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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.