Full text of H.16 Capital Market Developments : June 15, 1981
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June 15, 1981 f,i Capital Market Developments t * Prepared by the Capital Markets Section in conjunction with the Mortgage and Consumer Finance Section and the Government Finance Section Division of Research and Statistics Board of Governors of the Federal Reserve System Washington, D C. 20551 "-A. "-i CONTENTS 1. Yields, Volume and Reception: C o r p o r a t e Bond Market 2. Yields, Volume and Reception: Municipal Bond Market 3. High Grade Bond Yields 4. Long-Term Corporate and State and Local G o v e r n m e n t Security Offerings and Placements 5. Treasury and Government-Sponsored Agency Marketable Coupon Offerings and Placements 6. New C o r p o r a t e Security Issues by T y p e of Issue 7. New C o r p o r a t e Security Issues by T y p e of Issuer 8. 9. 10. 11. 12. 13. Public Offerings of IntermediatePublic Offerings of IntermediatePublic Offerings of IntermediatePublic Offerings of IntermediateForthcoming Public Offerings of Forthcoming Public Offerings of and Long-Term Securities: Corporate and Long-Term Securities: State and Local and Long-Term Securities: U.S. Treasury and Long-Term Securities: Government-Sponsored Agencies Intermediate- and Long-Term Securities: C o r p o r a t e I n t e r m e d i a t e - a n d Long-Term Securities: State and Local 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. Stock Prices Trading Volume Security Credit Savings Flow at Selected N o n b a n k T h r i f t Institutions Mortgage C o m m i t m e n t s Outstanding at Selected Institutions Net New Money Borrowings by Major Housing Credit Agencies Net Change in Mortgage Holdings at Selected Institutions Net Change in Mortgage Debt Outstanding, By T y p e of Property Average Rates and Yields on H o m e Mortgages and Pass-Through Securities FNMA Auctions of C o m m i t m e n t s t o Purchase H o m e Mortgages FHLMC Auctions of C o m m i t m e n t s t o Purchase H o m e Mortgages Issues of Mortgage-Backed Securities SYMBOLS e P r n.a. estimate preliminary revised not available data d o not exist SUBSCRIPTION RATES Weekly $ 1 5 . 0 0 per year or $ . 4 0 each in t h e United States, its possessions, Canada, and Mexico; 10 or m o r e of t h e same issue t o one address, $ 1 3 . 5 0 per year or $ . 3 5 each. Elsewhere, $ 2 0 . 0 0 per year or $ . 5 0 each. Address requests t o Publications Services, Division of Support Services, and make p a y m e n t r e m i t t a n c e payable t o t h e order of t h e Board of Governors of t h e Federal Reserve System in a form collectible at par in U.S. Currency. 3 • 1. Y I E L D S , V O L U M E A N D RECEPTION Corporate Bond Market Volume Yields Week e n d i n g 981-Mar. Apr. May June N e w issue Aaa utility1 6 13 20 27 14.55 14.42 3 10 17 24 14.87 1 8 15 22 29 16.12 15.94 15.80 15.54 5 12 14.93r 15.Olp P e r c e n t sold b y e n d of w e e k N e w issues in s y n d i c a t e 4 ($ millions) 521 540 1,736 517 94 93 97 90 30 40 60 53 14.89 15.19 15.36 15.78 980 1,089 505 1,150 98 100 95 99 19 0 25 16 16.26 15.62 15.63 15.29 14.97 655 410. 1,110 544 400 100 100 99 100 100 0 0 10 0 0 15.03 14.77p l,020r 1,115 98 94 20 66 Recently offered Aaa u t i l i t y 2 Gross o f f e r i n g s ( $ millions) 14.53 14.18 13.98 14.71 15.07 15.85 — 3 2. Y I E L D S , V O L U M E A N D RECEPTION Municipal B o n d M a r k e t # Volume Yields Week e n d i n g Moody's new issue A a a Bond Buyer G.O. bond index Bond Buyer Rev. b o n d index Gross o f f e r i n g s ( $ millions) P e r c e n t sold b y e n d of w e e k 3 N e w issues in syndicate4 ($ millions) 1981-Mar. 6 13 20 27 9.80 9.80 9.20 9.20 10.40 10.34 9.81 10.09 11.10 11.03 10.67 10.80 585 976 968 635 82 97 98 76 153 80 28 233 Apr. 3 10 17 24 9.50 9.80 9.80 10.00 10.21 10.45 10.70 10.80 10.92 11.17 11.30 11.48 865 1,233 1,371 630 83 95 95 84 268 171 172 165 May 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 °6 80 87 126 83 84 84 172 June 5 12 10.00 9.75 10.59 10.63 11.48 11.47 400 1,125 90 83 83 242 e # i e e - 1 2 3 4 Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection. Federal Reserve series of implied free-market yield on Aaa-rated utility bond with 5-year call protection, released from price restrictions sometime during the last four weeks. 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. 3 HIGH GRADE BOND YIEL S New issue Aaa utility1 Date 9.30(11/10) 8.61( 3/24) 1978-High Low Recently offered Aaa utility 2 U.S. govt. Moody's 20-year constant seasoned maturity4 corporate Aaa3 9.54(12/22) 9.27(12/29) 8.48( 1/6) 8.30( 1/6) Bond Buyer G.O. bond index5 9.00(12/22) 6.67(12/22) 8.01( 1/6) 5.58( 3/17) Bond Buyer Rev. bond index6 —— 1979-High Low 11.51(11/12) 11.45( 11/9) 10.87(12/28) 10.56( 11/9) 7.38(10/26) 9 . 4 0 ( 8 / 1 7 ) 9 . 3 9 ( 6 / 2 9 ) 9 . 1 6 ( 7 / 6 ) 8 . 79 ( 7 / 6 ) 6 . 0 8 ( 7 / 6 ) 8.24(11/23) 7.23( 9/21) 1980-High Low 14.51(12/12) 15.03(12/12) 13.49(12/19) 12.86(12/12) 10.56(12/19) 10.53( 6/20) 10.79( 6/20) 10.34( 6/20) 9.59( 6/20) 7.11( 5/9) 11.41(12/19) 8.15( 5/8) 1981-High Low 16.12( 14.05( 5/1) 16.26( 5/1) 14.53(5/15 ) 14.15( 1/9) 13.99( 3/20) 12.59( 1/9) 11.98( 5/8) 10.94( 1/9) 9.49( 5/1) 1/9) 11.71( 5/1) 10.34 ( 1/16) 12.90 11.53 10.95 12.91 11.64 10.99 12.04 10.99 10.58 11.42 10.44 9.89 8.63 7.59 7.63 9.66 8.50 8.47 July Aug. Sept. 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 8.67 8.94 8.87 9.57 9.94 Oct. Nov. 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 15.68 15.81 15.48 15.48 13.88 14.32 13.46 13.82 10.62 10.79 11.32 11.60 3 10 17 24 14.87 14.89 15.19 15.36 15.78 13.41 13.72 13.89 14.02 13.05 13.38 13.52 13.51 10.21 10.45 10.70 10.80 10.92 11.17 11.30 11.48 1 8 15 22 29 16.12 15.94 15.80 15.54 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 5 12 14.93r 15.Olp 15.03 14.77p 13.84 13.74p 13.28 13.07p 10.59 10.63 11.48 11.47 1980—Apr. May June 1981-Apr. May June 1 2 3 4 5 6 —— 15.85 — Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection. 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. Weekly average of daily closing figures. Weekly average of daily figures. U.S. Treasury data. Thursday figures. The average rating of the 20 general obligation bonds used in this index faHs midway between the five top groups as classified by Moody's Investors Service. Weekly Bond Buyer data. 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 s Investors Service. Weekly Bond Buyer data. } 5 4 . LONG-TERM C O R P O R A T E A N D S T A T E A N D LOCAL G O V E R N M E N T SECURITY O F F E R I N G S A N D PLACEMENTS Gross proceeds, millions of dollars State and Local Corporate Period 1980 3,078 2,424 2,435 1980 6,173 4,507 4,454 1981 5,581 4,157 6,667 1979 2,840 2,603 4,644 4,692 4,160 6,238 5,656 9,074 9,645 6,600e 4,900e 3,444 3,042 4,724 4,962 4,746 6,136 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 1979 3,770 3,165 4,354 January February March April May June July Year ; 1981 2,660 2,873 3,781 5,100e 3,500e 1 Securities and Exchange Commission estimates of gross proceeds. 2 Public Securities Association estimates of principal amounts, e Estimated by Federal Reserve on the basis of available data. 5. T R E A S U R Y A N D G O V E R N M E N T S P O N S O R E D AGENCY BORROWING Millions of dollars Period Combined deficit(+) or surplus!— 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- - A p r . May June -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 July 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- - - J a n . Feb. • Mar. 8,339 17,063 13,048 6,772 13,916 4,320 8,548 4,159 5,849 -1,480 -489 -35 -55 3,179 -664 -1,612 3,811 1,408 CY • # Other Decrease(+)/ Sponsored agency increase(-) borrowing* in cash operating balance -1979 -1980 CY—/ • Total 3 Federal G o v e r n m e n t Means of financing combined deficit N e t cash borrowing f r o m t h e public? Public d e b t securities Gov't, agency NonCoupons Bills securities marketable 1 U.S. unified budget deficit or surplus plus off-budget entities deficit or surplus. 2 Change in outstanding amount of public debt securities and government agency securities less change in holdings of those securities by government accounts. 3 Also includes changes in matured and noninterest-bearing public debt. 4 change in outstanding amount of marketable securities issued by Federal Farm Credit Banks, Federal Home Loan Banks, Federal Home Loan Mortgage Corporation, Federal National Mortgage Association. 6 6. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE Bonds Period Total Publicly offered Privately placed C o m m o n and preferred stocks Memo Issues included Foreign 1 Convertible 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 11,612 11,777 10,358 11,325 20,490 1,340 1,349 1,008 1,495 86 ? 41 o 2,229 4,685 1980-QI QII QUI QIV 15,134 24,375 18,492 15,688 5,924 18*165 11,618 5,880 4,624 2,213 2,163 2,612 4,586 3,997 4,711 7,196 169 529 631 166 908 967 1,510 1,300 1981-QI 16,405 9,358 1,381 5,666 92 1,317 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 6,667 2,928 2,408 4,022 458 426 497 2,195 1,323 2,148 162 105 10 303 575 439 1980-0ct. Nov. 7. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUER Period Manufacturing Public utility Communications Other issuers 1 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 QII QIII QIV 3,950 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 5,527 3,223 1,337 6,325 1980-0ct. , Dec. 1,474 550 1,453 1,295 792 983 830 260 718 2,220 2,335 2,778 1981-Jan. Feb. Mar. 2,244 1,344 1,939 1,362 853 1,008 76 303 958 1,901 1,660 2,764 1977 1978 1979 1980 Nov. 1 Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other. Source: Securities and Exchange Commission and Federal Reserve Board. 8. PUBLIC O F F E R I N G S OF INTERMEDIATE- AND LONG-TERM SECURITIES: C O R P O R A T E 1 Issuer Pillsbury Co. Wells Fargo Corp. New England Tel. & Tel. Co. Northern Indiana Pub. Svc. Standard Oil Co. (Indiana) Detroit Edison Co. Western Unior ilegraph Co. Tenneco Inc. Tenneco Inc. Lifemark Corp, United Gas Pip ine Shell Oil Co. Shell Oil Co. Allis Chalmers redit Corp. Software AG International L.B. Foster Co. Pacific Power & Light Co. Dallas Power & Light Co. Foremost McKesson, Inc. American Telephone & Telegraph Co. Southern Co. GMAC Nat'l. Medical Enterprises, Inc. OTHER Pembroke Capitol Ltd. United Mexican States Bell Canada Canadian National Railway Co. Fed. Bus. Dev'l. Bank of Canada Barclays N. American Capital Corp. Municipality of Metro. Toronto POSTPONED UNC Resources Corp. * Rights offering. Date Type Amount (millions of dollars) Maturity Coupon rate Offering yield Moody's/S&P's ratings —/— 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 . Notes Debt. Com. s t k . Notes Pfd. s t k . Notes Notes Debt. Com. s t k . Notes Notes Debt. Notes Com. s t k . Com. s t k . Com. s t k . 1 s t . mtg. Conv.debt. 62.6 100.0 150.0 44.0 250.0 25.0 75.0 200.0 100.0 34.1 75.0 200.0 300.0 75.0 28.8 28.9 80.0 50.0 80.0 6/10 6/10 6/11 Com. s t k . Com. s t k . Notes 941.0 127.1 250.0 1989 14.63 14.70 6/11 Conv.debt. 85.0 2006 9.00 9.00 Ba/BBB 6/2 6/2 6/3 6/4 Debt. Bonds Debt. Debt. 200.0 100.0 150.0 150.0 1991 1988 1991 2006 14.00 15.00 14.50 15.00 14.10 15.21 14.60 15.20 Aaa/AA+ 6/5 Notes 100.0 1988 14.63 14.70 Aaa/AAA 6/10 6/12 Debt. Notes 125.0 50.0 1991 1991 14.63 14.50 14.82 14.50 Aaa/AAA Aaa/AAA 6/9 Conv.debt. 1991 2018 14.50 15.25 14.75 15.40 — 1991 1991 1991 2006 14.00 15.68 16.00 14.50 15.00 — . 1991 1991 2011 1991 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 Aa/AA Aaa/AA+ — / — Aaa/AAA Baa / — Baa/BB A/A A/A — - / — Baa/BBB Aaa/AA+ Aaa/AA4Baa/A- — — • — — — / - - — — 2011 2006 — — — 15.88 9.75 15.22 9.75 — / — —/— Aaa/AAA Baa/BBB-f/ ' — — / — — 30.0 1 Includes only corporate and other security offerings of $ 2 5 million and over; excludes options, exchanges, and secondary offerings. Aaa/AAA — / — Aa/AA Aa/AAA 9. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND L O C A L 1 Issuer P o r t Sheldon Economic D e v e i . C o r p . , MI Cook C o . , IL Cook C o . , IL M i n n e a p o l i s Comm. Dev. Agcy. M i n n e a p o l i s Comm. Dev. Agcy. M i n n e a p o l i s Comm. Dev. Agcy. Shawnee C o , , KS Shawnee C o . , KS Delaware Co. I n d u s . D e v e l . Auth. Delaware Co. I n d u s . D e v e l . Auth. Delaware Co. I n d u s . D e v e l . Municipal A s s i s t a n c e Corp. Midland Co. Econ. D e v e l . C o r p . V i r g i n i a E d u c a t i o n Loan A u t h . V i r g i n i a E d u c a t i o n Loan A u t h . V i r g i n i a E d u c a t i o n Loan A u t h . C a l i f o r n i a Hsg. F i n . Agcy. N o r t h C a r o l i n a , S t a t e of Kentucky H i g h e r Ed. S t u d e n t Loan Corp* Kentucky H i g h e r Ed. S t u d e n t Loan Cbrp. Boca R a t o n , FL Maryland', S t a t e U n i v e r s i t y of Texas System New York. S t a t e D o r m i t o r y A u t h . Shelby Co. H e a l t h & Ed. F a c . B d . , TN Shelby Co. H e a l t h & Ed. F a c . B d . , TN Shelby Co. H e a l t h & Ed. F a c . B d . , TN Shelby Co. H e a l t h & Ed. F a c . B d . , TN Shelby Co. H e a l t h & Ed. F a c . B d . , TN Shelby Co. H e a l t h & Ed. F a c . B d . , TN T e n n e s s e e School Bond A u t h . N o r t h Slope Borough, AK G o v ' t . D e v e l . Bk. f o r P u e r t o Rico S u l l i v a n , IN Putnam C o . , FL Date Type 2 Amount (millions of $) Maturity Net interest cost Offering yield 1Vloody's/S&P's ratings Aaa/AAA A/A A/A A/A+ A/A+ A/A+ —/AA — /AA 6/1 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 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 10.00 8.75-11.00 11.88 8.25-11.25 11.63 11.63 9.75 8.00-9.00 6/5 Rev. 10.0 1984 n.a. 9.38 Baa/BBB- 6/5 6/5 6/5 6/5 6/8 6/8 6/8 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 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 7.00-10.50 7.25-9.60 Baa/BBBBaa/BBBBaal/— Aa/— A/A A/A A/A A1/A+ Aala/AAA 6/9 Rev. 32.5 n.a. 9.00 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 1984 1982-97 1984-96 1982-01 1984 n.a. 9.33 9.20 9.39 8.24 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 6/10 Rev. 9.6 1986-94 11.01 8.40-10.25 Aa/AA 6/10 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 Rev. Rev. Rev. 75.0 25.0 75.0 1982-00 2009 1984 n.a. 11.61 n.a. 9.50-12.00 11.50 9.25 A/A+ A/A A/A+ 2010 2011 2001 1984 1997 1991 1997 1982-21 1982-99 1984 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. 11.00 i A1/A+ I 1G. PUBLIC O F F E R I N G S O F I N T E R M E D I A T E - AND LONG TERM S E C U R I T I E S : U S . T R E A S U R Y Notes and Bonds A m o u n t (millions of dollars) Offering date Payment date Length Maturity date Coupon Auction overdye • rate (percent) (percent) m Gross proceeds Net proceeds Memo: Foreign add-ons3 Total Private 1 .2 r 8,259 J 4,601 2,815 2,815 1,771 1,771 3,188 3,188 3,188 7 9 j J1 1«57 / t. 9Z 5 1J1J7 2,710 2,710 2,710 170 0 63 0 1,501 4,730 1,501 2,045 1,501 2,045 0 125 18,801 3,638 3,638 3,460 2,551 3,460 2,551 3,460 0 130 0 186 195 Private 1 Total 1980 Nov, #, Dec. m w 5 6 7 25 11/17 11/17 11/17 12/1 3 - y r 6-mo 5 / 1 5 / 8 4 10-yr 11/15/90 30-yr 11/15/10 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-yr 2-yr 4-yr 7-yr 2/15/86 12/31/82 12/31/84 1/15/88 13-1/2 15-1/8 14 12-3/8 13.52 15.15 14.03 12.49 3,188 4,955 3,620 2,710 11-3/4 11.82 13-5/8 13.69 1,501 5,191 2-mo I I Q70 / 0 190 0 0 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 6/lr 6/3 2-yr 2/15/01 1/31/83 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 4,585 4,324 1,572 1,572 0 15-3/4 14-1/2 13-7/8 15-5/8 13-7/8 15.81 14.56 13.99 15.72 13.95 3,681p 2,050p V6,751 2,301p 4,662p 4,251 3,195p 3,000 2,119 2,119 2,120 3,195 2,120 3,000 ML # # ) 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 5/15/84 3-yr 5/15/91 10-yr 5/15/06-11 30-yr 5/31/83 2-yr . 5 - y r 5-mo 1 1 / 1 5 / 8 6 J 5,012 ) ) # * • 1 Excludes amounts sold to Government investment accounts and the Federal Reserve. Also excludes add-ons to foreign accounts. 2 May be larger than the total if the Government accounts and/or the Federal Reserve do not fully roll-over their maturing holdings. 3 Additional amounts of securities issued to foreign and international monetary authorities at the average auction price for new cash. 0 0 0 0 If) 11 PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: GOVERNMENT SPONSORED AGENCIES Offering Payment date date 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&4&0 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 5/26 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 1,400 1,400 FFCB 5/28 6/1 4 - y r 3-mo 9/3/85 14.90 662 0 662 FNMA 6/3 6/10 3 - y r 4-mo 10/10/84 14.90 500 750 -250 3-mo 6-mo FFCB — Federal Farm Credit Banks FHLB — Federal Home Loan Banks FHLMC — Federal Home Loan Mortgage Corporation FNMA — Federal National Mortgage Association As of June 12, 1981 11 12. F O R T H C O M I N G PUBLIC O F F E R I N G S O F INTERMEDIATE- A N D LONG-TERM S E C U R I T I E S : C O R P O R A T E 1 Issuer ^Missouri Pacific RR. Co. ^Oklahoma Gas & Elec. Co. Public Service Elec. & Gas Co. South Carolina Elec. & Gas Co. Duquesne Light Co. South Carolina Electric & Gas. Co. Potomac Elec. & Power Co. -Potomac Elec. Power Co. Public Service of Colorado Georgia Power Co. Georgia Power Co. Kansas Power & Light Co. Brooklyn Union Gas Co. Public Service Electric & Gas Co. Monongahela Pwr. Co. Northeast Utilities Co. Niagara Mohawk Power Co. Philip Morris, Inc. Chase Manhattan Corp. Continental Illinois Corp. Goulds Pumps, Inc. Eastern Air Lines, Inc. Eastern Air Lines, Inc. Credithrift Fin. Corp. Manufacturers Hanover Tr. Corp. Wisconsin Gas Co. Pennsylvania Engineering Corp. Citicorp Northern Indiana Public Service Mellon National Corp. Digicon Inc. Western-Pacific Ind. Inc. Crystal Oil Co. Cable American Corp. Northwest Energy Co. ITT Financial Corp. -Phillips Petroleum Co. Ford Motor Credit Co. Westvaco Corp. Amoco Credit Corp. Westinghouse Credit Corp. Dallas Power & Light Co. Wendy's Internat'l. Co. Delmarva Power & Light Co. Wells Fargo & Company Beneficial Corp. *Four-Phase Systems, Inc. *Genf-l. Motors Accept. Corp. ^Frontier Airlines, Inc. ^Southern Natural Resources, Inc. *Research-Cottrell, Inc. *Comdisco, Inc. ^Republic Airlines, Inc. ^Eastern Edison Co. Cypress Mines Corp. Type Equip, tr. Com. stk. 1st. mtg. 1st. mtg. 1st. mtg. Com. stk. 1st. mtg. 1st. mtg. bds. Com. stk. 1st. mtg. Pfd. stk. Com. stk. 1st. mtg. Com. stk. Pfd. stk. Com. stk. Com. stk. Notes Notes Notes Conv. debt. Equip, tr. Equip, tr. Notes Notes 1st. mtg. Debt? Notes Com. stk. Notes Com. stk. Debt. Conv. debt. Notes Debt. Notes Debt. Notes Debt. Debt. Notes Pfd. stk. Com. stk. Com. stk. Pfd. stk. Notes Conv. debt. Zero coup. Conv. debt. Notes Conv. debt. Conv. debt. Sub. debt. 1st. mtg. Notes Amount (millions of dollars) 26.7 39.0 100.0 70.0 80.0 28.0 50.0 50.0 60.0 125.0 75.0 30.0 50.0 50.0 25.0 65.0 60.0 100.0 100.0 100.0 25.0 42.5 47.5 50.0 100.0 30.0 30.0 150.0 48.0 50.0 30.0 50.0 31.2 50.0 100.0 75.0 350.0 200.0 75.0 100.0 100.0 30.0 30.0 25.0 35.0 100.0 40.0 500.0 40.0 100.0 25.0 50.0 50.0 30.0 100.0 , Approximate of offerim June 16 June 16 June 16 June 17 June 17 June 17 June 18 June 18 June 18 June 23 June 23 June 23 June 24 June 24 June 25 June 29 June 30 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 July 23 Indef. * Included in table for first time. 1 Includes only corporate and other security issues of $25 million and over excludes exchanges, options, and secondary offerings. 131 12. F O R T H C O M I N G PUBLIC O F F E R I N G S O F I N T E R M E D I A T E - A N D LONG-TERM S E C U R I T I E S : C O R P O R A T E 1 Issuer Cypress Mines Corp. Union Electric Company New England Power Co. Allegheny Power System OTHER *Ito Yokado Co. Canadian Pacific, Ltd. Montreal, Province of Oslo Norway Type Amount (millions of dollars) Approximate date of offering Debt. Pfd. stk. Pfd. stk. Com. stk. 100.0 75.0 50.0 80.0 Indef. Indef. Indef. June Conv. debt. Equip, tr. Debt. Bonds 50.0 75.0 100.0 100.0 June June June Indef. * Included in table for first time. 1 Includes only corporate and other security issues of $25 million and over; excludes exchanges, options, and secondary offerings. (con't.) As of June 12, 1981 13 1 3 . FORTHCOMING PUBLIC O F F E R I N G S O F INTERMEDIATE- AND LONG-TERM S E C U R I T I E S : S T A T E A N D L O C A L Issuer Type Amount (millions of dollars) Denver, CO Maricopa Co. Indus. Devel. Auth., AZ New Mexico, State of New Jersey Econ. Devel. Auth. Alabama Public School & College Auth. Delaware, State of Louisiana, State of Dallas, TX ^Hudson Co. Utilities Auth., NJ California, State of California Transportation Comm. *Farmington, N.M. South Carolina, State of Georgia, State of *Baltimore, MD Pittsburg, PA San Antonio, TX Washington D.C. Higher Ed. Loan-Prgm. Philadelphia Indus. Devel. Auth., PA *Burbank Redevel. Agcy., CA Maryland Dept. of Transportation New York State Medical Care Fac. Fin. Auth. Platte River Power Auth., CA G.O. Rev. Rev. Rev. Rev. G.O. G.O. G.O. Rev. G.O. Rev. Rev. G.O. G.O. Rev. G.O. Rev. Rev. Rev. Rev. Rev. Rev. Rev. 29.0 116.5 49.6 25.0 30.0 45.0 131.5 71.3 105.8 150.0 25.0 130.0 65.0 150.0 100.0 70.0 30.0 POSTPONED New York State Medical Care Fac. Fin. Auth. Chicago Public Bldg. Comm., IL Putnam Co., FL North Texas Higher Ed. Auth. Rev. Rev. Rev. Rev. 26.6 50.0 50.0 35.0 1 Included in table for first time. Includes state and local government issues of $25 million and over; excludes secondary offerings. 60.0 33.2 55.5 60.0 26.6 125.0 1 Approximate date of offering June June June June June June June June June June June June June June June June June June June June June July July 14 15 15 16 16 16 16 17 19 23 24 23 23 25 25 25 25 26 30 30 30 3 15 June 9 June 9 June 11 June 12 14. STOCK P R I C E S 1 NYSE Index 3 Date NASDAQ5 AMEX4 DJ Industrials 247.07 (12/31)1' 152.03 ( 1/2) 152.29 (10/5) 117.84 ( 1/2) 1000.17 (11/20) 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 ( 5/29) 192.29 ( 2/20) 3 10 17 24 78.14 77.78 77.76 78.05 1007.11 1000.27 1005.58 1020.35 369.13 368.50 365.42 361.08 212.65 215.15 216.64 219.56 May 1 8 15 22 29 76.75 76.13 76.54 76.26 76.99 995.58 976.40 985.95 971.72 991.75 356.24 362.18 370.90 373.53 377.00 216.68 214.8A 216.51 219.23 223.47 June 5 12 76.73 77.60 993.79 1006.28 370.01 367.71 221.30 222.76 1979-High Low 63.39 (10/5) 53.88 (2/27) 897.61 (10/5) 796.67 (11/8) 1980-High Low 81.02 (11/28) 55.30 ( 3/27) 1981-High Low 1981-Apr. 15. T R A D I N G V O L U M E 2 Date NYSE AMEX NASDAQ 1979-High Low 81.6 (10/10) 18.0 ( 1/2) 13.2 (10/10) 2.2 ( 1/22) 25.8 (12/17) 7.2 ( 1/2) 1980-High Low 84.1 ( 11/5) 16.1 (12/26) 15.0 ( 1/15) 2.5 ( 4/14) 60.4 (11/19) 10.7 ( 4/14) 1981-High Low 92.9 ( 1/7) 28.9 ( 1/2) 15.8 ( 1/7) 3.6 ( 2/13) 53.2 ( 1/7) 19.7 ( 1/2) 1981-Apr. 3 10 17 24 48.1 50.7 51.8 59.2 6.2 5.8 6.4 7.0 32.7 35.4 35.6 37.1 May 1 8 15 22 29 54.4 44.2 41.8 42.9 53.1 5.7 5.0 5.6 5.5 6.C 35.1 32.0 32.6 33.1 36.1 June 5 12 54. Or 49.7 7. 2r 5.6 35.7r 32.3 1 Figures other than highs and lows are Friday figures only. 2 Volume figures are weekly averages of daily figures (millions of shares). Highs and lows refer to single days. 3 12/31/65 = 50 4 8/31/73 = 100 5 2/5/71 = 100 16. SECURITY C R E D I T 1 Outstanding, dollar amounts in millions CnH nf penou nAfIAH Liiu ut 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 1979 - J a n . Feb. Mar. 10,750 10.790 10,870 199 195 181 950 950 965 79 71 79 Apr. May June 11,220 11,130 11,590 194 183 172 960 970 980 77 78 79 July Aug. Sept. 11,840 12,060 12,000 178 176 177 970 995 1,005 81 86 84 Oct. 11,310 10,920 11,450 173 161 167 985 1,000 1,020 73 83 84 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 11,200 168 167 165 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. Dec. 13,080 14,140 14,500 211 220 219 1,120 1,155 1,180 87 87 86 1981 - J a n . Feb. 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 Nov. Dec. 1980 — J a n . Feb. Mar. Nov. Margin account debt as reported by the New York Stock Exchange. 17. S A V I N G S F L O W S A T S E L E C T E D N O N B A N K T H R I F T I N S T I T U T I O N S Millions of d o l l a r s M u t u a l Savings B a n k s (regular d e p o s i t s ) 1 Net flow Date N.S.A. Sea. adj. Annual growth rate3 Net f l o w N.S.A. Sea. adj. Annual growth rate3 Memo: Net New Money 2 Total Savings a n d L o a n A s s o c i a t i o n s Net flow (sea. a d j . ) Annual growth rate3 At insured S&L's At MSB's 11.6 50,169 17.5 62,854 15.9 34,369 5,283 8.7 50,888 15.0 60,982 13.3 3],004 2,874 — 6.3 44,153 11.3 52,292 10.1 23,460 -591 2,900 — 2.1 39,051 9.1 42,226 7.4 15,029 -6,963 7,380 — 5.1 40,955 8.7 48,330 7.9 10,667 -4,831 1976 12,670 — 1977 10,783 — 1978 8,426 1979 1980 -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 Dec. -983 -325 1,006 -372 -245 266 -3.1 -2.0 2.2 1,855 1,153 4,505 2,810 3,009 2,666 7.3 7.8 6.8 2,438 2,764 2,932 4.8 5.5 5.8 1,314 732 -700 -1,421 —7 65 -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 -101 5.6 6.9 —0.3 1,807 2,923 -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 4,716 4,079 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 10.1 8.6 4,359 5,147 4,427 8.3 9.7 8.3 961 1,285 6 2.46 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 4,498 5,693 11.9 10.8 13.5 5,987 4,899 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 2,183 3,895 -914 3.9 7.0 -1.6 599 879 -2,264 -979 -385 -757 Apr. P1 - 1 , 2 2 5 -229 -1.8 -2,912 1,468 3.4 1,239 2.2 -4,630 -2,000 1979-July Aug. Sept. Oct. Nov. 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 9 6 percent o f m d u s t r y 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. 18. M O R T G A G E COMMITMENTS O U T S T A N D I N G A T SELECTED INSTITUTIONS Billions of dollars, seasonally a d j u s t e d Federal and Related Agencies T h r i f t Institutions End of Period Total j All savings and loan associations Mutual savings banks (N.Y. state) 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. 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. 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. 28.5 27.6 26.9 27.0 27.1 26.2 25.5 25.3 1.4 1.4 1.4 1.7 10.3 9.6 9.1 8.6 3.3 2.8 2.3 2.1 6.3 6.2 6.0 5.8 0.7 0.6 0.8 0.7 Nov. Nov. on data from Federal Home Loan Bank Board, Savings Banks Association of New York State, and federal and related agencies, seasonally adjusted by Federal Reserve. Both thrift institutions series include a minor amount of non residential commitments; S& L commitments also include loans in process. Subtotals may not add to total because of rounding. 18 19. NET NEW MONEY BORROWINGS BY MAJOR HOUSING C R E D I T A G E N C I E S 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 0 0 1,033 1,372 834 199 -128 0 0 1,500 967 424 -460 Apr. May June 1,027 304 1,363 997 215 1,299 -3 -7 199 1,000 30 89 64 July Aug. Sept. 1,625 360 398 1,916 613 -154 700 415 216 1,000 0 198 146 0 -300 -291 -253 552 Oct. Nov, Dec. 2,297 1,791 1,375 1,599 1,453 150 1,300 953 -1 0 300 500 0 698 338 1,225 1980-Jan. Feb. Mar. 328 927 3,580 -2 0 330 917 Apr. May June 2,205 1,366 -929 1,499 2,649 July Aug. Sept. -979 -458 1,325 442 Oct. Nov. Dec. 1981-Jan. Feb. Mar. Period Intermediate- and long-term issues 10 1,780 1,000 1,200 FHLMC 0 0 222 O 0 0 -350 1,400 -2 160 0 1,100 200 -120 500 1,800 500 1,750 0 -1 -1 0 706 -1,283 *1,929 0 -8 450 1,000 900 1,000 0 -97 1,000 -650 -1,421 -1,658 1,072 0 0 -300 750 2,307 -587 0 -450 3,140 600 -18 1,000 800- -4 -105 -1,375 -514 912 200 253 1,000 3,607 313 3,390 1,300 900 250 1,600 , 207 -18 957 1,582 496 45 Based on data from Treasury Survey of Ownership. 150 FNMA 150 700 200 300 -650, 19 2 0 . N E T C H A N G E IN M O R T G A G E H O L D I N G S A T S E L E C T E D I N S T I T U T I O N S Millions of 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 Major private financial institutions • #. • • Period • MSB's S&L's Life insur. companies 3,882 43,064 12,609 8.162 976 20,804 3.262 1980 86,712 5 9 , 2 5 4 18,574 491 27,826 12,363 7,314 1,036 17,445 1,663 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 1,296 267 365 133 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 1,771 328 388 277 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 2,142 245 290 247 11.276 10,179 8,165 8,341 6,637 4,872 2,715 2,388 2,344 236 231 86 3,808 2,827 1,469 1,583 1,191 973 707 907 830 -39 247 13 1,902 2,298 2,18? 364 90 267 Jan. , Feb. Mar. 9,423 8,736 7,327 5,917 6,397 5,163 2,260 2,328 1,973 152 275 22 2,126 2,557 1,828 1,379 1,238 1,340 1,061 664 1,087 50 99 9 2,229 1,439 862 166 138 206 Apr. May June 7,047 3,340 2,398 3,493 1,414 714 1,447 620 195 -13 106 -109 857 -438 -236 1,203 1,127 864 1,125 533 259 135 -72 -1 2,125 1,263 1,246 169 202 181 July Aug. Sept. 6,111 7,624 8,076 , 3,871 5 , 5 7 !i 6,287' 1,095 1,084 1,159 -116 -103 -14 1,767 3,587 4,442 1,125 1,006 700 315 109 72 60 142 169 1,596 1,639 1,326 269 159 222 Oct. 10,6821 7,846 i 8,10C ) 8,121L 2 , 6 0 1 6 , 4 0 :5 1 , 8 6 8 5,89<3 1 , 9 4 5 169 74 48 4,511 3,631 3,195 840 829 711 109 595 844 146 97 200 1,770 771 1,180 36 -21 -63 5,33 7 5.39 6 4,6318 n.a . n.a . 121 125 21 n. a . n.a 3,066 2,747 1,787 2,147 n.a. 785 960 670 n.a n. a 160 74 -133 n.a. n.a. —68 139 -35 -134 n. a 1,114 1,381 -35 n.a. n.a. 107 18 216 77 n.a Dec. 1980 Dec. e Commercial banks 8 8 , 7 8 0 29 .225 Nov. e ( FHLMCGNMA!g u a r a n t e e d <g u a r a n t e e d 122,984 Nov. • Total Mortgagi e p o o l s FHLMC 1979 Oct. • Total FNMA and GNMA 1981 Jan. Feb. Mar. Apr. May 6,65<3 7,0013 5,23 7 n. a n.a 1,365 1,564 2,090 2,879 2,032 Monthly data for commercial banks based on Federal Reserve estimates benchmarked to Call Report data on real estate loans outstanding as available. Ofi'-sr data derived from mortgage debt outstanding as reported separately by National Association of Mutual Savings Banks, Federal Home Loan Bank Board, American Council of Life Insurance, the Federal National Mortgage Association, the Government National Mortgage Association, and the Federal ® Home Loan Mortgage Corporation. Data for mutual savings banks and life insurance companies may differ somewhat from those derived from regular quarterly series because of minor conceptual differences for which adjustments are not mads in t'-e monthly series. Altogether, these groups accounted for 89 percent of the net increase estimated for all holders in 1978. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis NET CHANGE IN MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY 1 Billions of dollars, seasonally adjusted annual rates Commercial Multifamily and commercial Residential Quarter Total Total 1 - t o 4family Multifamily Farm 1976-Ql Q2 Q3 04 84.0 75.1 92.1 97.7 68.4 59.4 72.6 78.1 62.8 55.6 68.9 75.5 5.6 3.8 3.7 2.6 10.8 11.3 13.2 12.4 16.4 15.1 16.8 15.0 4.8 4.4 6.4 7.3 1977-Q1 02 03 04 108.9 134.2 139.1 150.6 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 1978-01 02 03 04 131.4 144.1 150.4 159.7 101.8 112.2 120.5 131.0 93.2 101.2 111.3 122.9 8.6 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 02 Q3 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 '5-2=2 not available, and interpolations and extrapolations, where requited, estimated mainly by Federal Reserve. 22. AVERAGE RATES AND YIELDS ON HOME MORTG AGES AND PASS-THROUGH SECURITIES Secondary market Primary market Rates on conventional loans at S&L's Period FHA/VA mortgages ; Period Yield in FNMA auction Discount points in FNMA auction Ceiling rate Conventional mortgages Yield on GNMA securities Yield in FNMA auction Yield in FHLMC auction 1979-Hieh Low 12.90 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 10.73 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 3 14.89 7.63 7.33 14.88 7.56 13.18 13.50 13.62 13.71 13.76 15.04 14.84 13-1/2 13-1/2 13-1/2 13-1/2 13-1/2 14.16 14.43 14.51 14.60 14.72 6 13 20 27 15.00 15.03 15.20 15.30 Feb. 13-1/2 13-1/2 13-1/2 13-1/2 14.08 14.41 14.26 14.31 6 13 20 27 15.40 15.40 15.40 15.40 Mar. 14 14 14 14 14.17 13.96 14.23 14.18 3 10 17 24 15.40 15.50 15.65 15.77 Apr. 14 14-1/2 14-1/2 14-1/2 14.69 14.64 14.61 14.81 1 8 15 22 25 15.82 16.12 16.64 16.63 16.80 May June 4 11 18 26 1 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 5 16.76 June 8 15-1/2 14.89 Jan. Feb. Mar. Apr. May June Feb. Mar. 10 17 23 2 9 16 23 30 6 13 20 27 mmm — 15.59 —— 11.11 —— 15.88 12.51 —— 15.39 7.45 15.74 9.23 —— 16.47 10.14 —— 16.61 • • ** 17.21 10.81 —— 8.58 —— 16.65 5.89 —— 16.17 3.49 14.85 14.83 15.26 15.39 —— 15.19 15.42 —— 15.57 15.75 16.42 16.45 16.31 15.04 15.10 15.13 15.31 15.18 14.93 15.08 15.11 15.35 15 .44 15.51 15.69 16.35 16.77 16.51 16.45 16.31 16.16 Column 2 is average of contract interest rates on commitments for level-payment conventional first mortgages with 8 0 percent loan-to-value ratios and 30 year maturities made by a sample of insured S&Ls. Columns 4 and 8 are average gross yield to FNMA before deduction of the fee of 37% basis points paid for mortgage servicing. They reflect the average accepted bid yield for first mortgages for optional delivery within 4 months, assuming prepayment in 12 years for 30-year loans, without adjustments for FNMA commitment fees and FNMA stock retention requirements. Column 7 is a 1-day quote on average net yields to investors on GNMA-guaranteed mortgage-backed securities for immediate delivery, assuming prepayment in 12 years on pools of 30-year FHA/VA mortgages carrying a coupon rate 50 basis points below the current FHA/VA ceiling rates shown in Column 6. Column 9 is the average net yield to FHLMC on accepted bids in its weekly auction of commitments to buy conventional home mortgages for immediate (within 60 days) delivery. Beginning July 7 , 1 9 8 0 , the FNMA auction results for FHA/VA mortgages do not include graduated payment mortgages. 22 23. FNMA AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES D o l l a r a m o u n t s in m i l l i o n s Conventional mortgages F H A / V A mortgages D a t e of auction A v e r a g e yield Offered Accepted A v e r a g e yield Offered Accepted 1980-High Low 644.2 63.8 354.6 35.1 15.93 12.28 426.0 12.4 133.0 19.6 17.51 12.76 1981-High Low 146.9 35.8 99.6 34.1 17.21 14.84 177.5 12.4 147.0 11.1 16.45 14.83 74.8 64.3 61.2 53.3 16.47 16.61 49.5 77.4 37.7 54.3 15.57 15.75 Apr. 13 27 May 11 26 109.9 94.9 9Q.6 79.5 17.21 16.65 114.6 166.7 72.2 83.7 16.42 16.45 June 8 107.5 98.0 16.17 177.5 147.0 16.31 24. FHLMC AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES Accepted A v e r a g e yield 401.4 4.9 200.3 2.5 16.22 11.60 255.2 34.1 26.9 10.5 17.15 12.89 141.6 40.7 65.9 13.2 16.77 14.16 73.6 30.3 18.4 5.0 17.12 15.16 7 14 21 27 77.6 88.6 77.1 86.0 24.7 23.8 26.9 30.8 15.35 15.44 15.51 15.69 — — —— 4 11 18 26 44.2 41.3 47.4 44.3. 15.2 13.2 21.0 20.1 16.35 16.77 16.51 16.45 2 9 72.2 n.a. 25.9 n.a. 16.31 16.16 >81-High Low June Offered Accepted Low May Average yield Offered I80-High Apr. Future commitment program I m m e d i a t e delivery program D a t e of auction 62.6 — ' 5.0 — 15.87 — — — 69.1 17.5 — —— n.a. — n.a. 17.12 — " n.a. > 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 2 4 , 1 9 8 0 , the FHLMC's future commitment program involved 6-month commitments; subsequently, 8-month commitments have been auctioned. Source: FNMA and FHLMC ZJ ^ 25. ISSUES OF MORTGAGE-BACKED SECURITIES Millions of dollars, not seasonally adjusted GNMA-guaranteed Period • New issues New issues Outstanding end of period) New issues 17 ,440 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 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. Nov. Dec. 2,639 3,250 1,895 71.457 74,106 .76,401 530 186 361 14,838 14,916 15,180 470 383 300 2,987 3,353 3,641 0 0 70 1980 - J a n . 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 84,282 199 391 232 15,613 15,949 16,120 510 495 413 5,269 5,760 6,168 0 0 190 July Aug. Sept. 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 Oct. Nov. Dec. 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 ' 1981-Jan. ' t Feb. Mar. Apr. 1,302 1,306 1,046 1,404 95,061 96,292 97,184 98,405 168 94 127 97 16,952 17,010 17,067 17,131 529 251 460 506 8,233 9,489 9,900 10,360 0 0 0 n.a. 1979- J a n . Feb. # # E E # Outstanding end of period) Public offerings of mortgageoacKea oonas Outstanding by savings and (end of period) loan assoc. Privately insured 1977 J # Pass-through securities FHLMC-guaranteed ^ # 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, and Federal Reserve,
@FedFRASER