052 1,000 9,349 11,261 1,600 2,100 1,006 763 796 945 1,826 798 871 S e a s o n a l l y Adjusted 1978 - J u l Aug Sep Oct Nov Dec 1979 - J a n Feb Mar Apr. 8,776 10,387 9,157 9,925 10,234 8,660 8,238 9,472 8,349 9,027 9,630 8,006 3,290 3,618 2,955 3,299 3,278 2,769 594 544 498 456 626 263 3,647 4,214 4,188 4.450 4,762 3,818 707 1,096 708 822 964 1,156 538 915 808 898 604 654 8,710 7,794 8,130 7,890 6,948 7,005 2,799 2,133 2,044 575 486 395 3,925 3.451 3,414 3,792 591 878 1,152 820 846 1,125 NOTES: Monthly data for commercial banks based on Federal Reserve estimates bench marked to Call Report data on real estate loans outstanding as available. Other data derived from mortgage debt outstanding as reported separately by National Assn. of Mutual Savings Banks, Federal Home Loan Bank Board, Institute of Life Insurance and, through August 1968, the Federal National Mortgage Association, and thereafter by FNMA and the Government National Mortgage Association. Data for mutual savings banks and for Life Insurance companies may differ somewhat from those derived from regular quarterly series because of minor conceptual differences for which adjustments are not made in the monthly series. Altogether, these groups accounted for 83 per cent of the net increase estimated for all holders in 1974. Digitized for Beginning FRASER January 1972 data reflect activity in limited amount of conventional mortgages. 18 Table 13 NET INCREASE IN MORTGAGE DEBT OUTSTANDING IN BILLIONS OF DOLLARS, S E A S O N A L L Y A D J U S T E D ANNUAL R A T E S RESIDENTIAL QUARTER TOTAL TOTAL COMMERCIAL FAMILY MULTIFAMILY 1- to 4 - MULTFAMILY & COMMERCIAL 1972 - I II III IV 67,9 73.9 77.2 88.8 49.8 53.9 58.6 64.1 38.5 40.7 47.7 48.4 11,3 13.2 11,0 15.7 14.7 16.5 14,9 21.1 26.0 29.6 25.9 36.8 1973 - I II III IV 82.0 86.7 79.8 71.1 57.5 59.2 55,4 48,9 49.4 46,1 42.9 41.1 8.1 13,1 12,5 7.9 18.8 27.0 34.8 31.9 24.5 1974 - I II III IV 71.1 69.6 53.6 47.7 50,4 45.9 34.1 30.4 40.8 39.0 27.4 17.2 26.1 9,5 7.0 6.7 4.3 26.7 25.7 20.3 15.7 1975 - I II III IV 45.8 53.0 61.3 68.7 32,0 38,1 45.1 50.4 31.1 38.7 45.2 50.5 0.9 —0 • 6 -0.1 «-0.1 1976 - I II III IV 80.9 74.5 93.1 99.6 62.5 55.0 72.7 78.9 61.0 1977 - I II III IV 108.5 133.8 140.1 153.6 85.9 1978 - I II I I I (r) IV (p) 133.7 145.3 152.4 152,6 21,7 19.4 16.7 18.8 13.7 '11.4 8.6 14.2 9.4 9,4 12.1 14.1 55.2 68.9 76.5 I.5 -0.2 3.8 2.4 13.3 14.8 13.5 13.0 14.8 14.5 17.2 15.5 113.7 119.4 81.6 101.8 106.2 110.2 4.2 8.3 7.5 9.2 14.0 14.5 17.8 25.6 18.2 22.8 25.3 34.8 105.4 114.0 112.5 120.5 96.2 104.8 101.4 109.7 9.2 9.2 II,1 10.8 19.3 21.7 28.5 30.9 39.2 31.9 110.0 10,1 12.1 28.1 21.1 NOTES: 1 Derived from data on mortgage debt outstanding from Federal Deposit Insurance Corporation, Federal Home Loan Bank Board, Institute of Life Insurance, National Association of Mutual Savings Banks, Departments of Commerce and Agriculture, Federal National Mortgage Association, Federal Housing Administration, Veterans Administration and Comptroller of the Currency. Separation of nonfarm mortgage debt by type of property, where not available, and interpolations and extrapolations, where required, estimated mainly by Federal Reserve. 2 May differ somewhat from related flow of funds series mainly because of more aggregative type of seasonal adjustment. 3 Residential mortgage debt includes nonfarm only and is sum of 1-to 4- family and multifamily mortgage debt. # # # # # # # # # # # T a b l e 14 PRIVATE HOUSING PERMITS, S T A R T S , COMPLETIONS, AND MOBILE HOME S H I P M E N T S IN THOUSANDS OF UNITS, SEASONALLY ADJUSTED ANNUAL RATES PERMITS 1 PERIOD TOTAL 1 —FAMILY COMPLETIONS STARTS 1—FAMILY 2 - O R MORE FAMILY TOTAL MOBILE HOME i 1 —FAMILY 2 - O R MORE FAMILY SHIPMENTS 2 - O R MORE FAMILY TOTAL 1,407 1,434 2,052 2,357 2,045 1,338 1,160 1,538 1,987 2,020 811 813 1,151 1,309 1,132 888 892 1,162 1,451 1,433 656 621 901 1,048 914 450 268 376 375 587 1,399 1,418 1,706 1,972 2,014 1,692 1,297 1,362 1,652 1,866 808 802 1,014 1,143 1,174 932 867 1,026 1,254 1,366 592 617 692 828 840 760 430 336 398 499 2,104 2,004 2,024 2,054 2,107 2,074 1,455 1,431 1,432 1,436 1,502 1,539 646 573 592 618 605 535 1,928 1,948 1,900 i 1,883 j 1,885 1 1,888 i 1,320 1,363 1,370 1,414 1,375 1,416 608 584 530 468 510 472 232 283 272 286 280 303 1,679 1,381 1,786 1,749 1,139 953 1,266 1,279 540 428 520 470 1,815 1,894 1,954 1,331 1,376 1,415 484 518 539 311 270 304 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1,324 1,352 1,925 2,219 1,820 1,074 939 1,297 1,677 1,658 626 647 906 1,033 882 644 676 894 1,125 1,078 698 705 1,018 1,186 937 431 264 403 552 581 1978 - J u l y Aug. Sept. Oct. Nov. Dec. 1,632 1,563 1,731 1,727 1,724 1,664 1,035 1,020 1,092 1,135 1,114 1,149 597 543 639 592 610 515 1979 - J a n . Feb. Mar. Apr. 1,324 1,334 1,531 1,437 841 819 981 968 483 515 550 469 i I ! ! | ! 413 401 497 576 567 329 216 246 277 275 NOTES: Private building permits (for 14,000 areas with permit systems, excluding farm), starts, and completions are Census Bureau data. A dwelling unit is started when excavation begins. In the case of apartment buildings, all units are considered started at that time; however, all such units are considered completed when more than half of the units in the structure are ready for use. Private mobile home shipments are Mobile Home Manufacturers Association data converted to seasonally adjusted annual rate by Census Bureau. 1 Permit data for 1969 and 1970 based on 13,000 areas with permit systems http://fraser.stlouisfed.org/ y Federal Reserve Bank of St. Louis H T a b l e 15 O AVERAGE RATES AND YIELDS ON HOME MORTGAGES CONVENTIONAL L O A N S PRIMARY MARKET NEW H O M E S EXISTING H O M E S 1 1 PERIOD SPREAD BETWEEN NEW Aaa R E T U R N S ON NEW HOMES CONVENTIONAL UTILITY 1 BOND AND HUD(FHA) NEW HOME YIELD SPREAD DISCOUNT (BASIS (PERCENTAGE M O R T G A G E S (IN PER CENT) (BASIS POINTS) POINTS) POINTS) HUD(FHA) INSURED L O A N S S E C O N D A R Y MARKET RATE (IN PER CENT) SPREAD (BASIS POINTS) RATE (IN PER CENT) SPREAD (BASIS POINTS) YIELD (IN PER CENT) 1976 - High Low 9.05 8.90 91 5 9.10 8.95 95 10 9.06 8.25 59 8 4 .3 2 .0 65 - 4 8.72 8.05 1977 - High Low 9 .10 8.80 99 52 9.20 8.85 98 63 9.11 8.40 73 22 4 7 1.7 40 4 8.31 8.01 1978 - J a n . Feb . Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 9.15 9.25 9.30 9.40 9.60 9.75 9.80 9.80 9.80 9.95 10.10 10.30 NA 54 47 48 58 59 72 100 74 72 NA NA 9.20 9.25 9.30 9.45 9.60 9.75 9.80 9.80 9.85 9.95 10.15 10.30 NA 54 47 53 58 59 72 100 79 72 NA NA 9.11 NA 9.29 9.37 9 .67 NA 9.92 9.78 9.78 9.93 9.99 10.16 NA NA 46 45 65 NA 84 98 72 55 NA NA 4.7 NA 4.1 4.7 5 .0 NA 3.1 2.1 2.1 2.1 3.6 4.8 4 NA 1 3 - 7 NA -12 2 2 2 11 14 NA 8.71 8.83 8.92 9.02 9.16 9.08 8.80 9.06 9.23 NA NA 1979 — J a n . Feb. Mar. Apr. 10.30 10.35 10.35 10.55 NA 76 75 68 10.30 10.35 10.40 10.55 NA 76 80 68 10.17 10.17 10,19 NA NA 58 59 NA 4.9 4.9 5.0 NA 13 18 NA 9.59 9.60 9.87 NA 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. 21 T a b l e 16 FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS CONVENTIONAL GOVERNMENT-UNDERWRITTEN AMOUNT (IN MILLIONS O F DOLLARS) DATE O F AUCTION OFFERED AMOUNT (IN MILLIONS O F D O L L A R S ) OFFERED ACCEPTED AVERAGE YIELD ACCEPTED 1011(1/9) 605(1/9) Low 130(8/7) 80(8/7) J u l y 10 24 503.3 253.4 327.4 144.1 10.02 10.00 169.8 146.2 90.5 88.4 10.17 10.21 Aug. 7 21 130.3 368.8 80.1 197.1 9.82 9.80 74.7 150.0 47.5 81.0 10.15 10.07 Sept 5 18 351.2 366.7 154.7 181.2 9.78 9.79 199.4 285.3 126.3 157.4 10.02 10.01 Oct. 2 16 30 682.4 425.4 857.0 278.6 176.2 377.6 9.91 9.98 10.20 395.5 336.1 425.2 166.9 148.8 179.9 10.10 10.18 10.31 Nov. 13 27 452.8 335.2 182.4 139.4 10.27 10.33 488.2 373.2 199.5 187.3 10.49 10.64 Dec. 11 27 283.4 343.6 144.4 175.2 10.40 10.60 262.2 155.2 141.5 79.4 10.77 10.92 Jan. 8 23 211.0 93.9 101.1 54.3 10.67 10.73 71.2 42.3 36.0 22.1 11.02 11.13 Feb. 6 20 42.4 168.2 37.9 123.3 10.61 10.47 19.4 43.6 17.9 27.5 11.07 11.02 Mar. 5 19 265.0 243.3 141.8 142.6 10.43 10.42 47.0 97.9 33.8 79.7 10.96 10.92 Apr. 2 16 30 260.7 326,9 735.1 139.2 191.5 307.8 10.44 10.51 10.82 167.8 252.9 241.2 98.6 157,7 107.3 10.92 11.01 11.17 May 14 29 279.2 147.1 118.6 66.4 10.88 10.80 250.3 208.3 102.0 112.3 11.30 11.41 1978 - High 1979 AVERAGE YIELD 1 0 . 6 9 ( 1 2 / 2 7 ) 717(5/15) 363(5/15) 9.13(1/9) 75(8/7) 48(8/7) 10.92(12/27) 9.28(1/9) 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