Full text of H.16 Capital Market Developments : June 19, 1978
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Capital Market Developments \ WA % \ \ June 19, 1978 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 $.50 each. Address requests to Publications Services, Division of Administrative Services, and make payment remittance payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. Currency. TABLES 1 - 6 SECURITY V O L U M E AND Y I E L D S 7, 8 STOCK MARKET AND SECURITY CREDIT 9-16 MORTGAGE M A R K E T SYMBOLS 6 ESTIMATE P PRELIMINARY r REVISED n.a NOT A V A I L A B L E DATA DO NOT EXIST Table 1 YIELDS, VOLUME AND RECEPTION CORPORATE BOND MARKET VOLUME YIELDS WEEK ENDING 1978 - A p r i l NEW ISSUE Aaa UTILITY 1 RECENTLY OFFERED Aaa UTILITY 2 GROSS OFFERINGS ($ MILLIONS) 3 PER C E N T SOLD BY END OF WEEK NEW ISSUES IN S Y N D I C A T E ($ MILLIONS) 7 14 21 28 8.88 8.88 8.93 8.92 8.82 8.84 8.84 8.91 300 558 813 192 87 98 82 96 23 10 145 8 5 12 19 26 8.87 8.95 9.02 8.90 8.92 8.98 9.10 128 288 515 647 96 93 94 94 5 21 31 41 9.05 9.06r 8.96p 36 671 263 100 97 80 0 20 53 May June 2 9 16 —— 9.04 9.02p 4 MUNICIPAL BOND MARKET VOLUME YIELDS WEEK ENDING MOODY'S N E W ISSUE Aaa BOND BUYER 20-80ND INDEX GROSS OFFERINGS ($ MILLIONS) 3 PER C E N T S O L D BY END OF WEEK NEW ISSUES 4 IN S Y N D I C A T E ($ MILLIONS) 1978 - A p r i l 7 14 21 28 5.40 5.40 5.40 5.45 5.76 5.74 5.79 5.89 346 785 739 1,264 84 91 89 88 189 186 185 248 May 5 12 19 26 5.45 5.55 5.55 5.75 5.98 5.99 5.98 6.16 739 1,213 1,518 1,097 79 87 91 81 281 191 290 294 June 2 9 16 5.75 5.65 5.65 6.19 6.18 6.16 134 743 797 92 90 87 213 174 177 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 2 MOODY'S SEASONED CORPORATE Aaa 3 U.S. GOVT. 20-YEAR CONSTANT MATURITY 4 BOND BUYER 2Q-BOND INDEX (10/11) (1/4) 9.39 7.73 (10/11) (1/4) 8.68 7.39 (8/30) (1/4) 7.15 5.15 (12/12) (2/7) 9.71 9,06 (5/25) (2/28) 9.01 8.57 (5/2) (2/28) 8.63 7.63 (9/19) (2/21) 7.67 6.27 (10/3) (2/13) (5/28) (12/10) 9.10 7.84 (1/2) (12/31) 8.66 7.91 (5/28) (12/31) 8.17 7.27 (5/28) (12/31) 7.29 5.95 (1/2) (12/K,) 8.36 7.90 (12/16) (1/7) 8.48 7.95 (12/30) (1/7) 8.28 7.88 (12/30) (1/7) 7.99 7.26 (12/30) (1/7) 5.93 5.45 (2/4) (11/17) 9.04 8.60 (6/9) (3/24) 9.10 8.48 (5/26) (1/6) 8.79 8.30 (6/2) (1/6) 8.49 8.02 (6/2) (1/6) 6.19 5.58 (6/1) (3/17 (10/4) (2/15) 1974 - High Low 10.61 8.05 1975 - High Low 9.80 8.89 (5/2) (2/7) 1976 - High Low 8.95 7.93 1977 - High Low 1978 - Hi,;h Lo ' 10.52 8.13 1978 - Ma / 5 12 19 26 8.87 8.95 9.02 8.90 8.92 8.98 9.10 8.62 8.65 8.69 8.76 8.40 8.44 8.44 8.47 5.98 5.99 5.98 6.16 Jura 2 9 16 9.04 9.02p 9.05 9,06r 8.96p 8.79 8.74 8.73p 8.49 8.47 8.47p 6.19 6.18 6.16 NOTES: 1 Federal Rt erve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection. 2 Federal R erve series ot 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 av rage of daily closing figures. 4 Weekly av rage of daily figures, U.S. Treasury data. 5 Thursday igures. The average rating of the 20 bonds used in this index falls midway between the four top groups as classified by Moody's Investors Service. Weekly Bond Buyer data. 5 Table 3 LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS IN MILLIONS OF DOLLARS GROSS PROCEEDS 1 CORPORATE PERIOD 1978 J 1977 1 1976 1 2 STATE AND LOCAL 1978 J 1977 2 1976 2 January February March 3,013 2,657 4,500e 4,362 2,792 5,578 3,381 3,863 6,632 3,288 2,728 4,538 3,402 3,442 4,063 2,451 2,885 3,365 April May June 3,300e 3,200e 3,998 3,797 5,660 3,507 4,186 6,439 3,500e 5,lOOe 3,409 4,566 5,786 2,218 3,575 3,115 July August September 4,289 3,469 4,177 3,216 3,357 4,817 3,113 4,118 4,013 2,734 2,821 2,814 October November December 4,221 5,331 6,531 4,511 3,074 6,503 3,807 3,332 3,646 3,524 3,336 2,342 10,907 13,761 11,244 10,785 8,701 8,908 8,369 9,202 24,668 35,912 46,697 17,609 25,978 35,180 01 02 03 04 9,370e 1st Half 3 Qtrs. Year 12,732 13,455 11,935 16,083 13,876 14,132 11,390 14,088 26,187 38,122 54,205 28,008 39,398 53,488 10,554 NOTES: 1 Securities and Exchange Commission estimates of gross proceeds. 2 Securities Industry Association estimates of principal amounts. 3 E s t i m a t e d by F e d e r a l R e s e r v e on the b a s i s of a v a i l a b l e d a t a . Table 4 NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE AND ISSUER IN MILLIONS OF DOLLARS GROSS PROCEEDS BY TYPE OF ISSUER GROSS PROCEEDS BY TYPE OF ISSUE PERIOD MEMO COMMON MANUFACAND ISSUES INCLUDED PRIVATELY TURING PREFERRED PLACED FOREIGN CONVERTIBLE STOCK BONDS TOTAL PUBLICLY OFFERED COMMUNICATIONS OTHER ISSUERS 1976 - I II III IV 13,876 14,132 11,390 14,088 7,569 7,427 4,904 6,553 2,754 3,584 4,624 4,962 3,553 3,121 1,861 2,573 1,340 1,843 1,267 1,795 262 478 199 55 4,497 3,757 2,982 4,259 4,044 3,140 3,317 3,917 765 1,879 378 541 4,596 5,358 4,715 5,369 .1977 - I n I>I IV 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 4,217 858 1,810 1,560 1,025 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 6,4 0 1977 - January February M trch A-rll M ly Jane July August September October November December 4,362 2,792 5,578 3,998 3,797 5,660 4,289 3,469 4,177 4,221 5,331 6,531 2,786 1,102 2,610 1,961 1,600 2,045 2,360 1,947 1,908 2,114 2,211 1,542 974 780 1,773 1,446 949 2,580 97?. 965 1,569 979 1,200 3,820 602 910 1,195 591 1,248 1,035 695 557 700 1,128 1,920 1,169 300 433 125 600 350 850 935 150 475 300 425 300 0 6 0 50 2 56 25 262 208 1 22 16 1,129 757 1,145 1,381 643 1,416 1,349 1,068 833 731 782 2,541 989 470 1,588 984 1,670 1,471 903 497 1,501 1,437 1,729 1,080 50 557 808 334 309 41b 277 45 322 8 1,013 299 2,194 1,006 2,038 1,298 1,176 2,356 1,761 1,8)8 1,5 U 2,045 1,8)5 2,610 1978 - January February 3,013 2,657 1,382 1,464 998 667 633 526 325 0 0 0 273 716 644 465 519 34 1,5/8 1,4'+1 NOTES: 1 1 PUBLIC UTILITY Other issue t 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 30 through June 16, 19 78 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE OFFERING YIELD 8.75 8.75 MOODY'S/S&P'S RATINGS CORPORATE Crocker N a t i o n a l Corp. P u b l i c S e r v i c e of New Mexico T y l e r Corp. F i n l a n d , R e p u b l i c of New J e r s e y T e l e . Co. D e t r o i t Edison Co. P a c i f i c Gas & E l e c t r i c Co. H.H. Robertson Co. John Deere C r e d i t Co. S e c u r i t y P a c i f i c Corp. R a i n i e r Bancorp. Arizona P u b l i c S e r v i c e Co. Niagara Mohawk Power Corp. Lanier B u s i n e s s Products I n c . S e a f i r s t Corp. P e n n s y l v a n i a E l e c t r i c Co. Arrow E l e c t r o n i c s I n c . C r y s t a l O i l Co. C a r o l i n a Power & L i g h t Co. T r a n s c o n t i n e n t a l O i l Co. Ticor Houston O i l and Mineral Corp. C e n t r a l I l l i n o i s P u b l i c Svc. Tiaer I n t e r n a t i o n a l Inc. Com. s t k . Com. s t k . Debt. Bonds Debt. 1 s t mtg. 1 s t mtg. Conv. deb t . Debt. Notes Com. s t k . Com. s t k . Com. s t k . Com. s t k . Com. s t k . 1 s t mtg. Debt. Debt. 1 s t . mtg. Debt. Debt. P f d . (conv. ) Com. s t k . Com. s t k . 50.0 31.2 30.0 100.0 100.0 70.0 200.0 15.0 75.0 100.0 30.3 49.4 50.0 15.1 39.0 60.0 17.0 30.0 100.0 20.0 50.0 75.0 23.2 38.0 — 2008 1983 2018 2008 2011 1998 2003 1985 10.50 8.75 8.75 9.88 9.38 8.25 9.35 8.80 —— —— 10.50 8.90 8.85 10.00 9.42 8.25 9.35 8.80 Ba/BB+ Aa/AAA Aaa/AAA Baa/BBB Aa/AA- — —— — —— — —— —— 2008 1998 1990 2008 1998 2008 * Rights offering. 1 Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings. J—— — A/A Aa/AA — — NOTES: A/ — —— —— 9.50 12.00 12.63 9.25 12.88 9.50 6.76 —— —— —— —— • 9.55 12.00 12.63 9.27 13.45 9.50 6.76 A/BBB B/B B/B A/A B/B --/A — j — T a b l e SB INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' May 30 through June 16, 1978 ISSUER TYPE AMOUNT ( M I L L I O N S OF DOLLARS) MATURITY NET I N T E R E S T COST OFFERING YIELD MOODY'S/S&P'S RATINGS S T A T E A N D LOCAL P o r t l a n d , Ore. Chelan Co. Pub. U t i l . D i s t . , Wash. Chelan Co. Pub. U t i l . D i s t . , Wash. Ohio Water Dev. Auth. Omaha, Neb. West V i r g i n i a , S t a t e of W o r c e s t e r , Mass. W o r c e s t e r , Mass. Ohio Water Dev. Auth. Texas A and M Univ. S y s . Univ. of Texas System Wyoming Mun. Power Auth. Wyoming Mun. Power Auth. Iowa S t a t e U n i v e r s i t y M i s s o u r i Bd. of P u b l i c B u i l d i n g s H a w a i i , S t a t e of H a w a i i , S t a t e of P i t t s b u r g h , Pa. Cambridge, Mass. G e o r g i a Mun. E l e c t r i c Auth. G e o r g i a Mun. E l e c t r i c Auth. G e o r g i a Mun. E l e c t r i c Auth. G e o r g i a Mun. E l e c t r i c Auth. Delaware Co. A u t h . , Pa. Rev. Rev. Rev. Rev. G.O. G.O. G.O. G.O. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. G.O. Rev. Rev. Rev. Rev. Rev. 15.0 2.0 8.0 27.0 20.0 50.0 9.2 3.0 17.5 11.0 21.0 4.9 16.6 12.0 13.5 5.0 15.0 14.0 23.1 20.9 22.6 18.3 38.2 3.9 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. 1979-1998 1981-2006 2029 2008 1979-1998 19 79-2003 1979-1998 1979-2008 1981-2005 1979-1985 1979-1985 1983-1998 2016 1979-2003 1981-1999 1981-1992 2008 1989-1998 1979-1998 1980-1995 2002 2006 2012 1981-1993 6.70 6.77 6.77 —— 5.06 5.66 5.99 6.35 6.28 5.14 5.14 6.98 6.98 6.02 5.77 6 .64 6.64 6.49 5.70 6.72 6.72 6.72 6.72 7.25 4.75-6.70 4.50-6.50 6.75 5.94 4.10-5.60 4.20-6.00 4.50-6.25 4.50-6.60 4.75-6.60 4.00-4.65 4.00-4.65 5.10-6.60 7.00 4.40-6.20 4.50-5.90 4.90-6.00 6.70 6.10-6.90 4.25-6.00 4.60-6.25 6.67 6.74 6.80 5.00-6.50 A/— ~/A+ —/A+ Aaa/AAA Aaa/AAA A-l/AA+ A-l/ — A-l/ — A/A+ Aaa/AAA Aaa/AAA A/— A/ — Aa/ — Aa/AA A/A A/A Baa-l/AA Aa/— A/A+ A/A+ A/A+ A/A+ A-1/A+ Table 5B Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY May 30 through June 16, 1978 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY STATE AND LOCAL Delaware Co. A u t h . , Pa. North C a r o l i n a Educ. A s s t . Auth. North C a r o l i n a Educ. A s s t . Auth. Tucson, A r i z . Tucson, A r i z . Tucson, A r i z . Winston-Salem, N.C. W. Lake S u p e r i o r S a n t . D i s t . , Minn. Oshkosh, Wise. Oshkosh, Wise. J e f f e r s o n Co., Ky. J e f f e r s o n C o . , Ky. P l a t t e Co., Wyo. P l a t t e Co., Wyo. P l a t t e Co., Wyo. West J e f f e r s o n , Ala. Onondaga Co., N.Y. F l o r i d a , S t a t e of F l i n t , Michigan Tacoma Sch. D i s t . #10, Wash. Goose Creek Ind. Sch. D i s t . , Tex. Washtenaw Co., Mich. I l l i n o i s , S t a t e of L o u i s i a n a , S t a t e of Independence, Mo. Montana Board of Housing Montana Board of Housing Montana Board of Housing Rev. Rev. Rev. Rev. G.O. G.O. G.O. G.O. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. G.O. G.O. G.O. G.O. G.O. G.O. G.O. Rev. Rev. Rev. Rev. 14.5 8.0 11.0 8.0 4.5 2.9 10.2 16.0 3.9 10.0 7.0 35.0 28.5 36.6 9.9 48.0 15.5 137.3 10.0 14.6 10.5 13.4 150.0 115.8 39.1 8.6 2.3 2.7 2010 1979-1988 1996 1984-1993 1982-1995 1979-1986 1979-2000 1979-1996 1981-1995 2009 1998 2008 1983-1997 2007 2008 2008 1979-2001 1982-2000 1978-2006 1979-1991 1980-1997 1979-2007 1979-2003 1979-1998 1980-1994 1979-1997 2003 2009 NET INTEREST COST 7.25 5.90 5.90 5.71 5.67 5.37 5.28 5.71 7.33 7.33 6.39 6.39 —— — — 5.34 5.65 6.22 5.34 6.17 5.51 5.43 5.45 6.23 6.23 6.23 OFFERING YIELD 7.25 4.25-5.25 6.00 4.60-5.90 5.00-5.75 4.60-5.30 4.00-5.60 4.50-5.90 5.00-6.60 7.38 6.13 6.38 5.10-6.60 7.00 6.90 7.41 4.10-5.70 4.65-6.00 4.00-6.40 4.40-5.70 4.20-5.50 4.20-6.38 4.15-6.10 4.15-5.75 4.40-5.70 4.40-6.10 6.40 6.50 MOODY'S/S&P RATINGS A-1/A+ A-l/AA A-l/AA A-l/A A-l/AAA-1/A+ Aa/AA+ A-1/A+ —/A — /A Aaa/ — Aaa/— A/BBB+ A/BBB+ A/BBB+ — / — Aaa/— Aa/AA A-l/AA — / — Aa/A+ Aa/AA Aaa/AAA Aa/AA Aa/AA Aa/AA Aa/AA Aa/AA 10 Table 6A FORTHCOMING INTERMEDIATE AND LONG-T ;RM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of June 16, 1978 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING CORPORATE New York T e l e . Co. P u b l i c S e r v i c e E l e c t r i c & Gas Co. Chrysler Corp. ITT F i n a n c i a l Corp. Delmarva Power & L i g h t Co. ^William Trust Co. B a l t i m o r e Gas & E l e c t r i c Co. Consumer Power Co. L o u i s v i l l e Gas & E l e c . Co. M i s s o u r i P a c i f i c R a i l r o a d Co. *Duke Power Co. Northwest Bancorp. Bangor Punta Co. ^McDonalds Anglo Co. P.R. Mailory & Co. Prime Computer I n c . General T e l e . Co. P a c i f i c T e l . & T e l e . Co. L o u i s i a n a Power & L i g h t *Puget Sound & Power Co. *New England Power Co. ^Arkansas Power & L i g h t *Texas I n t e r n a t i o n a l Co. *Petro Lewis Corp. ^Budget C a p i t a l Corp. *Filmways I n c . United I l l u m i n a t i n g Co. I n t e r p o o l Ltd. Texas I n t e r n a t i o n a l Co. Debt. Com. s t k . P f d . s t k . (w/w) Debt. 1 s t mtg. Gtd. s h i p f i n . 1 s t mtg. Pfd. s t k . Pfd. stk. Equip, t r . 1 s t mtg. No t e s Conv. d e b t . Notes Debt. Notes Conv. d e b t . Debt. Debt. 1 s t mtg. 1 s t mtg. 1 s t mtg. 1 s t mtg. Debt. Deb t . Debt. Notes Com. s t k . Pfd. s t k . Pfd. stk. 150.0 60.0 150.0 125.0 50.0 95.6 75.0 50.0 25.0 15.9 125.0 50.0 50.0 100.0 20.0 20.0 15.0 50.0 300.0 60.0 65.0 50.0 75.0 30.0 35.0 25.0 35.0 21.0 26.0 15.0 June June June June June June Tune June June June June June June June June June June July July July July July July July July July July Indef Indef Indef OTHER Ito-Yakado Co. Ito-Yakado Co. ^Norway Notes Conv. deb t . Notes 20.0 50.0 100.0 June June June NOTES: * Included in table for first time. 1 Includes only corporate and other security issues of $15 million and over; excludes exchanges, options 20 21 21 22 22 22 27 27 27 29 6 11 12 18 18 20 . . - 21 21 T a b l e 6B FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U S. TREASURY ' As of June 16, 1978 TYPE ISSUER AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING STATE & LOCAL Albuquerque, N.M. *Hibb i n g , Minn. New Mexico Hollywood Burbank Apt. A u t h . , Cal. Fargo, N.D. *Alburquerque, N.M. P e n n s y l v a n i a , S t a t e of *New York S t a t e Dorm. Auth. ^Oakland Co., Mich. Maryland, S t a t e of Chicago Pub. B u i l d . Comm., 111. I l l i n o i s I n d u s t . P o l l . F i n . Auth. C h a r l e s t o n , W. Va. * S t . L o u i s , Mo. *Ames, Iowa ^ P h i l a d e l p h i a , Pa. S t . Louis Park, Minn. C a l i f o r n i a Hsg. F i n . Agy. New J e r s e y , S t a t e of ^Missouri S t a t e E n v i r o . Improv. Auth. P o r t l a n d , Oreg. Fond Du Lac, Wise. North C a r o l i n a Medical Care Comm. ^ V i r g i n i a Port Auth. ^Kansas C i t y , Kan. ^ I l l i n o i s H e a l t h Fac. Auth. Manatee Co.-Wide Sch. D i s t . , F l a . *Washington P u b l i c Power Supply Sys. Oregon, S t a t e of *Rockford Audit. B u i l d . A u t h . , 111. Toledo, Ohio * S a l t River A g r i c . Improv. & Pwr. D i s t . , Ariz. C i n c i n n a t i , Ohio *Grand River Dam A u t h . , Okla. POSTPONEMENT Webster Co., Ky. G.O. Rev. Rev. Rev. G.O. Rev. G.O. Rev. G.O. G.O. Rev. Rev. G.O. Rev. Rev. Rev. Rev. Rev. G.O. 18.0 12.5 32.2 20.7 17.2 22.0 69.0 30.0 17.7 115.0 30.0 20.0 10.0 30.0 26.0 70.0 14.7 50.0 100.0 June June June June June June June June June June June June June June June June June June June 19 19 19 20 20 20 20 21 21 21 22 22 22 27 27 27 27 27 27 Rev. Rev. G.O. Rev. Rev. Rev. Rev. G.O. Rev. G.O. Rev. G.O. 31.0 14.6 19.3 69.0 10.3 15.6 34.1 11.5 180.0 150.0 15.3 12.0 June June June June June June June July July July July July 28 28 28 29 Rev. G.O. Rev. 100.0 11.5 427.2 July July July 13 18 19 Rev. 75.0 June 22 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. 5 11 11 11 11 Table 7 STOCK PRICES AND VOLUME 1 STOCK PRICES NYSE INDEX 3 AMEX BJ INDUSTRIALS 4 2 TRADING VOLUME NASDAQ NYSE AMEX NASDAQ 7.5 (1/3) 2.8 (7/5) 1974-High Low 53.37 (3/13) 32.89 (10/3) 891.66 (3/13) 577.60 (12/6) 102.01 (3/14) 58.26 (12/9) 96.53 (3/15) 54.87 (10/3) 24.9 (1/3) 7.5 (7/5) 4.4 (1/3) .9 ( 9 / 2 6 ) 1975-High Low 51.24 (7/15) 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 (2/13) 8.7 (9/15) 4.2 (2/21) (9/15) 8.1 (2/13) 2.5 (9/15) 1976-High Low 57.51 (9/21) 48.04 (1/2) 1014.79 (9/21) 858.71 (1/2) 107.05 (7/12) 84.31 (1/2) 92.52 (7/15' 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 (1/3) 49.78 (11/2) 999.75 (1/3) 800.85 (11/2) 127.89 (12/30) 109.61 (1/12) 105.05 (12/30) 93.66 (4/5) 35.3 (11/11) 10.6 (10/10) 4.2 (1/13) 1.4 (9/22) 11.2 (11/10) 5.1 (5/27) 1978-High Low 56.20 (6/8) 48.37 (3/6) 866.51 (6/6) 742.12 (2/28) 151.32 (6/14) 119.73 (1/11) 124.51 (6/14) 99.09 (1/11) 63.5 (4/17) 7.6 (1/20) 6.2 (4/17) 1.3 (1/20) 18.8 (5/18) 2.8 (1/20) May 5 12 19 26 53.97 54.85 54.95 54.14 829.09 840.70 846.85 831.69 139.89 142.57 144.66 144.30 117.27 119.40 121.57 119.86 39.2 36.4 40.8 28.6 5.3 5.2 5.5 4.1 14.6 13.7 16.6 12.5 June 2 9 16 55.03 56.08 54.80 847.54 859.23 836.97 145.61 149.35 150.16 121.03 124.41 123.69 27.7 39.3r 31. 7 3.5 5.Or 4.9 11.0 13.5r 12.5 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. 1.1 13 Table 8 SECURITY CREDIT 4 R E G U L A T E D MARGIN CREDIT E X T E N D E D BY B R O K E R S ON MARGIN STOCK E N D OF PERIOD 1 BROKERS ON 2 CONVERTIBLE BONDS 3 BANKS UNREGULATED NONMARGIN STOCK CREDIT AT B A N K S OUTSTANDING 1977 1978 - - April 8,880 196 807 2,350 May 9,070 196 801 2,345 2,551 June 9,230 198 873 July 9,460 204 875 2,568 Angust 9,560 200 885 2,587 Sep tember 9,590 196 881 2,581 October 9,560 191 882 2,579 , November 9,610 246- 872 2,604 December 9,740 250 873 2,568 January 9,590 246 851 2,565 February 9,780 242 877 2,544 9,920 250 855 2,544 10,260 248 914 2,560 April 190 -3 May 190 June 160 JulyAngus t March' April C H A N G E IN O U T S T A N D I N G 1977 - 38 -5 2 72 206 230 6 -2 17 100 -4 10 19 30 -4 -4 -6 -30 1 -2 November 50 -10 25 December 130 1 -36 September October 1978 -3 -6 -150 -4 -22 -3 February 190 - 4 26 -21 March 140 8 -22 April 340 -2 -59 January 16 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 value. 5 Data prior to November not s t r i c t l y comparable due to changes in reporting. 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 REGULAR D E P O S I T S DATE NET FLOW 1974 1975 1976 1977 1 ANNUAL 3 GROWTH RATE 2,165 11,070 12,670 10,647 2.3 11.3 11.6 8.9 TOTAL SAVINGS & LOAN ASSOCIATIONS MUTUAL SAVINGS BANKS NET NEW 2 MONEY -2,822 4,757 5,275 2,874 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 2 DEPOSITS NET FLOW 18,171 53,839 62,839 61,610 ANNUAL 3 GROWTH RATE 5.6 15.8 15.9 13.5 NET NEW MONEY 2 1,846 34,033 39,644 34,783 NOT SEASONALLY ADJUSTED 1977 - September October November December 1,200 683 406 1,425 1978 - January February March , April 626 476 1,712 -264 — —- -137 296 99 -115 5,961 2,396 1,729 5,542 -59 170 338 -553 2,745 2,297 7,153 518 —— —, 1,666 2,270 1,516 883 7,161 3,079 2,135 6,967 2,877 2,073 2,592 364 3,371 2,773 8,865 254 1,529 2,566 1,615 768 —— 2,818 2,243 2,930 -189 —— —— SEASONALLY ADJUSTED 1977 - September uctoDer November December 1978 - January February March/ April 1,131 i,z57 515 655 10.5 11. b 4.7 5.9 721 370 448 301 6.5 3.3 4.0 2.7 —— — —— — —— — — — 5,656 3,832 3,711 3,410 18.2 12.2 11.7 10.6 2,012 2,226 2,846 2,093 6.2 6.8 8.7 6.3 — — —— — — 6,707 5,089 4,226 4,065 16.2 12.0 9.9 9.4 2,733 2,596 3,294 2,394 6.3 5.9 7.5 5.4 •• -• — — —— —— 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. Source: National Association of Mutual Savings Banks and Federal Home Loan Bank Board. • • H„16 • • • • • • • • 15 T a b l e 10 MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS BILLIONS OF DOLLARS, SEASONALLY ADJUSTED NET C H A N G E OUTSTANDING COMMITMENTS PERIOD TOTAL MUTUAL ALL SAVINGS SAVINGS BKS & LOAN ASSOCIATIONS (N.Y. STATE) TOTAL MUTUAL ALL SAVINGS SAVINGS BKS & LOAN ASSOCIATIONS (N.Y. STATE) 1972 25.2 20.3 4.9 7.48 6.28 1.20 1973 19.9 16.4 3.5 -5.31 -3.92 -1.39 1974 14.7 12.5 2.2 -5.20 -3.91 -1.29 1975 20.6 18.6 2.0 5.81 6.06 — . 25 1976 - Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 20.6 21.3 21.8 21.8 22.4 22.9 23.2 23.6 24.5 25.7 27.1 27.9 18.6 19.4 19.6 19.6 20.1 20.7 21.0 21.3 21.9 23.1 24.3 25.0 2.0 2.0 2.2 2.2 2.3 2.2 2.3 2.3 2.6 2.6 2.7 2.8 .35 .79 .33 .12 .50 .57 .30 .40 .89 1.21 1.35 .76 .35 .84 .16 .04 .46 .59 .27 .35 .62 1.21 1.24 .70 1977 - Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 28.0 28.6 29.7 30.2 30.6 31.9 32.4 34.0 35.1 37.4 38.8 39.2 25.4 25.6 26.5 27.0 27.3 28.1 28.7 30.0 31.0 32.8 34.0 34.3 2.8 3.0 3.2 3.2 3.3 3.8 3.8 3.9 4.1 4.5 4.7 4.6 .45 .43 1.07 .49 .37 1.33 .54 1.50 1.24 1.95 1.41 .24 .38 .23 .90 .49 .30 .80 .57 1.32 1.07 1.78 1.18 .34 1978 - Jan Feb Mar Apr 38.6 37.6 36.9 36.3 34.2 33.3 32.7 32.1 4.4 4.3 4.2 4.2 - .35 -1.05 - . 65 - .69 - .11 - .96 - .59 - .65 —— - .05 .17 .08 .04 - .02 .03 .05 .27 — .11 .06 .07 .20 .17 — - - .07 .53 .03 .18 .17 .37 .23 .10 - .24 - .09 — . 06 - .04 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 Table 11 16 NET LEW MONEY BORROWINGS BY MAJOR HOUSING AGENCIES IN MILLIONS OF DOLLARS PERIOD TOTAL INCLUDING SHORT-TERM DISCOUNT NOTES INTERMEDIATE AND LONG-TERM ISSUES TOTAL FHLMC FHLB FNMA FNMA&FHLB SHORT-TERM DISCOUNT NOTES 1 1975 July Aug. Sept. Oct. Nov. Dec. +236 -398 215 587 152 669 +300 -700 100 850 200 600 0 -700 0 +150 0 0 0 0 0 0 200 0 +300 0 100 700 0 600 —64 302 115 -263 —4 8 69 1976 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. -197 -964 -851 124 -953 -107 -58 787 195 -37 -552 145 0 -604 -304 693 -607 0 291 +190 190 310 -297 -219 0 0 0 0 0 -300 0 0 196 -4 -7 -7 -6 -9 +190 -10 -8 -9 -7 0 300 -300 700 0 -200 300 0 200 318 12 -212 -197 -360 -547 -569 -346 99 -349 597 5 -347 -255 364 1977 - Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 12 -862 289 344 532 605 531 347 195 247 466 1,078 188 -592 -354 746 297 203 553 301 -291 211 500 0 0 -200 0 —6 105 0 0 304 0 0 300 0 -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 Jan. Feb. Mar. April May e 399 1,712 887 848 1,388 -17 -12 0 1,400 0 0 -12 -12 -17 0 0 0 0 0 600 0 411 324 904 248 1,000 1978 2,600 NOTES: Based on data f r o m Treasury Survey of Ownership. 1 p Sales of FHLB discount notes began in May 1974. Preliminary -206 600 1,600 -1,100 0 0 -600 1,600 17 T a b l e 12 NET CHANGE IN MORTGAGE HOLDINGS IN M I L L I O N S O F D O L L A R S PERIOD TOTAL INCLUDING FNMA-GNMA 21,930 41,406 57,587 58,372 42,739 43,497 62,783 96,814 1970 1971 1972 1973 1974 1975 1976 1977 2 FINANCIAL INSTITUTIONS TOTAL 17,020 39,018 55,561 55,072 36,517 38,658 64,903 95,924 COMMERCIAL BANKS 2,462 9,940 16,800 19,600 11,700 4,200 13,900 25,700 MSB's 1,956 3,938 5,377 5,642 2,172 2,236 4,074 6,474 S & L's 10,254 23,919 31,932 25,552 17,567 29,289 44,515 58,566 INSURANCE FNMA-GNMA COMPANIES 2,348 1,221 1,452 4,278 5,078 2,933 2,414 5,184 4,910 2,388 2,026 3,300 6,222 4,839 -2,120 890 Not S e a s o n a l l y A d j u s t e d 1977 - Oct Nov Dec 8,349 7,940 9,096 8,380 7,844 8,874 2,300 2,100 1,700 690 564 771 4,876 4,754 4,748 614 426 1,655 -31 96 222 1978 - Jan Feb Mar Apr 5,457 5,655 8,749 5,137 5,157 8,276 1,300 1,100 2,400 2,600 412 344 553 3,019 3,409 4,835 4,812 406 304 488 320 498 473 Seasonally Adjusted 1977 - Oct Nov Dec 8,533 8,822 9,192 8,625 8,729 9,117 2,265 2,284 1,951 675 605 647 5,162 5,437 5,262 523 403 1,257 -92 93 75 1978 - Jan Feb Mar Apr 7,488 7,102 8,921 7,109 6,502 8,361 1,688 1,509 2,329 2,249 572 515 587 4,305 4,041 4,830 4,256 544 377 615 379 600 560 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 d e b t 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 f r o m those derived from regular quarterly series because of minor conceptual differences for which adjustments are not made in t h e monthly series. Altogether, these groups accounted for 8 3 per cent of t h e net increase estimated for all holders in 1974. 2 Beginning January 1972 data reflect activity in limited amount of conventional mortgages. T a b l e 13 18 NET INCREASE IN MORTGAGE DEBT OUTSTANDING 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 2 3 RESIDENTIAL COMMERCIAL MULTFAMLY & COMMERCIAL FARM 1- t o 4 FAMILY MULTIFAMILY 32.7 40.3 43.1 44.7 23.2 29.6 33.8 35.7 9.5 10.7 9.3 9.1 6.7 9.3 12.1 11.6 16.2 20.0 21.4 20.7 1.7 2.1 2.6 3.1 67.6 74.1 77.6 88.1 49.3 54.1 59.1 63.6 38.0 41.0 48.1 47.9 11.3 13.1 11.0 15.7 14.8 16.5 14.9 21.0 26.1 29.6 25.9 36.7 3.5 3.5 3.6 3.6 1973 - I II III IV 80.6 87.4 80.7 70.4 56.0 59.9 56.2 48.5 47.8 46.9 43.7 40.6 8.2 13.0 12.5 7.9 19.1 21.7 19.4 16.4 27.3 34.7 31.9 24.3 5.6 5.8 5.0 5.5 1974 - I II III IV 69.9 70.9 54.5 46.7 48.7 47.2 35.1 29.7 39.2 40.3 28.4 25.4 9.5 6.9 6.7 4.3 17.5 18.7 13.6 11.2 27.0 25.6 20.3 15.5 3.6 4.9 5.8 5.9 1975 - I II III IV 44.0 55.0 62.3 67.7 29.7 39.8 45.3 50.8 28.9 39.8 44.9 51.9 0.8 0.0 0.4 -1.1 9.0 10.3 12.9 12.8 9.8 10.3 13.3 11.7 5.3 4.9 4.0 4.1 1976 - I 11 III IV 78.6 77.1 94.0 98.5 59.7 57.8 73.8 78.0 58.3 58.0 70.0 75.5 1.4 -0.1 3.8 2.5 13.7 14.5 13.4 13.0 15.0 14.4 17.2 15.5 5.3 4.8 6.9 7.6 1977 - I II III IV 106.4 134.3 140.0 146.1 82.2 104.7 110.7 112.7 78.7 97.8 103.3 103.5 3.5 6.9 7.4 9.2 15.5 20.3 20.4 24.9 19.1 27.2 27.8 34.1 8.6 9.3 8.9 8.5 1978 - I (p) 124.1 93.7 85.6 8.1 20.6 28.7 9.8 QUARTER TOTAL 1971 - I II III IV 41.2 51.8 57.8 59.5 1972 - I II III IV TOTAL • NOTES: 1 * Derived from data on mortgage de'rt 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 R e s i d e n t i a l mortgage debt i n c l u d e s nonfarm o n l y and i s sum of 1 - t o 4 - f a m i l y and m u l t i f a m i l y mortgage d e b t . # # # # # # # # # T a b l e 14 PRIVATE HOUSING PERMITS, S T A R T S , COMPLETIONS, AND MOBILE HOME SHIPMENTS IN T H O U S A N D S OF U N I T S , S E A S O N A L L Y A D J U S T E D A N N U A L R A T E S 1 PERMITS 1 PERIOD TOTAL 1 —FAMILY 2 - O R MORE FAMILY TOTAL 1 —FAMILY 1,324 1,352 1,925 2,219 1,820 1,074 939 1,297 1,677 626 647 906 1,033 882 644 676 894 1,125 698 705 1,018 1,186 937 431 264 403 552 1,407 1,434 2,052 2,357 2,045 1,338 1,160 1,538 1,987 811 813 1,151 1,309 1,132 888 892 1,162 1,451 656 621 901 1,048 914 450 268 376 375 1977 - J u l y 1,639 1,772 1,695 1,850 1,893 1,811 1,089 1,156 1,135 1,216 1,257 1,210 550 616 560 634 636 601 2,072 2,038 2,012 2,139 2,096 2,203 1,453 1,454 1,508 1,532 1,544 1,574 619 584 504 607 552 629 1,526 1,534 1,647 1,752 1,032 95 7 1,037 1,160 493 5 77 610 592 1,548 1,569 2,060 2,189 1,156 1,103 1 , 4 44 1,502 392 474 635 687 Sept. Oct. Nov. Dec. 1978 - J a n . Feb. Mar. Apr. I TOTAL 2 - O R MORE FAMILY 1969 1970 1971 1972 1973. 1974 1975 1976 1977 Aug. MOBILE COMPLETIONS STARTS 1 1 —FAMILY ! : 1 ! 1 : 1 HOME MORE FAMILY I | !! 2-OR SHIPMENTS 413 401 497 576 567 329 216 246 277 1,399 1,418 1,706 1,972 2,014 1,692 1,297 1,362 1,652 808 802 1,014 1,143 1,174 932 867 1,026 1,254 592 617 692 828 840 760 430 336 398 1,671 1,677 1,875 1,665 1,769 1,641 1,253 1,269 1,458 1,249 1,280 1,299 419 409 417 416 489 342 251 270 300 319 318 324 1,759 1,692 1,815 1,300 1,235 1,381 459 45 7 434 322 269 276 j 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. K> O T a b l e 15 AVERAGE RATES AND YIELDS ON HOME MORTGAGES PERIOD RATE (IN PER CENT) NEW H O M E S EXISTING HOMES NEW H O M E S SPREAD (BASIS POINTS) RATE (IN PER CENT) SPREAD BETWEEN N E W A.?a R E T U R N S ON UTILITY CONVENTIONAL BOND AND HUD(FHA) YIELD NEW HOME DISCOUNT (PERCENTAGE M O R T G A G E S (IN PER CENT) (BASIS POINTS) POINTS) HUD(FHA) INSURED LOANS SECONDARY MARKET CONVENTIONAL LOANS PRIMARY MARKET SPREAD (BASIS POINTS) YIELD (IN PER CENT) SPREAD (BASIS POINTS) 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 1977 - J u l y Aug , Sept . Oct . Nov . Dec , 9.00 9.00 9.00 9.05 9.10 83 99 86 72 82 N.A , 9 .05 9 .05 9 .05 9 .05 9 .05 9 .10 88 104 91 77 82 N.A 8.74 8.74 8.72 8.78 8.78 8.91 57 73 58 50 55 N.A . 1.9 1.9 1.7 2.2 2.2 3.2 26 26 28 22 27 19 8.17 8.01 8.14 8.28 8.23 N.A . 1978 - J a n . Feb . Mar . Apr. 9.15 9.25 9.30 9.40 N.A , 54 47 48 9 .20 9 .25 9 .30 9 .45 N.A 54 47 53 9.11 N.A. 9.29 9.37 N.A , N.A , 46 45 4.7 N.A , 4.1 4.7 4 N.A, 1 3 N.A. 8.71 8.83 8.92 1976 9.00 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. H.16 # # # # # # # # # # * 21 T a b l e 16 FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS CONVENTIONAL GOVERNMENT-UNDERWRITTEN AMOUNT (IN M I L L I O N S OF D O L L A R S ) D A T E OF AUCTION OFFERED 1977 - B55 High 50 Low 1977 - July 11 25 May- June (9/7) 8.46(1/10) 123 (7/25) 278 71 (5/2) 9.21 (12/27 (9/19) 8.81 (1/10) 130. 5 77 . 3 8 . 12 163.9 101.6 9.08 75 . 9 54.1 8. 71 122.9 82.8 9.06 8 . 75 199.8 144.4 9.06 78.3 8 . 77 170 .4 92.3 9.06 7 50. 3 35 . 1 8 .74 138.9 113.9 9 .06 107 .5 70.5 9.05 62. 6 40.3 8 , 74 3 131. 3 82.2 8 . 77 187.3 137 .2 9.07 17 325 .8 212.6 8 ,. 8 4 242.7 167 .8 9.11 31 156. 1 105.7 8..86 328.1 224.0 9.14 14 110. 6 69.5 8..86 308.6 202 .8 9.16 28 99. 8 83.2 8..85 229.0 183.5 9.16 13 3 2 9 . ,1 224.3 8..89 262.2 168.9 9.17 27 8 5 5 .. 4 569.7 8 .98 329.4 190.5 9.21 9 10 1 1 , .0 605 .3 9 .13 403.6 192.8 9.28 9.37 23 768.8 356.6 9 .21 546.3 256.8 6 21 640 .9 558. 2 338.0 285.5 9, . 2 7 9..35 633.6 299.3 9.45 580.5 266.7 9.53 Mar. Apr . (5/2) 143.1 Jan. Feb. 383 195 . 0 Oct. - 8. 98(12/21) ACCEPTED 119. 9 19 1978 35 (12/27) AVERAGE YIELD 8 Sept Dec . (9/7) OFFERED ACCEPTED 570 AMOUNT (IN M I L L I O N S O F D O L L A R S ) 22 Aug. Nov. (12/27) AVERAGE YIELD 6 358. 8 218.5 9..36 444.8 266.4 9.59 20 L 6 4 .,9 116.4 9,.33 378.7 246.1 9.62 3 3 2 5 ,. 5 2 8 3 ,.8 3 6 3 .7 9.44 522 .8 295 .3 9.69 17 165 .5 9..44 451.4 282 .8 9.74 9 .52 1 655 .1 349.9 645.8 305.4 15 9.80 611 .4 269.9 9 .63 716.9 362.5 30 9.89 851 .2 446.9 9 .83 573.1 300.4 10.01 12 522 .0 285 .2 9 .86 350.1 207 .0 10.07 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 t o total eligible bids received. H.16