Full text of H.16 Capital Market Developments : June 29, 1981
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FEDERAL RESERVE BANK at K a n s a s c i t y —Research Library— 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. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. Yields, Volume and Reception: Corporate Bond Market Yields, Volume and Reception: Municipal Bond Market High Grade Bond Yields Long-Term Corporate and State and Local Government Security Offerings and Placements Treasury and Government Sponsored Agency Marketable Coupon Offerings and Placements 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 Stock Prices Trading Volume Security Credit Savings Flow at Selected Nonbank Thrift Institutions Mortgage Commitments Outstanding at Selected Institutions Net New Money Borrowings 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 Commitments to Purchase Home Mortgages FHLMC Auctions of Commitments to Purchase Home Mortgages Issues of Mortgage-Backed Securities SYMBOLS e P r n.a. — — estimate preliminary revised not available data do not exist 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 $.50 each. Address requests to Publications Services, Division of Support Services, and make payment remittance payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. Currency. 1. YIELDS, VOLUME AND RECEPTION Corporate Bond Market Yields Recently offered New issue Aaa utility 2 Aaa utility 1 Week ending New issues in syndicate 4 ($ millions) 521 459 1,573 517 94 93 97 90 30 40 60 53 14.89 15.19 15.36 15.78 756 837 389 887 98 100 95 99 19 0 25 16 16.12 15.94 15.80 15.54 16.26 15.62 15.63 15.29 14.97 539 410 976 544 328 100 100 99 100 100 0 0 10 0 0 14.93 15.01 14.35r 15.03 14.74 14.59r 14.79p 1,020 1,115 669* 668 98 94 89 100 20 66 83 0 14.55 14.42 3 10 17 24 14.87 May 1 8 15 22 29 June 5 12 19 26 Apr. Volume Percent sold by end of week 14.53 14.18 13.98 14.71 6 13 20 27 981-Mar. Gross offerings ($ millions)5 3 —— 15.07 15.85 — 2. YIELDS, VOLUME AND RECEPTION Municipal Bond Market Volume Yields Week ending New issues in syndicate 4 ($ millions) Moody's new issue Aaa Bond Buyer G O . bond index Bond Buyer Rev. bond index Gross offerings ($ millions) 10.40 10.34 9.81 10.09 11.10 11.03 10.67 10.80 585 976 968 635 82 97 98 76 153 80 28 233 Percent sold by end of week 3 1981-Mar. 6 13 20 27 9.80 9.80 9.20 9.20 Apr. 3 10 17 24 9.50 9.80 9.80 10.00 10.21 10.45 . 10.70 10.80 10.92 11.17 11.30 11.48 865 1,233 1,371 630 83 95 95 84 268 171 172 165 May 1 8 15 22 29 10.00 10.00 9.80 9.70 10.00 10.94 10.90 10.83 10.73 10.64 11.71 11.68 11.65 11.54 11.45 963 547 919 795 702 95 94 Q 6 80 87 126 83 84 84 172 90 83 81 91 83 242 243 400 11.48 10.59 10.00 5 1,125 11.47 10.63 9.75 12 1,006* 11.48 10.73 9.75 19 966 11.54 10.74 9.95 26 * Excludes $150 m i l l i o n I s s u e of Alaska Housing F i n a n c e C o r p o r a t i o n . June 1 2 3 4 200 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 Aaa-rated utility bond with 5-year call protection, released from price restrictions sometime during the last four weeks. 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. 5 Gross o f f e r i n g s r e f l e c t s g r o s s p r o c e e d s r a t h e r t h a n p a r v a l u e of o r i g i n a l d i s c o u n t bonds 3. H I G H G R A D E B O N D Y I E L D S Date 1978-High N e w issue Aaa u t i l i t y 1 9.30(11/10) 8.61( 3/24) Low 1979-High Low 1980-High Low 1981-High Low 1980-Apr. May June Recently offered Aaa utility 2 Moody's seasoned corporate A a a 3 9.54(12/22] 9.27(12/29) 8 . 4 8 ( 1/6] 8 . 3 0 ( 1 / 6 ) U.S. g o v t . 20-year constant maturity4 B o n d Buyer G O. b o n d index 5 9.00(12/22) 6.67(12/22) 8 . 0 1 ( 1 / 6 ) 5 . 5 8 ( 3/17) Bond Buyer Rev. bond index6 — 1 1 . 5 1 ( 1 1 / 1 2 ) 1 1 . 4 5 ( 11/9) 1 0 . 8 7 ( 1 2 / 2 8 ) 1 0 . 5 6 ( 1 1 / 9 ) 7 . 3 8 ( 1 0 / 2 6 ) 9 . 4 0 ( 8 / 1 7 ) 9.39 ( 6/29) 9 . 1 6 ( 7 / 6 ) 8 . 7 9 ( 7 / 6 ) 6 . 0 8 ( 7/6) 8.24(11/23) 7 . 2 3 ( 9/21) 14.51(12/12) 15.03(12/12) 13.49(12/19) 12.86(12/12) 10.56(12/19) 1 0 . 5 3 ( 6 / 2 0 ) 1 0 . 7 9 ( 6/20) 1 0 . 3 4 ( 6/20) 9 . 5 9 ( 6 / 2 0 ) 7 . 1 1 ( 5/9) 11.41(12/19) 8 . 1 5 ( 5/8) 16.12( 14.05 ( 1 1 . 7 1 ( 5/1) 1 0 . 3 4 ( 1/16) 5 / 1 ) 16.26( 5/1) 1 4 . 5 3 ( 5 / 1 5 ) 1 4 . 1 5 ( 1 / 9 ) 1 3 . 9 9 ( 3/20) 1 2 . 5 9 ( 1 / 9 ) 1 1 . 9 8 ( 5/8) 10.94( 1/9) 9.49( 5/1) 1/9) 12.90 11.53 10.95 12.91 11.64 10.99 12.04 10.99 10.58 11.42 10.44 9.89 8.63 7.59 7.63 9.66 8.50 8.47 July Aug. Sept. 11.60 12.32 12.74 11.41 12.31 12.72 11.07 11.64 12.02 10.32 11.07 11.47 8.13 8.67 8.94 8.87 9.57 9.84 Oct. Dec. 13.18 13.85 14.51 13.13 13.91 14.38 12.31 12.97 13.21 11.75 12.44 12.49 9.11 9.56 10.11 9.97 10.43 11.08 1981-Jan. Feb. Mar. 14.12 14.90 14.71 14.17 14.58 14.41 12.81 13.35 13.33 12.29 12.98 12.94 9.66 10.10 10.16 10.64 11.01 10.90 Apr. May 15.68 15.81 15.48 15.48 13.88 14.32 13.46 13.82 10.62 10.79 11.32 11.60 14.87 14.89 15.19 15.36 15.78 13.41 13.72 13.89 14.02 13.05 13.38 13.52 13.51 10.21 10.45 10.70 10.80 10.92 11.17 11.30 11.48 Nov. 1981-Apr. 1 2 3 4 5 6 3 10 17 24 — 15.85 May 1 8 15 22 29 16.12 15.94 15.80 15.54 16.26 15.62 15.63 15.29 14.97 14.26 14.50 14.53 14.18 14.00 13.75 14.15 14.01 13.64 13.39 10.94 10.90 10.83 10.73 10.64 11.71 11.68 11.65 11.54 11.45 June 5 12 19 26 14.93 15.01 14.35r 15.03 14.74. 14.59r 14.79p 13.84 13.73 13.61r 13.75p 13.28 13.06 13.01r 13.29p 10.59 10.63 10.73 10.74 11.48 11.47 11.48 11.54 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 by 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 January February March 1979 3,770 3,165 4,354 Corporate 1980 6,173 4,507 4,454 April May June 4,692 4,160 6,238 5,656 9,074 9,645 July August September 4,103 4,211 4,593 October November December Period Year 1 2 e State and Local 1980 3,078 2,424 2,435 1981 5,581 4,157 6,423 1979 2,840 2,603 4,644 6,511 4,600e 3,444 3,042 4,724 4,962 4,746 6,136 8,029 5,437 5,025 3,396 4,256 2,472 4,872 3,946 4,523 4,601 3,868 3,778 5,819 3,936 5,933 4,217 4,160 3,567 4,474 2,916 3,854 51,553 73,688 43,365 48,366 1981 2,668 2,843 3,850 4,892 3,500e Securities and Exchange Commission estimates of gross proceeds. Public Securities Association estimates of principal amounts, 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 public: Public debt securities Gov't, agency NonBills Coupons marketable securities Decreased)/ Sponsored agency increase!—) borrowing* in cash operating balance 23,631 366 3,621 24,705 Combined deficit(-) or surplus!—)1 Total 3 -1979 -1980 41,397 50,670 37,360 79,201 10,899 43,458 28,041 50,480 -397 -14,298 -1,402 -577 1,115 484 1980—Apr. May June -8,037 16,318 -11,963 4,632 5,350 -4,615 4,515 91 -10,703 2,899 6,077 6,835 -2,602 -941 -685 -86 -32 -101 -2,393 3,200 -3,918 -10,276 7,768 -3,430 3,632 1,957 -529 July Aug. Sept. 16,384 8,347 -4,434 9,737 11,111 6,260 6,807 7,815 526 2,602 3,245 7,026 456 219 -1,407 -76 -28 -36 2,986 -701 -2,199 3,661 -2,063 -8,495 575 -835 2,432 Oct. Nov. Dec. 17,146 10,698 7,869 4,758 9,231 13,668 2,477 6,412 7,382 2,422 3,267 7,233 -63 -315 -1,023 -23 -30 -79 4,076 -3,985 -720 8,31? 5,452 -5,079 5,116 412 3,378 1981--Jan. Feb. Mar. 8,339 17,063 13,048 6,772 13,916 15,138 4,320 8,548 6,343 4,159 5,849 8,997 -1,480 -489 -347 -35 -55 ^14 3,179 -664 -1,479 -1,612 3,811 -611 1,408 13 1,960 Period CiCY 1 2 3 4 Other U.S. unified budget deficit or surplus plus off-budget entities deficit or surplus. Change in outstanding amount of public debt securities and government agency securities less change in holdings of those securities by government accounts. Also includes changes in matured and noninterest-bearing public debt. Change in outstanding amount of marketable securities issued by Federal Farm Credit Banks, Federal Home Loan Banks, Federal Home Loan Mortgage Corporation, Federal National Mortgage Association. 6 6. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE Gross proceeds, millions of dollars Bonds Memo Issues included Convertible Foreign Common and preferred stocks Total Publicly j offered Privately placed 1977 1978 1979 1980 53,792 47,230 51,533 73,688 24,072 19,815 25,814 41,587 17,943 17,057 14,394 11,612 11,777 10,358 11,325 20,490 1,340 1,349 1,008 1,495 863 418 2,229 4,685 1980-QI QII QUI QIV 15,134 24,375 18,492 15,688 5,924 18,165 5,880 4,624 2,213 2,163 2,612 4,586 3,997 4,711 7,196 169 529 631 166 908 967 1,510 1,300 1981-QI 16,161 9,114 1,381 5,666 92 1,317 1980-0ct. Nov. Dec. 5,819 3,936 5,933 2,756 1,405 1,719 528 759 1,325 2,535 1,772 2,889 348 12 138 687 398 215 1981-Jan. Feb. Mar. 5,581 4,157 6,423 2,928 2,408 3,778 458 426 497 2,195 1,323 2,148 162 105 1.0 303 575 439 Apr. 6,511 3,668 605 2,238 n.a. 719 Period 11,618 7. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUER Gross proceeds, millions of dollars Period Manufacturing Public utility Communications Other issuers') 13,393 10,813 11,357 20,248 14,127 12,232 13,324 15,786 4,522 3,660 4,522 7,250 21,827 20,549 22,332 30,404 1980-QI QII QIII QIV 3,950 6,896 5,925 3,477 4,864 4,151 3,701 3,070 1,324 2,182 1,936 1,808 4,995 11,145 6,928 7,333 1981-QI 5,387 3,223 1,337 6,221 1980-0ct. Dec. 1,474 550 1,453 1,295 792 983 830 260 718 2,220 2,335 2,778 1981-Jan. Feb. Mar. 2,244 1,344 1,799 1,362 853 1,008 76 303 958 1,901 1,660 2,660 Apr. 1,886 1,491 609 2,524 1977 1978 1979 1980 Nov. 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. 2 T o t a l r e f l e c t s g r o s s p r o c e e d s r a t h e r than p a r v a l u e of o r i g i n a l d i s c o u n t bonds. 8. P U B L I C O F F E R I N G S OF I N T E R M E D I A T E - A N D L O N G - T E R M S E C U R I T I E S : C O R P O R A T E 1 Issuer Date Type P i l l s b u r y Co. 6/2 Com. s t k . Wells Fargo Corp. 6/2 Notes New England T e l . & T e l . Co. 6/2 Debt. N o r t h e r n I n d i a n a Pub. Svc. Com. s t k . 6/3 Standard O i l Co. ( I n d i a n a ) Notes 6/3 D e t r o i t Edison Co. Pfd. stk. 6/4 Western Union T e l e g r a p h Co. Notes 6/4 Tenneco I n c . 6/5 Notes Tenneco I n c . 6/5 Debt. Lifemark Corp. 6/5 Com. s t k . United Gas P i p e l i n e Notes 6/9 S h e l l O i l Co. Notes 6/9 S h e l l O i l Co. Debt. 6/9 A l l i s Chalmers C r e d i t Corp. Notes 6/9 S o f t w a r e AG I n t e r n a t i o n a l Com. s t k . 6/9 L.B. F o s t e r Co. Com. s t k . 6/9 P a c i f i c Power & L i g h t Co. Com. s t k . 6/9 D a l l a s Power & L i g h t Co. 6/10 1 s t . mtg. Foremost McKesson, I n c . 6/10 C o n v . d e b t . American Telephone & T e l e g r a p h Co. 6/10 Com. s t k . Southern Co. 6/10 Com. s t k . GMAC 6 / 1 1 Notes N a t T l . Medical E n t e r p r i s e s , Inc. 6/11 Conv.debt. M i s s o u r i P a c i f i c R.R. Co. 6/16 Equip, t r . A s s o c i a t e s Corp. of N. America 6/17 Debt. C o n t i n e n t a l Telephone Co. 6/17 Com. s t k . Digicon I n c . 6/17 Com. s t k . South C a r o l i n a E l e c t r i c & Gas Co. 6/17 Com. s t k . South C a r o l i n a E l e c . & Gas Co. 6/17 1 s t . mtg. Duquesne L i g h t Co. 6/17 1 s t . mtg. Westinghouse C r e d i t Corp. 6/17 Notes ,6/1% i C o n v . d e b t . ^ o u r - P h a s e Systems, I n c . Research-Cottrell, Inc. :6/18 C o n v . d e b t . TT A/1% Debt. eotern-Pacific Ind. Inc. Potomac E l e c . & Power Co. 6/18 1 s t . mtg. Texas E a s t e r n T r a n s m i s s i o n 6/18 Debt. Corp. 6/23 P f d . s t k . Georgia Power Co. 6 / 2 3 Com. s t k . Ryder System I n c . 6/23 1 s t . mtg. Georgia Power Co. 6/23 ^ e b t . General Foods Corp. 6 / 2 3 Debt. General Foods Corp. 6/24 Notes G e n 1 ! . Motors A c c e p t . Corp. 6/24 Equip, t r . Eastern A i r l i n e s , Inc. 6/24 Equip, t r . Eastern A i r l i n e s , Inc. 6/24 P f d . s t k . Monongahela Pwr. Co. 6/24 Com. s t k . Kansas Power & L i g h t Co. P u b l i c S e r v i c e E l e c t r i c & Gas 6/24 Com. s t k . Co. 6/24 C o n v . d e b t . Goulds Pumps, I n c . * 1 Amount (millions of dollars) 62.6 100.0 150.0 44.0 250.0 25.0 75.0 200.0 100.0 34.1 75.0 200.0 300.0 75.0 28.8 28.9 80.0 50.0 80.0 941.0 127.1 250.0 85.0 26.7 67.7 37.5 25.7 Maturity —— 1991 2018 Coupon rate —— Offering Moody's/S&P's yield ratings — — 14.50 15.25 14.75 15.40 Aa/AA Aaa/AA+ 14.00 15.68 16.00 14.50 15.00 14.09 15.68 16.00 14.69 15.08 Aaa / AAA Baa/ — Baa/BB A/A A/A 15.58 13.97 14.25 16.00 Baa/BBB Aaa/AA-f Aaa/AA+ Baa/A- —— 1991 —— 1991 1991 2006 — 1991 1991 2011 1991 15.50 13.88 14.25 16.00 —— — —— / — —/— — — —/— —J— —— 2011 2006 15.88 9.75 15.22 9.75 —!— Aaa/AAA Baa/BBB+ __/ —/— —— — 1989 14.63 14.70 Aaa/AAA 2006 1982-96 2001 9.00 13.38 6.00 9.00 13.45 14.45 Ba/BBB Aa/AA A/A 30.5 —/— — — 70.0 80.0 100.0 40.0 25.0 60.0 50.0 2011 2011 1991 2oni 2006 2006 1991 16.00 16.00 14.75 9.13 10.50 15.00 14.50 16.00 16.12 14.91 9.13 10.50 16.75 14.64 A/AA/BBBA/A R/tt Ba/BBBBa/BBAa/A+ 150.0 75.0 83.A 125.0 71.4 103.2 189.4 42.5 47.5 25.0 36.5 1991 14.75 15.04 15.00 15.04 A/A Baa/BBB 115.5 25.0 — — 2011 2001. 2011 1991 1998 1997 -•— 16.25 6. on 7.00 — 17.50 17.50 — 16.38 13.75 13.80 14.25 17.50 17.50 Baa/BBB+ A a / AA Aa/AA Aaa/AAA Ba/BA Ba / BA Baa / A — — — — — — — m— — — — —/— 9.88 9.88 Ba/BA 2006 Rights offering. Includes only corporate and other security offerings of $25 million and over; excludes options, exchanges, and secondary offerings. 2 Amount r e f l e c t s g r o s s p r o c e e d s r a t h e r t h a n p a r v a l u e of o r i g i n a l d i s c o u n t bonds. / 8. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE 1 Issuer Comdisco, I n c . Templeton Energy, I n c . OTHER Pembroke C a p i t o l L t d . U n i t e d Mexican S t a t e s B e l l Canada Canadian N a t i o n a l Railway Co. Fed. Bus. D e v ' l . Bank of Canada B a r c l a y s N. American C a p i t a l Corp. M u n i c i p a l i t y of Metro. Toronto Canadian P a c i f i c , L t d . Manitoba, Canada New Brunswick, Canada Gulf Canada POSTPONED UNC R e s o u r c e s Corp. * 1 Date Type Amount (millions of dollars) Maturity Coupon rate Offering yield Moody's/S&P's ratings 50.0 25.7 2001 13.00 13.00 -/BB+ 200.0 100.0 150.0 150.0 1991 1988 1991 2006 14.00 15.00 14.50 15.00 14.10 15.21 14.60 15.20 Aaa/AA+ 6/2 6/3 6/4 Debt. Bonds Debt. Debt. 6/5 Notes 100.0 1988 14.63 14.70 Aaa/AAA 6/10 6/17 6/23 6/24 6/25 Debt. Notes Equip. t r Debt. Notes Debt. 125.0 50.0 75.0 150.0 100.0 200.0 1991 1991 1991 1991 1991 2011 14.63 14.50 14.38 14.75 14.75 15.00 14.82 14.50 14.45 14.75 15.05 15.00 Aaa/AAA Aaa/AAA Aa/AAA Aa/— Al/— Aa/AA 6/9 Conv.debt. 6/25 6/25 Conv.debt. Com. s t k . 6/2 6/12 Aa/AA Aa/AA 30.0 Rights offering. Includes only corporate and other security offerings of $25 million and over; excludes options, exchanges, and secondary offerings. 9. PUBLIC O F F E R I N G S OF I N T E R M E D I A T E - A N D LONG-TERM S E C U R I T I E S : S T A T E A N D L O C A L 1 Issuer P o r t Sheldon Economic D e v e l . C o r p . , MI Cook C o . , IL Cook C o . , IL M i n n e a p o l i s Comm. Dev. Agcy. M i n n e a p o l i s Comm. Dev. Agcy. M i n n e a p o l i s Comm. Dev. Agcy. Shawnee C o . , KS Shawnee C o . , KS Delaware Co. I n d u s . D e v e l . Auth. Delaware Co. I n d u s . D e v e l . Auth. Delaware Co. I n d u s . D e v e l . Municipal A s s i s t a n c e Corp. Midland Co. Econ. D e v e l . Corp. V i r g i n i a E d u c a t i o n Loan A u t h . V i r g i n i a E d u c a t i o n Loan A u t h . V i r g i n i a E d u c a t i o n Loan A u t h . C a l i f o r n i a Hsg. F i n . Agcy. North C a r o l i n a , S t a t e of Kentucky H i g h e r Ed. S t u d e n t Loan Corp. Kentucky H i g h e r Ed. S t u d e n t Loan Corp. Boca R a t o n , FL Maryland, S t a t e U n i v e r s i t y of Texas System New York S t a t e D o r m i t o r y A u t h . Shelby Co. H e a l t h & Ed. F a c . B d . , TN Shelby Co. H e a l t h & Ed. F a c . B d . , TN Shelby Co. H e a l t h & Ed. F a c . B d . , TN Shelby Co. H e a l t h & Ed. F a c . B d . , TN Shelby Co. H e a l t h & Ed. F a c . B d . , TN Shelby Co. H e a l t h & Ed. F a c . B d . , TN T e n n e s s e e School Bond A u t h . N o r t h Slope Borough, AK G o v ' t . D e v e l . Bk. f o r P u e r t o Rico S u l l i v a n , IN Putnam C o . , FL New Mexico, S t a t e of Maricopa Co. I n d u s . D e v e l . A u t h . , AZ Maricopa Co. I n d u s . D e v e l . A u t h . , AZ Date Type2 1Amount (millions of $) Maturity Net interest cost Offering yield Moody's/S&P's 1991 1984-93 2013 1983-95 2006 2007 2013 1982-86 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 10.00 8.75-11.00 11.88 8.25-11.25 11.63 11.63 9.75 8.00-9.00 Aaa/AAA A/A A/A A/A+ A/A+ A/A+ —/AA —/AA n.a. 9.38 Baa/BBB- n.a. n.a. n.a. n.a. n.a. n.a. n.a. 10.65 9.16 13.00 12.75 11.38 8.75 11.85 10.50 11.00 7.00-10.50 7.25-9.60 Baa/BBBBaa/BBBBaal/— Aa/— A/A A/A A/A A1/A+ Aaa/AAA n.a. 9.00 6/1 6/4 6/4 6/5 6/5 6/5 6/5 6/5 Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. 43.5 2.5 29.9 77.1 28.5 14.4 24.5 .5 6/5 Rev. 10.0 6/5 6/5 6/5 6/5 6/8 6/8 6/8 6/9 6/9 Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. 71.5 18.5 237.0 30.0 33.0 7.0 10.0 27.5 90.0 6/9 Rev. 32.5 6/9 6/10 6/10 6/10 6/10 Rev. G.O. G.O. Rev. G.O. 57.5 .26.8 91.9 63.0 40.0 1984 1982-97 1984-96 1982-01 1984 n.a. 9.33 9.20 9.39 8.24 10.50 7.40-9.80 8.00-9.20 7.50-9.90 8.00 A1/A+ Aa/A+ Aaa/AAA Aaa/AAA MIG-1 6/10 Rev. 9.6 1986-94 11.01 8.40-10.25 Aa/AA 6/10 Rev. 5.5 1997 11.01 11.00 Aa/AA 6/10 Rev. 4.8 1999 11.01 11.25 Aa/AA 6/10 Rev. 40.7 2008 11.01 11.60 Aa/AA 6/10 Rev. 15.8 2010 11.01 11.44 Aa/AA 6/10 6/10 6/10 Rev. BAN's G.O. 15.0 36.5 65.0 2011 1982 1985-93 11.01 n.a. n.a. 10.00 8.00 9.30-10.30 Aa/AA MIG-1 A/A 6/11 6/12 6/12 6/15 Rev. Rev. Rev. Rev. 75.0 25.0 75.0 49.6 1982-00 2009 1984 1982-96 n.a. 11.61 n.a. 8.35 9.50-12.00 11.50 9.25 7.50-8.25 A/A+ A/A A/A+ Aaa/AAA 6/15 Rev. 17.4 1984-93 n.a. 8.75-11.00 A1/A+ 6/15 Rev. 103.2 2008 n.a. 12.00 A1/A+ 1984 2010 2011 2001 1984 1997 1991 1997 1982-21 1982-99 1984 1 Includes only state and local security offerings of $25 million and over; excludes secondary offerings. 2 For state and local government securities, G.O. denotes general obligation; Rev. denotes revenue obligations, 3 Canadian interest cost. ratings A1/A+ 10 9, P U B L I C O F F E R I N G S O F I N T E R M E D I A T E - A N D L O N G - T E R M S E C U R I T I E S . S T A T E A N D L O C A L 1 Issuer Alabama P u b l i c School & C o l l e g e Auth. Delaware, S t a t e of L o u i s i a n a , S t a t e of New J e r s e y Econ. D e v e l . Auth. D a l l a s , TX D a l l a s , TX Hudson Co. U t i l . A u t h . , NJ Hudson Co. U t i l . A u t h . , NJ Hudson Co. U t i l . A u t h . , NJ Hudson Co. U t i l . A u t h . , NJ N o r t h e r n Colorado Water Cons e r v a t o r y D i s t . , CO N o r t h e r n Colorado Water Cons e r v a t o r y D i s t . , CO N o r t h e r n Colorado Water Cons e r v a t o r y D i s t . , CO New York S t a t e Dorm. Auth. Minnesota Hsg. F i n . Agcy. C a l i f o r n i a , S t a t e of P h o e n i x , AZ P o r t of Morrow, OR P o r t of Morrow, OR F a r m i n g t o n , N.M. Houston, TX C a l i f o r n i a T r a n s p o r t a t i o n Comm. Washington D.C. Higher Ed. Loan Prgm. Washington D.C. Higher Ed. Loan Prgm. B a l t i m o r e Co., MD San A n t o n i o , TX * L a f a y e t t e P u b l i c Power A u t h . , LA L a f a y e t t e P u b l i c Power A u t h . , LA L a f a y e t t e P u b l i c Power A u t h . , . LA Date Amount Type2 (millions of$) Maturity Net interest cost 10.17 9.66 9.21 9.68 9.53 9.99 n. a. n.a. n.a. n.a. (con't) Offering yield 9.00-10.50 8.00-10.25 7.50-10.00 9.13 7.50-10.15 7.75-10.40 8.75-11.25 11.88 11.13 11.69 Moody's/S&P's ratings Aa/AA Al/AA Aa/AA A/A Aaa/AAA Aa/AA —/A — /A —/A —/A 6/16 6/16 6/16 6/16 6/17 6/17 6/18 6/18 6/18 6/18 Rev. G.O. G.O. Rev. G.O. Rev. Rev. Rev. Rev. Rev. 30.0 45.0 131.5 25.0 31.3 40.0 17.1 41.9 34.8 11.3 1988-01 1983-01 1982-06 1984 1982-01 1982-01 1983-96 2006 2010 2011 6/18 Rev. 10.0 1985-96 6/18 Rev. 11.6 2002 n.a. 10.85 6/18 6/19 6/19 6/23 6/23 6/23 6/23 6/24 6/24 6/24 Rev. Rev. Rev. G.O. Rev. Rev. Rev. Rev. G.O. Rev. 62.7 36.0 28.0 150.0 27.0 2.0 23.5 130.0 45.1 25.0 2014 1984 1983-97 1982-06 1989-95 1984-93 2011 1984 1982-01 1986-02 n.a. n.a. 10.77 9.84 10.34 n.a. n.a. n.a. 9.51 9.94 11.25 8.13 3.50-11.00 7.50-9.70 9.40-10.40 3.50-10.75 12.00 8.75 7.50-10.40 8.50-10.20 A1/A+ MIG-1 Al/AAAa/AA+ Al/AA Aa/AA Aa/AA Aaa/AAA Aaa/AAA A/A+ 6/25 Rev. 30.0 1984 n.a. 9.50 Al/AA- 6/25 6/25 6/25 Rev. Rev. Rev. 30.0 40.0 30.0 1984 1984 1985-06 11.15 n.a. 9.00 n.a. 11.61 9.00-11.50 6/26 Rev. 3.4 1983-93 n . a . 8.75-10.80 6/26 Rev. 6.1 2000 n.a. 11.38 Baal/AAA 6/26 Rev. 33.7 2012 n.a. 11.25 Baal/AAA 90.0 60.0 1993 1998 16.25 16.25 A/A A/A n . a . 8.50-10.50 A1/A+ A1/A+ Al/AAAa /AA— A/A Baal/AAA Memorandum *Alaska Housing F i n a n c e Corp. 1 2 3 6/18 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. * I n t e r e s t income on t h i s i s s u e i s t a x a b l e . 10. PUBLIC O F F E R I N G S O F I N T E R M E D I A T E - A N D LONG-TERM S E C U R I T I E S : U.S. T R E A S U R Y Notes and Bonds Offering date Payment date Length Maturity date Amount (millions of dollars) Coupon Auction Net proceeds Gross proceeds Memo: dUAfOflA • average rate Foreign 1 2 1 (percent) (percent) Private - add-ons3 Total Private Total 1980 Nov. Dec. 5 6 7 25 11/17 11/17 11/17 12/1 3 - y r 6-mo 5 / 1 5 / 8 4 10-yr 11/15/90 30-yr 11/15/10 11/30/82 2-yr 13-1/4 13 12-3/4 13-7/8 13.31 13.07 12.81 13.99 4,315 2,663 2,160 4,966 3 16 18 30 12/8 12/31 12/31 1/5 5 - y r 2-mo 2 / 1 5 / 8 6 12/31/82 2-yr 12/31/84 4-yr 1/15/88 7-yr 13-1/2 15-1/8 14 12-3/8 13.52 15.15 14.03 12.49 3,188 4,955 3,620 2,710 11-3/4 11.82 13-5/8 13.69 1,501 5,191 I 0 190 0 0 r 8,259 2,815 2,815 4,601 1,771 1,771 3,188 3,188 3,188 Ir 7/ , 70 /7 J1 9£. ^ 1J1J7 / 9L j 1J 1-37/ 2,710 2,710 2,710 170 0 63 0 1,501 4,730 1,501 2,045 1,501 2,045 0 125 8,801 3,638 3,638 3,460 2,551 3,460 2,551 3,460 0 130 0 186 195 68 0 0 215 I 1981 Jan. 6 21 1/12 2/2 2 0 - y r 1-mo 2-yr Feb. 3 4 5 24 26 2/17 2/17 2/17 3/2 3/4 3-yr 9-yr 29-yr 2-yr 5-yr Mar. 18 24 26 31 3/31 3/31 4/2 4/6 2-yr 4-yr 2 0 - y r 1-mo 7-yr Apr. 22 4/30 2/15/01 1/31/83 6-mo 8 / 1 5 / 8 4 9-mo 1 1 / 1 5 ' 9 0 9-mo 1 1 / 1 5 / 1 0 2/28/83 2-mo 5 / 1 5 / 8 6 13-1/4 13 12-3/4 13-7/8 13-3/4 13.37 12.89 12.68 13.97 13.79 4,662 3,038 2,576 5,438 3,460 3/31/83 3/31/85 5/15/01 4/15/88 12-5/8 13-3/8 13-1/8 13-1/4 12. 75 13.49 13.21 13.34 5,601 3,794 1,751 2,972 4,901 3,535 1,751 2,972 2,085 985 1,751 2,972 2,ll-; 95: 1,751 2,972 4/30/83 14-1/2 14.51 4,586 4,325 1,573 1,573 2-yr 5 6 7 20 28 5/15 5/15 5/15 6/1 6/3 3-yr 5/15/84 5/15/91 10-yr >/15/06»ll 30-yr 5/31/83 2-yr . 5 - y r 5-mo 1 1 / 1 5 / 8 6 June 18 23 25 30 6/30 6/30 7/2 7/7 2-yr 4-yr 2 0 - y r 1-mo 7-yr May 1 2 3 6/30/83 6/30/85 8/15/01 7/15/88 15-3/4 14-1/2 13-7/8 15-5/8 13-7/8 15.81 14.56 13.99 15.72 13.95 14-5/8 14.72 14 14.04 13-3/8 13.45 ) V J 5,012 3,776 ) 2,074 \ 6,844 2,302 1 4,662p 4,251 3,195p 3,000 4,552p 3,854p 1,751p 4,252p 2,585p 1> 751p 2,212 2,212 2,120 3,195 2,120 3,000 2,OlOp 1,340P l,751p 2,01Op 1,34Op 1,751p 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. 0 1 0 0 0 0 11. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: GOVERNMENT-SPONSORED AGENCIES Issuer Offering Payment date date Length Maturity date Yield (percent) Amount (millions of dollars) Gross proceeds Maturing issues Net proceeds FHLB 11/14 11/14 11/25 11/25 1-yr 4-yr 9-mo 8-mo 8/25/82 7/25/85 13.10 12.80 1,200 750 1,800 150 FFCB 11/26 12/1 2-yr 3-mo 9/1/83 13.75 521 0 521 FNMA 12/5 12/10 3-yr 1-mo 1/10/84 14.05 500 950 -450 FFCB 12/24/80 1 / 5 / 8 1 3 - y r 8-mo 9/3/85 12.75 404 433 -29 1/10/86 13.00 1,000 0 1,000 1981 1981 FNMA 1/8 1/12 5-yr FFCB 1/13 1/13 1/20 1/20 4-yr 8-yr 1-mo 3/4/85 1/23/89 13.20 13.05 785 638 858 565 FHLB 1/21 1/28 2-yr 6-mo 7/25/83 13.35 600 0 600 FHLB 2/11 2/11 2/25 2/25 3 - y r 4-mo 4 - y r 11-mo 6/25/84 1/27/86 14.00 13.85 1,000 700 1,500 200 FNMA 2/13 2/17 7-yr 2/10/88 14.40 300 0 300 FNMA 3/4 3/10 4-yr 3/11/85 14.25 500 1,150 -650 FHLB 3/11 3/11 3/25 3/25 1-yr 3-yr 6/25/82 9/25/84 14.10 13.85 1,100 700 1,000 800 FFCB 3/25 3/25 4/1 4/1 2 - y r 11-mo 4 - y r 11-mo 3/1/84 3/3/86 13.85 13.95 683 970 364 1,289 FNMA 4/1 4/10 4-yr 4/10/85 13.75 500 1,300 -800 FFCB 4/15 4/15 4/15 4/20 4/20 4/20 2 - y r 8-mo 4 - y r 8-mo 10-yr 12/1/83 12/2/85 4/22/91 14.10 14.30 14.10 588 769 544 924 977 FHLB 4/22 4/29 1 - y r 9-mo 1/25/83 14.50 1,200 0 1,200 FHLB 5'13 5/13 5/13 5/26 5/26 5/26 11-mo 2 - y r 8-mo 5-yr 4/26/82 1/25/84 5/27/86 17.05 15.80 15.50 1,200 1,000 600 FFCB 5/28 6/1 4 - y r 3-mo 9/3/85 14.90 FNMA 6/3 6/10 3 - y r 4-mo 10/10/84 FHLB 6/10 6/10 6/25 6/25 1 - y r 9-mo 3 - y r 10-mo 3/25/83 4/25/85 3-mo 6-mo 1 FFCB — Federal Farm Credit Banks FHLB — Federal Home Loan Banks FHLMC — Federal Home Loan Mortgage Corporation FNMA — Federal National Mortgage Association 1,400 1,400 662 0 662 14.90 500 750 -250 14.80 14.55 1,100 700 0 1,800 13 As of June 26, 1981 12. FORTHCOMING PUBLIC O F F E R I N G S O F INTERMEDIATE- A N D LONG-TERM SECURITIES: C O R P O R A T E 1 Issuer N o r t h e a s t U t i l i t i e s Co. Niagara Mohawk Power Co. C r e d i t h r i f t F i n . Corp. Wisconsin Gas Co. P e n n s y l v a n i a E n g i n e e r i n g Corp. Citicorp Northern Indiana Public Service Mellon N a t i o n a l Corp. Northwest Energy Co. ITT F i n a n c i a l Corp. P h i l l i p s Petroleum Co. Ford Motor C r e d i t Co. Westvaco Corp. Amoco C r e d i t Corp. ^ P r i v a t e Export Funding Corp. B e n e f i c i a l Corp. Wendy's I n t e r n a t ' l Co. Allegheny Power System Delmarva Power Wells Fargo & Co. ^Oklahoma Gas & E l e c . Co. Cable American Corp. C r y s t a l O i l Co. ^ N a t i o n a l Medical Care P u b l i c S e r v i c e E l e c . & Gas Co. Southern N a t u r a l R e s o u r c e s , I n c . Republic A i r l i n e s , I n c . M a n u f a c t u r e r s Hanover T r . Corp. Brooklyn Union Gas Co. Long I s l a n d L i g h t i n g Co. Anardarko P r o d u c t i o n Co. Anardarko P r o d u c t i o n Co. Xerox C r e d i t Corp. Xerox C r e d i t Corp. IBM C r e d i t Corp. IBM C r e d i t Corp. Cameron I r o n Works, I n c . Texas General R e s o u r c e s I n t e r n a t 1 1 . B u s i n e s s Machines Corp. Philip Morris, Inc. Chase Manhattan Corp. C o n t i n e n t a l I l l i n o i s Corp. Frontier Airlines, Inc. ^ P h i l a d e l p h i a E l e c t r i c Co. *United I l l u m i n a t i n g Co. E a s t e r n Edison Co. * G e n f l . E l e c . C r e d i t Corp. * G e n f l . E l e c . C r e d i t Corp. *New York T e l . Co. *New York T e l . Co. *N.Y. S t a t e E l e c . & Gas Corp. *Dana Corp. *Union Tank Corp. Type Com. s t k . Com. s t k . Notes 1 s t . mtg. Debt. Notes Com. s t k . Notes Debt. Notes Debt. Notes Debt. Debt. Notes Notes Com. s t k . Com. s t k . Com. s t k . Pfd. stk. Com. s t k . Notes Conv. d e b t . Conv. d e b t . 1 s t . mtg. Notes Sub. d e b t . Notes 1 s t . mtg. 1 s t . mtg. Notes Debt. Debt. Notes Notes Debt. Notes Conv. Debt. Notes Notes Notes Conv. d e b t . 1 s t . mtg. Pfd. stk. 1 s t . mtg. Notes Debt Debt Notes 1 s t . mtg. Conv. d e b t . Equip, t r . Amount (millions of dollars) 65.0 60.0 50.0 30.0 30.0 150.0 48.0 50.0 100.0 75.0 350.0 200.0 75.0 100.0 100.0 100.0 30.0 80.0 25.0 35.0 39.0 50.0 31.2 30.0 100.0 100.0 50.0 100.0 50.0 100.0 75.0 75.0 100.0 100.0 100.0 150.0 75.0 25.0 250.0 100.0 100.0 100.0 40.0 125.0 25.0 30.0 150.0 300.0 250.0 150.0 75.0 150.0 75.0 A p p r o x i m a t e date of offering June June June June June June June June June June June June June June June June June June June June June June June June June 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 * Included in table for first time. 1 Includes only corporate and other security issues of $25 million and over; excludes exchanges, options, and secondary offerings. 29 30 1 9 9 23 14 12. FORTHCOMING PUBLIC O F F E R I N G S OF I N T E R M E D I A T E - A N D L O N G - T E R M SECURITIES: C O R P O R A T E 1 Issuer * I n t e r n a t f l . T e l . & T e l . Corp. ^Farmland I n d u s t r i e s , I n c . *Kentucky U t i l i t i e s Co. ^General Telephone & E l e c t r o n i c s Corp, * S t o r e r B r o a d c a s t i n g Co. * K a i s e r Aluminum & Chemical Corp. Type Amount (millions of dollars) A p p r o x i m a t e date of offering 150.0 100.0 75.0 150.0 75.8 July July July July July Cypress Mines Corp. D a l l a s Power & L i g h t Co. Cypress Mines Corp. Union E l e c t r i c Company New England Power Co. Bonds Debt. 1 s t . mtg. Com. s t k . Com. s t k . Pfd. stk. (conv.) Notes Pfd. stk. Debt. Pfd. stk. Pfd. stk. 75.0 100.0 30.0 100.0 75.0 50.0 July Indef. Indef. Indef. Indef. Indef. OTHER Hydro-Quebec Hydro-Quebec ITO Yokado Co. M o n t r e a l , P r o v i n c e of World Bank World Bank B r i t i s h C o l . Hydro & Power Auth. Oslo Norway Debt. Debt. Conv. d e b t . Debt. Notes Notes Notes Bonds 200.0 100.0 50.0 100.0 250.0 250.0 200.0 100.0 June June June June July 1 July 1 July Indef. * 1 Included in table for first time. Includes only corporate and other security issues of $25 million and over; excludes exchanges, options, and secondary offerings. As of June 26, 1981 13. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL 1 Issuer Type Amount (millions of dollars) Approximate date of offering Richland Redev. Agcy., CA Burbank R e d e v e l . Agcy., CA C a l i f o r n i a D e p t . of Water R e s o u r c e s Monroe C o . , N.Y. Maryland D e p t . of T r a n s p o r t a t i o n *West P o i n t I n d u s . D e v e l . A u t h . , VA L a b e t t e & Cowley C o . , KS Huntington P a r k Redev. Agcy., CA N o r t h e a s t e r n P e n n s y l v a n i a Hosp. A u t h . , PA ^Northern C a l i f o r n i a Power Agcy. *Kansas C i t y , KS B a l t i m o r e , MD New York S t a t e Med. Care F a c . F i n . Agcy. T y l e r Hosp. A u t h . , TX ^Montgomery S p e c i a l Care F a c . F i n . A u t h . , AL ^Michigan Higher Ed. S t u d e n t Loan Auth. McAllen Hosp. A u t h . , TX ^Denver, CO Washington Suburban S a n i t a r y D i s t . , MD P l a t t e R i v e r Power A u t h . , CO Michigan S t a t e Bldg. Auth. Corpus C h r i s t i , TX * I n t e r m o u n t a i n Power Agency, UT Rev. Rev. Rev. G. 0 . Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G. 0 * G.O. Rev. Rev. Rev. Rev. 59.0 55.5 150.0 36.1 60.0 31.3 65.1 62.9 37.8 39.0 37.0 50.0 119.5 41.5 25.0 40.0 34.0 29.0 105.0 125.0 88.0 33.0 300.0 June June June June June July July July July July July July July July July July July July July July July July July 29 30 30 30 30 1 2 2 2 2 2 2 2 6 6 7 8 14 15 15 16 22 23 POSTPONED New York S t a t e Medical Care F a c . F i n . Auth. Chicago P u b l i c Bldg. Comm., IL Putnam C o . , FL North Texas Higher Ed. Auth. South C a r o l i n a , S t a t e of McAllen Hosp. A u t h . , TX P i t t s b u r g h , PA G e o r g i a , S t a t e of Rev. Rev. Rev. Rev. G.O. Rev. G.O. G.O. 26.6 50.0 50.0 35.0 65.0 34.0 70.0 150.0 June June June June June June June June 9 9 11 12 23 24 25 25 * 1 Included in table for first time. Includes state and local government issues of $25 million and over; excludes secondary offerings. 14. STOCK PRICES 1 Date NYSE Index3 AMEX4 DJ Industrials 1979-High Low 63.39 (10/5) 53.88 (2/27) 897.61 (10/5) 796.67 ( 1 1 / 8 ) 1980-High Low 8 1 . 0 2 (11/28) 5 5 . 3 0 ( 3/27) 1981-High Low NASDAQ5 247.07 ( 1 2 / 3 1 ) ' 152.03 ( 1 / 2 ) 152.29 (10/5) 117.84 ( 1 / 2 ) 1000.17 (11/20) 759.13 ( 4 / 2 1 ) 370.75 ( 1 1 / 2 9 ) 215.69 ( 3 / 2 7 ) 208.15 (11/28) 124.09 ( 3/27) 79.14 ( 1/6) 7 2 . 4 5 ( 2/20) 1024.05 ( 4 / 2 7 ) 931.57 ( 2 / 1 3 ) 379.77 ( 5 / 2 7 ) 330.34 ( 2 / 2 0 ) 223.47 ( 5/29) 192.29 ( 2/20) 3 10 17 24 78.14 77.78 77.76 78.05 1007.11 1000.27 1005.58 1020.35 369.13 368.50 365.42 361.08 212.65 215.15 216.64 219.56 May 1 8 15 22 29 76.75 76.13 76.54 76.26 76.99 995.58 976.40 985.95 971.72 991.75 356.24 362.18 370.90 373.53 377.00 216.68 214.84 216.51 219.23 223.47 June 5 12 19 26 76.73 77.60 76.75 76.97 993.79 1006.28 996.19 992.87 370.01 367.71 370.61 378.71 221.30 222.76 219.56 219.76 1981-Apr. 15. TRADING VOLUME^ Date 1979-High Low NYSE 8 1 . 6 (10/10) 18.0 ( 1/2) AMEX 13.2 (10/10) 2.2 ( 1/22) NASDAQ 2 5 . 8 (12/17) 7.2 ( 1/2) 1980-High Low 84.1 ( 11/5) 1 6 . 1 (12/26) 15.0 ( 1 / 1 5 ) 2.5 ( 4/14) 60.4 (11/19) 10.7 ( 4/14) 1981-High Low 92.9 ( 28.9 ( 15.8 ( 1/7) 3.6 ( 2/13) 53.2 ( 19.7 ( 3 10 17 24 48.1 50.7 51.8 59.2 6.2 5.8 6.4 7.0 32.7 35.4 35.6 37.1 May 1 8 15 22 29 54.4 44.2 41.8 42.9 53.1 5.7 5.0 5.6 5.5 6.C 35.1 32.0 32.6 33.1 36.1 June 5 12 19 26 54.0 51.9 55.8r 46.1 7.2 5.8 6.3r 5.5 35.7 32.8 32.8r 32.2 1981-Apr. 1 2 3 4 5 1/7) 1/2) 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. 12/31/65 = 50 8 / 3 1 / 7 3 = 100 2/5/71 = 100 1/7) 1/2) 17 16. SECURITY CREDIT? Outstanding, dollar amounts in millions Cnrl L-iiu nf ui nDriArl penuu 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 9,740 250 885 81 1978 10,830 205 955 67 1979 11,450 167 1,020 84 1980 14,500 219 1,180 86 Jan. Feb. Mar. 10,750 10,790 10,870 199 195 181 950 950 965 79 71 79 Apr. MayJune 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. Dec. 11,310 10,920 11,450 173 161 167 985 1,000 1,020 73 83 84 Jan. Feb. Mar. 11,820 12,460 11,740 165 175 171 1,035 1,065 1,075 87 84 54 Apr. May June 11,140 11,270 11,200 168 167 165 1,055 1,055 1,065 72 81 83 July Aug. Sept. 11,320 11,800 12,520 198 204 208 1,075 1,095 1,105 88 89 87 Oct. Dec. 13,080 14,140 14,500 211 220 219 1,120 1,155 1,180 87 87 86 Jan. Feb. Mar. 14,020 13,950 14,020 221 220 222 1,195 1,205 1,235 80 80 84 Apr. May 14,630 14,700 238 250 1,260 1,260 79 79 1979 - Nov. 1980 - Nov. 1981 1 Margin credit extended by brokers on: - Margin account debt as reported by the New York Stock Exchange. * 17. SAVINGS FLOWS AT SELECTED NONBANK THRIFT INSTITUTIONS Millions of dollars Date Mutual Savings Banks (regular deposits)1 Net flow Annual growth N.S.A. Sea. adj. rate3 Savings and Loan Associations Net flow N.S.A. Sea. adj. Annual growth rate3 Total Net flow (sea. adj.) Annual growth rate3 Memo: Net New Money2 At At insured MSB's S&L's 1976 12,670 11.6 50,169 — 17.5 62,854 15.9 34,369 5,283 1977 10,783 8.7 50,888 — 15.0 60,982 13.3 3],004 2,874 1978 8,426 6.3 44,153 — 11.3 52,292 10.1 23,460 -591 1979 2,900 2.1 39,051 — 9.1 42,226 7.4 15,029 -6,963 1980 7,380 5.1 40,955 8.7 48,330 7.9 10,667 -4,831 1979-July Aug. Sept. -337 -92 520 -76 344 76 -0.6 2.9 0.6 2,006 1,199 4,744 2,799 2,795 2,822 7.4 7.4 7.4 2,723 3,139 2,898 5.5 6.3 5.8 1,455 717 -198 -733 -504 -1,072 Oct. Nov. Dec. -983 -325 1,006 -372 -245 266 -3.1 -2.0 2.2 1,855 1,153 4,505 2,810 3,009 2,666 7.3 7.8 6.8 2,438 2,764 2,932 4.8 5.5 5.8 1,314 732 -700 -1,421 -765 -987 1980-Jan. Feb. Mar. -927 141 930 -399 189 -115 -3.3 1.6 -1.0 2,059 1,622 4,390 2,206 2,734 -101 5.6 6.9 -0.3 1,807 2,923 -216 3.5 5.7 -0.4 1,167 1,079 -696 -1,436 -543 -679 Apr. MayJune -449 881 1,770 481 1,001 1,991 4.0 8.3 8.2 325 3,011 5,269 4,235 3,078 3,118 10.7 7.7 7.8 4,716 4,079 4,109 9.2 7.9 7.9 -817 1,785 -169 -1,024 242 -176 July Aug. Sept. 992 610 1,377 1,274 1,017 914 10.5 8.3 7.4 2,216 2,507 5,588 3,083 4,130 3,513 7.6 10.1 8.6 4,359 5,147 4,427 8.3 9.7 8.3 961 1,285 6 246 1 -460 Oct. Nov. Dec. 402 312 1,307 1,078 401 496 8.7 3.2 4.0 3,870 2,507 7,591 4,909 4,498 5,693 11.9 10.8 13.5 5,987 4,899 6,184 11.1 9.0 11.3 2,550 1,461 2,055 -169 -227 -639 1981-Jan. Feb. Mar. -365 295 1,284 200 349 191 1.6 2.8 1.5 1,987 2,304 3,740 1,983 3.546 -1,105 4.7 8.3 —2.6 2,183 3,895 -919 3.9 7.0 -1.6 599 879 -2,264 -979 -385 -757 P r p ' -1,201 Ma1225 -205 345 —1.6 2.7 -2,919 1,470 1,461 1,431 3.4 3.3 1,251 1,776 2.2 3.2 -4,638 -161 -2,025 -575 A 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 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. 1 19 18. MORTGAGE COMMITMENTS OUTSTANDING AT SELECTED INSTITUTIONS Billions o f dollars, seasonally adjusted Federal and R e l a t e d A g e n c i e s Thrift Institutions End of Period Total All savings and loan associations Mutual savings banks ( N . Y . state) Total FNMA GNMA FHLMC 1979 31.4 28.1 3.3 12.1 6.5 4.6 1.0 1980 28.8 27.3 1.5 9.0 3.3 5.1 0.6 Mar. 36.9 36.5 36.1 32.2 31.8 31.5 4.7 4.7 4.6 15.1 14.0 13.2 8.6 7.6 6.8 4.8 4.8 4.8 1.7 1.6 1.6 Apr. May June 36.3 36.1 35.8 31.7 31.7 31.5 4.6 4.4 4.3 13.0 12.3 11.9 6.7 6.2 5.9 4.8 4.7 4.7 1.5 1.4 1.3 July Aug. Sept. 35.8 35.9 36.6 31.7 32.0 32.7 4.1 3.9 3.9 11.8 11.4 12.1 5.8 5.7 6.6 4.7 4.5 4.3 1.3 1.2 1.2 Oct. 35.9 33.0 31.4 32.3 29.5 28.1 3.6 3.5 3.3 13.7 12.7 12.1 7.7 7.0 6.5 4.7 4.6 4.6 1.3 1.1 1.0 Mar. 30.7 29.9 26.5 27.5 27.1 24.0 3.2 2.8 2.5 11.7 11.1 10.6 6.0 5.6 5.3 4.7 4.5 4.5 1.1 1.0 0.8 Apr. May June 22.9 21.2 22.5 20.7 19.3 20.7 2.2 1.9 1.8 9.5 9.5 10.5 4.4 3.7 3.9 4.4 5.0 5.6 0.6 0.9 1.0 July Aug. Sept. 25.6 28.5 29.8 23.7 26.7 28.0 1.9 1.8 1.8 10.7 10.8 10.8 4.2 4.6 5.0 5.4 5.2 5.0 1.0 0.8 Oct. 29.4 29.4 28.8 27.7 27.8 27.3 1.7 1.6 1.5 10.1 9.7 9.0 4.5 3.9 3.3 4.9 5.1 5.1 0.7 0.7 0.6 28.5 27.6 26.9 27.0 n. a. 27.1 26.2 25.5 25.3 24.7 1.4 1.4 1.4 1.7 n.a. 10.3 9.6 9.1 8.6 7.6 3.3 2.8 2.3 2.1 2.1 6.3 6.2 6.0 5.8 5.2 0.7 0.6 0.8 0.7 0.3 1979-Jan. Feb. Nov. Dec. 1980-Jan. Feb. Nov. Dec. 1981-Jan. Feb. Mar. Apr. May ~ 1.1 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 total because of rounding. 20 19. NET NEW MONEY BORROWINGS BY MAJOR HOUSING CREDIT AGENCIES Millions of dollars FNMA and FHLB short-term discount notes Total including short-term discount notes Total FHLB 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 1979-Jan. Feb. Mar. 967 1,457 912 0 1,033 1,372 0 834 0 0 199 0 0 -128 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 -291 -253 552 Oct. Nov. Dec. 2,297 1,791 1,375 1,599 1,453 150 1,300 953 0 -1 0 150 300 500 698 338 1,225 1980-Jan. Feb. Mar. 328 927 3,580 -2 0 -350 1,400 0 160 330 917 Apr. May June 2,205 1,366 -929 July Aug. Sept. -979 -458 1,325 Oct. Nov. Dec. Period 1981-Jan. Feb. Mar. Intermediate- and long-term issues 10 1,780 -2 FNMA -300 0 -120 200 500 -1 -1 500 1,750 706 •1,283 -1,929 450 1,800 1,499 2,649 1,000 442 0 1,000 253 0 200 1,000 -97 -650 -1,421 -1,658 1,072 3,607 313 3,390 1,300 900 250 1,600 150 700 0 0 0 -300 750 2,307 -587 -450 3,140 207 1,582 496 45 600 200 800 1,000 -1,375 -514 912 1,000 1,200 -18 957 Based on data from Treasury Survey of Ownership. FHLMC 900 0 0 -8 -18 -4 -105 1,000 300 -650 . 20. NET CHANGE IN MORTGAGE HOLDINGS AT SELECTED INSTITUTIONS Millions of dollars, seasonally adjusted Period Total Total Major private financial institutions Commercial Life insur. MSB's S&L's companies banks FNMA and GNMA FHLMC Mortgage pools GNMA- FHLMCguaranteed guaranteed 1979 122,984 88,780 29,225 3,882 43,064 12,609 8,162 976 20,804 3,262 1980 86,712 5 9 , 2 5 4 18,574 491 27,826 12,363 7,314 1,036 17,445 1,663 1979 Jan. Feb. Mar. 9,818 10,225 9,672 7,589 7,717 6,789 2,451 2,415 1,840 521 469 400 4,051 3,891 3,339 567 942 1,011 730 815 1,212 163 28 241 1,068 1,299 1,296 267 365 133 Apr. May June 8,874 11,093 11,285 6,468 8,381 8,626 1,383 2,395 2,901 233 354 398 3,998 4,654 4,253 855 979 1,074 459 696 586 -22 65 25 1,641 1,562 1,771 328 388 277 July Aug. Sept. 10,257 10,392 10,749 8,159 7,377 7,823 2,737 2,596 2,962 382 305 268 3,919 3,380 3,375 1,121 1,096 1,218 152 640 428 72 73 109 1,629 2,012 2,142 245 290 247 Oct. Nov. Dec. 11,276 10,179 8,165 8,341 6,637 4,872 2,715 2,388 2,344 236 231 86 3,808 2,827 1,469 1,583 1,191 973 707 907 830 -39 247 13 1,902 2,298 2,182 364 90 267 Jan. Feb. Mar. 9,423 8,736 7,327 5,917 6,397 5,163 2,260 2,328 1,973 152 275 22 2,126 2,557 1,828 1,379 1,238 1,340 1,061 664 1,087 50 99 9 2,229 1,439 862 166 138 206 Apr. May June 7,047 3,340 2,398 3,493 1,414 714 1,447 620 195 -13 106 -109 857 -438 -236 1,203 1,127 864 1,125 533 259 135 -72 -1 2,125 1,263 1,246 169 202 181 July Aug. Sept. 6,111 7,624 8,076 3,871 5,575 6,287 1,095 1,084 1,159 -116 -103 -14 1,767 3,587 4,442 1,125 1,006 700 315 109 72 60 142 169 1,596 1,639 1,326 269 159 222 Oct. Nov. Dec. 10,683 7,846 8,100 8,121 6,403 5,899 2,601 1,868 1,945 169 74 48 4,511 3,631 3,195 840 829 711 109 595 844 146 97 200 1,770 771 1,180 36 -21 -63 6,650 7,008 5,237 n.a. n.a. 5,337 5,396 4,638 n.a. n.a. 1,365 1,564 2,090 2,879 2,032 121 125 21 144 n.a. 3,066 2,747 1,787 2,201 1,920 785 960 670 n.a. n.a. 160 74 -133 n.a. n.a. —68 139 -35 -134 115 1,114 1,381 -35 65 n.a. 107 18 216 77 n.a. 1980 1981 Jan. Feb. Mar. Apr. May 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 Association of Mutual Savings Banks, Federal Home Loan Bank Board, American Council of Life Insurance, the Federal National Mortgage Association, the Government National Mortgage Association, and the Federal Home Loan Mortgage Corporation. 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. 22 21. N E T C H A N G E I N M O R T G A G E D E B T O U T S T A N D I N G , B Y T Y P E O F P R O P E R T Y 1 Billions of dollars, s e a s o n a l l y adjusted annual rates Residential Quarter Total 1 - t o 4family Multifamily Multifamily and commercial Farm 84.0 75.1 92.1 97.7 68.4 59.4 72.6 78.1 62.8 55.6 68.9 75.5 5.6 3.8 3.7 2.6 10.8 11.3 13.2 12.4 16.4 15.1 16.8 15.0 4.8 4.4 6.4 7.3 108.9 134.2 139.1 150.6 87.8 111.3 115.0 118.3 83.5 102.8 106.7 109.7 4.3 8.4 8.2 8.6 14.5 14.9 17.4 25.5 18.7 23.3 25.6 34.1 6.7 8.1 6.8 6.8 04 131.4 144.1 150.4 159.7 101.8 112.2 120.5 131.0 93.2 101.2 111.3 122.9 8.6 11.1 9.2 8.1 23.0 23.9 21.9 21.1 31.6 35.0 31.1 29.3 6.7 8.0 8.0 7.5 1979-01 02 03 Q4 151.7 160.8 158.5 148.2 116.5 120.5 119.6 116.2 109.9 114.3 110.6 107.0 6.6 6.2 9.0 9.2 23.9 27.6 27.7 22.0 30.5 33.8 36.7 31.1 11.2 12.7 11.1 10.1 1980-01 150.5 73.0 123.8 151.3 103.7 43.0 92.6 115.2 95.5 36.2 82.7 104.0 8.2 6.8 29.7 9.9 20.7 11.2 21.6 38.0 22.8 30.6 32.9 17.1 14.0 10.5 14.4 113.9 79.1 71.2 7.9 21.7 29.6 13.1 1976-01 Q2 Q3 Q4 1977-Q1 Q2 Q3 Q4 1978-Q1 Q2 Q3 02 03 04 1981-Q1 1 Total Commercial 16.0 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. 23 22. AVERAGE RATES AND YIELDS ON HOME MORTGAGES AND PASS-THROUGH SECURITIES Primary market Secondary market l-HA/VA mortgages ndlco Oil Period conventional loans at S&L's Period Yield in FNMA auction Discount points in FNMA auction Ceiling rate Conventional mortgages Yield on GNMA securities Yield in FNMA auction Yield in FHLMC auction 1979-High Low 12.90 10.38 1979-Higf Low 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 1980-High Low 16.35 12.18 1980-Higt Low 15.93 12.28 15.40 .93 14 11-1/2 14.17 10.73 17.51 12.81 16.22 11.60 1981-High Low 16.80 14.80 1981 Higl Low 17.21 14.84 12.51 3.49 15-1/2 13-1/2 15.46 13.18 16.45 14.83 16.77 14.16 2 9 16 23 30 14.95 14.80 14.85 14.85 15.07 Jan. 14.89 7.63 7.33 14.88 7.56 13.18 13.50 13.62 13.71 13.76 15.04 14.84 13-1/2 13-1/2 13-1/2 13-1/2 13-1/2 14.16 14.43 14.51 14.60 14.72 6 13 20 27 15.00 15.03 15.20 15.30 15.59 11.11 15.88 12.51 13-1/2 13-1/2 13-1/2 13-1/2 14.08 14.41 14.26 14.31 6 13 20 27 15.40 15.40 15.40 15.40 Mar. 15.39 7.45 15.74 9.23 14 14 14 14 14.17 13.96 14.23 14.18 3 10 17 24 15.40 15.50 15.65 15.77 Apr. 16.47 10.14 16.61 10.81 14 14-1/2 14-1/2 14-1/2 14.69 14.64 14.61 14.81 1 8 15 22 25 15.82 16.12 16.64 16.63 16.80 May 17.21 8.58 16.65 5.89 14-1/2 15-1/2 15-1/2 15-1/2 15-1/2 15.46 15.37 15.16 15.23 14.97 5 12 19 16.76 16.69 16.71 June 16.17 3.49 16.17 3.47 15-1/2 15-1/2 15-1/2 14.96 14.75 15.09 Jan. Feb. Mar. Apr. May June Feb. Feb. Mar. June 5 12 19 26 3 10 17 23 2 9 16 23 30 6 13 20 27 4 11 18 26 1 8 15 22 14.85 14.83 15.26 15.38 15.19 15.42 15.57 15.75 16.42 16.45 16.31 16.29 15.04 15.10 15.13 15.31 15.18 14.93 15.08 15.11 15.35 15.44 15.51 15.69 16.35 16.77 16.51 16.45 16.31 16.16 15.98 16.13 mmmmm 24 23, FNMA AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES Dollar amounts in millions Date of auction Offered 1980-High Low 1981-High Low Apr. 13 27 FHA/VA mortgages Accepted Average yield Offered Conventional mortgages Average yield Accepted 644.2 63.8 354.6 35.1 15.93 12.28 426.0 12.4 133.0 19.6 17.51 12.76 146.9 35.8 118.1 34.1 17.21 14.84 176.9 12.4 147.1 11.1 16.45 14.83 74.8 64.3 61.2 53.3 16.47 16.61 49.5 77.4 37.7 54.3 15.57 15.75 May 11 26 109.9 94.9 99.6 79.5 17.21 16.65 114.6 166.7 72.2 83.7 16.42 16.45 June 8 22 107.5 130.1 98.0 118.1 16.17 16.17 176.9 129.6 147.1 76.4 16.31 16.29 24. FHLMC AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES Conventional mortgages, dollar amounts in millions Immediate delivery program Date of Average yield Accepted Offered auction 1980-High Low 1981-High Low 16.22 11.60 255.2 141.6 40.7 65.9 13.2 16.77 14.16 73.6 30.3 18.4 5.0 17.12 15.16 62.6 5.0 15.87 69.1 17.5 17.12 53.8 17.4 16.90 77.6 88.6 77.1 86.0 24.7 23.8 26.9 30.8 15.35 15.44 15.51 15.69 May 4 11 18 26 44.2 41.3 47.4 44.3. 15.2 13.2 21.0 20.1 16.35 16.77 16.51 16.45 June 2 9 16 23 72.2 83.8 66.0 n.a. 25.9 29.9 40.9 n.a. 16.31 16.16 15.98 16.13 subsequently, 8-month commitments have been auctioned. Source: FNMA and FHLMC 17.15 12.89 200.3 2.5 7 14 21 27 c o m m i t m e n t s ; Future commitment program Average yield Accepted 401.4 4.9 Apr. 6-month Offered 25. ISSUES O F M O R T G A G E - B A C K E D SECURITIES Millions o f dollars, not seasonally adjusted Pass-through securities GNMA-guaranteed Period N e w issues Outstanding l end of period) F H LMC-guaranteed N e w issues Outstanding (end of period) Public offerings of mortgagebacked bonds Outstanding by savings and l end of period) loan assoc. Privately insured N e w issues 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 1979 24,940 76,401 4,546 15,180 2,575 3,641 1,110 1980 21,950 93,874 2,527 16,853 5,133 8,724 290 1979-Jan. Feb. Mar. 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 Apr. May June 1,489 1,673 1,860 60,274 61,551 63,001 364 572 382 12,790 13,296 13,562 151 201 142 1,619 1,821 1,915 July Aug. Sept. 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 Oct. Nov. Dec. 2,639 3,250 1,895 71,457 74,106 76,401 530 186 361 14,838 14,916 15,180 470 383 300 2,987 3,353 3,641 0 0 70 1980-Jan. Feb. 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 4,771 50 0 0 Apr. May June 1,778 1,127 1,320 82,419 83,385 84,282 199 391 232 15,613 15,949 16,120 510 495 413 5,269 5,760 6,168 0 0 190 July Aug. Sept. 1,874 2,215 1,807 85,634 88,031 89,452 288 320 275 16,370 16,658 16,852 . 485 466 355 6,603 6,995 7,338 50 0 0 Oct. Nov. Dec. 2,255 1,613 1,569 91,425 92,574 93,874 187 94 48 16,950 16,912 16,853 402 628 427 7,708 8,342 8,724 0 0 0 1981-Jan. Feb. Mar. Apr. May 1,302 1,306 1,046 1,404 1,245 95,061 96,292 97,184 98,405 99,144 168 94 127 97 n. a. 16,952 17,010 17,067 17,131 n.a. 529 251 460 506 n.a. 8,233 9,489 9,900 10,360 n.a. 0 0 0 40 0 0 . o 400 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 and are underwritten by major private mortgage insurance companies. Source: GNMA, FHLMC, HUD, and Federal Reserve.