Full text of H.16 Capital Market Developments : June 2, 1980
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June 2, 1980 Capital ^ Market Developments Prepared by the Capital Markets Section in conjunction with the Mortgage and Consumer Finance Section and the Government Finance Section Division of Research and Statistics Board of Governors of the Federal Reserve System Washington, D C. 20551 CONTENTS 1. Yields, Volume and Reception: Corporate Bond Market 2. Yields, Volume and Reception: Municipal Bond Market 3. High Grade Bond Yields 4. Long-Term Corporate and State and Local Government Security Offerings and Placements 5. Treasury and Government-Sponsored Agency Marketable Coupon Offerings and Placements 6. 7. 8. 9. 10. 11. 12. 13. New Corporate Security Issues by Type of Issue New Corporate Security Issues by Type of Issuer Public Offerings of Intermediate- and Long-Term Securities: Corporate Public Offerings of Intermediate- and Long-Term Securities: State and Local Public Offerings of Intermediate- and Long-Term Securities: U.S. Treasury Public Offerings of Intermediate- and Long-Term Securities: Government-Sponsored Agencies Forthcoming Public Offerings of Intermediate- and Long-Term Securities: Corporate Forthcoming Public Offerings of Intermediate- and Long-Term Securities: State and Local 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. Stock Prices Trading Volume Security Credit Savings Flow at Selected Nonbank Thrift Institutions Mortgage C o m m i t m e n t s Outstanding at Selected Institutions Net New Money Bor rowings by Major Housing Credit Agencies Net Change in Mortgage Holdings at Selected Institutions Net Change in Mortgage Debt Outstanding, By Type of Property Average Rates and Yields on Home Mortgages and Pass-Through Securities FNMA Auctions of C o m m i t m e n t s t o Purchase Home Mortgages FHLMC Auctions of C o m m i t m e n t s t o Purchase Home 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 $.40 each in the United States, its possessions, Canada, and Mexico; 10 or more of the same issue to one address, $ 1 3 . 5 0 per year or $ . 3 5 each. Elsewhere, $ 2 0 . 0 0 per year or $.50 each. Address requests t o Publications Services, Division of Support Services, and make payment remittance payable t o the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. Currency. 1. YIELDS, VOLUME AND RECEPTION Corporate Bond Market Week ending 1980-Feb. New issue Aaa utility 1 1 8 12.96 13.27 13.92 14.11 15 22 29 Mar. 7 14 Gross offerings3 ($ millions) 311 458 320 114 580 13.98 13.95 13.85 14.22 13.94 13.72 13.80 14.12 25 13.98 13.28 12.87 12.42 13.93 13.30 12.69 12.64 825 355 565 1,047 2 12.10 12.05 11.38 11.43 11.50 11.48p 11.55 11.65 1,570 850 21 28 Apr. Yields Recently offered Aaa utility 2 12.35 12.80 13.17 14.11 13.83 4 11 18 May 9 16 23 30 Volume Percent sold by end of week 80 97 10 0 100 100 0 0 82 63 50 31 5 87 96 98 810 230 91 75 0 0 125 100 100 90 747r 2,083r 1,740 11.55? 74 100 348 392 11.60 New issues in syndicate 4 ($ millions) 99 59 64 16 100 58 0 90 173 98 2. YIELDS, VOLUME AND RECEPTION Municipal Bond Market Yields Week ending 1980-Feb. Moody's new issue Aaa 1 6.80 15 7.00 7.00 7.60 8 22 29 Mar. 7 14 21 28 Apr. May 4 8.00 8.00 8.15 8.25 8.25 25 8.25 8.60 7.60 7.66 2 7.15 9 23 6.60 6.60 6.80 30 6.85 11 18 16 Bond Buyer G.O. bond index 7.52 7.71 7.75 8.46 8.72 Volume Bond Buyer Rev. bond index 8.30 8.47 8.53 9.14 9.49 8.94 9.08 9.20 9.44 9.71 9.91 9.99 10.19 9.44 9.07 7.89 10.25 9.90 9.19 9.29 8.11 7.96 7.11 7.44 7.72 7.73 9.03 8.15 8.24 8.51 8.58 Gross offerings ($ millions) Percent sold by end of week 3 578 549 525 526 694 87 84 83 96 98 493 487 714 337 96 95 85 97 225 93 94 92 608 1,291 1,356 New issues in syndicate4 ($ millions) 157 120 110 81 39 32 35 122 45 38 39 112 86 167 1,201 98 38 943 1,093 1,015 799 93 92 92 70 73 136 156 286 1 Federal Reserve series of implied yield on newly issued, Aae-rated utility bond with 5-year call protection. 2 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. 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. 3. HIGH GRADE BONO YIELDS New issue Aaa utility1 Date Recently offered Aaa utility 2 Moody's seasoned corporate Aaa 3 U.S. govt. 20-year constant maturity 4 Bond Buyer G O. bond index 5 1977-High Low 8.36(12/16) 7.90(1/7) 8.48(12/30) 8.28(12/30) 7.95(1/7) 7.88(1/7) 7.99(12/30) 5.93(2/4) 7.26(1/7) 5.45(11/17) 1978-High Low 9.30(11/10) 8.61(3/24) 9.54(12/22) 9.27(12/29) 8.48(1/6) 8.30(1/6) 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(11/2) 9.40(8/17) 11.45(11/9) 9.39(6/29) 10.87(12/28) 10.56(11/9) 9.16(7/6) 8.79(7/6) 7.38(10/26) 6.08(7/6) 1980-High Low 14.22(3/28) 11.35(5/9) 14.12(3/28) 11.44(1/4) 13.00(3/28) 10.88(1/4) 9.44(4/4) 7.11(5/9) 1979-Jan. Feb. Mar. 9.54 9.53 9.62 9.51 9.56 9.62 9.25 9.26 9.37 8.98 9.03 9.08 6.47 6.31 6.33 Apr. May June 9.70 9.83 9.50 9.74 9.84 9.50 9.38 9.50 9.29 9.21 9.21 8.91 6.29 6.25 6.13 July Aug. Sept. 9.58 9.48 9.93 9.53 9.49 9.87 9.20 9.23 9.44 8.92 8.97 9.21 6.13 6.20 6.52 Oct. Nov. Dec. 10.97 11.42 11.25 10.91 11.36 11.32 10.13 10.76 10.74 9.99 10.37 10.18 7.08 7.30 7.22 7.80 8.11 8.08 1980-Jan. Feb. Mar, 11.73 13.57 14.00 11.77 13.35 13.90 11.09 12.38 12.96 10.65 12.21 12.49 7.35 8.16 9.17 8.21 8.91 9.95 Apr. 12.90 12.91 12.04 11.42 8.63 9.66 4 11 18 25 13.98 13.28 12.87 12.42 13.93 13.30 12.69 12.64 12.97 12.57 11.87 11.51r 12.43 11.77 11.15 11.04r 9.44 9.07 7.89 8.11 10.25 9.90 9.19 9.29 2 9 16 23 30 12.10 11.38 11.43 11.50 11.48p 12.05 11.55 11.65 11.60 11.55p 10.78 10.32 10.43 10.50r 10.29p 7.96 7.11 7.44 7.72 7.73 9.03 8.15 8.24 8.51 8.58 1980-Apr. May 11.38 10.93 10.96 11.02r 10.89p 12.79(2/22) 10.26(5/9) 8.24(11/23' 7.23(9/21) 10.25(4/4) 8.15(5/8) ' 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 falls midway between the five top groups as classified bv 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. 4. LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS Gross proceeds, millions of dollars 1978 Corporate 1979 January February March 3,326 2,770 4,569 April May June 1980 1978 State and Local 1979 3,770 3,170 4,401 5,740 4,114 4,400e 3,306 2,753 4,844 2,840 2,603 4,644 3,397 4,227 5,539 4,692 4,167 6,247 5,350e 8,700e 3,824 5., 525 4,369 3,444 3,042 4,724 July August September 4,414 3,379 4,236 4,095 4,083 4,308 3,920 6,407 2,323 3,396 4,256 2,472 October November December 3,799 3,207 4,401 4,561 3,834 3,774 3,231 4,320 3,690 4,217 4,160 3,567 47,264 51,102 48,512 43,365 Period Year 1980 3,007 2,340 2,700e 5,000e 5,000e 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. TREASURY AND GOVERNMENT SPONSORED AGENCY BORROWING Millions of dollars Federal Government Means of financing combined deficit Net cash borrowing from the public2 Public debt securities Gov't, Nonagency Bills Coupons marketable securities Combined deficit(+) or surplus(-)1 Totals 52,870 41,397 53,683 37,360 706 10,899 31,777 28,041 22,644 -397 -1,431 -1,402 3,206 1,115 -4,019 366 23,509 23,631 1979-Apr. -9,834 May 4,822 June - 1 1 , 2 3 7 -4,965 1,806 -1,458 -1,729 -654 -3,186 2,396 2,937 -30 -5,493 -269 1,867 -158 -237 -91 -4,212 -669 3,049 -657 3,685 -12,828 2,218 1,037 2,181 July 8,167 Aug. 1 6 , 0 0 3 Sept . - 1 5 . 5 5 8 4,831 3,268 4,250 48 551 889 3,529 2,700 2,570 1,312 -41 280 -68 -17 -14 -619 6,155 -2,582 3,955 6,580 -17,226 3,094 821 910 -1,287 8,984 1,124 13,716 4,869 -10,334 3,196 2,546 1,542 -709 -678 5,914 2,534 Period CY—-1978 CY - 1 9 7 9 Oct. Nov. Dec. 14,646 8,941 1,997 2,217 5,548 11,207 314 3,408 7,544 2,085 1,463 3,614 357 704 57 -20 —80 -62 1980-Jan. Feb. Mar. 5,170 10,458 13,215 5,201 2,066 11,802 2,878 2,050 163 -27 1 U.S. unified budget deficit or surplus plus off-budget entities deficit or surplus. 2 wcwmT O U t S t a n d i n 9 a m O U n t 3 4 Also includes changes noninterest-bearing puuilv public debt. — in matured and iiwuuiiciwrucaimy w UtJOl. F of public debt securities and balance 2,261 1,542 4,291— government agency securities less change in holdings of those securities by government "™F,rm CY = C a l e n d a r Y e a r . Other Decreased)/ Sponsored increase(—) agency in cash borrow! ng4 operating c r M " h ° ™ l ° " =•"'-• h — ^ 6. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE Gross proceeds, millions of dollars Period Bonds Total Common and preferred stocks 11,777 10,358 11,410 Memo Issues included Convertible Foreign 1,340 863 1,092 418 961 2,229 1977 1978 1979 53,792 47,230 51,102 Publicly offered 24,072 19,815 25,815 1979-QI QII QUI QIV 11,341 15,106 12,486 12,169 4,522 9,154 6,387 5,752 4,570 3,890 2,607 2,810 2,249 2,062 3,492 3,607 47 32 770 112 8 1,494 540 187 July Aug. Sept. 4,095 4,083 4,308 2,247 1,973 2,167 867 886 854 981 1,224 1,287 257 90 423 153 159 228 Oct. Nov. Dec. 4,561 3,834 3,774 2,669 1,583 1,500 863 1,006 941 1,029 1,245 1,333 10 21 81 50 24 113 1980-Jan. Feb. 5,740 4,114 2,450 1,426 1,947 1,092 1,343 1,596 39 0 32 76 Privately placed 17,943 17,057 13,877 7. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUER Gross proceeds, millions of dollars Manufacturing 13,393 10,813 11,276 Public utility 14,127 12,232 13,273 Communications 4,442 3,640 4,500 Other issuers1 21,827 20,549 22,048 2,096 3,058 3,661 2,461 3,059 3,648 2,422 4,144 1,399 778 931 1,392 4,785 7,621 5,473 4,169 July Aug. Sept. 1,006 1,166 1,489 772 503 1,147 94 336 501 2,222 2,079 1,172 Oct. Nov. Dec. 1,485 482 496 1,769 1,267 1,108 480 856 56 825 1,229 2,115 1980-Jan. Feb. 1,098 1,211 1,844 1,195 483 557 2,315 1,151 Period 1977 1978 1979 1979-QI QII QUI QIV 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 OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE 1 Issuer W i s c o n s i n E l e c t r i c Co. K r o g e r Co. Harsco Corp. RCA C o r p . RCA C o r p . B e a t r i c e Foods I n c . O w e n s - C o r n i n g F i b e r g l a s s Corp Tenneco I n c . I n t ' l M i n e r a l s & Chem. C o r p . Consumers Power Co* Date 5/1 5/1 5/1 5/2 5/2 5.2 .5/2 5/2 5/2 5/2 P a c i f i c Northwest B e l l Tel. Co. 5/7 Pub-. S e r v . E l e c . & Gas Co. 5/8 Midland Ross Corp. 5/8 C a r t e r Hawley H a l e S t o r e s Inc. 5/8 Boise Cascade Corp. 5/8 F l o r i d a Power & L i g h t Co. 5/8 D a y t o n Hudson C o r p . 5/8 5/8 Bendix Corp. Rexnord I n c . 5/8 P r i v a t e Export Funding Corp. 5/9 Air Products & Chemicals I n c . 5/13 T r a i l e r T r a i n Co. 5/13 S e a b o a r d C o a s t L i n e R%R. Co. 5 / 1 3 Freedom F e d e r a l S a v i n g s & Loan 5/13 K a n s a s Gas & E l e c . Co. 5/13 Duquesne L i g h t Co. 5/13 Tom Brown I n c . 5/14 T e x a s Power & L i g h t Co. 5/15 C e n t r a l Hudson Gas & L i g h t Co, 5 / 1 5 S e c u r i t y P a c i f i c Corp. 5/15 Wang L a b o r a t o r i e s I n c . 5/15 A s s o c i a t e s C o r p . of North America 5/15 C e n t r a l L o u i s i a n a Energy Corp. 5/15 D e t r o i t E d i s o n Co. 5/15 D e t r o i t E d i s o n Co. 5/15 T e x a s Power & L i g h t Co. 5/15 Times M i r r o r I n c . 5/16 O s c a r Mayer & Co. 5/16 5/20 New E n g l a n d T e l . & T e l . Co. MAPCO I n c . 5/20 Varian Associates, Inc. 5/20 Graphic Scanning Corp. 5/20 Tektronix Inc. 5/20 Western Bancorp 5/21 Western Bancorp 5/21 M a n u f a c t u r e r s Hanover Corp. 5/21 D e e r e & Co. 5/21 Bankamerica Corp. 5/21 Bankamerica Corp. 5/21 * 1 1 s t . mtg. Debt. Debt. Debt. Debt. Debt. Debt. Debt. Debt. Pfd. stk. Amount (millions of dollars) 70.0 50.0 50.0 75.0 200.0 150.0 100.0 250.0 100.0 55.0 Debt. Pfd. stk. Notes 150.0 101.8 50.0 2020 1987 10.75 10.75 A/A Debt. Notes 1 s t . mtg. Debt. Debt. Notes Notes Debt. Equip. t r . Equip, t r . 60.0 100.0 100.0 100.0 125.0 50.0 100.0 100.0 25.0 72.6 2010 1990 2010 2005 2005 1985 1988 2010 81-95 81-95 11.88 10.45 11.30 10.88 11.20 10.50 10.25 11.63 11.75 11.38 12.00 10.45 11.35 10.88 11.20 10.57 10.25 A/A A/A A/A+ Aa/AA A/A A/A Aaa/AAA 11.70 11.75 11.45 A/A+ A/A Aa/AA Type Maturity Coupon rate Offering yield Moody's/S&P' ratings 1987 2005 2010 1990 2005 2010 2010 2005 2005 11.40 12.38 12.25 11.50 12.25 10.88 12.00 12.13 11.88 15.40 11.40 12.41 12.30 11.50 12.25 10.88 12.00 12.20 12.00 14.00 Aa/AA A/A A/A+ A/A A/A Aaa/AAA A/A+ A/A A/A Ba/BB 11.00 11.07 Aaa/AAA — —— / Com. s t k . 39.1 Com. s t k . 25.0 Com. s t k . 59.0 Conv. d e b t 5 0 . 0 1 s t . mtg. 50.0 Notes 25.0 Notes 100.0 Conv. d e b t 5 0 . 0 2000 2010 2010 1984 2005 9.50 11.38 12.38 10.75 8.00 9.50 11.45 12.38 10.75 8.00 B/B Aaa/AAA A/A+ Aa/AA Ba/B Debt. 2000 13.13 13.16 Baa/BBB 12.80 12.80 Baa/BBB 10.92 10.25 11.63 12.20 10.00 8.75 10.00 11.00 11.38 12.25 10.25 10.50 10.00 10.45 10.92 10.25 11.63 12.20 10.00 8.75 10.00 11.10 11.38 12.35 10.25 10.56 10.10 10.45 Aa/— Aa/AA A/AAAaa/AA+ Ba/BA Ba/B B/B A/A Aa/AA Aa/AA Aaa/AAA Aa/AAAaa/AAA Aaa/AAA 75.0 Com. s t k . 46.5 Pfd. stk. 40.0 Com. s t k . 52.5 Pfd. stk. 30.0 Notes 100.0 Debt. 50.0 300.0 Debt. Conv. d e b t . 1 4 0 . 0 Conv. d e b t . 3 0 . 0 Conv. d e b t . 2 5 . 0 Notes 75.0 dotes 50.0 Debt. 100.0 Notes 100.0 Notes 150.0 Notes 125.0 Notes 125.0 ••we __ — / — __ VMM j • * MM —— 1985 2010 2017 2005 2005 2000 2000 1990 2010 1983 1985 1983 1985 Rights offering. Includes only corporate and other security offerings of $ 2 5 million and over; excludes options, exchanges, and secondary offerings. —— 8 8. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE 1 ( c o n ' t ) Issuer General Motors Acceptance Corp. General Motors Acceptance Corp. LTV C o r p . Cole N a t i o n a l Corp. Union Tank Car Co. Union Tank Car Co. T o l e d o E d i s o n Co. P a c i f i c Power & L i g h t Co. R . J . Reynolds I n d u s t r i e s I n c . A l l i s Chalmer C r e d i t C o r p . I n d u s t r i a l N a t i o n a l Corp. I n d u s t r i a l N a t i o n a l Corp. G e n ' l T e l . Co. of PA. ACF I n d u s t r i e s I n c . ACF I n d u s t r i e s I n c . N. A m e r i c a n P h i l i p s C o r p . Wal-Mart S t o r e s , I n c . S o u t h w e s t e r n E l e c . Power Co. South C a r o l i n a E l e c t r i c & Gas Co. C i n c i n n a t i Gas & E l e c . Co. Iowa Power & L i g h t Co. Lone S t a r I n d u s t r i e s I n c . Transamerica Corp. America T e l . & T e l . Co. Ford Motor C r e d i t Co. Ford Motor C r e d i t Co. F i r s t Bank System I n c . Integrated Resources AVX C o r p . Lucky S t o r e s I n c . Lucky S t o r e s I n c . OTHER Kyoto C e r a m i c s Co. C a i s s e N a t i o n a l e Des T e l e communications of F r a n c e Date Type Amount (millions of dollars) 150.0 5/21 Notes 5/21 5/21 5/21 5/21 5/21 5/21 5/21 5/22 5/22 5/23 5/23 5/28 5/28 5/28 5/28 5/29 5/29 250.0 Debt. Conv.debt. 75.0 25.0 Debt. Equip. t r . 13.5 Equip, t r . 61.5 38.3 Com. s t k . 71.0 Com. s t k . 150.0 Notes 75.0 Notes 30.0 Notes 20.0 Notes 1 s t . mtg. 35.0 Equip. t r . 37.5 Equip. t r . 12.5 Notes 100.0 Com. s t k . 34.5 Pfd. stk. 40.0 5/29 5/29 5/29 5/29 5/29 5/29 5/29 5/29 5/29 5/29 5/29 5/30 5/30 1 s t . mtg. 1 s t . mtg. 1 s t . mtg. Debt. Debt. Notes Notes Notes Notes Conv.debt. Debt. Notes Debt. 50.0 100.0 30.0 75.0 50.0 600.0 250.0 150.0 50.0 25.0 30.0 50.0 50.0 Maturity Coupon rate Offering yield 1990 11.63 11.63 Aa/AA 2005 2005 2000 1984-86 2000 — — 1990 1990 1983 1990 2010 2000 1981-85 1987 12.00 12.00 14.13 11.10 11.80 12.13 12.00 14.16 11.10 11.80 — Aaa/AAA ——/ccc B/B A/A A/A —— 10.45 12.00 11.25 12.50 12.00 11.60 10.63 11.00 10.45 12.07 11.25 12.50 12.00 11.60 10.63 11.00 — —— -w» —— 9.72 9.72 12.15 12.00 10.88 11.75 11.88 10.38 11.88 12.60 10.05 12.25 13.50 11.13 11.75 12.15 12.00 10.88 11.75 12.00 10.38 11.88 12.60 10.05 13.97 13.59 11.13 11.85 2010 2010 1987 1990 2005 1990 1983 1987 1983 2000 2000 1987 2005 —/— —/— Aa/AA A/AA/— A/— A/A A/AA A/AAA/A / Aa/AA A/A Aa/AAAa/A Baa/BBB —/A Aaa/AAA Aa/AA Aa/AA Aa/AAA B/B B/B A/A A/A I 5/13 Com. s t k . 5/22 Notes 54.0 125.0 —— 1990 —— 11.13 — 11.17 * Rights offering. 1 Includes only corporate and other security offerings of $ 2 5 million and over; excludes options, exchanges, and secondary offerings. Moody's/S&P's ratings —/— Aaa/AAA 9. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL 1 Issuer Nevada H s g . D i v i s i o n Nevada H s g . D i v i s i o n N e b r a s k a P u b l i c Power D i s t . Vermont H s g . F i n . A g c y . Vermont H s g . F i n . A g c y . Vermont H s g . F i n . A g c y . Vermont H s g . F i n . A g c y . Los A n g e l e s D e p t . of W a t e r & P o w e r , CA Idaho Hsg. Agcy. I d a h o H s g . Agcy. Washington, S t a t e of Puerto Rico Puerto Rico Puerto Rico Puerto Rico O c e a n s i d e R e d e v e l . A g c y . , CA O c e a n s i d e R e d e v e l . A g c y . , CA O c e a n s i d e R e d e v e l . A g c y . , CA O c e a n s i d e R e d e v e l . A g c y . , CA W a s h i n g t o n P u b l i c Power Supply System W a s h i n g t o n P u b l i c Power Supply System W a s h i n g t o n P u b l i c Power Supply System W a s h i n g t o n P u b l i c Power Supply System M a s s a c h u s e t t s Home M o r t g a g e F i n . Agcy. M a s s a c h u s e t t s Home M o r t g a g e F i n . Agcy. M a s s a c h u s e t t s Home M o r t g a g e Colorado Hsg. F i n . Auth. Colorado Hsg. F i n . A u t h . Colorado Hsg. F i n . Auth. A t l a n t a , GA P i t t s b u r g R e d e v e l . A g c y . , CA P i t t s b u r g R e d e v e l . A g c y . , CA C a l i f o r n i a Hsg. F i n . Agcy. Connecticut Devel. Auth. Connecticut Devel. Auth. New J e r s e y H e a l t h C a r e F a c . Fin. Auth. New J e r s e y H e a l t h C a r e F a c . Fin. Auth. New J e r s e y H e a l t h C a r e F a c . F i n . Auth. New J e r s e y H e a l t h C a r e F a c . F i n . Auth. Houston Hsg. F i n . Corp. M a s s a c h u s e t t s H e a l t h & Ed. Fac. Auth. 1 2 3 Date Type 2 Amount (millions Maturity of$) 17.4 1982-2000 12.6 2012 80.0 1982 Net interest cost 8.76 8.76 8.80 6.50-8.75 9.00 8.25 Aa/AA Aa/AA MIG-2 Moody's/S&P's ratings 5/2 5/2 5/2 5/2 5/2 5/2 5/2 Rev. Rev. Rev. Rev. 44.5 7.3 13.2 10.0 1982-1995 1999 2010 . 2011 8.93 8.93 8.93 8.93 7.10-8.80 9.17 9.50 9.24 Aa/AAAa/AAAa/AAAa/AA 5/7 5/7 5/7 5/7 5/8 5/8 5/8 5/8 5/9 5/9 5/9 5/9 Rev. Rev. Rev. G.O. G.O. G.O. G.O. G.O. Rev. Rev. Rev. Rev. 75.0 35.3 12.6 43.0 23.5 36.0 40.0 200.5 0.7 1.3 1.3 33.5 1986-2020 1981-2001 2012 1981-2005 1981-1989 1995 1999 2005 1985 1989 1992 2013 7.091/ 8.61 8.61 6.23 9.37 9.37 9.37 9.37 11.60 11.60 11.60 11.60 5.60-7.22 6.30-8.75 9.00 5.20-6.65 7.25-8.50 8.73 9.05 9.38 n.a. n.a. n.a. 11.50 Aa/AA Aa/AA Aa/AA Aa/AA+ Baa-l/A Baa-l/A Baa-l/A Baa-l/A Baa/BBB Baa/BBB Baa/BBB Baa/BBB 5/9 Rev. 7.0 1989-1995 9.23 7.90-8.70 A1/A+ 5/9 Rev. 17.6 2003 9.23 9.30 A1/A+ 5/9 Rev. 75.4 2010 9.23 9.38 A1/A+ 5/9 Rev. 30.0 2016 9.23 8.50 A1/A+ 5/9 Rev. 41.1 1981-1995 n.a. 6.20-8.40 Aa/A 5/9 5/9 5/9 5/9 5/9 5/12 5/12 5/12 5/13 5/13 5/13 Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. 5.9 28.0 32.8 9.9 7.3 60.0 5.5 28.5 36.0 22.6 14.6 1998 2012 1981-2000 2009 2011 1986 1982-1995 2012 1982-20213/ 1981-1998 2006 n.a. n.a. 7.86 7.86 7.86 7.47 9.33 9.33 8.84 7.26 7.26 8.75 9.13 5.75-8.30 8.50 8.25 7.25 6.25-9.00 9.25 6.00-8.91 5.60-7.00 7.50 Aa/A Aa/A Aa/AAAa/AAAa/AAl A/BBB A/AA/ACon-Al/A+ Aa/AA Aa/AA 5/13 Rev. 9.6 8.50-10.00 Baa/BBB 5/13 Rev. 5.0 2000 10.51 10.25 Baa/BBB 5/13 Rev. 25.6 2012 10.51 10.50 Baa/BBB 5/13 5/13 Rev. Rev. 5.2 200.0 2013 1982-2012 10.51 8.69 5/14 Rev. 38.0 h.982-2011 7.26 Rev. Rev. Rev. 1983-1994 10.51 Includes only state and local security offerings of $ 2 5 million and over; excludes secondary offerings. For state and local government securities, G.O. denotes general obligation; Rev. denotes revenue obligations. Canadian interest cost. Offering yield 10.00 6.00—9.00 8.00 Baa/BBB Aa/— Aa/AA 10 9. PUBLIC OFFERINGS OF INTERMEDIATE-AND LONG-TERM SECURITIES: STATE AND LOCAL 1 ( c o n ' t . ) Issuer Date F a r m i n g t o n , NM 5/14 F a r m l n g t o n , NM 5/14 M i c h i g a n P u b . Power A g c y . 5/15 M i c h i g a n P u b l i c Power A g c y . 5/15 U t a h C o . , VT 5/16 New H a m p s h i r e H s g . F i n . A g c y . 5 / 1 6 New H a m p s h i r e H s g . F i n . A g c y . 5 / 1 6 West V i r g i n i a H s g . D e v e l . Fund 5 / 1 6 New J e r s e y Economic D e v e l . Auth. 5/19 S h e l b y Co. TN 5/20 S h e l b y C o . , TN 5/20 S h e l b y C o . , TN 5/20 S h e l b y Co. TN 5/20 M i s s o u r i Hsg. D e v e l . Commissior.5/21 M a s s a c h u s e t t s , S t a t e of 5/21 H u n t i n g t o n , WV 5/22 H u n t i n g t o n , WV 5/22 H u n t i n g t o n , WV 5/22 Greensboro-High Point A i r p o r t A u t h . , NC 5/22 Greensboro-High Point A u t h . , NC 5/22 Greensboro-High P o i n t Auth., NC 5/22 Battery Park City Auth. 5/22 Battery Park City Auth. 5/22 Battery Park City Auth. 5/22 S i l v e r B a y , MN 5/23 S i l v e r Bay, MN 5/23 S i l v e r B a y , MN 5/23 S i l v e r B a y , MN 5/23 Wisconsin, S t a t e of 5/27 New M e x i c o , S t a t e of 5/27 F a i r f a x C o . , VA 5/28 Maryland, S t a t e of 5/28 C a l i f o r n i a , S t a t e of 5/28 A r l i n g t o n , TX 5/28 A r l i n g t o n , TX 5/28 1 2 3 Type2 Amount (millions of $) Maturity Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. 10.0 16.0 10.2 2000 2010 Net interest cost Moody's/S&P's ratings 1983-1995 34.2 2010 27.0 2010 39.2 1982-2000 20.8 2012 47.7 1982 8.14 8.00 8.14 8.13 8.523' 00-7.50 8.5 3 8.42 n.a. 7.81 8.07 5.90-8.25 8.15 8.50 n.a. 6.00 Aa/AA Aa/AA A/A A/A A/A Aa/AA Aa/AA MIG-1 Rev. Rev. Rev. Rev. Rev. Rev. G.O. Rev. Rev. Rev. 35.7 38.3 19.7 14.0 78.0 50.0 76.0 15.1 26.9 4.3 1983 1982-1998 2003 2011 2012 1981-2011 1981-2000 1994-2001 2011 2012 n.a. 9.09 9.09 9.09 9.09 8.07 7.531' n.a. n.a. n.a. 6.00-7.90 8.90-9.50 9.63 N.R. A/—— Aa/— Aa/— Aa/— Aa/— Aa/AA Al/AAAl/AA Al/AA Al/AA Rev. 16.2 1984-1996 8.65 6.25-8.00 A/A- Rev. 8.8 Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. Rev. G.O. G.O. G.O. Rev. Rev. 2000 40.0 2010 97.3 1985 2 1 . 3 1986-2005 74.0 2023 12.5 1988-1992 20.0 2000 57.5 2009 10.0 2010 40.0 1981-2000 30.6 1981-1984 33.5 1981-2000 122.0 1 9 8 3 - 1 9 9 5 120.0 1 9 8 1 - 2 0 0 5 35.8 1983-2000 21.7 2005 6.50 6.00-8.40 9.13 8.00 9.38 6.00-8.60 8.65 8.50 8.65 6.55 8.55 8.55 8.75 6.25 6.30-8.10 8.63 7.30-7.90 8.75 9.0 8.86 8.86 8.86 8.86 8.80 5.942/|4 . 8 0 - 6 . 5 0 5.33 .00-5.10 6.292/4 .80-6.85 6.10 .10-6.35 7.07 .09-7.30 7.99 .00-8.00 7.99 8.25 Includes only state and local security offerings of $25 million and over; excludes secondary offerings. For state and local government securities, G.O. denotes general obligation; Rev. denotes revenue obligations. Canadian interest cost. Offering yield A/AA/Al MIG-1/AAA Aa/AAA Aa/AAA A/A A/A A/A A/A Aaa/AAA Aaa/AAA Aaa/AAA Aaa/AAA AA/AA+ A/A A/A 11 0 10. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: U.S. TREASURY Notes and Bonds Amount (millions of dollars) Coupon Auction Net proceeds Gross proceeds Offering Payment Maturity Length average rate date date date 1 (percent) (percent) Private1.2 Private Total Total Memo: Foreign add-ons3 1980 # * 1,502 609 1,502 609 0 0 7,626r 2,452r 2,452r 0 4,497r 2,719r 4,098r 2,719r 677 2,719r 677 2,719r 0 0 15.01 14.29 4,067r 2,910r 3,5672 2,60% 901r 901r 0 12-5/8 12.69 l,502r l,502r 1,502r l,502r 0 4/30/82 11-3/8 11.44 4,554r 4,095r l,374r l,374r 0 Jan. 3 23 1/10 1/31 1 5 - y r 1-mo 2-yr Feb. 5 6 7 20 26 2/15 2/15 2/28 2/28 3/3 8/15/83 3-1/2-yr 5/15/87 7-1/4-yr 30-yr 2/15/05-10 2-yr 2/28/82 5yr2-l/2mo 5/15/85 M a r . 20 25 3/31 3/31 Apr. 4/8 2 • May 6 7 8 27 2-yr 4-yr 1 5 - y r 1-mo 4/30 2-yr 5/15 5/15 5/15 5/31 3 - 1 / 4 yr 9-1/2 yr 30 y r 2 yr 1,502 4,484- 10-1/2 11-1/2 10.60 11.52 11-7/8 12 11-3/4 13-7/8 14-3/8 11.98) 12,02r 11.84/ 13.98 14.39 9,404r 3/31/82 3/31/84 15 14-1/4 5/15/95 2/15/95 1/31/82 8/15/83 9-1/4 11/15/89 10-3/4 5 / 1 5 / 0 5 - 1 C • 10 5/31/82 9.32' 9.88' ' 7,506 10.12- 1,502 4,051 2,230 241 241 • # # e # 1 2 3 Excludes amounts sold to Government investment accounts and the Federal Reserve. Also excludes add-ons to foreign accounts. May be larger than the total if the Government accounts and/or the Federal Reserve do not fully roll-over their maturing holdings. Additional amounts of securities issued to foreign and international monetary authorities at the average auction price for new cash. 102 12 11. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: GOVERNMENT-SPONSORED AGENCIES Issuer Offering Payment date date 1979 1979 11/15 11/15 11/15 11/26 11/26 11/26 FHLMC 11/15 12/3 FNMA 12/5 12/10 FFCB 1 2 / 1 9 1/2/80 FHLB Length Maturity date Yield (percent) 8/25/81 5/25/83 11.60 Amount (millions of dollars) Net proceeds Gross proceeds Maturing issues 1,700 900 11.30 1,000 1,000 600 12.30 1-•yr 9-mo 3-•yr 6-mo 7-•yr 11/26/86 29 •yr 9-mo 9/15/09 12.48 150 0 150 3 - y r 6-mo 7/11/83 10.85 1,000 1,000 0 12/3/84 10.65 433 531 -98 10/20/82 1/21/85 1/22/90 10.95 10.90 10.95 818 900 1,111 438 2/11/85 11.70 500 300 200 600 1,850 -350 1,000 500 5-yr 1980 1980 1/16 1/16 1/16 1/21 1/21 1/21 FNMA 1/31 2/11 5-yr FHLB 2/15 2/15 2/25 2/25 1 - y r 8-mo 3 - y r 6-mo 10/26/81 8/25/83 12.85 12.25 3/5 3/5 3/10 3/10 1 - y r 11-mo 3 - y r 11-mo 2/10/82 2/10/84 15.25 14.10 1,000 FHLB 3/13 3/13 3/25 3/25 1 - y r 4-mo 3 - y r 7-mo 7/27/81 10/25/83 15.80 14.05 900 500 0 1,400 FNMA 4/2 4/2 4/10 4/10 2-yr 4 - y r 1-mo 4/12/82 5/10/84 15.30 14.25 1,000 600 1,100 500 FFCB 4/9 4/9 4/9 4/21 4/21 4/21 3-yr 5-yr 8-yr 4/20/83 4/22/85 4/20/88 13.40 13.25 12.65 1,030 1,165 1,130 4/30 4/30 5/12 5/12 4 - y r 3-mo 7-yr 8/10/84 5/11/87 11.10 1,000 11.15 750 5/14 5/14 5/14 5/27 5/27 5/27 2 - y r 2-mo 3 - y r 10-mo 6 - y r 9-mo 7/26/82 3/26/84 2/25/87 9.60 9.85 10.45 1,000 800 600 FFCB FNMA FNMA FHLB FFCB FHLB FHLMC FNMA — — — — Federal Federal Federal Federal 2 - y r 10-mo 5-yr 10-yr Farm Credit Banks Home Loan Banks Home Loan Mortgage Corporation National Mortgage Association 755 900 500 811 454 1,750 1,500 900 As of May 3 0 , 1980 12. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE 1 Issuer P u b l i c S e r v i c e E l e c . & Gas Co. W i s c o n s i n T e l . Co. Hudson L i g h t i n g & Power Co. •American Medical I n t e r n a t i o n a l Harris Corp. * C o a s t F e d e r a l S&L A s s o c . G e n ' l T e l . Co. of M i c h i g a n N o r t h e r n I n d i a n a P u b l i c S e r v i c e Co. • G e n e r a l E l e c t r i c C r e d i t Co. * S e a f i r s t Corp. P u l l m a n L e a s i n g Co. MGIC I n v e s t m e n t C o r p . Pepsico C a p i t a l Resources Inc. Gulf S t a t e s U t i l i t i e s Co. Consumers Power Co. Alabama Power Co. N o r t h e r n I n d i a n a P u b l i c S e r v i c e Co. •Commonwealth E d i s o n Co. I n d i a n a & M i c h i g a n E l e c . Co. Gulf S t a t e s U t i l s . Co. *West Pei.n Power Co. West Penn Power Co. H a r t f o r d E l e c . L i g h t Co. B a l t i m o r e Gas & E l e c . Co. *Delmarva Power & L i g h t Co. •Inland S t e e l Corp. • C o c a C o l a Co. • A m e r i c a n S t o r e s Co. •Intemorth, Inc. Union E l e c . Co. Chrysler Corp. S o u t h w e s t e r n P u b . S e r v . Co. Forest Oil Corp. D e t r o i t E d i s o n Co. F l o r i d a Power C o r p . W a s h i n g t o n W a t e r Power Co. K a n s a s C i t y Power & L i g h t Co. OTHER • E u r o p e a n I n v e s t m e n t Bank • E u r o p e a n I n v e s t m e n t Bank • S w e d e n , Kingdom of • S w e d e n , Kingdom o f WITHDRAWN Baxter-Travenol Laboratories Inc. * 1 Type 1 s t . mtg. Debt. 1 s t . mtg. Conv. d e b t . Debt. Mtg-bked 1 s t . mtg. Com. s t k . Debt. Notes Equip. t r . Notes Notes Debt. 1 s t . mtg. 1 s t . mtg. 1 s t . mtg. 1 s t . mtg. 1 s t . mtg. Com. s t k . Pfd. stk. 1 s t . mtg. Pfd. stk. 1 s t . mtg. 1 s t . mtg. Notes Notes Notes Notes 1 s t . mtg. Govt. g t r . 1 s t . mtg. Debt. Pfd. stk. Com. s t k . Com. s t k . Pfd. stk. Amount (millions of dollars) 100.0 100.0 100.0 50.0 125.0 100.0 40.0 30.0 200.0 50.0 40.0 75.0 150.0 75.0 75.0 100.0 60.0 60.0 80.0 35.0 30.0 30.0 25.0 75.0 30.0 125.0 100.0 75.0 200.0 100.0 500.0 60.0 50.0 45.0 50.0 30.0 25.0 Notes Debt. Debt. Notes 100.0 100.0 100.0 100.0 Debt. 75.0 Approximate date of offering June 2 June 3 June 3 June 4 June 4 June 5 June 5 June 5 June 5 June 5 June 5 June 5 June 5 J u n e 10 J u n e 11 J u n e 12 J u n e 12 J u n e 17 J u n e 18 J u n e 18 J u n e 24 J u n e 24 J u n e 25 J u n e 26 June June June June June June June June June June June June Indef. June June June June May Included in table for first time. Includes only corporate and other security issues of $ 2 5 million and over; excludes exchanges, options, and secondary offerings. 13 12 12 12 12 14 As of May 3 0 , 1980 13. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL 1 Issuer Lowndes C o . , MS Montgomery C o . , MD P h o e n i x , AZ Oregon, S t a t e New J e r s e y , S t a t e of *Utah H s g . F i n . A g c y . San F r a n c i s c o R e d e v e l . A g c y . , C a . New York C i t y H s g . D e v e l . C o r p . * L e h i g h Co. I n d u s . D e v . A u t h . , PA Delaware S t a t e Hsg. Auth. Scranton-Lackawanna Health & Welfare A u t h . , PA Hillsborough Co., F1. * N i a g a r a Co. I n d u s . D e v . A g c y . I n d i a n a Hsg. F i n . Auth. Oklahoma H s g . F i n . A g c y . *New York S t a t e D o r m i t o r y A u t h . O r e g o n , S t a t e of C h a t t a n o o g a - H a m i l t o n H o s p . A u t h . , TN B o s t o n , MA * B r y a n , TX H a w a i i , S t a t e of A r i z o n a D e p a r t m e n t of T r a n s p o r t a t i o n Minnesota Hsg. F i n . Agcy. Tacoma, WA L o u i s i a n a , S t a t e of *E1. C a j o n San D i e g o C o . , CA West V i r g i n i a H s g . D e v e l . Fund B o s t o n , MA • M a r y l a n d D e p t . of T r a n s p o r t a t i o n A l a s k a , S t a t e of O h i o , S t a t e of Birmingham Med. C l i n i c B d . , AL POSTPONED S a n t a Ana Community R e d e v . A g c y . , CA * 1 Type Rev. G.O. G.O. G.O. G.O. Rev. Rev. Rev. Rev. Rev. 78.5 50.0 40.0 300.0 Rev. Rev. Rev. Rev. Rev. Rev. G.O. Rev. G.O. Rev. G.O. Rev. Rev. G .0. G.O. Rev. Rev. G.O. G.O. G.O. Rev. Rev. 42.5 26.5 56.8 150.0 150.0 102.0 Rev. Included in table for first time. Includes state and local government issues of $ 2 5 million and over; excludes secondary offerings. Amount ( m i l l i o n s of d o l l a r s ) 120.0 50.0 99.3 133.1 90.0 50.5 60.0 79.0 25.0 43.2 75.0 50.0 123.8 28.0 154.5 59.0 50.0 30.0 120.0 125.0 40.0 25.7 26.9 Approximate date of o f f e r i n g June June June June June June June June June June 2 3 3 3 3 3 4 4 4 4 June June June June June June June June June June June June June June June June June June June June June June 4 4 4 5 5 5 6 6 9 9 10 10 10 10 10 10 11 12 24 24 24 May 5 15 14. STOCK PRICES 1 Date 1977-High Low NYSE Index 3 57.69 (1/2) 49.78 (11/2) DJ Industrials 999.75 (1/3) 800.85 (11/2) AMEX4 127.89 (12/30) 109.61 (1/12) NASDAQ5 105.00 (12/30) 93.66 (4/5) 1978-High Low 60.38 (9/12) 48.37 (3/6) 907.74 (9/8) 742.12 (2/28) 176.87 (9/15) 119.73 (1/11) 139.25 (9/13) 99.09 (1/11) 1979-High Low 63.39 (10/5) 53.88 (2/27) 897.61 (10/5) 796.67 (11/8) 247.07 (12/31) 152.03 (1/2) 152.29 (10/5) 117.84 (1/2) 1980-High Low 67.77 (2/13) 55.30 (3/27) 903.84 (2/12) 759.13 (4/21) 303.48 (2/28) 215.69 (3/27) 165.25 (2/8) 124.09 (3/27) 1980-May 60.05 59.79 61.23 63.05 63.42 810.92 805.80 826.88 854.18 850.85 254.81 246.31 257.81 266.77 271.67 140.25 143.06 147.24 149.48 150.45 2 9 16 23 30 15. TRADING VOLUME2 Date 1977-High Low NYSE 35.3 (11/11) 10.6 (10/10) 1978-High Low 66.4 (8/3) 7.6 (1/2) 11.0 (10/30) 1.3 (1/20) 18.8 (5/18) 2.8 (1/20) 1979-High Low 81.6 (10/10) 18.0 (1/2) 13.2 (10/10) 2.2 (1/22) 25.8 (21/17) 7.2 (1/2) 1980-High Low 67.7 (1/16) 23.1 (4/14) 15.0 (1/15) 2.5 (4/14) 36.1 (2/8) 10.7 (4/14) 1980-May 2 9 16 23 30 1 2 3 4 5 AM EX 4.2 (1/12) 1.4 (9/22) 30.0 37.3 35.5 3.4 3.4 3.2 13.7 15.5 15.4 36.9r 40.5 4.1r 5.0 16.6r 16.8 Figures other than highs and lows are Friday figures only. Volume figures are weekly averages of daily figures (millions of shares). Highs and lows refer to single days. 1 2 / 3 1 / 6 5 = 50 8 / 3 1 / 7 3 = 100 2/5/71 = 100 NASDAQ 11.2 (11/10) 5 . 1 (5/27) 16 16. SECURITY CREDIT1 End of period Margin credit extended by brokers on: Marginable stock Convertible bonds Number of margin accounts (thousands) Percent of debt in accounts with 40 percent or more customer equity 1976 7,960 204 810 88 1977 9,740 250 887 81 1978 10,830 205 955 67 1979 11,450 164 995 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. Nov. Dec. 11,310 10,920 11,450 173 161 167 985 1,000 1,020 73 83 84 1980 - J a n . Feb. Mar. Apr. 11,820 12,460 11,740 11,140 165 175 171 168 1,035 1,065 1,075 1,055 87 84 54 72 r — D a t a h a s b e e n r e v i s e d a s a r e s u l t t o c h a n g e s i n sampl< c o m p o s i t i o n anr r e a l l i g n m e n t of f i r m s b y s t r a t u m ca t e g o r y — r e f l e c t i n g m e r g e r s of m a j o r f i r m s a c r o s s s t r a t a and t h e c e s s a t i o n of v o l u n t a r y r e p o r t i n g I y n u m e r o u s s m a l l - s i z e d f i r m s i n m a r g i n a c c o u n t p a n e l . M a r g i n d e b t an d c r e d i t b a l a n c e s w e r e u n a f f e c t e d . 1 Margin account debt as reported by the New York Stock Exchange. 17 17. SAVINGS FLOWS AT SELECTED NONBANK THRIFT INSTITUTIONS Millions of dollars 1976 Mutual Savings Banks (regular deposits)1 Net flow Annual growth N.S.A. Sea. adj. rate 3 — 12,670 11.6 50,169 1977 10,783 8.7 1978 8,426 1979 2,733 1978-Jan. Feb. Mar. 626 476 1,712 Apr. May June • • • • Date Net flow Memo: Net New Money 2 Total Annual growth rate 3 Net flow (sea. adj.) Annual growth rate 3 At insured S&L's At MSB's — 17.5 62,854 15.9 34,369 5,283 50,888 — 15.0 . 60,982 13.3 32,004 2,874 6.3 44,153 — 11.3 52,292 10.1 23,460 -591 2.0 39,218 9.1 42,123 7.4 15,029 -6,955 928 483 580 8.4 4.3 5.2 2,740 2,293 7,143 2,780 2,946 3,155 8.6 9.1 9.6 3,708 3,429 3,735 8.6 7.9 8.5 2,877 2,073 2,592 -59 170 338 -209 436 1,304 567 636 807 5.1 5.6 7.1 557 2,376 6,648 2,975 3,234 4,548 9.0 9.7 13.6 3,542 3,870 5,355 8.0 8.7 11.9 401 2,145 1,744 -553 97 -90 July Aug. Sept. 341 260 1,378 626 884 1,036 5.5 7.7 9.0 3,070 2,310 6,425 3,838 4,228 4,577 11.3 12.4 13.2 4,464 5,112 5,613 9.9 11.2 12.2 2,812 2,069 1,606 38 -75 -45 Oct. Nov. Dec. 510 275 1,317 802 518 490 6.9 4.4 4.2 2,641 2,155 5,795 3,956 4,269 3,429 11.3 12.1 9.6 4,758 4,787 3,919 10.2 10.2 8.3 2,534 1,897 710 48 59 -405 1979-Jan. Feb. Mar. 218 683 1,971 584 705 798 5.0 6.0 6.7 4,735 2,876 8,334 4,987 3,733 3,909 13.9 10.3 10.7 5,571 4,438 4,707 11.7 9.2 9.7 4,377 2,580 3,146 —118 342 463 Apr. May June -832 61 890 16 280 341 0.1 2.3 2.9 -1,147 2,037 6,854 1,667 3,006 4,515 4.5 8.1 12.1 1,683 3,286 4,856 3.4 6.7 9.8 -1,490 1,627 1,469 -1,192 -341 -649 July Aug. Sept. -318 -112 517 9 508 134 0.1 4.2 1.1 2,015 1,199 4,770 2,844 3,192 2,620 7.5 8.4 6.8 2,853 3,700 2,754 5.7 7.4 5.5 1,455 717 -198 -714 -504 -1,000 Oct. Nov. Dec. -985 -199 839 -694 74 17 -5.8 0.6 0.1 1,863 1,157 4,525 3,321 3,527 2,030 8.6 9.1 5.2 2,627 3,601 2,047 5.2 7.1 4.0 1,314 732 -700 -1,420 -765 -986 -923 141 1,093 -500 -602 168 -59 351 -5.0 1.4 -0.5 2.9 2,065 1,626 4,403 158 2,191 2,617 -324 3,225 5.6 1,589 2,785 -383 3,576 3.1 5.4 —0.7 6.9 1,167 1,079 -696 -963 -1,436 -543 -679 -1,000 • # e # e Savings and Loan Associations 1980—Jan. Feb. Mar. Apr.p — N.S.A. Sea. adj. 6.6 —0.8 8.1 • # 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 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. 18. MORTGAGE COMMITMENTS OUTSTANDING AT SELECTED INSTITUTIONS Billions of dollars, seasonally adjusted Federal and Related Agencies Thrift Institutions All savings Mutual End of Period FNMA GNMA Total savings banks and loan Total (N.Y. state) associations FHLMC 1976 27.1 24.4 2.7 7.9 3.7 3.8 0.4 1977 37.7 33.2 4.5 11.0 5.1 4.5 1.4 1978 37.5 32.7 4.8 16.5 9.9 4.8 1.8 1979 31.5 28.1 3.4 12.6 6.9 4.7 1.0 1978-Jan. Feb. Mar. 37.7 37.3 37.0 33.3 33.0 32.7 4.4 4.3 4 3 12.1 13.3 13.8 6.3 7.2 7.6 4.5 4.7 4.8 1.3 1.4 1.4 Apr. May June 36.7 36.6 36.5 32.4 32.1 31.9 4.3 4.5 4.6 14.2 14.9 14.9 8.2 8.9 8.9 4.7 4.6 4.5 1.3 1.4 1.5 July Aug. Sept. 36.5 36.7 36.7 31.9 32.1 32.3 4.6 4.6 4.4 15.6 15.2 16.1 9.4 9.0 9.6 4.5 4.4 4.6 1.7 1.8 1.9 Oct. Nov. Dec. 38.1 38.1 37.5 33.4 33.3 32.7 4.7 4.8 4.8 16.8 16.9 16.5 10.5 10.5 9.9 4.6 4.7 4.8 1.7 1.7 1.8 1979-Jan. Feb. Mar. 37.0 36.5 36.0 32.2 31.8 31.4 4.8 4.7 4.6 15.4 14.1 13.0 8.9 7.7 6.7 4.8 4.8 4.8 1.7 1.6 1.5 Apr. May June 36.2 35.8 35.7 31.7 31.7 31.5 4.5 4.1 4.2 12.6 12.0 11.7 6.4 6.0 5.6 4.8 4.7 4.8 1.4 1.3 1.3 July Aug. Sept. 35.7 35.9 36.7 31.7 32.0 32. 7 4.0 3.9 4.0 11.6 11.2 12.2 5.5 5.5 6.8 4.8 4.4 4.2 1.3 1.3 1.3 Oct. Nov. Dec. 35.9 33.0 31.5 32.3 29.4 28.1 3.6 3.6 3.4 14.1 8.2 7.7 6.9 4.6 4.7 4.7 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 11.9 11.2 10.5 6.2 5.7 5.2. 4.7 4.5 4.5 1.0 1.0 0.8 Apr. 22.6 20.5 2.1 9.2 4.2 4.4 0.6 Based 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 tetal because of rounding. 19 19. NET NEW MONEY BORROWINGS BY MAJOR HOUSING CREDIT AGENCIES Millions of dollars Intermediate- and long-term issues FNMA and FHLB short-term discount notes Total including short-term discount notes Total 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 3—Jan. Feb. Mar. 563 1,731 912 82 1,399 -1 0 1,399 -1 82 0 0 0 0 0 481 332 913 Apr. May June 701 3,338 1,504 470 1,496 1,300 -1 1,498 0 -129 -2 300 600 0 1,000 231 1,842 204 July Aug. Sept. 1,626 1,550 1,627 1,900 1,000 1,076 700 1,000 0 0 0 126 1,200 0 950 -274 550 551 Oct. Nov. Dec. 1,799 1,429 2,250 1,695 1,113 2,048 -5 1,114 598 0 -1 200 1,700 0 1,250 104 316 202 9—Jan. Feb. Mar. 967 1,457 912 0 1,033 1,372 0 834 0 0 199 -128 0 0 1,500 967 424 -460 Apr. May June 1,027 304 1,363 997 215 1,299 0 222 0 -3 -7 199 1,000 0 1,100 30 89 64 July Aug. Sept. 1,625 360 398 1,916 613 -154 700 415 0 216 198 146 1,000 0 -300 -291 -253 552 Oct. Nov. Dec. 2,297 1,791 1,375 1,599 1,453 150 1,300 953 0 -1 0 150 300 500 0 698 338 1,225 0-Jan. Feb. . Mar.- 328 927 2,932 -2 10 1,900 0 -350 1,400 -2 160' 0 0 200 500 330 917 1,032 Period Based on data from Treasury Survey of Ownership. FHLB FHLMC FNMA 20 20. NET CHANGE IN MORTGAGE HOLDINGS AT SELECTED INSTITUTIONS Millions of dollars, seasonally adjusted Total Period Total Major private financial institutions Life insur. Commercial S&L's companies MSB's banks FNMA and GNMA FHLMC Mortgac;e pools FHLMCGNMAguaranteed guarantee! 1976 75,398 64,898 13,737 4,041 44,727 2,393 -2,042 -712 12,199 1,055 1977 114,008 95,874 26,157 6,540 58,021 5,156 961 -990 14,224 3,939 1978 126,413 103,224 35,376 6,314 52,156 9,378 8,735 -233 9,389 5,275 1978-Jan. Feb. Mar. 10,364 8,633 10,326 8,792 8,310 8,566 3,039 2,569 2,703 574 551 619 4,699 4,717 4,691 480 473 553 352 438 494 -130 15 165 970 -463 940 443 333 161 Apr. May June 9,387 11,327 10,798 7,892 8,658 8,857 2,380 3,033 3,259 533 614 489 4,395 4,281 4,332 584 730 777 688 1,182 818 -39 -143 -681 467 1,132 796 379 498 1,008 July Aug. Sept. 10,552 11,171 10,349 8,272 9,193 8,349 3,354 3,262 3,049 570 545 498 3,695 4,239 4,134 653 1,147 668 759 921 884 -319 484 -2 815 832 764 1,025 -259 354 Oct. Nov. Dec. 11,435 11,221 10,851 8,627 9,057 8,651 2,932 3,003 2,793 462 564 295 4,447 4,649 3,877 786 841 1,686 904 583 712 313 104 24 1,143 1,047 1,009 448 430 455 1979-Jan. Feb. Mar. 10,284 9,970 10,293 7,857 7,716 7,240 2,662 2,491 2,426 559 483 388 4,015 3,804 3,359 621 938 1,067 832 790 1,385 179 65 253 1,202 1,080 1,276 214 319 139 Apr. May June 9,707 10,995 10,765 7,371 8,311 8,351 2,487 2,328 2,753 204 388 373 3,832 4,616 4,204 848 979 1,021 489 745 530 -3 19 -25 1,542 1,505 1,625 308 415 284 July Aug. Sept. 10,161 10,641 10,780 8,152 7,567 7,898 2,809 2,636 2,953 384 297 276 3,804 3,501 3,542 1,155 1,133 1,127 35 524 284 62 114 144 1,608 2,122 2,161 304 314 293 Oct. Nov. Dec. 11,659 10,408 8,534 8,579 6,929 4,982 2,844 2,594 2,521 248 265 21 3,886 2,938 1,455 1,601 1,132 985 764 866 903 -71 202 34 2,002 2,393 2,338 385 18 277 1980-Jan. Feb. Mar. 9,924 8,035 n. a. 6,196 5,982 n. a. 2,474 2,402 1,838 197 290 6 2,088 2,239 1,620 1,437 1,051 n.a. 1,182 631 1,286 68 144 29 2,374 1,198 834 104 80 199 n.a. 890 591 n.a. n.a. 154 2,006 140 Apr. n. a. n.a. Monthly data for commerce banks based on Federal Reserve estimates benchmerked to Call Report date on real estate loans outstanding as available. Other data derived from m@m#§e debt outstanding as reported separately by National Association of Mutual Savings Banks, Federal Home Loan Bank Board, American Council ef Life I n su r a n c e , the Federal National Mortgage Association, the Government National Mortgage Association, and the Federel Home Loan Mortgage 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 made in the monthly series. Altogether, these groups accounted for 8 9 percent of the net Increase estimated for all holders in 1978. 21. NET CHANGE IN MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY 1 Billions of dollars, seasonally adjusted annual rates Residential Quarter 1 2 Total Total 1 - to 4family Multifamily 1976-Q1 81.7 62.9 61.5 1.4 Q2 75.5 55.4 55.6 -0.2 Q3 92.7 72.7 69.0 3.7 Q4 98.1 78.0 75.4 2.6 . Commercial Multifamily and commercial Farm 13.7 15.1 5.1 15.3 15.1 4.8 13.2 16.9 6.8 12.4 15.0 7.7 1977-Q1 110.7 87.5 83.3 4.2 14.6 18.8 8.6 Q2 134.9 110.3 102.0 8.3 15.2 23.5 9.4 Q3 140.2 114.3 106.1 8.2 17.5 25.6 8.4 Q4 150.2 116.8 108.2 8.6 24.6 33.2 8.8 8.8 1978-Q1 135.3 105.6 97.4 8.2 20.9 29.0 Q2 147.0 116.5 106.6 9.9 20.7 30.6 9.8 Q3 154.3 116.0 104.1 11.9 26.7 38.6 11.6 Q4 160.4 123.7 113.3 10.4 25.5 35.8 11.2 1979-Q1 155.9 117.8 109.0 8.8 22.3 31.1 15.9 Q2 164.3 117.9 111.0 6.9 28.5 35.4 17.9 Q3 160.4 114.5 105.4 9.1 29.6 38.7 16.3 Q4p 153.7 115.0 105.0 10.0 24.3 34.3 14.4 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. Residential mortgage debt includes nonfarm and is the sum of 1- to 4-family and multifamily mortgage debt. 22 22. AVERAGE RATES AND YIELDS ON HOME MORTGAGES AND PASS-THROUGH SECURITIES Secondary market FHA/VA mortgages Primary market Rates on conventional loans at S&L's Period 1976-High Low 9.10 8.70 1976-High Low 9.20 8.39 4.93 1.96 1977-High Low 9.00 8.65 1977-High Low 8.98 8.46 1978-High Low 10.38 8.98 1978-High Low 1979-High Low 12.90 10.38 1979-High Low Period 1980-Jan. Feb. Mar. Apr. May 4 11 18 25 12.85 12.90 12.87 12.89 Jan. 1 8 15 22 29 12.85 12.85 Feb. 12.98 13.59 7 14 21 28 14.00 15.40 15.70 16.03 Mar. 4 11 18 25 16.35 16.35 16.35 16.25 Apr. 2 9 15.90 14.68 14.15 13.38 May 16 23 12.88 Mar. Yield in FNMA auction 7 14 21 28 4 11 19 25 3 10 17 24 31 7 14 21 28 5 12 19 27 Discount points in FNMA auction Conventional mortgages Yield on GNMA securities Yield in FNMA auction 9 8 8.44 7.57 8.80 5.18 1.50 8-1/2 8 8.39 7.56 8.81 9.02 8.63 10.60 7.13 9.13 1.88 9-1/2 8-1/2 9.68 8.43 10.92 9.28 10.42 9.12 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 12.70 7.17 9.43 11.70 11.70 12.07 13.10 13.11 11-1/2 11-1/2 11-1/2 11-1/2 12.28 12.63 12.69 12.76 12.90 11-1/2 12 12 12 13 12.53 12.74 1 3 . 72 13.65 13.58 13 13 13 13 13.57 13.84 14.17 13.78 14 14 14 13 13.40 12.96 12.23 11.98 11.26 Ceiling rate 13.76 12.88 15.21 17.25 15.26 12.19 15.73 14.42 15.93 15.35 15.18 6.41 14.03 5.83 13.16 0.93 13 13 11-1/2 11.78 12.59 6.52 11-1/2 11.12 Yield in FHLMC auction 9.31 9.21 13.29 13.67 14.57 15.36 17.00 17.51 13.05 13.25 13.48 14.10 14.44 15.34 16.16 16.22 16.05 15.67 15.78 15.53 15.04 14.52 13.81 12.61 16.91 11.03 13.36 12.69 13.27 12.48 Column 2 is average of contract interest rates on commitments for conventional first mortgages with 8 0 percent loan-to-value ratios made by a sample of insured S&Ls. Columns 4 and 8 are average gross yield t o 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 c o m m i t m e n t fees and FNMA stock retention requirements. Column 7 is * 1-day quote on average net yields t o investors on GNMAguaranteed mortgage-backed securities for immediate delivery, assuming prepayment in 12 years on pools of 30 t i » , F H A / V A mortgages carrying a coupon rate 5 0 basis points below the current F H A / V A ceiling rates shown in Column 6. Column 9 is the average net yield t o FHLMC on accepted bids in its weekly auction of c o m m i t m e n t s t o buy conventional h o m e mortgages for immediate (within 6 0 days) delivery. 23 23. FNMA AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES Dollar amounts in millions Conventional mortgages Accepted Average yield Offered FHA/VA mortgages Accepted Average yield Offered 1977-High Low 855.4 50.3 569.7 35.1 8.98 8.46 415.9 122.9 278.0 70.5 9.21 8.81 1978-High Low 1,249.4 130.3 605.3 80.1 10.60 9.13 716.9 74.7 362.5 47.5 10.92 9.28 1979-High Low 1,034.9 36.5 448.3 19.4 13.29 10.42 454.0 19.4 172.2 13.97 10.92 Date of auction Apr. May 17.9 14 28 284.8 110.9 15.18 81.3 41.7 16.91 208.9 88.5 14.03 53.9 24.1 15.67 12 27 236.2 372.5 101.0 113.1 .13.16 12.59 120.0 159.7 53.4 55.7 13.81 13.27 24. FHLMC AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES Conventional mortgages, dollar amounts in millions Date of auction Offered Immediate delivery program Accepted Average yield Offered Future commitment program Accepted Average yield 1977-High Low 303.0 76.7 132.6 49.8 9.02 8.63 262.8 66.4 131.0 35.3 9.03 8.63 1978-High Low 359.7 71.2 191.7 53.6 10.42 9.12 247.1 69.7 84.4 18.2 10.54 1979-High Low 298.0 38.7 150.5 17.9 13.56 10.40 166.6 38.7 37.8 13.7 13.89 10.43 4 11 18 25 31.1 25.0 24.4 43.5 25.8 20.8 21.7 29.3 15.78 15.53 15.04 14.52 6 13 20 27 54.4 337.1 302.4 n.a. 51.2 140.4 110.9 n.a. 13.36 12.61 12.69 12.48 Apr. May —— w —. —— 38.1 9.20 11.6 —— mm mmm 15.22 — — —— 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. Source: FNMA and FHLMC 25. ISSUES OF MORTGAGE-BACKED SECURITIES Millions of dollars, not seasonally adjusted Pass-through securities Period GNMA-guaranteed New issues Outstanding (end of period) F H LMC-guaranteed New issues Outstanding (end of period) Public offerings of mortgagebacked bonds Outstanding by savings and (end of period) loan assoc. Privately insured New issues 1976 13,764 30,571 1,396 2,671 n. a. n. a. 75 1977 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 1,327 929 1,315 45,890 45,325 46,357 504 470 120 7,033 7,431 7,471 0 10 119 236 243 358 0 0 50 823 1,255 999 46 , 4 6 3 47,387 48,033 466 651 1,093 7,861 8,434 9,422 201 135 23 557 689 703 290 75 0 997 1,648 1,203 48,663 50,051 50,844 299 725 394 10,371 10,224 10,512 72 35 33 764 797 822 0 50 0 1,762 1,721 1,381 52,095 53,358 54,347 369 581 540 10,987 11,463 11,892 57 36 275 872 897 1,161 0 0 0 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 1,489 1,673 1,860 60,274 61,551 63,001 364 572 382 12,790 13,296 13,562 51 201 142 1,619 1,821 1,915 0 0 400 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 2,639 3,250 1,895 71,457 74,106 76,401 530 186 361 14,838 14,916 15,180 488 300 470 2,981 3,353 3,641 0 0 70 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 4,728 50 0 0 Apr. 1,778 82,419 199 15,613 500 5,216 0 1978-Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1979-Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1980-Jan. Feb. 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 underwritten by major private mortgage insurance companies. Source: GNMA, F H L M C , H U D , and Federal Reserve.