Full text of H.16 Capital Market Developments : June 27, 1977
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Capital Market Developments \ \ % June 2 7 , 1977 Prepared by the DIVISION OF RESEARCH AND STATISTICS C A P I T A L MARKETS SECTION in conjunction with the MORTGAGE and CONSUMER F I N A N C E SECTION 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 $.50 each. Address requests to Publications Services, Division of Administrative Services, and make payment remittance payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. Currency. TABLES 1 - 6 SECURITY VOLUME AND YIELDS 7, 8 S T O C K MARKET A N D S E C U R I T Y CREDIT 9 - 1 6 MORTGAGE MARKET SYMBOLS e ESTIMATE P PRELIMINARY r REVISED li.a. NOT A V A I L A B L E DATA DO NOT EXIST Table 1 YIELDS, VOLUME AND RECEPTION CORPORATE BOND MARKET YIELDS WEEK ENDING 1977 - May June NEW ISSUE Aaa UTILITY 1 VOLUME PER CENT SOLD BY END OF WEEK NEW ISSUES 4 IN SYNDICATE ($ MILLIONS) RECENTLY 2 OFFERED Aaa UTILITY 3 GROSS OFFERINGS ($ MILLIONS) 77 415 260 398 95 99 98 97 33 8 15 24 457 212 382 790 97 95 84 70 23 33 148 230 6 13 20 27 8.32 8.34 8.33 8.32 8.31 8.28 3 10 17 24 8.15 8.11 8.01 8.07p 8.25 8.22 8.06r 8.09p —— MUNICIPAL BOND MARKET YIELDS WEEK ENDING 1977 - May June MOODY'S NEW ISSUE Aaa VOLUME BOND BUYER 2Q-BOND INDEX GROSS OFFERINGS ($ MILLIONS) 3 PER CENT SOLD BY END OF WEEK NEW ISSUES 4 IN SYNDICATE ($ MILLIONS) 6 13 20 27 5.23 5.25 5.20 5.25 5.76 5.82 5.70 5.71 1,073 884 674 855 75 92 90 87 350 180 188 194 3 10 17 24 5.26 5.20 5.20 5.20 5.72 5.65 5.55 5.61 219 1,292 1,039 1,124 88 89 88 89 166 213 203 244 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 durincpthe 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 Digitized for necessary FRASERto make coverage of this series consistent with the gross offerings series. T 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 A a a 3 U . S . GOVT. 2 0 - Y E A R C O N S T A N T MATURITY 4 B O N D BUYER 2 0 - B 0 N D INDEX 1973 - High Low 8.52 (8/10) 7.29 (1/21) 8.32 (8/10) 7.28 ( 1 / 5 ) 7.77 (8/24) 7.11 (1/5) 7.79 (8/10) 6.42 ( 1 / 5 ) 5.59 (8/3) 4 . 9 9 (10/11) 1974 - High Low 10.61 (10/4) 8 . 0 5 (2/15) 10.52 (10/11) 8.13 (1/4) 9.39 (10/11) 7.73 (1/4) 8 . 6 8 (8/30) 7.39 ( 1 / 4 ) 7 . 1 5 (12/12) 5.16 (2/7) 1975 - High Low 9.80 (5/2) 8.89 ( 2 / 7 ) 9 . 7 1 (5/25) 9.06 (2/28) 9.01 (5/2) 8.57 (2/28) 8 . 6 3 (9/19) 7.63 (2/21) 7.67 ( 1 0 / 3 ) 6.27 (2/13) 1976 - High Low 8 . 9 5 (5/28) 7 . 9 3 (12/10) 9. 10 ( 1 / 2 ) 7.84 (12/31) 8.66 ( 5 / 2 8 ) 7.91 (12/31) 8.17 (5/28) 7.27 (12/31) 7.29 ( 1 / 2 ) 5 . 9 5 (12/16) 1977 - High Low 8.34 (5/20) 7.90 (1/7) 8.33 (5/6) 7.95 (1/7) 8.12 ( 3 / 1 1 ) 7.88 ( 1 / 7 ) 7 . 7 8 (5/13) 7.26 ( 1 / 7 ) 5.93 (2/4) 5.55 (6/16) 6 13 20 27 8.32 8.34 8.33 8.32 8.31 8.28 8.04 8.07 8.06 8.04 7.74 7.78 7.74 7.70 5.76 5.82 5.70 5.71 3 10 17 24 8.15 8.11 8.01 8.07p 8.22 8.22 8.06r 8.09p 7.99 7.98 7.94 7.95p 7.68 7.68 7.63t 7.64p 5.72 5.65 5.55 5.61 1977 - May June 5 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. 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. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis % » % * # # # * • • I 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 1977 January February March April May 2,361 2,387 2,135 3,450e 3,275e 3,507 4,186 6,439 4,294 5,798 5,596 3,563 4,163 2,218 3,575 3,115 2,406 2,900 3,064 3,216 3,357 4,817 4,327 2,405 2,836 2,734 2,821 2,814 3,580 2,783 2,159 4,431 3,047 6,480 4,705 4,076 4,307 3,524 3,336 2,342 2,323 2,381 2,052 13,876 14,132 11,390 13,958 15,273 15,688 9,568 13,088 8,701 8,908 8,369 9,202 6,883 8,370 8,522 6,756 28,008 39,398 53,356 30,961 40,529 53,617 17,609 25,978 35,180 15,253 23,775 30,531 November December 13,597 3 Qtrs. Year 1975 2,451 2,885 3,365 October 1st Half 1976 3,419 3,142 4,135 September 04 1977 5,367 4,528 5,378 August 03 1975 3,381 3,863 6,632 July 02 1976 T 3,989 2,708 4,900e June 01 S T A T E A N D LOCAL CORPORATE PERIOD 10,696 NOTES: 1 Securities and Exchange Commission estimates of gross proceeds. 2 Securities Industry Association estimates of principal amounts. 3 E s t i m a t e d by F e d e r a l Reserve on t h e b a s i s of a v a i l a b l e d a t a . V Table 4 NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE AND ISSUER IN MILLIONS OF DOLLARS PERIOD MEMO COMMON MANUFACAND ISSUES INCLUDED PRIVATELY TURING PREFERRED PLACED FOREIGN CONVERTIBLE STOCK BONDS TOTAL PUBLICLY OFFERED 2,559 4,497 3,757 2,982 4.244 4,044 3,140 3,317 3,897 765 1,879 378 541 4,569 5,358 4,715 5,276 613 794 1.347 629 1,051 1,904 1.348 1,113 2,163 753 1,101 2,992 579 927 2,047 528 1,198 1,395 629 678 554 949 690 920 605 335 400 428 350 1,005 500 367 400 235 1,310 250 123 15 124 37 15 426 100 7 92 31 3 1,073 1,179 2.245 568 1,709 1,480 1,198 1,031 753 1,349 510 2,385 1,097 789 2,158 644 1,148 1,348 932 920 1,465 1,414 1,327 1,156 16 171 578 450 20 1,409 26 212 140 155 190 196 1,197 1,722 1,650 1,847 1,309 2,202 1,061 1,195 2,459 1,513 1,019 2,744 601 780 602 820 300 433 0 6 906 743 986 435 50 557 2,048 973 2,754 3,584 4,624 4,846 3,553 3,121 1976 - J a n u a r y February March April May June July Augus t September October November December 3,381 3,863 6,632 3,507 4,186 6,439 3,216 3,357 4,817 4,431 3,047 6,480 2,189 2,142 3.238 2,350 1,937 3,140 1.239 1,565 2,100 2,729 1,256 2,568 1977 - J a n u a r y February 3,989 2,708 2,786 1,861 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/ # Federal Reserve Bank #of St. Louis * + OTHER ISSUERS 262 478 199 55 7,569 7,427 4,904 6,553 1,108 COMMUNICATIONS 1,340 1,843 1,267 1,795 13,876 14,132 11,390 13,958 1976 - I II III IV PUBLIC UTILITY » * 21 T a b l e 5A INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 May 31 through June 24, 1977 ISSUER Minnesota Power & L i g h t Co. Commonwealth Edison Co. Michigan B e l l T e l . Co. B e n e f i c i a l Corp. A t l a n t a Gas Light Co. P u b l i c Service Co. of New Mexico Consolidated N a t u r a l Gas Co. LNG Aquarius LNG Aquarius Petroleum & Resources Corp. P u b l i c Service Co. I n d i a n a Iowa E l e c t r i c L i g h t & Power Co. C o n t i n e n t a l T e l e . Corp. O c c i d e n t a l Petroleum Corp. C e n t r a l I l l i n o i s L i g h t Co. New York Telephone Co. Western P a c i f i c R a i l r o a d Co. I m p e r i a l Savings & Loan Assoc. P o r t l a n d General E l e c t r i c Co. TYPE Com. s t k . 1 s t mtg. Debt. Debt. 1 s t mtg. 1 s t mtg. 1 s t mtg. Gtd. s h i p f i n . Gtd. s h i p f i n . Pfd. stk. Com. s t k . Com. s t k . Com. s t k . Pfd. stk. Com. s t k . Debt. Equip, t r . Mtg. backed 1 s t mtg. AMOUNT (MILLIONS OF DOLLARS) 28.0 150.0 150.0 150.0 35.0 30.0 75.0 49.0 12.0 25.0 49.1 17.9 34.3 100.0 18.8 200.0 20.0 100.0 50.0 MATURITY — — 2007 2015 2003 1997 2007 1997 2002 1977-1987 —— OFFERING YIELD / —- 8.13 8.13 8.30 8.38 8.13 8.13 8.00 7.00 MOODY'S/S&P'S RATINGS 8.19 8.15 8.30 8.38 8.15 8.15 8.00 5.65-7.70 7.00 Aaa/AA Aaa/AAA Aa/AA A/A Aa/AA Aa/AA Aaa/AAA Aaa/AAA —— — — — — — — 8.50 3.50 —— — — — —• 2017 2002 1987 2007 7.88 9.13 7.70 8.75 7.88 9.18 7.70 8.84 — NOTES: * Rights offering. 1 Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings. COUPON RATE Baa/BB Aaa/AAA Baa/BB —/AAA Baa/BBB- T a b l e 5A C o n t i n u e d 00 INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY May 31 through June 24, 1977 ISSUER CORPORATE TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE OFFERING YIELD MOODY S / S & P ' S RATINGS 198.0 Trans World A i r l i n e s I n c . C r e d i t h r i f t Financial Inc. Commercial A l l i a n c e Corp. P u b l i c Service E l e c t r i c & Gas Co. Ohio Edison Co. Kansas Power & Light Co. United Bank Corp. New York Citicorp Home Savings & Loan Assoc. G e n ' l T e l . Co. of the Midwest Com. s t k . (rts) Pfd. stk. Notes Notes I s t mtg. 1st mtg. 1 s t mtg. Notes Notes Mtg.-backed Debt. 100.0 50.0 20.0 125.0 75.0 30.0 20.0 250.0 200.0 20.0 1987 1987 2007 2007 2007 1997 2007 1982 2007 7.90 8.20 9.75 8.25 8.38 8.13 7.75 8.13 7.25 8.13 7.90 8.23 9.75 8.23 8.38 8.17 7.80 8.22 7.27 8.15 — /B BBAa/AA A/A Aa/AA Aa/AA Aaa/AAA — /AAA A/A+ OTHER Norway, Kingdom E l e c t r i c i t e de France Venezuela, Republic of B r i t i s h Columbia Hydro & Power Auth. Ito-Yokado Co. Nippon T e l e . & T e l . Corp. Notes Bonds Notes Bonds Conv. Deb t . Notes 100.0 50.0 100.0 200.0 50.0 150.0 1982 1987 1982 2007 1992 1987 7.50 8.50 7.88 8.38 6.00 7.75 7.54 8.54 7.90 8.38 6.00 7.75 Aaa/AAA Aaa/AAA Aaa/AAA Aa/AA ~/AA Aaa/AAA American E l e c . Pwr. Co. — /A Table 5B INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 May 31 through June 24, 1977 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD 5.11 4.70 5.16 5.81 5.71 5.22 6.34 6.34 A-1/A+ Aa/AA Aa/AA A/AA A/AA Aaa/AAA A-1/A+ A—1/A+ A/A Aaa/AAA MOODYS/S& RATINGS STATE AND LOCAL H i l l s b o r o u g h Co., F l a . T u l s a , Okla. Honolulu, Hawaii D e t r o i t Sch. D i s t . , Mich. P i t t s b u r g h , Pa. Massachusetts H l t h . & Educ. Fac. Auth. Michigan S t a t e Hsg. Dev. Auth. Michigan S t a t e Hsg. Dev. Auth. Escambia Co., F l a . Dade Co,, F l a . Richmond I n d u s t . Dev. A u t h . , Va. Richmond I n d u s t . Dev. A u t h . , Va. LaCrosse, Wise. G r a n i t e C i t y , 111. G r a n i t e C i t y , 111. Mason Co., W. Va. Ohio, S t a t e of S t . Louis Co., Mo. Georgia Mun. E l e c t r i c Auth. Georgia Mun. E l e c t r i c Auth. Georgia Mun. E l e c t r i c Auth. N a s h v i l l e & Davidson Co. Metro. G v t . , Tenn. Valdez, Alaska G.O. G.O. G.O. G.O. G.O. Rev. Rev. Rev. Rev. G.O. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. Rev. Rev. Rev. 10.0 22.0 15.0 20.4 13.2 12.0 16.5 13.5 10.0 48.4 7.5 7.5 15.0 6.3 22.2 50.0 13.5 41.4 50.6 20.5 78.9 1978-1996 1979-1997 1980-1997 1979-1993 1979-1997 1978-2007 1978-1996 2009 1980-1999 1978-2002 1980-1986 2007 1979-1988 1982-1992 2008 2007 1980-2004 1978-1997 1979-1998 2002 2012 7.07 7.07 7.08 5.59 4.85 6.16 6.16 6.16 3.10-5.50 3.25-5.00 3.80-5.90 3.80-6.00 3.75-6.00 2.90-5.60 3.50-6.20 6.50 4.00-5.60 3.20-6.00 5.20-6.75 8.00 4.00-6.00 5.00-6.50 7.00 7.00 3.80-5.90 2.90-5.65 3.40-6.00 6.10 6.25 Rev. Rev. 26.0 63.0 1978-2012 2007 5.62 5.74 3.20-6.10 5.70 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. — — 5.51 — — A—1/A+ —/ — —!— A-l/ — A/ A A/A —— j A/AA Aa/ — A/A+ A/A+ A/A+ T a b l e 5B C o n t i n u e d INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY May 31 through June 24, 1977 V ISSUER AMOUNT (MILLIONS OF DOLLARS) TYPE MATURITY NET INTEREST COST OFFERING YIELD MOODY'S/S&P'S RATINGS STATE AND LOCAL Wyandotte, Mich. Maricopa Co, I n d u s t . Dev. Auth., A r i z . Maricopa Co. I n d u s t . Dev. A u t h . , A r i z . C i n c i n n a t i , Ohio C i n c i n n a t i , Ohio Tucson, A r i z . Knoxville, Tenn. Knoxville, Tenn. Chicago School D i s t . , 111. Anchorage, Alaska M i s s o u r i , S t a t e of Clayton & C l i n t o n Co. Water Auth., Ga. G u i l f o r d Co., N.C. P r i n c e George's Co., Md. C a l i f o r n i a , S t a t e of C a l i f o r n i a , S t a t e of Georgia, S t a t e of West V i r g i n i a , S t a t e of Nevada, S t a t e of Alaska Housing Finance Corp. Alaska Housing Finance Corp. South Dakota Hsg. Dev. Auth. South Dakota Hsg. Dev. Auth. Municipal A s s t . C o r p . , N.Y. New York, S t a t e of Osseo Ind. Sch. D i s t . , #279, Minn. Utah Housing Finance Agy. # # # # Rev. Rev. Rev. G.O. G.O. Rev. G.O. Rev. G.O. Rev. G.O. Rev. G.O. G.O. G.O. G.O. G.O. G.O. G.O. Rev. Rev. Rev. Rev. Rev. G.O. G.O. Rev. 15.6 8.5 21.0 16.5 3.0 49.9 4.0 20.0 45.0 37.6 31.5 12.0 14.3 16.8 80.0 30.0 77.0 50.0 13.7 14.0 34.0 74.4 31.8 250.0 96.0 10.5 53.6 # 1978-1997 1977-1988 2003 1978-1997 1978-2007 1988-1998 1978-2002 1979-2002 1980-1994 1978-1997 1978-1989 1980-2007 1979-1997 1978-2002 1978-1997 1987-2012 1978-1997 1978-2002 1979-2003 1978-1992 2007 1979-1992 2008 1995 1978-2007 1978-1999 1979-1999 # # 5.39 — — 4.67 5.36 5.74 5.19 5.19 5.83 6.07 4.60 4.89 4.97 4.76 5.36 4.85 5.08 5.03 —— 7.63 5.31 5.34 5.55 # 3.30-6.10 3.25-5.90 6.75 3.00-5.30 2.90-5.50 4.80-5.80 3.10-5.55 3.10-5.55 4.30-6.00 3.75-6.09 2.75-4.45 4.00-6.20 3.25-5.00 3.00-5.85 2.90-5.15 4.45-5.40 2.80-5.15 2.90-5.40 3.20-5.40 3.25-5.90 6.40 3.50-5.60 6.13 7.50 3.00-5.90 3.20-5.70 3.30-5.65 # A/A A-1/A+ A—1/A+ Aa/AA Aa/AA A-l/A A-1/A+ A-1/A+ A/A—/A Aaa/ — Baa-l/A Aa/AA+ Aa/AA Aaa/AAA Aaa/AAA Aaa/AA A-1/AA+ Aa/AA —/A — /A Aa/AA Aa/AA Baa/A+ A/AA A/AAa/AA # # # # # # * # + # T a b l e SB C o n t i n u e d INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY May 31 through June 24, 1977 V ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY S / S & P RATINGS STATE AND LOCAL Utah Housing Finance Agy. Durham, N.C. San Diego Sch. Bldg. C o r p . , Cal. Connecticut Dev. Auth. I l l i n o i s , S t a t e of F l o r i d a S t a t e Bd. of Education Minneapolis, Minn. M i n n e a p o l i s , Minn. Alexandria I n d u s t . Dev. A u t h . , Va. Ohio, S t a t e of Hampton Roads & S a n t . D i s t . , Va. F o r t Wayne Hosp. A u t h . , I n d . F o r t Wayne Hosp. A u t h . , I n d . Parsippany-Troy H i l l s T p . , N . J . New Mexico Mtg. F i n . Agy. North Dakota Mun. Bond Bank Minnesota Hsg. Finance Agy. Minnesota Hsg. Finance Agy. New J e r s e y Turnpike Auth. M a s s a c h u s e t t s , S t a t e of H a l s t e a d , Kansas H a I s t e a d , Kansas River Rouge, Mich. River Rouge, Mich. Y s l e t a I n d . Sch. D i s t . , Texas Cleveland, Ohio F o r t Worth I n d . Sch. D i s t . , Texas Rev. G.O. Rev. Rev. G.O. G.O. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. Rev. Rev. Rev. Rev. Rev. G.O. Rev. Rev. Rev. Rev. G.O. G.O. G.O. 21.4 13.0 28.3 16.0 150.0 27.8 22.9 15.3 38.3 15.0 32.5 15.2 13.7 10.3 38.0 15.0 11.7 47.8 202.0 119.6 5.2 13.0 5.0 27.9 12.0 28.6 25.0 2008 1979-1999 1987-2000 2007 1978-2002 1978-1998 1980-1996 2006 2007 2007 1978-2006 1979-1997 2005 1978-2002 1981-1992 1978-1996 1980-1997 2020 2014 1978-1997 1979-1992 2006 1982-1987 1997 1979-1998 1979-2003 1978-2002 5.55 4.79 5.34 — 4.80 4.89 — —— 6.20 — —— 5.25 5.32 4.49 6.06 5.79 —— — 5.32 5.94 4.91 5.88 3 . 2 5 - 5 . 25 4 . 6 0 - 5 . 50 6.50 2 . 9 0 - 5 . 60 2 . 9 0 - 5 . 20 4 . 2 5 - 6 . 30 6.50 6.16 6.38 3 . 1 0 - 5 . 80 3 . 5 0 - 6 . 25 6.58 3 . 1 5 - 5 . 50 4 . 0 0 - 5 . 50 3 . 1 0 - 5 . 00 4 . 0 0 - 5 . 80 6.25 6.00 3 . 4 0 - 6 . 10 4 . 2 0 - 6 . 30 6.78 4 . 8 0 - 5 . 75 6.63 3 . 5 0 - 5 . 75 4.00—6. 10 2 . 8 0 - 5 . 55 A/AA Aa/AA Aa/A+ Baa/BBBAaa/AAA Aa/AA A-1/A+ A-1/A+ A/A+ A/— A-l/AA A-1/A+ A-1/A+ A-l/AAA A-l/AA Aaa/— A-l/AA A-l/AA A/A A-l/AA A/AA/ABaa/BBB Baa/BBB A/— A/A Aa/AA H H ro Table 5 8 Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY May 31 through June 24, 1977 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) STATE AND LOCAL Illinois Health Fac. Auth. Illinois Health Fac. Auth. Pima Co., Ariz. Pima Co., Ariz. Chesterfield Indust. Dev. Auth., Va. Middlesex Co., N.J. Dothan, Ala. Oregon, State of Desert Hosp. Auth., Cal. New Mexico, State of Wake Co., N.C. Wake Co., N.C. Wake Co., N.C. Rev. Rev. G.O. G .0. Rev. G.O. G.O. G.O. Rev. Rev. Rev. Rev. Rev. 3.9 8.3 .05 19.2 25.0 14.3 15.0 150.0 15.0 45.0 13.8 13.3 14.4 MATURITY 1978-1993 2007 1988 1997 1987-2002 1978-1992 1982-1996 1989-1996 1981-2002 1978-1982 1979-1988 1997 2008 NET INTEREST COST — 5.60 5.60 4.70 5.24 5.03 5.34 3.91 6.12 6.12 6.12 OFFERING YIELD 3.50-6.25 6.60 4.75 5.50 4.90-5.88 3.10-5.10 4.10-5.60 4.65-5.15 3.80-5.50 2.80-3.80 3.75-5.25 6.00 6.25 MOODY S / S & P ' S RATINGS A/A A/A A—1/A+ A-1/A+ A/A Aa/AA A/— Aaa/AA Aa/AA Aaa/AAA A-l/A A-l/A A-l/A T a b l e 6A FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' as of June 24, 1977 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING CORPORATE A s s o c i a t e s Corp. of North America Alabama Power Co. General P u b l i c U t i l i t i e s Co. Burlington Northern I n c . *GATX Corp. *GATX Corp. *Montgomery Ward C r e d i t Corp. *Ford Motor C r e d i t Co. I n t e r n a t i o n a l T e l . & T e l e . Corp. UT C r e d i t Corp. P h i l a d e l p h i a E l e c t . Co. T r a i l e r Train Co. T r a i l e r Train Co. Southern C a l i f . Edison Co. *General Motors Acceptance Corp. *General Motors Acceptance Corp. Long I s l a n d L i g h t i n g Co. New England E l e c . System Columbus & Southern Ohio E l e c . Co. Kansas City Pwr & Lgt. Co. Chrysler Corp. Bank of America *Wickes Corp. *Gulf United Corp. United F i n a n c i a l Corp. of C a l i f . APL Corp. Reynolds Metals Co. World Airways United F i n a n c i a l Corp. Bonds 1 s t mtg. Com. s t k . ( r t s . ,) Pfd. s t k . Gtd. s h i p f i n . Gtd. s h i p f i n . Debt. Notes Med-term n o t e s Notes 1 s t mtg. Equip. t r . Equip, t r . 1 s t mtg. Debt. Notes Com. s t k . ( r t s . ) Com s t k . 1 s t mtg. Pfd. stk. Med-term n o t e s Mtg.-backed Notes Debt. Notes Debt. Com. s t k . Equip, t r . Notes 75.0 100.0 67.0 100.0 17.8 19.1 50.0 100.0 50.0 75.0 75.0 13.0 27.0 200.0 200.0 100.0 92.0 27.5 40.0 25.0 100.0 150.0 50.0 60.0 30.0 30.0 75.0 65.0 30.0 June 27 June 28 June 29 June 29 June 30 June 30 June 30 June June June July 6 July 6 July 6 J u l y 12 J u l y 14 J u l y 14 J u l y 19 J u l y 20 J u l y 21 J u l y 21 July July July July July Indef. Indef. Indef. Indef. OTHER European Economic Community Canadian N a t i o n a l Railway *Austria Notes Bonds Notes 100.0 100.0 100.0 June 29 June 29 July NOTES: * Included in table for first time. 1 Includes only corporate and other security issues of $15 million and over; excludes exchanges, options 14 Table 6B FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 as of June 24, 1977 ISSUER STATE & LOCAL Brick Tp. Sch. D i s t . , N . J . * I l l i n o i s Educ. Fac. Auth. East Side Union Sch. D i s t . , C a l i f . New York S t a t e Hsg. F i n . Agy. *Coastal I n d u s t . Water Auth. , Texas Valdez, Alaska *Tulsa I n d u s t . A u t h . , Okla. C o n n e c t i c u t Hsg. Finance Auth. A t l a n t a , Ga. B u f f a l o Sewer A u t h . , N.Y. *Maine Health Fac. Auth. • S u f f o l k Co., N.Y. Pima Co., A r i z . Milwaukee, Wise. Lancaster Co. Hosp. A u t h . , Pa. L a n c a s t e r Co. Hosp. A u t h , , Pa. Parkview Memorial H o s p i t a l , I n d . Alabama P u b l i c Sch. & College Auth •Niagara F a l l s , N.Y. Wyoming C a p i t a l Bldg. Comm. •Elizabeth, N.J. • D e t r o i t , Mich. I l l i n o i s Health Fac. Auth. •San Antonio, Texas • P e n n s y l v a n i a , S t a t e of H a r r i s Co., Texas • P o r t l a n d , Oregon •Los Angeles Pub. Fac. C o r p . , Cal. •Anaheim Redev. Agy., Cal. •Waterbury, Conn. • L i t t l e Rock, Ark. New Hampshire Hsg. F i n . Agy. TYPE G.O. Rev. G.O. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. G.O. G.O. Rev. Rev. Rev. Rev. G.O. Rev. G.O. G.O. Rev. Rev. G.O. G.O. Rev. Rev. G.O. G.O. G.O. Rev. AMOUNT (IN MILLIONS OF DOLLARS) 12.3 35.0 15.5 82.0 15.0 350.0 38.8 62.8 330.0 57.0 10.0 176.7 19.3 18.9 9.8 4.2 28.8 24.9 20.3 27.7 12.0 14.0 32.5 75.0 130.0 19.0 38.0 64.5 30.0 20.8 15.0 60.0 June June June June June June June June June June June June June June June June June July July July July July July July July July July July July July July July NOTES: 1 AS • Included in the table for the first time. APPROXIMATE DATE OF OFFERING *• 28 28 28 28 28 29 29 29 29 29 29 30 30 30 6 6 6 12 13 13 14 20 21 25 26 27 27 27 28 # # # # # # # # # Table 7 STOCK PRICES AND VOLUME 1 STOCK PRICES DATE NYSE INDEX 3 BJ INDUSTRIALS AMEX 4 NASDAQ 130.47 (1/11) 136.84 ( 1 / 1 1 ) 85.26 (12/20) 89.12 (12/13) 2 TRADING VOLUME NYSE AMEX NASDAQ 26.0 (9/20) 9.0 (8/20) 5.5 (1/12) 1.4 ( 8 / 2 0 ) 11.3 ( 1 / 1 1 ) 3.5 (8/27) 1973 - High Low 65.58 ( 1 / 1 1 ) 49.12 (12/13) 1051.50 (1/11) 788.31 (12/5) 1974 - High Low 53.37 ( 3 / 1 3 ) 32.89 ( 1 0 / 3 ) 891.66 (3/13) 577.60 (12/6) 102.01 ( 3 / 1 4 ) 58.26 (12/9) 96.53 ( 3 / 1 5 ) 54.87 ( 1 0 / 3 ) 24.9 (1/3) 7.5 (7/5) 4.4 (1/3) .9 ( 9 / 2 6 ) 7.5 (1/3) 2.8 (7/5) 1975 - High Low 51.24 ( 7 / 1 5 ) 37.16 ( 1 / 8 ) 881.81 (7/15) 632.04 (1/2) 96.86 ( 7 / 1 5 ) 62.20 ( 1 / 2 ) 88.00 ( 7 / 1 5 ) 60.70 ( 1 / 2 ) 35.2 (2/13) 8.7 (9/15) 4.2 (2/21) 1.1 (9/15) 8.1 (2/13) 2.5 (9/15) 1976 - High Low 57.51 ( 9 / 2 1 ) 48.04 ( 1 / 2 ) 1014.79 (9/21) 858.71 (1/2) 107.05 (7/12) 84.31 d / 2 ) 92.52 ( 7 / 1 5 ) 78.06 ( 1 / 2 ) 44.5 (2/20) 10.3 (1/2) 8.6 (2/20) 1.1 (1/2) 11.1 ( 2 / 2 0 ) 3.5 d / 2 ) 1977 - High Low 57.69 ( 1 / 3 ) 52.56 ( 5 / 3 1 ) 999.75 (1/3) 898.66 (5/31) 120.19 ( 6 / 2 4 ) 109.61 ( 1 / 1 2 ) 99.66 ( 6 / 2 4 ) 93.66 ( 4 / 5 ) 31.5 (1/5) 13.6 ( 5 / 2 7 ) 4.2 (1/13) 1.9 ( 5 / 2 3 ) 10.5 ( 1 / 1 9 ) 5.1 (5/27) 53.36 53.80 54.64 55.42 912.23 910.79 920.45 929.70 113.28 114.55 116.95 120.19 96.19 97.07 98.61 99.66 18.4 19.0 22.4r 21.8 2.3 2.6 2.5 2.8 June 3 10 17 24 MOTES: 1 Figures other than highs and lows are Fridays only. Highs and lows are for the year and are not necessarily for Fridays. 2 Volume figures are weekly averages of daily figures (millions of shares). 3 4 12/31/65 • 50 Based on avera# price change until September 4, 1973 thereafter, based on market value of shares listed. 5.9 6.0 7 . 2r 7.3 16 Table 8 SECURITY CREDIT REGULATED MARGIN CREDIT EXTENDED BY END OF PERIOD BROKERS ON 1 MARGIN STOCK BROKERS ON 2 CONVERTIBLE BONDS 3 BANKS UNREGULATED NONMARGIN STOCK CREDIT AT B A N K S OUTSTANDING 1976 - March April May June July August September October November December 6,410 6,690 6,940 7,080 7,340 7,450 7,530 7,350 7,610 7,960 162 163 161 166 172 167 174 169 178 204 1,057 1,077 1,007 880 876 881 l,081r 1,068 85C 829 2,355 2,325 2,357 2,825 2,576 2,807 2,651 2,774 3,737 3,684 1977 - January February March April May 8,270 9,480 8,690 8,880 9,080r 196 197 199 196 820 830 796 809 n;a. 3,693 3,751 3,720 2,878 n.a. 460 280 250 140 260 110 80 9 1 -2 5 6 -5 7 5 9 26 196 CHANGE IN OUTSTANDING 1976 - March April May June July August September October November December 80 350 1977 - January February March April May 310 210 210 190 200r —— —8 i 2 -3 19 20 -69 127 -4 5 200 -13 -218 -21 -9 10 -34 13 n.a. 22 -30 32 468 -249 231 -156 123 962 -53 9 58 -31 -842 n.a. NOTES: 1 Margin account debt as reported by the New York Stock Exchange, excluding credit for subscription issues and convertible bonds. 2 New York Stock Exchange data. 3 June data for banks are universe totals; all other dat* for banks represent estimates for all commercial banks based on reports by a reporting sample, which accounted for 60 per cent of security credit outstanding at banks on June 30. 4 Nonmargin stocks are those not listed on a national securities exchange and not included on the Board of Governors of the Federal Reserve System's list of OTC margin stocks. At banks, loans to purchase or carry nonmargin stocks are unregulated; at brokers, such stocks have no value. 4 • • • • • • • • • • Table 9 SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS IN MILLIONS OF DOLLARS SAVINGS & LOAN ASSOCIATIONS MUTUAL SAVINGS BANKS DATE REGULAR DEPOSITS 1 NET NEW MONEY 2 SHARE CAPITAL 10,067 4,815 2,909 11,070 11,546 ANNUAL 3 GROWTH RATE 12.4 5,451 5.4 -442 2.2 -2,822 11.3 4,757 11.6 5,275 32,567 20,237 16,006 42,769 50,287 1976 - S e p t . Oct. Nov. Dec. 1,307 836 779 1,757 75 582 539 367 5,572 3,452 2,581 6,277 1977 - J a n . Feb. Mar. j3/ 913 847 1,903 645 585 623 5,218 3,406 7,578 19 72 1973 1974 1975 1976 NET FLOW . —— —»— NET FLOW NET NEW MONEY ANNUAL 3 GROWTH RATE 18.6 9.9 7.0 17.3 17.7 TOTAL 2 DEPOSITS NET FLOW 23,884 10,507 4,668 29,276 34,369 42,634 25,052 18,915 53,839 61,833 1,944 3,224 2,381 2,279 6,879 4,288 3,360 8,034 4,944 3,186 3,604 6,131 4,253 9,481 — — —— — — — — ANNUAL 3 GROWTH RATE 16.6 8.5 5.5 15.8 16.0 ' — — 1 ,— — NET NEW MONEY 29,335 10,062 1,846 34,033 39,644 2,019 3,826 2,920 2,646 5,449 3,771 4,227 SEASONALLY ADJUSTED 1976 - S e p t . Oct. Nov. Dec. 1977 - J a n . Feb. Mar. £ / 1,326 1,396 852 1,086 13.5 14.1 8.5 10.7 965 589 696 9.5 5.7 6.7 — — —— ....... —. — 5,525 5,016 4,047 4,423 20.& 18.5 14.7 15.9 4,285 2,932 3,608 15.2 10.3 12.5 • mmmm — — — 6,851 6,412 4,899 5,509 18.8 17.3 13.1 14.5 5,250 3,521 4,304 13.7 9.1 11,0 NOTES: 1 Regular deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of total deposits. 2 New deposits net of both withdrawals and interest. Data for S&L's are for insured associations only, which represent 96 per cent of industry total resources. 3 Annual growth rate for monthly data is the annualized monthly percentage increase in deposits. Source: National Association of Mutual Savings Banks and Federal Home Loan Bank Board. / —— 2 18 Table 10 MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS BILLIONS OF D O L L A R S , S E A S O N A L L Y A D J U S T E D OUTSTANDING COMMITMENTS PERIOD TOTAL ALL SAVINGS MUTUAL & LOAN SAVINGS BKS ASSOCIATIONS (N Y. STATE) NET C H A N G E TOTAL ALL SAVINGS MUTUAL & LOAN SAVINGS BKSf1 ASSOCIATIONS (N Y. STATE) 1972 - Dec. 25.2 20.3 4.9 .45 .43 .02 1973 - Dec. 19.9 16.4 3.5 .04 .21 -.17 1974 - Dec. 14.6 12.4 2.2 — .09 -.09 1975 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 14.8 14.6 15.2 16.1 16.7 17.0 17.9 18.9 19.7 20.1 20.2 20.6 12.7 12.7 13.2 14.1 14.6 14.9 15.8 16.7 17.6 18.0 18.2 18.6 2.1 1.9 2.0 2.0 2.1 2.1 2.1 2.2 2.1 2.1 2.0 2.0 -.03 -.01 .50 1.18 .55 .25 .92 1.21 .90 .01 .35 .04 .18 .06 .41 .95 .53 .29 .84 .98 .86 .37 .22 .35 -.11 -.24 .11 .01 .04 .04 -.03 .09 -.09 .02 -.03 -.02 1976 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 20.8 21.3 21.7 21.8 22.3 22.6 23.1 23.7 24.6 26.1 27.3 28.2 18.8 19.3 19.5 19.6 20.0 20.4 20.8 21.3 22.0 23.5 24.6 25 .5 2.0 2.0 2.2 2.2 2.3 2.2 2.3 2.4 2.6 2.6 2.7 2.7 .06 .61 .48 .38 .48 .27 .50 .87 1.05 1.20 1.26 .92 .20 .58 .16 .10 .32 .53 .33 .50 .78 1.46 1.09 .92 .02 -.06 .19 .05 .05 -.02 .03 .12 .19 .06 .09 1977 - J a n . Feb. Mar. Apr. 27.9 28.4 29.6r 25.1 25 .4 26.4r 27.0 2.8 3.0 3.2 -.35 .48 1.24r -.45 .30 1.04r .59 .10 .18 .20 ( < < 4 4 . < < 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 a levels as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding. * H.16 T a b l e 11 19 NET NEW MONEY BORROWINGS BY MAJOR HOUSING AGENCIES IN MILLIONS OF DOLLARS PERIOD TOTAL INCLUDING SHORT-TERM DISCOUNT NOTES INTERMEDIATE A N D LONG-TERM I S S U E S TOTAL FHLB 1974 - S e p t . Oct. Nov. Dec. +2,768 +1,665 -89 +507 +2,750 +1,599 +93 +961 +1,700 +1,499 -217 +470 1975 - J a n . Feb. Mar. Apr. Hay June July Aug. Sept. Oct. Nov. Dec. -242 -659 +440 0 -1,568 +330 +236 -398 215 587 152 669 -5 -254 +689 +69 -1,279 +600 +300 -700 100 850 200 600 -4 -554 -197 -964 -851 124 -953 -107 -58 787 195 -37 -552 145 0 -604 -304 693 -607 291 +190 190 310 -297 -219 0 0 0 0 0 -300 0 18 —460 194 -190 1976 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1977 - J a n . Feb. NOTES: Based on data from Treasury Survey of Ownership. 1 / Sales of FHLB discount notes began in May 1974. Digitizedp for FRASER Preliminary -206 -11 -30 -1,279 0 0 -700 0 +150 0 0 0 FHLMC FNMA +1,050 +100 +310 +491 +300 0 -1 -1 0 +700 +100 0 0 0 +600 +300 0 0 0 0 100 700 0 200 0 0 600 FNMA & FHLB SHORT-TERM DISCOUNT NOTES 1 +18 +66 -182 -454 -237 -405 -249 -69 -289 -270 —64 302 115 -263 -48 69 -9 -7 12 -212 -197 -360 -547 -569 -346 99 -349 597 5 -347 -255 364 0 189 -200 -8 5 18 -176 -270 -1,100 0 0 -600 0 0 196 -4 -7 -7 300 -300 700 -6 -200 -9 +190 -10 —8 0 300 0 200 318 I Table 12 NET CHANGE IN MORTGAGE HOLDINGS IN MILLIONS O F D O L L A R S ' « PERIOD TOTAL INCLUDING FNMA-GNMA 2 FINANCIAL I N S T I T U T I O N S TOTAL COMMERCIAL BANKS MSB's S & L's INSURANCE F N M A - G N M A COMPANIES Not S e a s o n a l l y Ad l u s t e d 1971 1972 1973 1974 1975 1976 4 41,406 57,587 58,372 42,739 43,497 62,845 39,018 55,561 55,072 36,517 38,658 64,965 9,940 16,800 19,600 11,700 4,200 13,500 3,938 5,377 5,642 2,172 2,236 4,074 23,919 31,932 25,552 17,567 29,289 44,977 1,221 1,452 4,278 5,078 2,933 2,414 2,388 2,026 3,300 6,222 4,839 4 -2,120 1976 - June July Aug. Sept. Oct. Nov. Dec. 6,140 6,394 6,141 6,231 5,283 4,949 6,213* 6,783 6,088 5,861 6,371 5,699 5,257 6,376 1,300 1,200 1,100 1,600 1,300 900 1,000 517 314 384 364 398 341 690 4,804 4,512 4,239 4,081 3,895 3,531 3,913 162 62 138 326 106 485 773 -643 306 280 -140 4 -416 -308 -163 1977 - J a n . Feb. Mar. Apr. 3,430 4,075 6,802 3,756 4,117 6,736 600 900 1,600 1,800 196 156 291 2,926 3,030 4,617 5,219 34 31 228 -326 - 42 * 66 123 S e a s o n a l l y Ad l u s t e d 1976 - June July Aug. Sept. Oct. Nov. Dec. 4,924 5,246 5,327 6,973 5,432 5,749 6,198 5,346 5,281 5,315 6,417 6,067 6,088 6,448 982 1,183 951 1,414 1,285 1,042 1,082 358 225 359 438 444 366 573 3,831 3,753 3,840 4,234 4,270 4,268 4,425 175 120 165 331 68 412 368 -422 * - 35 12 -344 -635 -339 # -250 1977 - J a n . Feb. Mar. Apr. 5,217 5,310 7,706 5,484 5,175 6,789 1,055 1,227 1,647 1,661 337 307 280 3,980 3,567 4,487 4,586 112 74 375 -267 135 217 294 # NOTES: 1 w 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. ^ Digitized2 for FRASER Beginning January 1972 data reflect activity in limited amount of conventional mortgages. Table 13 NET INCREASE IN MORTGAGE DEBT OUTSTANDING IN BILLIONS OF DOLLARS, S E A S O N A L L Y A D J U S T E D A N N U A L R A T E S 2 3 RESIDENTIAL MULTKFAMILY & COMMERCIAL FARM 6.6 5.2 5.2 6.0 11.0 9.8 9.8 12.3 2.0 2.0 1.7 1.3 5.5 5 .5 8.2 8.6 5.6 6.8 8.3 7.6 11.1 12.3 16.5 16.1 0.9 1.0 1.4 1.4 23.3 30.0 33.1 36.3 9.5 10.4 9.1 9.7 6.6 8.9 11.7 11.5 16.1 19.3 20.8 21.2 2.5 2.5 2.7 2.8 50.6 53.6 56.7 65.7 39.4 40.7 46.0 49.5 11.2 12.9 10.7 16.2 16.6 15.6 14.7 20.4 27.8 28.6 25.4 36.5 3 .4 3.6 3.8 3.3 86.4 84.0 80.0 71.4 59.6 58.3 55 .2 49.5 51.4 45.3 43.1 41.4 8.2 13.0 12.1 8.2 21.3 20.2 19.5 16.3 29.5 33.2 31.6 24.5 5.6 5.5 5.3 5.6 1974 - I II III IV 71.8 69.0 56.0 46.3 49.3 46.8 35.7 28.9 39.8 39.5 29.5 24.0 9.6 7.3 6 .2 4.8 18.9 17.4 14.0 11.6 28.5 24.7 20.2 16.5 3.6 4.8 6 .3 5.8 1975 - I II III IV 38.8 54.5 62.9 69.2 26.3 40.3 46.1 51.6 26.3 40.3 46.1 52.1 0.0 0.0 0.1 -0.5 7 .2 9.4 12.5 14.1 7.2 9.3 12.5 13.6 5.3 4.8 4.3 3.5 1976 - I II r III r IV r 75.7 71.3 87.6 94.7 58.6 53.3 65.3 71.9 58.2 53 .0 64.4 70.4 0.5 0.2 0.8 1.5 11.1 12.4 14.5 14.1 11.6 12.6 15.3 15 .6 6.0 5.6 7.9 8.7 TOTAL 1- to 4FAMILY MULTIFAMILY 34.1 30.8 28.2 29.6 25.5 23.6 21.4 22.3 21.2 19.0 16.8 16.0 4.4 4.5 4.6 6.3 1970 - I II III IV 23.3 26.9 34.1 37.1 16.7 19.2 24.5 28.1 11.2 13.6 16.2 19.5 1971 - I II III IV 41.8 51.4 56.6 60.3 32.8 40.0 42.2 46.0 1972 - I II III IV 70.6 72.9 75.2 89.3 1973 - I II III IV TOTAL 1969 - I II III IV QUARTER COMMERCIAL 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. Digitized FRASER mortgage debt includes nonfarm only and is sum of 1 to 4 family and multifamily mortgage debt. 3 for Residential 1 T a b l e 14 PRIVATE HOUSING PERMITS, STARTS, COMPLETIONS, AND MOBILE HOME SHIPMENTS IN T H O U S A N D S OF U N I T S , S E A S O N A L L Y A D J U S T E D A N N U A L R A T E S PERMITS 1 PERIOD TOTAL 1 —FAMILY V COMPLETIONS STARTS 2 - O R MORE FAMILY TOTAL 1—FAMILY 2 - O R MORE FAMILY 1969 1970 1971 1972 1973 1974 1975 1976 1,324 1,352 1,925 2,219 1,820 1,074 939 1,281 626 647 906 1,033 882 644 676 895 698 705 1,018 1,186 937 431 264 386 1,407 1,434 2,052 2,357 2,045 1,388 1,160 1,538 811 813 1,151 1,309 1,132 888 892 1,162 656 621 901 1,048 914 450 268 376 1976 - J u l y Aug. Sept. Oct. Nov. Dec. 1,215 1,296 1,504 1,492 1,590 1,514 870 874 926 998 1,072 1,053 345 422 578 494 518 461 1,413 1,530 1,768 1,715 1,706 1,889 1,129 1,172 1,254 1,269 1,236 1,324 284 358 514 446 470 565 1977 - J a n . Feb. Mar. Apr. May 1,307 1,529 1,712 1,563 1,606 927 1,064 1,208 1,030 1,070 380 465 504 533 536 1,384 1,802 2,089 1,899 1,929 1,006 1,424 1,503 1,433 1,461 378 378 586 466 468 TOTAL I i 1-rFAMILY 2 - OR MORE FAMILY MOBILE HOME SHIPMENTS 1,399 1,418 1,706 1,972 2,014 1,692 1,297 1,362 808 802 1,014 1,143 1,174 932 867 1,026 592 617 692 828 840 760 430 336 413 401 497 576 567 329 216 250 1,307 1,401 1,387 1,326 1,399 1,435 1,038 1,094 1,017 989 1,068 1,074 269 307 370 337 331 361 221 242 248 263 247 248 1,416 1,637 1,705 1,510 1,103 1,242 1,232 1,197 313 397 473 313 258 275 275 252 242p NOTES: Private b u i l d i n g permits ( f o r 1 4 , 0 0 0 areas w i t h p e r m i t systems, e x c l u d i n g f a r m ) , starts, and c o m p l e t i o n s are Census Bureau data. A d w e l l i n g u n i t is started w h e n e x c a v a t i o n begins. In t h e c a s e of a p a r t m e n t buildings, all units are considered started at t h a t t i m e ; h o w e v e r , all such units are considered c o m p l e t e d w h e n m o r e than half o f t h e units in t h e s t r u c t u r e are ready f o r use. Private m o b i l e h o m e shipments are M o b i l e H o m e M a n u f a c t u r e r s A s s o c ia t io n data c o n v e r t e d t o seasonally adjusted annual rate by Census Bureau. 1 P e r m i t data f o r 1 9 6 9 and 1 9 7 0 based o n 1 3 , 0 0 0 areas w i t h p e r m i t systems http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis # e # # * e # # e e • « T a b l e 15 AVERAGE RATES AND YIELDS ON HOME MORTGAGES CONVENTIONAL LOANS PRIMARY MARKET NEW HOMES HUD(FHA) INSURED L O A N S S E C O N D A R Y MARKET EXISTING HOMES 1 PERIOD 1 SPREAD BETWEEN R E T U R N S ON NEW A a a NEW HOMES CONVENTIONAL UTILITY 1 AND HUD(FHA) BOND SPREAD DISCOUNT NEW HOME YIELD (BASIS (PERCENTAGE MORTGAGES (IN PER CENT) POINTS) POINTS) (BASIS POINTS) RATE (IN PER CENT) SPREAD (BASIS POINTS) RATE (IN PER CENT) 1975 - High Low 9.25 8.90 15 -70 9.30 8.95 20 -65 9.74 8.69 31 -91 6.2 2.4 21 -49 9.70 8.94 1976 - High Low 9.05 8.90 91 5 9.10 8.95 95 10 9.06 8.25 59 8 4.3 2.0 65 - 4 8.72 8.05 1976 - July Aug. Sept. Oct. Nov. Dec. 9.05 9.05 9.00 9.00 8.95 8.90 33 58 77 71 90 n.a. 9.10 9.10 9.05 9.00 9.00 8.95 38 63 82 71 95 n .a. 8.99 8.93 8.82 8.55 8.45 8.25 27 46 59 26 40 n.a. 3.8 3.3 2.5 4.3 3.6 2.0 6 12 18 45 50 65 8.72 8.47 8.23 8.29 8.05 n.a. 1977 - Jan. Feb. Mar. Apr. May 8.80 8.80 8.85 8.90 8.95 58 52 63 59 n.a. 8.85 8.85 8.90 8.95 9.00 63 57 68 64 n.a. 8.40 8.50 8.58 8.57 n.a. 18 22 36 26 n.a. 3.2 3.9 4.6 4.5 n.a. 40 30 27 33 n.a. 8.22 8.28 8.22 8.31 n.a. SPREAD (BASIS POINTS) YIELD (IN PER CENT) 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. N> 24 Table 16 FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS GOVERNMENT-UNDERWRITTEN DATE OF AUCTION AMOUNT (IN MILLIONS OF DOLLARS) OFFERED 1976 - High Low AVERAGE YIELD CONVENTIONAL AMOUNT (IN MILLIONS OF DOLLARS) ACCEPTED OFFERED 634 (5/17) 321 (5/17) 9.20 ( 6 / 1 ) 171 ( 9 / 7 ) 21 (12/27) 19 (12/27) 8.39(12/27) 33 (1/26) 1976 - Sept . 7 20 AVERAGE YIFI n ACCEPTED 127 (11/15) 9.31 (6/1, 6/28) 23 (2/23) 8.90 (12/27) 121.9 99.1 68.8 49.1 8.92 8.84 170.6 151.1 117.8 107.6 9.13 9.09 4 18 124.3 111.2 61.8 45.3 8.80 8.70 153.8 143.7 94.4 121.4 9.07 9.02 1 15 30 215.3 218.9 59.9 73.2 114.2 33.7 8.67 8.68 8.63 141.7 140.9 70.7 112.2 126.5 58.2 9.00 9.0,0 8.99 Dec. 13 27 36.0 20.9 22.6 18.9 8.51 8.39 79.7 70.5 68.1 67.3 8.89 8.80 1977 - J a n . 10 24 385.7 361.7 285.8 263.3 8.46 8.49 184.2 142.6 132.5 105.8 8.81 8.83 Oct. Nov. # Feb. 7 24 389.6 478.8 213.6 271.1 8.52 8.58 151.7 148.3 120.2 115.6 8.85 8.87 Mar. 7 21 703.3 434.9 324.9 287.1 8.66 8.70 206.4 167.5 153.2 114.9 8.90 8.92 Apr. 4 18 321.5 134.6 201.9 67.9 8.72 8.62 196.1 152.0 158.3 122.4 8.97 8.97 May 2 16 31 723.1 585.4 534.3 422.2 285.5 319.7 8.70 8.74 8.79 383.4 115.9 365.3 255.1 278.0 218.6 9.03 9.08 9.13 June 13 188.1 78.1 8.77 210.5 157.5 9.13 E # • # # # E NOTES: Average secondary market y i e l d s a r e g t o s s b e f o r e deduction, of the f e e of 38 b a s i s p o i n t s paid f o r mortgage s e r v i c i n g . They r e f l e c t the average accepted bid y i e l d f o r home mortgages assuming a prepayment p e r i o d of 12 y e a r s f o r 30»year l o a n s , without s p e c i a l a d j u s t ment f o r F e d e r a l N a t i o n a l Mortgage A s s o c i a t i o n (FNMA) commitment f e e s and r e l a t e d s t o c k r e q u i r e m e n t s on 4-month commitments. Mortgage amounts o f f e r e d by J b i d d e r s r e l a t e to t o t a l http://fraser.stlouisfed.org/ e l i g i b l e bids received. Federal Reserve Bank of St. Louis
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