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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.