Full text of H.16 Capital Market Developments : June 25, 1979

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*4#

Capital

Market
Developments

June 25, 1979

Prepared by the
C A P I T A L MARKETS SECTION
in conjunction with the
MORTGAGE and CONSUMER
FINANCE SECTION




DIVISION OF RESEARCH AND STATISTICS
BOARD OF GOVERNORS
F E D E R A L R E S E R V E SYSTEM
Washington, D C. 20551

Index

SUBSCRIPTION RATES:
Weekly $15.00 per year or $.40 each in the United
States, its possessions, Canada, and Mexico; 10 or
more of the same issue to one address, $13.50 per
year or $.35 each. Elsewhere, $20.00 per year or $.50
each. Address requests to Publications Services, Division of Administrative Services, and make payment
remittance payable to the order of the Board of
Governors of the Federal Reserve System in a form
collectible at par in U.S. Currency.




TABLES

1- 6
7, 8

SECURITY VOLUME AND YIELDS
STOCK MARKET AND SECURITY
CREDIT
9 - 1 6 MORTGAGE MARKET
SYMBOLS
e

ESTIMATE

p
r

PRELIMINARY
REVISED

n.a.

NOT AVAILABLE
DATA DO NOT EXIST

Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
YIELDS
WEEK ENDING

1979 - Apr.

May

June

2
13
20
27
4
11
18
25

NEW ISSUE
Aaa UTILITY

1

2

3
GROSS
OFFERINGS
( $ MILLIONS)

PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
($ MILLIONS)

9.59
9.68
9.66
9.87

9.61
9.68
9.70
9.88

615
300
727
1,233

98
100
87
90

13
0
91
122

9.85
9.80

9.93
9.93
9.85
9.74

124
274
570
859

80
89
84
100

25
30
89
0

250
1,128
933
741

96
94
92
91

10
63
70
65

9.72
9.58
9,46r
9.48p

1

8
15
22

VOLUME

RECENTLY
OFFERED
Aaa UTILITY

9.57
9.51r

MUNICIPAL BOND MARKET
YIELDS
WEEK ENDING

1979 - Apr.

May

June

VOLUME
3
GROSS
OFFERINGS
( $ MILLIONS)

NEW ISSUES 4
IN SYNDICATE
( $ MILLIONS)

MOODY'S
NEW ISSUE
Aaa

BOND BUYER
20-BOND
INDEX

6
13
20
27

5.85
5.85
5.75
5.75

6.25
6.33
6.30
6.26

657
756
557
653

92
76
88
85

163
279
151
172

4
11
18
25

5.80
5.85
5.90
5.75

6.27
6.30
6.30
6.21

432
711
685
642

77
81
79
90

173
214
248
142

1

5.75
5.75
5.40
5.50

6.16
6.09
6.11
6.18

293
833
1,254
1,058

78
95
81
84

151
91
284
374

8
15
22

PER CENT
SOLD BY END
OF WEEK

NOTES:
1

Federal Reserve series of implied yield on newly issued, Aaa rated utility bond with 5-year call protection.

2

Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection, released from price
restrictions sometime during the last four weeks.

3

Estimated by F.R. on the basis of available data.

Corporate Market: Salomon Brothers Bond Market Roundup; Municipal Market: Weekly Bond Buyer. Data are adjusted by Federal Reserve when
necessary to make coverage of this series consistent with the gross offerings series.


4

Table 2

HIGH GRADE BOND YIELDS
NEW I S S U E
A a a UTILITY

DATE

1

RECENTLY OFFERED
A a a UTILITY

2

MOODY'S S E A S O N E D
CORPORATE Aaa

3

U . S . GOVT. 20-YEAR
C O N S T A N T MATURITY

4

B O N D BUYER
2 0 - B 0 N D INDEX

1975 - High
Low

9.80 (5/2)
8.89 (2/7)

9.71 (5/25)
9.06 (2/28)

9.01 (5/2)
8.57 (2/28)

8.63 (9/19)
7.63 (2/21)

7.67 (10/3)
6.27 (2/13)

1976 - High
Low

8.95 (5/28)
7.93 (12/10)

9.10 (1/2)
7.84 (12/31)

8.66 (5/28)
7.91 (12/31)

8.17 (5/28)
7.27 (12/31)

7.29 (1/2)
5.95 (12/16)

1977 - High
Low

8.36 (12/16)
7.90 (1/7)

8.48 (12/30)
7.95 (1/7)

8.28 (12/30)
7.88 (1/7)

7.99 (12/30)
7.26 ( 1 / 7 )

5.93 (2/4)
5.45 (11/17)

1978 - High
Low

9.29 (12/15)
8.60 (3/24)

9.54 (12/22)
8.48 (1/6)

9.27 (12/29)
8.30 (1/6)

9.00 (12/22)
8.02 (1/6)

6.67 (12/22)
5.58 (3/17)

1979 - High
Low

9.87 (4/27)
9.43 (2/9)

9.93 (5/11)
9.40 (2/2)

9.52 (5/11)
9.19 (2/2)

9.30 (5/11)
8.87 (6/15)

6.42 (3/2)
6.11 (6/14)

1979 - March
April
May

9.62
9.70
9.83

9.62
9.74
9.84

9.37
9.38
9.50

9.08
9.12
9.21

6.33
6.29
6.25

9.93
9.93
9.85
9.74

9.51
9.52
9.51
9.49

9.28
9.30
9.23
9.11

6.27
6.30
6.30
6.21

9.72
9.58
9.46r
9. 48p

9.48
9.41
9.25r
9.22p

9.06
8.98
8. 89r
8.93p

6.16
6.09
6.11
6.18

1979 - May

4
11
18
25

June

—

9.85
9.80

1

— —

9.57
9.51r

8
15
22

NOTES:
1

Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection.

2

Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection released from price restrictions sometime during the last 4
weeks.

3

Weekly average of daily closing figures.

4

Weekly average of daily figures. U.S. Treasury data.

5

Thursday figures. The average rating of the 20 bonds used in this index falls midway between the four top groups as classified by Moody's Investors Service. Weekly Bond Buyer data.




#

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#

#

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#

#

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5

5
Table 3

LONG-TERM CORPORATE AND
STATE AND LOCAL GOVERNMENT
SECURITY OFFERINGS AND PLACEMENTS
IN MILLIONS OF DOLLARS

G R O S S PROCEEDS

•

January
February
March
April

#

May

1977r

1979

1978

3,668
3,1-65
3,600e

3,326
2,770
4,569

4,358
2,790
5,578

2,807
2,598
4,525

3,306
2,753
4,844

3,402
3,442
4,063

4,100e
3,200e

3,397
4,227
5,539

3,928
3,733
5,632

2,998
2,900e

3,824
5,525
4,369

3,409
4,566
5,786

4,414
3,379
4,236

4,251
3,458
4,178

3,920
6,407
2,323

3,113
4,118
4,013

3,799
3,207
4,401

4,025
5,341
6,518

3,231
4,320
3,690

3,807
3,332
3,646

10,665
13,163
12,029
11,407

12,726
13,295
11,887
15,884

10,903
13,718
12,650
11,241

10,907
13,761
11,244
10,785

24,621
37,271
48,512

24,668
35,912
46,697

August
September
October
November
December

Q1
e

10,433e

1st Half
3 Qtrs.
Year

23,828
35,857
47,264

.

26,021
37,908
53,792 "

e

#

e

NOTES:
1

Securities and Exchange Commission estimates of gross proceeds.

2
Securities Industry Association estimates of principal amounts.



9,930

|

1977

1978r

June

02
03
04

2

STATE AND LOCAL

1979

July

#

1

CORPORATE

PERIOD

Table 4

NEW CORPORATE SECURITY ISSUES
BY TYPE OF ISSUE AND ISSUER
IN MILLIONS OF DOLLARS

G R O S S P R O C E E D S BY TYPE OF ISSUER

G R O S S PROCEEDS BY TYPE OF I S S U E
PERIOD

COMMON
AND
PRIVATELY
PREFERRED
PLACED
STOCK

MEMO

BONDS
TOTAL

PUBLICLY
OFFERED

ISSUES INCLUDED
FOREIGN

MANUFACTURING

PUBLIC
UTILITY

COMMUNICATIONS

OTHER
ISSUERS

CONVERTIBLE

10,665
13,163
12,029
11,407

4,748
5,422
5,159
4,486

3,886
4,788
4,526
3,891

2,031
2,953
2,344
3,030

233
260
120
189

4
158
115
129

2,555
3,148
2,699
2,411

2,433
3,728
3,049
3,041

854
424
1,143
1,219

4,822
5,863
5,142
4,737

1978-January
February
March
April
May
June
July
August
September
October
November
December

3,326
2,770
4,569
3,397
4,227
5,539
4,414
3,379
4,236
3,799
3,207
4,401

1,382
1,464
1,902
1,959
1,719
1,744
2,052
1,497
1,610
1,651
1,608
1,227

1,311
730
1,845
931
1,469
2,388
1,734
1,100
1,692
964
873
2,054

633
576
822
507
1,039
1,407
628
782
934
1,184
726
1,120

233
0
0
12
106
142
80
40
0
10
30
149

0
0
4
20
2
136
16
6
93
101
22
6

465
755
1,335
606
958
1,854
843
740
1,116
498
840
1,073

644
531
1,258
743
1,713
1,272
793
877
1,379
1,626
761
654

529
34
291
75
349
376
552
215
302
457
460

1,689
1,450
1,683
1,973
1,557
2,333
2,404
1,211
1,527
1,372
1,150
2,215

1979-January
February

3,668
3,165

1,282
1,336

1,722
916

664
913

16
10

3
5

907
471

890
1,186

259
558

1,612
949

1978-1
II
III
IV

-

-

NOTES:
1
Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other.
Source: Securities and Exchange Commission.

http://fraser.stlouisfed.org/
#
e
e
Federal Reserve
Bank of St. Louis

#

#

#

,

#

e

e

t

«

Table 5A

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
June 4 through June 22, 1979

ISSUER

CORPORATE

Tenneco Inc.
Duke Power Co.
Borden Inc.
Alaska I n t e r s t a t e Co.
P a c i f i c Gas & E l e c t r i c Co.
United Gas P i p e l i n e Co.
Union Tank Car Co.
P h i l i p Morris Inc.
Mostek Corp.
Duke Power Co.
Elsinore Corp.
*Northern Indiana Public Service Co,
Public Service Co. of Oklahoma
Ford Motor Credit Co.
Southern P a c i f i c Transp. Co.
Lachmar
Lachmar
South Carolina E l e c t . & Gas Co.
Commonwealth Edison Co.
Household Finance Corp.
Sears Roebuck Accept. Corp.
Toledo Edison Co.
Arkansas Power & Light Co.
Utah Power & Light Co.

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

250.0
Debt.
150.0
1 s t . mtg.
150.0
Debt.
15.0
Debt.
200.0
1 s t . mtg.
50.0
Notes
Equip, t r . c e r t . 6 0 . 0
250.0
Notes
17.4
Com. stk.
50.0
Pfd. stk.
17.7
Com. stk.
30.5
Com. stk.
75.0
1 s t . mtg.
250.0
Notes
Equip, t r . c e r t . 2 4 . 0
40.0
Govt. gtd.
30.0
Govt. gtd.
50.0
1 s t . mtg.
200.0
1 s t . mtg.
100.0
Debt.
Med-term notes 150.0
Com. s t k .
42.3
Pfd. stk.
40,0
Com. s t k .
41,8

MATURITY

2004
2009
2004
1999
2012
1989
1999
1986

2009
1989
1980-1994
1993
1989
2009
1984
2004
1981-1989

NOTES:
*
1

Rights offering.
Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings.




COUPON RATE

OFFERING
YIELD

9.50
10.13
9.38
12.75
10.13
10.50
9.80
9.55

9.57
10.13
9.38
12.75
10.15
10.55
9.80
9.55

8.84

8.84

9.63
9.45
9.13
9.30
9.25
9.88
9.25
9.63
9-, 92

9.63
9.45
.50-9.15
9.30
9.25
9.94
9.30
9.63
.25-9.75
9-65

MOODY'S/S&P'S
RATINGS

A/A
A/A
Aa/Af
B/B
Aa/AABaa/BBB
A/A
A/A
A/A
Aa/AA
Aaa/AAA
Aa/AA
A/A
Aa/AAA/A
Aaa/AAA
Ba^/BBB-

00

Table 5A

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
June 4 through June 22, 1979

ISSUER

CORPORATE

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

Global Marine Inc.
Eastern A i r l i n e s
Nortek Inc.
Wesco Financial Corp.
T r a i l e r Marine Transport
Sabine Corp.
Pneumo Corp.
Mellon National Corp.
Cordis Corp.
American Savings & Loan Assoc.
Standard-Pacific Corp.

Com. s t k .
Conv. debt.
Debt,
Debt.
Govt. gtd.
Conv. debt.
Debt.
Notes**
Debt.
Mtg.-backed
Debt.

15.1
150.0
25.0
25,0
36.0
30.0
20,0
150.0
20. 0
200.0
25.0

1999
1999
1991
2004
1999
1994
1989
1999
1985
1999

11.50
12.50
10,13
9,50
6.50
11,63
11.50
12.25
11.00
12.75

11,50
13,59
10.13
9,50
6.50
11.63
11.50
12.32
11.00
12 „ 75

B/B
B/B
A/A+

OTHER
Hydro Quebec

Debt.

200.0

2009

10.13

10.13

Aa/AA

NOTES:
*

Rights offering.

1 FRASER
Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings.
Digitized for
http://fraser.stlouisfed.org/
C o n v e r t i t ^ e - f l o a t i n g j ^ t e notes. ^
^
Federal Reserve Bank of St. Louis

Ba/BB
Ba/BB
Aaa/AAA
B/B
B/B

Table 5B

INTERMEDIATE AND LONG-TERM*
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
June 4 through June 22 > 1979
ISSUER
STATE AND LOCAL

New York S t a t e Dorm. Auth.
New York S t a t e Dorm. Auth.
New York S t a t e Dorm. Auth.
Homer D. Cobb Mem. Hosp. Bd. , Ala.
Homer D. Cobb Mem. Hosp. Bd., Ala.
Puerto Rico Telephone Auth.
Puerto Rico Telephone Auth.
D a l l a s , Texas
Flour Bluff Ind. Sch D i s t . , Tex.
C a l i f o r n i a , S t a t e of
Dade County, F l a .
Ohio, S t a t e of
I l l i n o i s , S t a t e of
New J e r s e y , S t a t e of
Garden Grove Comm. Dev. Agy., C a l i f .
Manatee Co., F l a .
New Jersey Health Care Fac. F i n . Auth.
New Jersey Health Care Fac. F i n . Auth.
New Jersey Health Care Fac. F i n . Auth.
Massachusetts Housing F i n . Agy
Massachusetts Housing F i n . Agy.
Massachusetts Housing F i n . Agy.
River Rouge, Mich.
Spokane County, Wash.

TYPE

Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
G•0•
G.O.
G.O.
Rev.
G.O.
G.O.
G.O.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.

AMOUNT
(MILLIONS OF
DOLLARS)

6.5
7.9
8.1
3.8
10.5
18.3
91.7
40.0
11.5
60.0
48.0
65.0
100.0
100.0
10.8
20.0
5.3
2.5
11.3
17.2
33.1
49.7
15.1
13.0

NOTES:
1

Includes only state and local security offerings of $10 million and over; excludes secondary offerings.

2

For State and local government securities, G.O. denotes general obligation; Rev. denotes revenue obligations.

Digitized
FRASER
* forGreater
than 12 months.
http://fraser.stlouisfed.org/
** Canadian I n t e r e s t Cost.
Federal Reserve Bank of St. Louis

MATURITY

1981-1994
2003
2009
1984-1992
2009
1986-1994
2009
1983-1999
1981-2000
1980-1999
1982-2006
1980-2004
1980-2004
1982-2004
1980-2004
1980-2009
1982-1996
2000
2011
1982-1996
2008
2022
1984-1997
1982-2000

NET INTEREST
COST

6.02
6.02
6.02
7.57
7.57
5.51
5.58
5.43**
6.20**

5,.92
5., 6 6
5.,57
6..85
6,.21

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

5 . 1 0 - 5 . 7 0 Aaa/AA
Aaa/AA
6.00
Aaa/AA
6.05
6 . 3 5 - 7 . 5 0 Con. Baa/Prov.BBBt
Con. Baa/Prov.BBB+
8.00
6 . 5 0 - 7 . 2 5 A/A
7.56
A/A
5 . 1 0 - 5 . 7 0 Aa/AA
5 . 0 0 - 6 . 0 0 A/A
4 . 8 0 - 5 . 7 0 Aaa/AAA
5.. 3 0 - 6 . 4 0 A-1/A+
5., 2 5 - 6 . 2 0 Aa/AA
5.. 0 0 - 6 . 0 0 Aaa/AAA
5.. 0 0 - 5 . 9 0 Aaa/AAA
5.40-6.90 A/-5 . 3 0 - 6 . 2 5 Baa/AAA
5 . 5 0 - 6 . 6 5 A-1/A+
A-1/A+
6.75
A-1/A+
6.90
5 . 5 0 - 6 . 7 0 A-1/A+
A-1/A+
7.13
A-1/A+
7.24
5 . 8 5 - 7 . 0 0 Baa/BBB
5 . 5 0 - 6 . 7 0 A/BBB4-

Table 5B Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
June 4 through June 22, 1979

ISSUER

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

Rev.

6.0

1980-1999

Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
G.O.
G.O.
G.O.
G.O.
G.O.
Rev.
Rev.
Rev.

11.5
80.0
24.6
10.6
17.5
97.3
5.4
11.4
16.6
16.4
22.0
13.6
5.3
13.2
35.5
6.8
26.2
11.3
12.8
21.7
61.0
13.0
12.0

2011
1980-1999
1990-1999
2002
2006
2014
1980-1996
2009
1980-2000
1984-1996
2005
2008
1984-1994
2006
2019
1981-1992
2009
1980-1999
1980-1999
1980-1994
1983-2010
1980-1997
2005

TYPE

NET INTEREST
COST

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

STATE AND LOCAL

Hammond-Tangipahoa Home Mtge. Auth.,
La.
Hammond-Tangipahoa Home Mtge. Auth.,
La.
Gainesville, Fla.
Gainesville, Fla.
Gainesville, Fla.
Gainesville, Fla.
Gainesville, Fla.
Mercer County, Pa.
Mercer County, Pa.
North Dakota Municipal Bond Bank
P l a t t e County, Wyo.
P l a t t e County, Wyo.
P l a t t e County, Wyo.
S i t k a , Alaska (City & Borough)
Sitka, Alaska
S i t k a , Alaska
Oakland Redev. Agy., C a l i f .
Oakland Redev. Agy., C a l i f .
V i r g i n i a , State of
Omaha, Neb.
Milwaukee, Wise.
Nebraska Public Power D i s t .
Metro. Water D i s t . of Southern C a l i f .
Metro. Water D i s t . of Southern C a l i f .

http://fraser.stlouisfed.org/
'Canadian I r ^ r e s t
Federal Reserve Bank of St. Louis

Cost.^

— —

— —
-

-

- -

-

-

-

-

-

- -

-

-

-

7.27
7.27
5.23
5.25
5.25
6.23**
6.06**
6.06**

5.50-7.10

--/AA-

7.30
5.00-5.65
5.50-6.00
6.20
6.30
6.53
5.70-7.00
7.20
5.30-6.25
5.50-6.25
6.75
6.75
6.20-7.00
7.38
7.63
5.50-6.75
7.20
4.70-5.40
4.75-5.40
4.90-5.35
5.20-6.45
4.75-5.60
5.93

— / AAAaa/-A-l/AA
A-l/AA
A-l/AA
A-l/AA
- - / P r o v . A- - / P r o v . AA/A+
A/BBBf
A/BBB+
A/BBB+
Con. Baa/BBB
Con. Baa/BBB
Con. Baa/BBB
Baa-l/ABaa-l/AAaa/AAA
Aaa/AAA
Aaa/AAA
A-l/A
Aa/AA
Aa/AA

Table 5B Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
June 4 through June 22, 1979

ISSUER
STATE AND LOCAL

Metro. Water D i s t . of Southern C a l i f .
North Carolina, State of
Louisiana, State of
U n i v e r s i t y of L o u i s v i l l e , Ky.
New Albany-Floyd Cty. Sch. Bldg.
Corp., Ind.
Columbus, Ohio
Columbus, Ohio
Fort Worth, Texas
Fort Worth, Texas
Norman, Okla.
C a l i f o r n i a Housing Finance Agy.
J e f f e r s o n County, Ark.
J e f f e r s o n County, Ark.
J e f f e r s o n County, Ark.
Broward Cty. Health Fac. Auth. F l a .
Broward Cty. Health Fac. Auth. F l a .
Willmar, Minn.
Colbert County Hosp. Bd., Ala.
Colbert County Hosp. Bd., Ala.
Central Dauphin Sen. D i s t . Pa.
Maryland Comm. Dev. Adm.
Maryland Comm. Dev. Adm.
Maryland Comm. Dev. Adm.
Maryland Comm. Dev. Adm.
New York State Med. Care Fac. Fin.
Agcy.
**Canadian
Interest



Cost.

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

Rev.
G.O.
G.O.
Rev.

50.0
60.0
121.6
35.0

2020
1980-1995
1980-2004
1981-2014

6.06**
5.13
5.42
6.33

6.10
4.60-5.30
4.80-5.70
5.10-6.60

Aa/AA
Aaa/AAA
Aa/AA
A/A+

Rev.
G.O.
G.O.
G.O.
Rev.
G.O.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
G.O.
Rev.
Rev.
G.O.
Rev.
Rev.
Rev.
Rev.

35.0
31.3
1.6
39.0
6.5
12.0
30.0
7.6
1.2
13.2
8.7
7.0
10.4
3.3
12.3
10.2
3.8
2.9
12.4
3.6

1994-2004
1981-2005
1981-2005
1982-2002
1981-2004
1982-1999
1980
1983-1995
1997
2006
1980-1994
2004
1982-2002
1984-1994
2009
1980-1991
1981-1999
2006
2020
2022

6.08
5.72
5.72
5.45
5.54
5.16

5.70-6.25
5.00-6.00
5.10-6.00
4.90-5.90
4.80-5.85
4.80-5.20
4.90
6.00-7.10
7.13
7.25
5.30-6.70
7.00
5.25-6.00
6.00-7.00
7.63
5.20-6.00
5.20-6.60
6.80
7.00
7.00

Con. A/Prov. A
Aa/AA
Aa/AA
Aa/AA
Aa/AA
A-1/--

Rev.

64.6

1980-2003

5.75-7.25

A/A

MATURITY

NET INTEREST
COST

— —
——

- —

——

- -

5.94
— —
— —

——
——

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

—j —

— /A
— /A
— /A
A-l/A
A-l/A
A/ - Con. Baa-1/BBB+
Con. Baa-1/BBB+
— j —

Con.
Con.
Con.
Con.

Aa/—
Aa/—
Aa/—
Aa/—

Table 5 8 Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
June 4 through June 22, 1979

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

Rev.
G.O.
G.O.
Rev.
Rev.
Rev.

99.6
75.0
30.5
8.9
3.0
17.7

2016
1982-1999
1980-1999
1980-1996
1999
2009

Rev.

8.6

1982-1996

Rev.

2.5

2002

Rev.
Rev.
Rev.
Rev.
Rev.
Rev.

25.9
92.1
64.4
18.5
44.9
60.1

2009
1980-1997
2010
2011
1980-1999
2009

Rev.

29.3

1984-1998

Rev.

18.6

Rev.
Rev.
G.O.

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

STATE AND LOCAL

New York State Med. Care Fac. Fin.
Agcy.
Hawaii, State of
Houston, Texas
Juneau, Alaska
Juneau, Alaska
Juneau, Alaska
J e f f e r s o n Par. Hosp. Service D i s t . #1,
La.
J e f f e r s o n Par. Hosp. Service D i s t . #1,
La.
J e f f e r s o n Par. Hosp. Service D i s t . #1,
La.
New Mexico Mortgage Fin. Auth.
New Mexico Mortgage Fin. Auth.
New Mexico Mortgage Fin. Auth.
Alaska Housing Finance Corp.
Alaska Housing Finance Corp.
Washington Public Power Supply Sys.
#1
Washington Public Power Supply Sys.
#1
Washington Public Power Supply Sys.
#1
Washington Public Power Supply Sys.
#1
Baltimore County, Md.
Canadian I n t e r e s t
Digitized for**
FRASER


Cost.

A/A
Aa/AA
Aaa/AAA

—

7.40
5.15-6.00
4.90-5.70
5.50-7.10
7.25
7.42

—

5.50-6.80

A/A+

7.13

A/A+

7.25
5.40-6.90
7.20
7.10
5.30-7.00
7.16

A/A+
A-l/A
A-l/A
A-l/A
A/A
A/A

6.64

5.25-6.05

Aaa/AAA

2003

6.64

6.40

Aaa/AAA

32.4

2009

6.64

6.70

Aaa/AAA

69.7
35.0

2017
1981-2009

6.80
4.90-5.90

Aaa/AAA
Aaa/AA

5.72**
5.50
—
—

—

—
—

—
—
—
—

6.64
5.57**

—/—
—/—
—/—

Table 5B Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
June 4 through June 22, 1979

ISSUER

TYPE

Mason County, W. Va.
Tucson, Ariz.
Tucson, Ariz.
Albuquerque, N. Mexico
Albuquerque, N. Mexico

Rev.
Rev.
Rev.
G. 0.
G.O.

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

STATE AND LOCAL

Digitized **
for FRASER
Canadian I n t e r e s t


Cost,

50.0
7.0
5.0
6.5
4.0

2009
1980-1993
1985-1989
1980-1984
1982-1986

5.68
5.56
5.24
5.26

OFFERING
YIELD

7.50
5.00-5.70
5.30-5.50
5.20-5.25
5.00-5.15

MOODY'S/S&P'S
RATINGS

A-l/A
A-1/A+
Aa/AA
Aa/AA

u>

14
Table 6A

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY

1

As of June 22, 1979

TYPE

ISSUER
CORPORATE

AMOUNT
(IN MILLIONS
OF DOLLARS)

C&P Tel. Co. of W. Virginia
Atchison, Topeka & Santa Fe Ry. Co.
*Great Western Savings & Loan Assoc.
Arizona Public Service Co.
*Honeywell Corp.
*Wells Fargo & Co.
Lifemark Corp.
P a c i f i c Tel. & Tele. Co.
Norfolk & Western Ry. Co,
Rochester Gas & E l e c t r i c Co.
Louisiana Power & Light Co.
San Diego Gas & Elec. Co.
Central Power & Light Co.
Detroit Edison Co.
Public Service Elec. & Gas Co.
Continental Tel. Corp.
Sun Banks of Florida Inc.
Storage Technology Corp.
*Boston Edison Co.
*Kansas Gas & E l e c . Co.
Beef and Bison Breeders Inc.

Debt
50.0
Equip, t r .
24.0
200.0
1st mtg,
Com. s t k .
40.0
Debt.
150.0
Notes
150.0
15.0
Debt.
300.0
Debt.
23,2
Equip. t r .
20.0
Pfd. s t k .
60.0
Pfd. s t k ,
50.0
Com, s t k .
50.0
Pfd. s t k .
90.0
Com. s t k .
100.0
1st mtg.
31.5
Com. s t k .
25.0
Com, s t k .
50.0
Conv. debt.
45,0
Com. s t k .
24.0
Com. s t k .
Com. s t k . / w . warrants45.0

OTHER
*Finland Bonds

Bonds

100.0

NOTES:
*

Included in table for first time.

1

Includes only corporate and other security issues of $15 million and over; excludes exchanges, options




APPROXIMATE
DATE OF OFFERING

June
June
June
June
June
June
June
June
June
July
July
July
July
July
July
July
July
July
July
Aug.
Indef
June

26
26
26
27
27
28
28
28
12
12
17
18
18
24

24
2
•

28

15
Table 6B

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
As of June 22, 1979

1

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

ISSUER

TYPE

Commerce Redev. Agcy., Cal.
Kansas City, Kansas
New Mexico, State of
Fremont, Neb.
^Massachusetts Health & Educ. Fac.
Auth.
Alexandria, La.
^Portland Hosp. Fac. Auth., Ore.
*WestChester County, N.Y.
Suffolk County, N.Y.
Portland Hosp. Fac. Auth., Ore.
Bexar County, Tex.
^Delaware Dept. of Comm. A f f a i r s &
Econ. Dev.
^Pulaski County Resid. Hsg. Bd.,
Ark.
^Lafourche Par. Home Mtg. Auth., La
*Green Bay, Wise.
Denham Springs-Livingston Hsg. &
Mtg. Fin. Auth., La.
Alton, 111.
Vermont Hsg Agcy.
Connecticut Health & Educ . Fac.
Auth.
*Chula Vista Redevc Agcy., Cal.
Nashville & Davidson Cty. Metro.
Govt., Tenn.
Nev.
*Lyon County Sch. Dist
Aurora, Colo.
San Antonio, Texas
*St. Petersburg, F l a .
Chicago Public Bldg. Comm., 111.
^Oklahoma Student Loan Auth.
^Independence, Mo.
^Alexandria Health Care Trust Auth,
La.
*New Hampshire Educ. & Health Auth,
Osseo Indep. Sch. D i s t . #279* Minn

G.O.
Rev.
Rev.
Rev.

12.0
25.0
23.2
11.0

June
June
June
June

25
26
26
26

Rev.
Rev.
Rev.
G.O.
G.O.
Rev.
Rev.

14.1
10.0
31.5
13.2
68.1
31.5
20.7

June
June
June
June
June
June
June

27
27
28
28
28
28
29

Rev.

18.2

June

Rev.
Rev,
Rev.

100.0
18.9
17,2

June
June
June

Rev.
Rev.
Rev.

35.0
15.4
41,0

June
June
June

Rev,
Rev.

59.5
51.0

June
July

10

G.O.
G.O.
G.O.
Rev.
Rev.
Rev.
Rev,
Rev.

21.0
10.0
24.2
100.0
10.0
29.0
10.0
11.0

July
July
July
July
July
July
July
July

10
10
10
12
12
12
17
17

Rev,
Rev.
G.O.

22.5
12.7
11.0

July
July
July

17
17
17

STATE & LOCAL

NOTES:
1

Includes state and local government issues of $10 million and over.
Included in the table for the first time.




16
Table 6B Continued

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY

1

As of May 22, 1979
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

POSTPONEMENT
*Jackson County, W.Va.
St. Paul Ind. Sch. D i s t . #625, Minn




Rev.
G.O.

20.7
17.6

June
June

21
19

•

# .

e

#

•

#

#

#

•

Table 7

STOCK PRICES AND VOLUME
3

1975-High
Low

NYSE INDEX
51.24 (7/15)
37.16 (1/8)

1976-High
Low

57.51 (9/21)
48.04 ( 1 / 2 )

1014.79 (9/21)
858.71 (1/2)

1977-High
Low

57.69 (1/2)
49.78 (11/2)

1978-High
Low

60.38
48.37
58.21
53.88

(9/12)
(3/6)
(6/22)
(2/27)

1979-High
Low
1979
Apr.

1

STOCK PRICES

DATE

BJ INDUSTRIALS
881.81 (7/15)
632.04 (1/2)

AMEX
96.86 (7/15)
62.20 (1/2)

4

2

TRADING VOLUME

NASDAQ
5
NYSE
88.00 (7/15)
35.2 (2/13)
60.70 (1/2)
8.7 (9/15)

AMEX
4 . 2 (2/21)
1.1 (9/15)

NASDAQ
8 . 1 (2/13)
2.5 (9/15)

107.05 (7/12)7
84.31 (1/2)

92.52 (7/15)
78.06 (1/2)

44.5 (2/20)
10.3 (1/2)

8 . 6 (2/20)
1.1 (1/2)

11.1 (2/20)
3.5 (1/2)

999.75 (1/3)
800.85 (11/2)

127.89 (12/30)
109.61 (1/12)

105.05 (12/30)
93.66 (4/5)

35.3 ( 1 1 / H )
10.6 (10/10)

4 . 2 (1/12)
1.4 (9/22)

11.2 (11/10)
5 . 1 (5/27)

907.74 (9/8)
742.12 (2/28)

176.87 (9/15)
119.73 (1/11)

139.25 (9/13)
99.09 (1/U)

66.4 (8/3)
7.6 (1/20)

11.0 (10/30)
1.3 (1/20)

18.8 (5/18)
2.8 (1/20)

878.72 (4/10)
807.00 (2/27)

200.25 (6/22)
152.03 (1/2)

137.24 (6/22)
117.84 (1/2)

45.5 (6/12)
18.3 (1/2)

7.9 (6/7)
2.2 (1/22)

19.0 (6/8)
7.2 (1/2)

6
13
20
27

58.04
57.53
57.09
57.40

875.69
869.89
856.98
856.64

181.74
180.32
180.82
183.65

133.75
133.54
133.67
134.37

34.7
29.7
29.4
31.0

4.5
4.0
3.8
4.1

16.5
15.2
13.5
14.1

4
11
18
25
June 1
8
15
22

56.76
55.48
56.26
56.61

847.54
830.56
841.91
836.37

182.55
176.41
180.10
185.45

133.72
129.69
131.01
132.67

29.9
28.0
26. 8
28.0

5.4
3.4
3.5
3.8

13.4
12.6
12.4
13.1

56.04
57.42
57.85
58.21

821.21
835.15
843.30
849.10

188.00
194.28
197.19
200.25

131.76
134.96
136.25
137.24

27.9
34.8
37.0
33.1

3.9
6.0
6.1
5.1

13.7
16.7
16.2
15.6

May

NOTES:
1

Figures other then highs end lows ere Fridays only. Highs end lows ere for the year end ere not necessarily for Fridays.

2

Volume figures ere weekly evereges of deily figures (millions of sheres).

3

12/31/66 « 50

*
5

8 / 3 1 / 7 3 - 100
1/29/71,= 100




•

18
Table 8

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

BROKERS ON 1 BROKERS ON 2
MARGIN
CONVERTIBLE
BONDS
STOCK

3
BANKS

UNREGULATED NONMARGIN
STOCK CREDIT
AT BANKS

OUTSTANDING

1978 - May
June
July
August
September
October
November
December

10,660
11,090
11,190
11,740
12,400
12,090
11,000
10,830

245
242
247
243
225
216
209
205

1979 - January
February
March
April
May

10,750
10,790
10,870
11,220
11,130

199
195
181
194
183

400
430
100
550
660
-130
-1,090
-170

-3
-3
5
-4
—18
-9
-7
-4

-80
40
80
350

-6
4
14
13
-11

s e r i e s discontinued

CHANGE IN OUTSTANDING

1978 - May
June
July
Augus t
Sep tember
October
November
December
1979 - January
February
March
April
May

90

s e r i e s discontinued

NOTES:
1
Margin account debt as reported by the New York Stock Exchange, excluding credit for subscription issues and convertible bonds.
2

New York Stock Exchange data.




4

Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

SAVINGS 4 LOAN ASSOCIATIONS

MUTUAL SAVINGS BANKS
DATE

1974
1975
1976
1977

REGULAR DEPOSITS

NET
FLOW
2,165
11,070
12,670
10,647

1

ANNUAL 3
GROWTH
RATE
2.3
11.3
11.6
8.9

1978-October
November
December

510
275
1,317

1979-January
February
March
April £ /

218
683
1,971
-832

1978-October
November
December

1,096
353
537

9.4
3.0
4.6

1979-January
February
March
April £ /

404
712
728
-74

3.4
6.0
6.1
—0.6

— —
— —

— —

-

-

NET
NEW
MONEY
-2,822
4,757
5,275
2,874
48
. -59
-391
-121
338
463
-1,192

— "*
- -

- - -

-

2

SHARE CAPITAL

NET
FLOW
16,006
42,769
50,169
50,963

NET
NEW
MONEY

ANNUAL 3
GROWTH
RATE
4,668
7.1
17.6
29,276
17.6
34,369
15.2
32,004

TOTAL

2

DEPOSITS

NET
FLOW
18,171
53,839
62,839
61,610

NOT SEASONALLY ADJUSTED- 2,645
2,534
- 2,157
1,897
5,802
710
4,743
2,881
8,348
-1,184

- -

-

-

*

-

4,377
2,580
3,146
-1,517

3,155
2,432
7,038
5,009
3,548
10,319
-2,016

— —

- -

4,606
4,752
4,166

9.9
10.1
9.0

12.7
9.4
10.5
2.3

4,968
4,128
4,561
782

10.4
8.6
9.4
1.6

4,564
3,416
3,833
856

—

—

1

Regular deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of total deposits.

2

New deposits net of both withdrawals and interest. Data for S&L's are for insured associations only, which represent 96 per bent of industry total resources.

3

Annual growth rate for monthly data is the annualized monthly percentage increase in deposits.

Source:

- —

SEASONALLY ADJUSTED
— —
3,510
10.0
—
12.4
4,399
- 10.4
3,710

NOTES:

National A s s o c i a t i o n of Mutual Savings Banks and Federal Home Loan Bank Board.




ANNUAL 3
GROWTH
RATE
5.6
15.8
15.9
13.5

NET
NEW
MONEY
1,846
34,033
39,644
34,783
2,582
1,838
298
4,256
2,918
3,609
-2,709

-

—

-

-

— —

-

-

2

Table 10

MORTGAGE COMMITMENTS AT
SELECTED THRIFT INSTITUTIONS
BILLIONS OF DOLLARS, SEASONALLY A D J U S T E D

NET CHANGE

OUTSTANDING COMMITMENTS
PERIOD
TOTAL

ALL SAVINGS
& LOAN
ASSOCIATIONS

MUTUAL
SAVINGS BKS
(N.Y. STATE)

TOTAL

ALL SAVINGS MUTUAL
& LOAN SAVINGS BKS
ASSOCIATIONS (N.Y. STATE)

1974

14.5

12.3

2.2

-5.36

-4.03

-1.33

1975

20.0

18.0

2.0

5.47

5.72

-.25

1976

27.3

24.6

2.7

7.30

6.60

.70

1977

38-2

33.7

4.5

10.89

9.08

1.81

1978

38.3

33.4

4.9

-.06

-.32

.38

1978 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

38.0
37.3
36.9
36.5
36.2
36.1
36.0
36.4
36.7
38.8
39.1
38.3

33.6
33.0
32.7
32.3
31.9
31.5
31.5
31.9
32.3
33.9
34.0
33.4

4.4
4.3
4.3
4.3
4.3
4.6
4.6
4.6
4.4
4.8
4.9
4.9

-.32
-.70
-.38
-.39
-.34
.02
-.05
.35
-.34
1.96
.22
- . 65

-.08
-.61
-.34
-.42
-.39
-.32
-.03
.36
.42
1.63
.10
—. 64

-.24
-.09
-.04
-.03
.05
.34
-.02
-.01
-.08
.33
.12
-.01

1979 - Jan.
Feb.
Mar.
Apr.

37.5
36. 6
36.0
35.6

32.6
31. 8
31.4
31.2

4.8
4.8
4.6
4.4

— .88
-.93
-.52
- , 36

-.81
-.83
-.32
-.19

-.04
-.07
-.20
-.17

NOTES:
Based on data from Federal Home Loan Bank Board and Savings Banks Association of New York State. Both series include a minor amount of nonresidential commitments; S&L commitments also include loans in process. Net changes are derived directly from unrounded end of period outstanding
as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding.
Digitized levels
for FRASER
http://fraser.stlouisfed.org/
H.16
Federal Reserve Bank of St. Louis

21

T a b l e 11

NET NEW MONEY B O R R O W I N G S
BY MAJOR HOUSING A G E N C I E S
IN MILLIONS OF DOLLARS

PERIOD

1977-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.

Sept.
Oct.
Nov.
Dec.
1978-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.

Sept.
Oct.
Nov.
Dec.

1979-Jan.
Feb.
Mar.
Apr. ,
May —/

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

INTERMEDIATE AND LONG-TERM I S S U E S
TOTAL

FHLB

FHLMC

12
-862
289
344
532
605
531
347
195
247
466
1,078

188
-592
-354
746
297
203
553
301
-291
211
500
0

0
-200
0
-6
105
0
0
304
0
0
300
0

-189
-393
-4
0
200
3
-47
-3
9
11
200
0

399
1,712
887
848
3,091
1,492
1,605
1,811
1,683
1,680
1,108
3,023
534
1,933
1,478
1,029
440

-12
1,388
-17
600
1,483
1,276
1,881
1,182
1,131
1,630
885
2,183
0
1,325
1,479
979
400

0
1,400
0
0
1,500
0
700
1,200
0
0
900
750
0
837
0
0
400

-12
-12
-17
0
-17
276
-19
—18
181
-70
-15
183
-116
488
-21
-21
0

NOTES:
Based on data from Treasury Survey of Ownership.
of FHLB discount notes began in May 1974.
Digitized for Sales
FRASER


FNMA

-1
1
-350
752
—8
200
600
0
-300
200
0
0

FNMA & FHLB
SHORT-TERM
DISCOUNT
NOTES 1

-176
-270
643
-402
235
402
-22
46
486
-36
-34
1,078

0
0
0
600
0
1,000
1,200
0
950
1,700
0
1,250

411
324
904
248
1,608
216
-276
629
552
50
223
840

0
0
1,500
1,000
0

650
608
-1
50
40

22

Table 12

NET CHANGE IN MORTGAGE H O L D I N G S
IN MILLIONS OF DOLLARS

PERIOD

1970
1971
1972
1973
1974
1975
1976
1977
1978

2

FINANCIAL INSTITUTIONS

TOTAL
INCLUDING
FNMA-GNMA

TOTAL

COMMERCIAL
BANKS

MSB's

S & L's

21,930
41,406
57,587
58,372
42,739
43,497
62,783
96,814
110,936

17,020
39,018
55,561
55,072
36,517
38,658
64,903
95,924
102,240

2,462
9,940
16,800
19,600
11,700
4,200
13,900
27,900
35,000

1,946
3,938
5,377
5,642
2,172
2,236
4,074
6,565
6,378

10,254
23,919
31,932
25,552
17,567
29,289
44,515
58,158
51,695

INSURANCE FNMA-GNMA
COMPANIES
1

2,348
1,221
1,452
4,278
5,078
2,933
2,414
5,184
9,167

4,910
2,388
2,026
3,300
6,222
4,839
-2,120
890
8,696

(

Not Seasonally Adjusted
1978 - July
Aug.
Sept.
Oct.
Nov.
Dec •

9,349
11,261
9,591
9,644
9,508
8,871

8,621
10,263
8,607
8,761
9,023
8,169

3,400
3,900
3,000
3,200
3,300
2,500

674
636
550
500
594
405

3,991
4,721
4,294
4,265
4,184
3,438

556
1,006
763
796
945
1,826

1979 - Jan.
Feb.
Mar.
Apr.

6,660
5,922
7,983

5,862
5,051
6,983

2,400
1,600
2,100
2,700

395
266
316

2,602
2,445
3,515
4,297

465
740
1,052

i
728
998
984
883
485
702 ,
798
871
1,000
419
1

Seasonally Adjusted
1978 - July
Aug.
Sept.
Oct.
Nov.
Dec.

8,776
10,387
9,157
9,925
10,234
8,660

8,238
9,472
8,349
9,027
9,630
8,006

3,290
3,618
2,955
3,299
3,278
2,769

594
544
498
456
626
263

3,647
4,214
4,188
4,450
4,762
3,818

707
1,096
708
822
964
1,156

1979 - Jan.
Feb.
Mar.
Apr.

8,710
7,794
8,130

7,890
6,948
7,005

2,799
2,133
2,044
2,519

575
486
395

3,925
3,451
3,414
3,792

591
878
1,152

538 *
915
808
898
604
654 ,
820
846
1,125
466
i

NOTES:
1

Monthly data for commercial banks based on Federal Reserve estimates benchmarked to Call Report data on real estate loans outstanding as available. Other data derived from mortgage debt outstanding as reported separately by National Assn. of Mutual Savings Banks, Federal Home Loan
Bank Board, Institute of Life Insurance and, through August 1968, the Federal National Mortgage Association, and thereafter by FNMA and the
Government National Mortgage Association. Data for mutual savings banks and for Life Insurance companies may differ somewhat from those derived from regular quarterly series because of minor conceptual differences for which adjustments are not made in the monthly series. Altogether,
these groups accounted for 83 per cent of the net increase estimated for all holders in 1974.


Beginning January 1972 data reflect activity in limited amount of conventional mortgages.


Table 13

NET INCREASE IN
MORTGAGE DEBT O U T S T A N D I N G '
IN BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL RATES

2
QUARTER

TOTAL

3

RESIDENTIAL
TOTAL

MULTFAMILY

1- to 4FAMILY

MULTIFAMILY

COMMERCIAL

&

FARM

COMMERCIAL

1972 - I
II
III
IV

67.9
73.9
77.2
88.8

49,8
53.9
58.6
64.1

38.5
40.7
47.7
48.4

11.3
13.2
11.0
15.7

14.7
16,5
14,9
21,1

26.0
29.6
25.9
36.8

3.5
3,5
3.7
3.6

1973 - I
II
III
IV

82.0
86.7
79.8
71.1

57.5
59,2
55.4
48.9

49.4
46.1
42.9
41.1

8.1
13,1
12,5
7.9

18,8
21,7
19,4
16.7

27.0
34.8
31.9
24.5

5.6
5,8
5,0
5.5

1974 - I
II
III
IV

71.1
69.6
53.6
47.7

50.4
45.9
34.1
30.4

40.8
39.0
27,4
26.1

9,5
7.0
6,7
4.3

17.2
18,8
13.7
11.4

26.7
25.7
20.3
15.7

3.6
4,0
5.8
5,9

1975 - I
II
III
IV

45.8
53.0
61.3
68.7

32.0
38,1
45.1
50.4

31.1
38.7
45.2
50.5

0.9
*~0.6
-0.1
-0.1

8.6
10,1
12.1
14.2

9.4
9.4
12.1
14.1

5.3
4.9
4.0
4.1

1976 - I
II
III
IV

80.9
74.5
93.1
99.6

62.5
55.0
72.7
78.9

61.0
55.2
68.9
76.5

1.5
-0.2
3.8
2.4

13.3
14.8
13.5
13.0

14.8
14.5
17.2
15.5

5.2
4.7
6.9
7.7

1977 - I
II
III
IV

108.5
133.8
140.1
153.6

85.9
110.0
113.7
119.4

81.6
101.8
106.2
110.2

4.2
8.3
7.5
9.2

14.0
14.5
17.8
25.6

18.2
22.8
25.3
34.8

8.6
9.2
8.6
8.7

1978 - I
II
I I I (r)
IV (p)

133.7
145.3
152.4
152.6

105.4
114.0
112.5
120.5

96.2
104.8
101.4
109.7

9.2
9.2
11.1
10.8

19.3
21.7
28.1
21.1

28.5
30.9
39.2
31.9

9.0
9.6
11.8
11.0

NOTES:
1

Derived from data on mortgage debt outstanding from Federal Deposit Insurance Corporation, Federal Home Loan Bank Board, Institute of Life
Insurance, National Association of Mutual Savings Banks, Departments of Commerce and Agriculture, Federal National Mortgage Association,
Federal Housing Administration, Veterans Administration and Comptroller of the Currency. Separation of nonfarm mortgage debt by type of
property, where not available, and interpolations and extrapolations, where required, estimated mainly by Federal Reserve.

2

May differ somewhat from related flow of funds series mainly because of more aggregative type of seasonal adjustment.

3

Residential mortgage debt includes nonfarm only and is sum of 1 to 4- family and multifamily mortgage d e b t .




Table 14

PRIVATE HOUSING PERMITS, S T A R T S ,
COMPLETIONS, AND MOBILE HOME SHIPMENTS
IN THOUSANDS OF UNITS, SEASONALLY ADJUSTED ANNUAL RATES

PERMITS 1
PERIOD
1969
1970
1971
1972
1973
1974
1974
1976
1977
1978

TOTAL

j
1

1

1978 - July
Aug.
Sept.
Oct.
Nov.
Dec.

:
i

!

1979 - Jan.
Feb.
Mar.
Apr.
May

1 —FAMILY

COMPLETIONS

STARTS
2 - O R MORE
FAMILY

1—FAMILY

1,407
1,434
2,052
2,357
2,045
1,338
1,160
1,538
1,987
2,020

811
813
1,151
1,309
1,132
888
892
1,162
1,451
1,433

656
621
901
1,048
914
450
268
376
375
587

1,324
1,352
1,925
2,219
1,820
1,074
939
1,297
1,677
1,801

626
647
906
1,033
882
644
676
894
1,125
1,183

698
705
1,018
1,186
937
431
264
403
552
618

1,765
1,716
1,838
1,835
1,787
1,827

1,140
1,129
1,184
1,209
1,172
1,268

625
587
654
626
617
559

2,104
2,004
! 2,024
1 2,054
1 2,107
2,074

1,455
1,431
1,432
1,436
1,502
1,539

646
573
592
618
605
535

1,442
1,425
1,621
1,517
1,591

920
881
1,056
1,040
1,027

522
544
565
477
564

1,679
1,381
1,786
1,735
1,827

1,139
953
1,266
1,273
1,193

540
428
520
462
632

i

|

1 —FAMILY

TOTAL

2 - O R MORE
FAMILY

TOTAL

i

!
j

1
1
I
i

2 -•OR MORE
FAMILY
|

MOBILE
HOME
SHIPMENTS

1,399
1,418
1,706
1,972
2,014
1,692
1,297
1,362
1,652
1,866

808
802
1,014
1,143
1,174
932
867
1,026
1,254
1,366

592
617
692
828
840
760
430
336
398
499

413
401
497
576
567
329
216

1,928
1,948
1,900
1,883
1,885
1,888

1,320
1,363
1,370
1,414
1,375
1,416

608
584
530
468
510
472

232
283
272
286
280
303

1,815
1,894
1,957
1,997

1,331
1,376
1,412
1,405

484
518
545
592

311
272
270
273

246

277
275

NOTES:
Private building permits (for 14,000 areas w i t h permit systems, excluding farm), starts, and completions are Census Bureau data. A dwelling unit is started when excavation begins. In the case of
apartment buildings, all units are considered started at that time; however, all such units are considered completed when more than half of the units in the structure are ready for use. Private mobile
home shipments are Mobile Home Manufacturers Association data converted to seasonally adjusted annual rate by Census Bureau.
1

Permit data for 1969 and 1970 based on 13,000 areas w i t h permit systems


Beginning in 1978


#

#

to present data i s based on 16,000 areas.

#

#

#

#

#

#

#

e

•

•

•

•

•

•

•

•

•

•

•

Table 15

AVERAGE RATES AND YIELDS ON HOME MORTGAGES
CONVENTIONAL LOANS
PRIMARY MARKET
NEW HOMES
EXISTING HOMES

1

PERIOD
RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

1

HUD(FHA) INSURED LOANS
SECONDARY MARKET
NEW HOMES
YIELD
(IN PER CENT)

SPREAD
(BASIS
POINTS)

SPREAD
BETWEEN
RETURNS ON
NEW Aaa
CONVENTIONAL
UTILITY
1
AND HUD(FHA)
BOND
DISCOUNT
NEW HOME
YIELD
(PERCENTAGE MORTGAGES (IN PER CENT)
POINTS)
(BASIS
POINTS)

1977 - High
Low

9.10
8.80

99
52

9.20
8.85

98
63

9.11
8.40

73
22

4.7
1.7

40
4

8.31
8.01

1978 - High
Low

10.30
9.15

100
47

10.30
9.20

100
47

10.16
9.11

98
45

5.0
4.1

14
-12

9.23
8.71

1978 - July
Aug.
Sept.
Oct.
Nov.
Dec.

9.80
9.80
9.80
9.95
10.10
10.30

72
100
74
72
NA
NA

9.80
9.80
9.85
9.95
10.15
10.30

72
100
79
72
NA
"NA

9.92
9.78
9.78
9.93
9.99
10.16

84
98
72
55
NA
NA

3.1
2.1
2.1
2.1
3.6
4.8

-12
2
2
2
11
14

9.08
8.80
9.06
9,23
NA
NA

1979 - Jan.
Feb.
Mar.
Apr.
May

10.30
10.35
10.35
10.55
10.80

NA
76
75
68
100

10.30
10.35
10.40
10.55
10.80

NA
76
80
68
100

10.17
10.17
10.19
NA
10.61

NA
58
59
NA
81

4.9
4.9
5.0
NA
4.0

13
18
16
19
NA

NA
9.59
9.60
9.87
9.80

NOTES:
1

Gross yield spread is average mortgage return before deducting servicing costs, minus average yield on new issues of high-grade utility bonds with 5-year call protection.

Rates on conventional first mortgages (excluding additional fees and charges) are based on unweighted HUD (FHA) field office opinions on prevailing contract interest rates in the market areas
of the insuring offices, rounded to the nearest 5 basis points. For secondary market data, weighted HUD office opinions on the average bid price for HUD (FHA) loans with minimum downpayment, prepaid in 15 years, for immediate delivery, are used.




K>
Ui

26
Table 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL

GOVERNMENT-UNDERWRITTEN
DATE OF
AUCTION

AMOUNT
(IN MILLIONS OF DOLLARS)
OFFERED

1978 - High

1011(1/9)

Low

AVERAGE
YIELD

AMOUNT
(IN MILLIONS OF DOLLARS)

AVERAGE
YIELD

ACCEPTED

OFFERED

ACCEPTED

605(1/9) 10 .69(12/27)

717(5/15)

363(5/15)

10.92(12/2

75(8/7)

48(8/7)

9.28(1/9)

130(8/7)

80(8/7)

9 .13(1/9)

1979 - Jan.

8
23

211.0
93.9

101.1
54.3

10.67
10.73

71.2
42.3

36.0
22.1

11.02
11.13

Feb.

6
20

42.4
168.2

37.9
123.3

10.61
10.47

19.4
43.6

17.9
27.5

11.07
11.02

Mar.

5
19

265.0
243.3

141.8
142.6

10.43
10.42

47.0
97.9

33.8
79.7

10.96
10.92

Apr.

2
16
30

260.7
326.9
735.1

139.2
191.5
307.8

10.44
10.51
10.82

167.8
252.9
241.2

98.6
157.7
107.3

10.92
11.01
11.17

May

14
29

279.2
147.1

118.6
66.4

10.88
10.80

250.3
208.3

102.0
112.3

11.30
11.41

June 11

159.7

66.3

10.79

237.1

123.2

11.54

NOTES:
Average secondary market yields are gross before deduction of the fee of 38 basis points paid for mortgage servicing. They reflect the average accepted bid yield for home mortgages assuming a prepayment period of 12 years for 30-year loans, without special adjustment for Federal National
Mortgage Association (FNMA) commitment fees and FNMA stock purchase and holding requirements on 4-month commitments. Mortgage amounts
offered by bidders relate to total eligible bids received.