Full text of H.16 Capital Market Developments : June 4, 1973
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H.16 juh si i m J u n e 4 , 1 9 7 3 Of Prepared by the C A P I T A L MARKETS SECTION in conjunction with t h e MORTGAGE, AGRICULTURAL, and CONSUMER FINANCE SECTION CAPITAL MARKET DEVELOPMENTS DIVISION O F RESEARCH AND STATISTICS BOARD OF GOVERNORS F E D E R A L RESERVE SYSTEM Washington, D C. 20551 / INDEX D E V E L O P M E N T S IN T H E C O R P O R A T E AND MUNICIPAL BOND MARKETS C A P I T A L MARKET Y I E L D S C A P I T A L MARKET VOLUME STOCK MARKET MORTGAGE MARKET SYMBOLS e ESTIMATE P PRELIMINARY r REVISED n.a. NOT AVAILABLE — — DATA DO NOT EXIST i Table 1 YIELDS, VOLUME AND RECEPTION CORPORATE BOND MARKET YIELDS WEEK ENDING 1973 - Apr. May 6 13 20 27 VOLUME RECENTLY 2 OFFERED Aaa UTILITY NEW ISSUE 1 Aaa UTILITY 7.51 - - - 7.45 7.50 7.47 7.52 7.42 139 83 70 492 205 39 154 139 433 4 11 18 25 7.45 7.61r 7.42 7.45 7.50 7.55 1 7. 55p 7. 58p June 7.40 — GROSS 3 OFFERINGS ($ MILLIONS) PER CENT SOLD BY END OF WEEK , NEW ISSUES 4 IN SYNDICATE ($ MILLIONS) 90 100 100 98 4 0 0 45 93 97 72 96 61 0 44 6 65'e 15 Oe MUNICIPAL BOND MARKET YIELDS WEEK ENDING MOODY'S NEW ISSUE VOLUME BOND BUYER 2D-BOND GROSS OFFERINGS 3 INDEX ($ MILLIONS) PER CENT SOLD BY END OF WEEK NEW ISSUES .4 IN SYNDICATE ($ MILLIONS) 6 13 20 27 5.05 4.85 4.90 5.00 5.22 5.07 5.17 5.14 304 657 286 286 90 94 67 77 55 56 105 76 May 4 11 18 25 4.85 4.85 4.85 4.95 5.10 5.10 5.14 5.20 354 334 540 434 88 64 83 81 72 162 126 143. June 1 5.00 5.22 100 n. a. HOe 1973 - Apr. NOTES: 1 Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection. 2 Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection, released from price restrictions sometime during the last four weeks. 3 4 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. H.16 Table 2 HIGH GRADE BOND YIELDS NEW ISSUE Aaa UTILITY DATE 1 RECENTLY OFFERED Aaa UTILITY 2 MOODY'S SEASONED CORPORATE Aaa 3 U.S. GOVT. 20-YEAR CONSTANT MATURITY 4 BOND BUYER 20-BOND INDEX 1971 - High Low 8.26 (7/30) 7.02 (2/5) 8.23 (1/1) 7.17 ( 1 2 / 3 1 ) 7.71 (8/12) 7.06 (2/12) 6.51 (6/18) 5.69 (3/23) 6.23 ( 6 / 2 3 ) 4.97 (10/21) 1972 - High Low 7.60 (4/21) 6.99 ( 1 1 / 2 4 ) 7.46 (5/12) 7.17 ( 1 / 7 ) 7.36 (4/28) 7.05 (12/8) 6.19 (4/14) 5.74 (11/17) 5.54 (4/13) 4.96 (10/21) 1973 - High Low 7.61 ( 6 / 1 ) 7.29 (1/21) 7.59 (3/23) 7.28 (1/5) 7.35 ( 6 / 1 ) 7.11 (1/5) 7.04 ( 6 / 1 ) 6.42 ( 1 / 5 ) 5.35 ( 3 / 2 2 ) 5.03 (1/12) 6 13 20 27 7.51 7.50 7.47 7.52 7.42 7.27 7.25 7.25 7.27 6.87 6.84 6.84 6.88 5.22 5.07 5.17 5.14 4 11 18 25 7.40 7.45 7.61r 7.42 7.45 7.50 7.55 7.26 7.26 7.29 7.32 6.94 6.98 6.98 7.03p 5.10 5.10 5.14 5.20 7. 55p 7. 58p 7.35P 7. 04p 5. 22 1973 - Apr. May June 1 - — 7.45 - - 5 ! NOTES} 1 FedefUl Reserve series of implied yield on newly issued. Ana-rated utility bond with 5-year call protection. 2 Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection released from price restrictions sometime during the last 4 weeks. 3 Weekly average of dally closing figures. 4 5 Weekly average of daily figures. U.S. Treasury data. Thursday figures. The average rating of the 20 bonds used in this index falls midway between the four top groups as classified by Moody's Investors Service. Weekly Bond Buyer data. H.16 Table 3 LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS IN MILLIONS OF DOLLARS GROSS PROCEEDS 1973 January February March 1 CORPORATE PERIOD 1 2,327 1,962 3,935 2 STATE AND LOCAL 1 1972 1 1971 1972 1971 1973 3,205 3,369 3,229 3,115 3,000 6,075 1,978 1,481 2,353 1,776 2,005 2,239 2,732 1,851 2,258 4,042 ' 3,300 4,375 1,772 1,989 2,017 2,270 1,891 2,167 2,013 1,989 1,903 2,098 April May June 3,275 3,598_ 4,341 July August September 3,582 2,893 2,720 4,147 2,532 3,768 1,805 1,966 1,726 October November December 3,791 3,377 3,396 3,387 3,704 3,673 2,200 1,861 1,794 1,728 2,264 2,068 9,803 11,214 9,195 10,564 12,190 11,688 10,447 10,764 6,020 6,276 5,494 5,855 6,841 5,990 6,060 21,017 30,212 40,776 23,844 34,325 45,089 12,296 17,790 23,645 12,812 18,902 24,962 Q1 02 03 04 1st Half 3 Qtrs. Year 8,224 5,812 - 6,08r • NOTES: 1 Securities and Exchange Commission estimates of gross proceeds. 2 Securities Industry Association estimates of principal amounts. H.16 Table 4 \ NEW CORPORATE SECURITY I S S U E S BY TYPE OF ISSUE AND ISSUER IN MILLIONS OF DOLLARS GROSS PROCEEDS BY TYPE OF ISSUE PERIOD GROSS PROCEEDS BY TYPE OF ISSUER BONDS TOTAL PUBLICLY OFFERED COMMON AND PRIVATELY PREFERRED PLACED STOCK MEMO MANUFACTURING I S S U E S INCLUDED FOREIGN [CONVERTIBLE PUBLIC UTILITY COMMUNICATIONS 1 OTHER ISSUERS 11,214 9,195 10,564 4,634 4,192 4,158 2,781 1,867 3,147 3^798 3,136 3,258 245 57 245 449 836 428 2,109 1,629 1,398 3,495 2,680 2,934 1,369 856 1,079 4,240 4,030 5,151 1973 - I 8,224 2,944 1,407 3,970 n.a. 112 887 2,427 1,229 3,681 1972 - Mar. 3,229 1,677 577 976 3 233 604 740 227 1,658 Apr. May June 3,275 3,598 4,341 1,622 1,676 1,336 789 744 1,218 864 1,148 1,786 15 100 130 92 226 131 581 761 767 1,219 738 1,538 178 391 800 1,297 1,708 1,235 July Aug. Sept. 3,582 2,893 2,720 1,807 1,523 863 657 421 789 1,118 948 1,070 3 17 37 450 183 203 574 452 603 798 635 1,247 586 237 33 1,624 1,568 838 Oct. Nov. Dec. 3,791 3,377 3,396 1,773 1,361 1,024 564 982 1,601 1,454 1,034 770 28 124 93 162 171 95 383 426 589 1,280 794 860 371 658 50 1,757 1,499 1,895 1973 - Jan. Feb. Mar. 2,327 1,962 3,935 989 641 1,314 287 316 804 1,050 1,104 1,816 14 27 89 81 28 3 176 213 498 900 596 931 33 174 1*022 1,218 980 1,483 1972 - I I III IV - ' NOTES: 1 Other issuers ere extractive, railroad and other transportation, real estate and finance, and commercial and other. Source: Securities end Exchange Commission. Estimated data are derived by Federal Reserve based upon available information. http://fraser.stlouisfed.org/ E Federal Reserve Bank of St. Louis H.16 LARGE LONG-TERM PUBLIC SECURITY I S S U E S FOR NEW CAPITAL OTHER THAN U.S. TREASURY May 1, 1973 through May 31, ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) Bonds Com stk Bonds 1 s t mtge 1 s t mtge Com s t k Bonds Debs Pref s t k Com s t k Com stk Pref s t k Bonds Bonds Bonds Com s t k 1st mtge Com s t k 1st mtge Pref s t k Com s t k Pref s t k 1 s t mtge 25.0 22.3 40.0 40.0 75.0 55.0 25.0 25.0 65.0 49.4 69.0 25.0 75.0 50.0 15.0 23.6 25.0 72.9 100.0 40.0 151.9 15,2 14.0 1973 MATURITY COUPON RATE OFFERING YIELD MOODY'S RATING 7.48 Aa CORPORATE Gulf Power Toledo Edison Hartford E l e c t Co. Jones & Laughlin S t e e l Corp. Seaboard C o a s t l i n e RR Co. E x c e l s i o r Income Shares, Inc. Great American Mortgage I n v e s t . Al i s o n Mtge. I n v e s t o r s Pennzoil Co. Baltimore Gas & E l e c . CNA Income Shares Dayton Power & Light B e n e f i c i a l Fin. Columbia Gas M i s s i s s i p p i Pwr. Columbus & Ohio E l e c t . Orange & Rockland U t i l . General Public U t i l . Carolina Pwr. & Lt. T r a n s c o n t i n e n t a l Gas Pipe Line Co. Con. Edison of N.Y. Wisconsin R?r. & Lt. GTE of Kentucky / 2003 7 1/2 - - - - 2003 1998 1998 — 1983 1983 — 7 1/2 8.00 7 3/4 7.45 8.07 7.78 - - 8 3/4 8.75 8.00 - - — - - - - - - Aa Baa A - - - - 8.75 8.75 8.00 - - — — - - • 1998 1998 2003 7.38 7 1/2 7.62 7 5/8 7.38 7.48 7.57 7.63 A A 2003 8.13 7.97 Baa — — — — 2003 7.75 8.64 7.72 8.64 A - - - — 2003 - - - - 7.56 7.75 7.48 7.80 - - - - A H.16 Table 5A Continued LARGE LONG-TERM PUBLIC SECURITY I S S U E S FOR NEW CAPITAL OTHER THAN U.S. TREASURY Hay 1, 1973 through May 31, 1973 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE OFFERING YIELD MOODY'S RATING CORPORATE Canadian American Resources Aetna Income Shares Inc. Fla. Pwr. P a c i f i c Tel. P a c i f i c Tel. F i r s t Penn. Corp. Bond Shares of America Bene. I n t . Com s t k 1 s t mtg Notes Debs Conv debs Com stk 45.0 34.5 60.0 100.0 200.0 60.0 24.0 - - —— 2003 1980 2009 1993 7.75 7 1/4 7 5/8 7.00 —— 7. 64 7.25 7. 63 7.00 Aa Aaa Aaa NOTES: • Rights offering. http://fraser.stlouisfed.org/ 1 Includes corporate and other security offerhn» of $16 million and over. Federal Reserve Bank of St. Louis H.16 Table 5B Continued LARGE LONG-TERM PUBLIC SECURITY I S S U E S FOR NEW CAPITAL OTHER THAN U.S. TREASURY May 1 through May 31, 1973 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE OFFERING YIELD MOODY'S RATING STATE AND LOCAL New York S t a t e Dormitory Auth. New York S t a t e Dormitory Auth. Phoenix, A r i z . B i l l e r i c a , Mass. Waterbury, Conn. Gulf Coast Waste Disposal Auth, Tex. Gulf Coast Waste Disposal Auth, Tex. Indiana U n i v e r s i t y of Akron, Ohio Monroe Co., Mich. Monroe Co., Mich. Ohio Pub. Fac. Comm. No. Ala. Env. Imp. Auth. No. Ala. Env. Imp. Auth. Mass. Health & Ed. Fac. Auth. Mass. Health & Ed. Fac. Auth. S t . James & S t . Bernard Par. La. S t . James & S t . Bernard Par. La. Beaver Beaver Beaver Beaver Co. Co. Co. Co. Ind. Ind. Ind. Ind. Dev. Dev. Dev. Dev. Auth, Auth. Auth. Auth. Pa. Pa. Pa. Pa. Ref. Ref. G.O. G.O. G.O. Rev. Rev. Rev. P o l l . Cont. Rev. P o l l . Cont. Rev. Rev. P o l l . Cont. Rev. P o l l . Cont. Rev. Rev. Rev. P o l l . Cont. Rev. P o l l . Cont. Rev. Pol. Con. Rev. Pol. Con. Rev. Pol. Con. Rev. Pol. Con. Rev. 35.5 72.2 13.0 10.3 10.0 12.5 12.5 10.0 1983-2001 1983-1999 1978-1984 1974-1993 1974-1991 1984-1993 1998 1974 36.0 2003 10.0 40.0 1978-1987 1974-1998 24.5 1993 3.0 5.9 5.4 1978-1987 2000 1976-1987 11.0 1998 9.0 3.8 17.7 13.0 34.0 1976-1988 1984-1993 2003 1984-1994 2008 5.80 5.77 4.62 5.13 4.86 5.35 5.00-5.70 5.00-5.70 4.20-4.60 4.10-5.30 4.10-5.00 5.00-5.50 5. 75 4.00-5.50 A Aa A Aa Baa Baa A 5.75 —— 5.08 —— __ • — mm mm —— 4.60-5.20 4.10-5.25 A Aa 6.13 A 4.60-5.20 5.80 4.50-5.25 A A-l A-l 6.12 4.50-5.90 4.90-5.40 5.75 4.80-5.40 5.70 A A Aa Aa H.16 Table 5B LARGE LONG-TERM PUBLIC SECURITY I S S U E S FOR NEW CAPITAL OTHER THAN U.S. TREASURY 1 May 1 through May 31, 1973 , . ISSUER TYPE 2 AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE OFFERING YIELD MOODY'S RATING ! STATE AND LOCAL C a l i f o r n i a , S t a t e of New J e r s e y Turnpike Auth. P i n e l l a s Co., Fla. D e t r o i t , Mich. Massachusetts, S t a t e of Hawaii, S t a t e of Calcasieu Parish Ind. Dev. B d . , La. P o l . Calcasieu Parish Ind. Dev. Bd., La. P o l . Tucson, A r i z . Tucson, Ariz. Alaska, S t a t e of P h i l a d e l p h i a , Pa. P h i l a d e l p h i a , Pa. Mass. Health & Ed. Fac. Auth. New Orleans, La. D a l l a s , Texas Puerto Rico Ind. Dev. Co. Puerto Rico Ind. Dev. Co. New York S t . Urban Dev. Corp. G.O. Rev. G.O. G.O. G.O. G.O. Rev. Rev. Rev. G.O. G.O. G.O. G.O. Rev. G.O. G.O. Rev. Rev. Rev. 25.0 210.0 13.0 17.5 10.4 75.0 2.4 18.6 2.6 14.1 27.0 35.0 18.2 10.4 18.0 21.0 31.8 3.2 200.0 1974-1996 2013 1974-2003 1974-1988 1974-2003 1976-1993 4.64 5.76 5.30 5.31 4.75 4.81 — —— 1993 - — —— 1974-1992 1976-1998 1974-2003 1974-2003 1974-2003 1974-1997 1974-1993 1974-1991 1974-1991 2013 4.56 15.5 5.11 5.86 5.91 5.12 4.92 4.67 6.00 — 6.05 3.90-4.85 - - 4.00-5.04 4.10-5.40 4.00-5.25 4.15-5.05 4.25-4.90 5.70 4.10-4.50 4.00-5.10 4.45-5.70 4.25-5.90 4.25-5.90 4.00-5.25 4.00-5.40 3.90-5.20 — 4.50-5.88 • Aaa A A Baa Aa A-l — -* A A Baa-1 Baa-1 Baa-1 A-l A-l Aa Baa Baa A NOTES: 1 2 Includes state and local security offerings of $10 million and over. In case of State and local government securities, G.O denotes general obligation; Rev.-Ut., revenue obligations secured only by income from public utilities; Rev.-Q.-Ut., revenue bonds secured only by income from quasi-utilities; Rev.-S.T., revenue bonds secured by revenue from specific taxes only; Rev. Rent., revenue bonds secured solely by lease payments. 3 Includes foreign government and International Bank for Reconstruction and Development issues and non-guaranteed issues by Federal Agencies. H.16 Table 5B Continued LARGE LONG-TERM PUBLIC SECURITY I S S U E S FOR NEW CAPITAL OTHER THAN U . S . TREASURY May 1. through May 31. 1973 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE OFFERING YIELD MOODY'S RATING STATE AND LOCAL Houston, Texas A u s t i n , Texas Rev Rev 30.0 17.5 1974-1990 1979-1998 400.0 300.0 1976 1983 1978 1976 4.74 4.95 4.00-5.30 4.30-5.40 Other Federal Home Loan Mtg. Corp. Federal National Mtg. A s s o c i a t i o n Federal National Mtg. A s s o c i a t i o n Federal National Mtg. A s s o c i a t i o n Mtg backed bonds Deb Deb Deb ' 600.0 400.0 7.05 7.30 7.15 7.125 7.05 7.30 7.15 7.125 H.I 6 Table 6A 10 FORTHCOMING LARGE LONG-TERM PUBLIC SECURITY OFFERINGS FOR NEW CAPITAL OTHER THAN U.S. TREASURY As of June 1, 1973 TYPE ISSUER Potomac E l e c t . Pwr. Louisiana Pwr. & Lt. Investors Realty Trust Income Mortgage & Realty Trust Burlington Northern Inc. Georgia Pwr. Commonwealth Edison Fla. Pwr. Consolidated Natural Gas Consumer Pwr. I l l i n o i s Pwr. Instrument Systems Corp Alabama Financial Group, Inc. A t l a n t i c City E l e c t . Duke Pwr. Gen'l Tel. of Wise. Carolina Pwr. & Lt. Ohio Edison *Realty Refund Trust Mountain S t a t e s Tel P a c i f i c Pwr. & Lt. Arkansas Pwr. & Lt. Appalachian Pwr. P a c i f i c Gas & E l e c t . Delmarva Pwr. & Lt. ^ Michigan General Duquesne Light American Express Income Shares Public Service E l e c t . & Gas C i r c l e Income Shares Inc. Meridian Income Sec. S-G S e c u r i t i e s Inc. Com stk 1st mtg Bonds Conv debs Pref s t k 1st mtg 1st mtg Com s t k 1st mtg Pref stk 1st mtg Sub debs Debs Bonds Bonds 1st mtg Pref stk Com stk Conv deb Bonds Com s t k 1 s t mtg 1st mtg Bonds Bonds Bonds Bonds Com s t k Com s t k Com s t k Com s t k Pref s t k 1 AMOUNT (IN MILLIONS OF DOLLARS) 65.0 45.0 15.0 10.0 60.0 115.0 100.0 50.0 50.0 75.0 50.0 25.0 30.0 30.0 100.0 25.0 50.0 64.5 20.0 250.0 43.8 40.0 50.0 150.0 25.0 25.0 35.0 110.0 108.0 37.5 25.0 60.0 APPROXIMATE 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 5 5 5 5 6 6 7 7 11 12 12 12 13 13 14 14 19 19 19 20 20 21 25 26 27 28 28 NOTES: * Included in table for first time. Digitized FRASER 1 for Includes corporate and other security issues of $15 million and over. H.16 Table 68 11 FORTHCOMING LARGE LONG-TERM PUBLIC SECURITY OFFERINGS FOR NEW CAPITAL OTHER THAN U.S. TREASURY 1 As of June 1, 1973 TYPE ISSUER AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING STATE & LOCAL Georgia Highway Auth. Los Angeles DWAP The New York St. Hous. Fin. A gey. *Washington, S t a t e of *New Castle County, Del. Louisiana, S t a t e of S a l t River P r o j e c t Agr. Imp. & Pwr. Dist. N. Y. City Hous. Dev* Corp. *Culver City Dev. Agy., C a l i f . *HUD *Wash. Metro C h a r l o t t e , N.C. Ren-Rev Rev G.O. G. 0. G.O. G.O. 19.0 47.0 168.8 20.0 19.8 40.0 June June June June June June 5 6 6 7 12 12 Rev Gen. Hous. Bds. Bonds Housing Bds. Rev G.O. 75.0 62.8 16. 6 264.6 150.0 22.0 June June June June July August 20 20 27 27 11 21 > - NOTES: 1 Includes state and local government issues of $10 million and over. 2 Includes foreign government and International Bank for Reconstruction and Development issues and issues of Federally sponsored agencies. H.16 Table 7 STOCK PRICES AND VOLUME 1 STOCK PRICES DATE 3 NYSE INDEX DJ INDUSTRIALS! 4 AMEX | 950.82(4/28) 26.68(4/28) 112.66(12/31) 797.97(11/23) 22.72(1/4) 100.52(2/26) | NASDAQ 21.8(11/10) 11.2(9/8) 7.4(3/10) 2.6(9/8) 11.7(3/10) 6.5(9/10) 26.70(1/8) 136.18(1/12) 22.43(5/23) 100.76(5/21) 20.4(1/12) 11.4(6/1) 4.8(1/12) 2.4(6/1) 10.4(1/12) f. 2(6/1) 1972 - High Low 65.14(12/11) 1036.27(12/11) 28.53(4/14) 133.28(4/21) 25.61(1/3) 889.30(1/3) 56.23(1/3) 114.88(1/7) 1973 - High Low 65.48(1/11) 54.22(5/21) May AMEX 6.7(2/5) 2.7(8/13) 57.76(4/18) 48.73(1/4) 1973 - A p r i l | 22.1(2/12) 11.0(9/17) 1971 - High Low 1051.70(1/11) 886.51(5/21) 2 TRADING VOLUME NYSE NASDAQ 8.9(12/30) 5.1(11/26) 6 13 20 27 58.23 59.65 59.59 56.86 931.07 959.36 963.20 922.17 24.06 24.18 24.07 23.57 113.27 115.22 114.15 108.40 12.4 15.2 13.2 14.5 2.9 3.1 2.7 3.2 6.5 6.4 5.8 6.2 4 11 18 25 58.77 57.43 54.96 56.96 953.87 927.98 895.17 930.84 23.67 23.53 22.81 22.76 110.89 109.10 102.89 105.17r 14.5 13.7 15.1 18.0 3.0 2.5 3.0 4.0 6.2 5.5 6.4 6.8 1 56.86 893. 66 22.49 102.30 11.4 2.4 5.2 1 Figures other than highs and lows are Fridays only. Highs and lows are for the year and are not necessarily far Fridays. 2 Volume figures are weekly averages of daily figures (millions of shares). Trading is normally conducted for 5% hours per day and 5 days per week, or 27% hours per week. In recent years, however abbreviated trading to the extent, and over the time periods, shown below: From Through Hours/Day Days/Week Hours/Week January 3, 1969 July 7, 1969 January 2, 1970 July 3. 1969 December 31, 1969 May 1, 1970 4 4% 5 5 5 5 20 22% 25 3 12/31/65 = 50 4 Average dollar value of shares listed. Table 8 13 SECURITY CREDIT REGULATED MARGIN CREDIT EXTENDED BY END OF PERIOD BROKERS ON 1 BROKERS ON 2 MARGIN CONVERTIBLE STOCK BONDS BANKS — uUNREGULATED^ nntwuwM i cu 3 NONMARGIN STOCK CREDIT AT BANKS OTHER SECURITY CREDIT AT BANKS OUTSTANDING 1972 - Apr. May June July Aug. Sept. Oct. Nov. Dec. 1973 - Jan. Feb. Mar. Apr. 7,010 7,200 7,510 7,660 7,780 7,800 7,800 7,890 7,900 240 241 244 248 246 248 250 249 254 967 994 955 979 1,032 1,008 943 902 865 1,150 1,141 1,644 1,772 1,800 1,871 1,875 1,871 1,896 1,278 1,296 1,274 1,285 1,298 1,255 1,351 1,296 1,528 7,700 7,500 7,200 7,040 249 248 244 232 865 867 879 872 1,940 1,954 1,917 1,969 1,484 1,508 1,566 1,482 90 10 1 3 4 -2 2 2 -1 5 16 27 39 24 53 -24 -65 /41 -37 -8 -9 503 128 28 71 4 -4 25 -16 18 -22 11 13 -43 96 45 132 -200 -200 -300 -160 -5 -1 -4 -12 2 12 -7 44 14 -37 52 -44 24 58 32 CHANGE IN OUTSTANDING 1972 - Apr. May June July Aug. Sept. Oct. Nov. Dec. 1973 - Jan. Feb. Mar. Apr. 390 190 310 150 120 20 — NOTES: 1 Margin account debt as reported by the New York Stock Exchange, excluding credit for subscription issues and convertible bonds. 2 New York Stock Exchange data. 3 June data for banks are universe totals; all other data for banks represent estimates for all commercial banks based on reports by a reporting sample, which accounted for 60 per cent of security credit outstanding at banks on June 30. 4 Nonmargin stocks are those not listed on a national securities exchange and not included on the Board of Governors of the Federal Reserve System's list of OTC margin stocks. At banks, loans to purchase or carry nonmargin stocks are unregulated; at brokers, such stocks have no 5 Includes loans to purchase or carry margin stock if these are unsecured or secured entirely by unrestricted collateral. H.16 5 Table 9 SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS IN M I L L I O N S O F D O L L A R S S A V I N G S & LOAN A S S O C I A T I O N S MUTUAL SAVINGS BANKS REGULAR D E P O S I T S NET FLOW ANNUAL GROWTH RATE 1 3 NET NEW MONEY 2 SHARE CAPITAL NET FLOW ANNUAL 3 GROWTH RATE NET NEW MONEY TOTAL 2 DEPOSITS ANNUAL 3 GROWTH RATE NET FLOW 2 NET NEW MONEY NOT SEASONALLY ADJUSTED 1970 4,517 6.8 936 10,965 8.1 5,285 15,482 7.7 6,221 1971 9,621 13.5 5,678 28,230 19.3 20,653 37,851 17.5 26,331 9,788 12.0 5,397 32,902 19.5 23,884 ^42,690 17.0 29,281 1972 1972 1973 - - *— Feb. 931 809 Mar. 1,507 - - 773 Apr. 464 - - 280 Feb. 551 — Mar. 1,102 A p r . 2.1 100 2,818 __ 2,700 4,287 — 2,532 1,744 - - 1,668 - - 756 402 1,904 - — 280 3,702 — n. a. , 3,74V - - 3,305 2,208 - - 1,948 1,795 2,455 __ 2,197 1,628 4,804 - - 1,908 966 — n. a. 866 J SEASONALLY ADJUSTED 1972 1973 - - Nov. 761 10.2 Dec. 902 12.0 Jan. 808 10.6 Feb. 465 6.1 - - Mar. A p r . p./ 579 391 7.5 5.0 - - — 2,246 13.3 2,164 12.7 4,026 23.3 1,834 10.4 2,430 1,294 3,509 5,794 i — 3,007 12.3 3,066 12.5 4,834 19.4 2,299 9.1 13.7 3,009 11.8 7.2 1,685 6. 6 —- — - — NOTES: 1 Regular deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of total deposits. 2 New deposits net of both withdrawals and interest. Data for S&L's are for Insured associations only, which represent 96 per cent of industry total resources. 3 Annual growth rate for monthly data is the annualized monthly percentage increase in deposits. Source: National Association of Mutual Savings Banks and Federal Home Loan Bank Board. H.16 MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS BILLIONS OF DOLLARS, SEASONALLY ADJUSTED OUTSTANDING COMMITMENTS PERIOD TOTAL ALL SAVINGS MUTUAL & LOAN SAVINGS BKSi ASSOCIATIONS (N Y. STATE) NET CHANGE TOTAL ALL SAVINGS MUTUAL & LOAN SAVINGS BKS ASSOCIATIONS (N Y. STATE) ( B i l l i o n s of D o l l a r s , S e a s o n a l l y Adjusted)]:/ 1971 - Dec. 16 .6 13.1 3.6 .09 -.06 .15 1972 - Jan. Feb. March April May June July Aug. Sept. Oct. Nov. Dec. 18.0 19.1 19.7 20.1 20.6 20.7 21.0 21.8 22.9 23.6 24.3 24.9 14.1 15.0 15.4 15.7 16.2 16.3 16.5 17.3 18.1 18.7 19.4 20.0 3.9 4.1 4.3 4.4 4.4 4.4 4.5 4.5 4.8 4.9 4.9 4.9 .24 .67 .49 .42 .60 .53 .36 .83 .99 .73 .73 .68 .11 .39 .38 .29 .55 .60 .26 .76 .77 .63 .69 .65 .13 .28 .11 .13 .05 -.07 .10 .07 .22 .10 .04 .03 1973 - Jan. Feb. Mar. 25.9 26.5 26.2 20.8 21.5 21.2 5,1 5.0 5.0 .98 .59 .15 .81 .69 .36 -.10 -.21 , .17 NOTES: Based on data from Federal Home Loan Bank Board and Savings Banks Association of New York State. Both series include a minor amount of nonresidential commitments; S&L commitments also include loans in process. Net changes are derived directly from unrounded end-of-period outstanding levels as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding. H.16 . Table 11 NET NEW MONEY BORROWINGS BY MAJOR HOUSING AGENCIES IN MILLIONS OF DOLLARS PERIOD 1971 - Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1972 - Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1973 - J a n . Feb. Mar. TOTAL INCLUDING SHORT-TERM DISCOUNT NOTES INTERMEDIATE AND LONG-TERM ISSUES TOTAL FHLB -439 -696 -388 -483 +604 +335 +453 +942 -96 +563 -100 -451 -453 -136 +411 +200 +526 +849 +300 +500 -450 -651 -452 -337 -39 -87 -28 +200 -250 -259 +169 +176 +138 +129 +599 -367 +120 +624 -112 +628 +273 —— +399 +248 -1 +299 +813 -1 -1 +100 -47 +311 +475 +103 +337 -1 +131 +452 +582 +122 +312 +378 +251 -1 FHLMC --— — — +300 -—— — -- — __ -- FNMA SHORT-TERM DISCOUNT NOTES +350 +200 -1 +201 +450 -13 +554 +649 +550 +500 -339 -245 +65 -347 +193 +135 -73 +93 -396 +63 -403 -2 -1 -200 -1 -1 -1 +500 — — — — +100 -150 -1 +400 -259 -230 -72 +139 -170 -214 -366 +121 +524 -65 +317 -202 +6 +10 +379 +9 +140 +204 —— +200 - - +602 +250 — — — -25 76 +116 +51 -1 +814 — NOTES: Based on data f r o m Federal Home Loan Bank Board (FHLBB), Federal National Mortgage Assoc. (FNMA) and Federal Home Loan Mortgage Corp. (FHLMC). Intermediate and long-term issues are those with an original maturity of one year or more, including Government National Mortgage Association mortgage backed bonds. H.16 Table 12 NET CHANGE IN MORTGAGE HOLDINGS " IN MILLIONS OF DOLLARS FINANCIAL INSTITUTIONS TOTAL INCLUDING FNMA-GNMA TOTAL 24,074 21,736 41,647 57,107 19,699 16,827 39,259 55,081 5,404 2,462 9,940 15,999 2,682 1,845 3,938 5,377 9,561 10,172 24,160 31,982 2,052 2,348 1,221 1,723 4,375 4,909 2,388 2,026 1972 - J u l y Aug Sept Oct Nov Dec 4,872 5,931 5,286 4,779 5,114 5,943 4,717 5,563 4,918 4,684 4,984 5,811 1,500 1,600 1,400 1,400 1,500 1,000 438 553 502 472 517 598 2,758 3,313 2,926 2,673 2,712 3,101 79 97 90 139 255 1,112 164 368 137 95 130 132 1973 - Jan Feb Mar Apr May 3,760 3,744 3,565 3,678 900 900 1,200 458 331 568 2,045 2,428 3,303 162 19 n.a. 195 66 69 PERIOD COMMERCIAL BANKS MSB's S & L's INSURANCE FNMA-GNMA COMPANIES Not S e a s o n a l l y Ad l u s t e d 1969 1970 1971 1972 July Aug S e a s o n a l l y Ad l u s t e d 1972 - J u l y Aug Sept Oct Nov Dec 4,849 5,471 4,748 4,714 5,282 5,697 4,593 5,179 4,714 4,738 5,212 5,601 1,451 1,477 1,155 1,393 1,524 1,164 472 515 537 484 513 525 2,678 3,108 2,911 2,726 2,876 3,130 101 79 111 135 299 782 147 292 34 - 24 70 96 1973 - Jan Feb Mar Apr May June July Aug 4,501 4,371 n .a. 4,273 4,259 n .a. 1,112 1,079 1,262 475 388 601 2,467 2,730 3,371 219 62 n.a. 228 112 124 NOTES: Monthly data for commercial banks based on Federal Reserve estimates benchmarked to Call Report data on real estate loans outstanding as avail1 able. Other data derived from mortgage debt outstanding as reported separately by National Assn. of Mutual Savings Banks, Federal Home Loan Bank Board, Institute of Life Insurance and, through August 1968, the Federal National Mortgage Association, and thereafter by FNMA and the Government National Mortgage Association. Data for mutual savings banks and for Life Insurance companies may differ somewhat from those derived from regular quarterly series because of minor conceptual differences for which adjustments are not made in the monthly series. Altogether, these groups accounted for 89per cent of the net increase estimated for all holders in 1 9 7 2 . 2 Beginning January 1972 data reflect activity in limited amount of conventional mortgages. HJ Table 13 NET INCREASE IN MORTGAGE DEBT OUTSTANDING' IN BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL RATES RESIDENTIAL QUARTER TOTAL TOTAL 1- to 4FAMILY MULTIFAMILY COMMERCIAL MULTFAMILV & COMMERCIAL FARM 1968 - I II III IV 28.1 26.4 25.5 29.6 19.4 18.2 17.2 20.4 16.3, 15.0 13.6 16.5 3.1 3.2 3.5 3.9 6 .4 6.0 6.5 7.4 9.5 9.2 10.1 11.3 2.3 2.2 1.8 1.9 1969 - I II III IV 32.0 29.1 25.8 25.2 23.8 21.5 18.7 18.5 19.4 16.8 14.0 13.1 4.4 4.6 4.7 5.4 6.0 5.4 5.3 5.3 10.4 10.1 10.0 10.7 2.2 2.2 1.7 1.4 1970 - I II III IV 20.7 22.9 28.5 31.8 14.4 16.8 21.3 22.8 9.4 11.6 15.0 16.2 5.0 5.2 6.3 6.6 4.8 4.6 5.1 6.8 9.8 9.8 11.5 13.4 1.5 1.5 2.1 2.2 1971 - I II III IV 37.5 47.8 52.2 54.2 27.3 36.0 38.9 40.7 19.2 26.5 30.1 31.9 8.0 9.4 8.8 8.9 8.1 9.5 11.1 11.0 16.1 18.9 19.8 . 19.9 2.2 2.3 2.3 2.5 1972 - I II III IV 62.4 64.9 65.2 68.4 45.4 47.1 47.3 50.6 35.9 37.5 38.5 40.2 9.5 9.6 8.8 10.4 14.5 15.2 15.2 15.4 23.9 24.8 24.0 25.8 2.6 2.6 2.6 2.5 1973 - I - / 80.9 59.7 48.5 11.2 18.1 29.2 3.1 NOTES: 1 Derived from data on mortgage debt outstanding from Federal Deposit Insurance Corporation, Federal Home Loan Bank Board, Institute of Life Insurance, National Association of Mutual Savings Banks, Departments of Commerce and Agriculture, Federal National Mortgage Association, Federal Housing Administration, Veterans Administration and Comptroller of the Currency. Separation of nonfarm mortgage debt by type of property, where not available, and interpolations and extrapolations, where required, estimated mainly by Federal Reserve. 2 May differ somewhat from related flow of funds series mainly because of more aggregative type of seasonal adjustment. mortgage debt includes nonfarm only and is sum of 1 to 4- family and multifamily mortgage debt combined. Digitized3forResidential FRASER H.1C Table 14 PRIVATE HOUSING PERMITS, STARTS, COMPLETIONS, AND MOBILE HOME SHIPMENTS IN THOUSANDS OF UNITS, SEASONALLY ADJUSTED ANNUAL RATES PERMITS PERIOD 1972 - January February March April May July August September October November December 1973 - January February March April STARTS TOTAL 1—FAMILY 2 - O R MORE FAMILY TOTAL 2,204 2,056 2,007 1,991 1,955 2,121 2,108 2,237 2,265 2,216 2,139 2,377 1,098 959 954 963 923 989 1,013 1,031 975 1,086 \ 961 / 947 1,106 1,097 1,053 1,028 1,032 1,132 1,095 1,206 1,290 1,130 1,178 1,430 2,439 2,540 2,313 2,204 2,318 2,315 2,244 2,424 2,426 2,446 2,395 2,369 2,218 2,191 2,071 1,793 1,057 1,068 989 895 1,161 1,123 1,082 898 2,497 2,456 2,248 2,103 COMPLETIONS MOBILE 1—FAMILY 2 - O R MORE HOME FAMILY SHIPMENTS 2 - O R MORE FAMILY TOTAL 1,395 1,281 1,310 1,215 1,308 1,283 1,319 1,373 1,382 1,315 1,324 1,207 1,044 1,260 1,003 989 1,011 1,032 925 1,051 1,045 1,131 1,071 1,162 1,968 2,088 1,983 1,954 1,891 1,904 1,891 1,973 1,972 1,945 1,980 2,147 1,154 1,141 1,137 1,154 1,121 1,125 1,095 1,210 1,118 1,156 1,153 1,168 814 947 846 799 770 779 799 763 853 789 828 980 554 552 595 634 572 583 556 534 494 548 666 606 1,450 1,372 1,247 1,191 1,047 1,084 1,001 912 2,147 2,038 2,122 1,324 1,258 1,276 823 \ 780 846 i 648 642 737 1—FAMILY NOTES: Private building permits (for 13,000 areas with permit systems, excluding farm), starts and completions are Census Bureau data, with completions converted to a seasonally adjusted annual rate by the Federal Reserve. A dwelling unit is started when excavation begins. In the case of epartment buildings, all units are considered started at that time; however, all such units are considered completed when half of the units in the structure are ready for use. Private mobile home shipments are Mobile Home Manufacturers Assoc. data converted to seasonally adjusted annual rate by Census Bureau. « Table 15 no O AVERAGE RATES AND YIELDS ON HOME MORTGAGES CONVENTIONAL LOANS PRIMARY MARKET NEW HOMES EXISTING HOMES 1 PERIOD RATE (IN PEti CENT) SPREAD BETWEEN RETURNS ON NEW Aaa NEW HOMES ^AkUtetlTIA1I A1 CONVENTIONAL UTILITY 1 AND HUD(FHA) BOND DISCOUNT NEW HOME SPREAD YIELD (BASIS (PERCENTAGE MORTGAGES (IN PER CENT) (BASIS POINTS) POINTS) POINTS) HUD(FHA) INSURED LOANS SECONDARY MARKET 1 SPREAD (BASIS POINTS) RATE (IN PER CENT) SPREAD (BASIS POINTS) YIELD (IN PER CENT) 1971 - High Low 7.95 7.55 .52 .01 8.05 7.65 .62 • 06 7.97 7.32 .31 .07 1972 - High Low 7.70 7.55 •61 .15 7.75 7.60 •66 •20 7.57 7.45 1972 - Jan Feb Mar Apr May June July , Aug Sept Oct Nov Dec 7.60 7.60 7.55 7.60 7.60 7.60 7.65 7.65 7.70 7.70 7.70 7 .70 .39 .26 .31 .15 .22 .28 .27 .28 .30 .32 .61 .55 7.70 7.65 7.60 7.65 7.70 7.70 7.70 7.70 7.75 7.75 7.75 7.75 .49 .31 .36 .20 .32 .38 .32 .33 .35 .37 .66 .60 1973 - Jan Feb Mar Apr 7.70 7.75 7.80 7.90 .32 .35 .31 ,42 7.75 7.80 7.85 7.90 .17 .40 .36 .42 7.8 2.7 .28 .01 8.04 7.28 .48 .05 4.7 3.7 .14 .06 7.45 7.09 7.49 7.46 7.45 7.50 7.53 7.54 7.54 7.55 7.56 7.57 7.57 7.56 .28 .12 .21 .05 .15 .22 .16 .18 .16 .19 .48 .41 4.0 3.8 3.7 4.1 4.3 4.4 4.4 4.5 4.6 4.7 4.7 4.6 .11 .14 .10 .10 .07 .06 .11 .10 .14 .13 .13 .14 7.21 7.34 7.24 7.45 7.38 7.32 7.38 7.37 7.40 7.38 7.09 7.15 7.55 7.56 7.63 7.73 .17 .16 .14 .25 4.5 4.6 5 .2 5.9 .15 .19 .17 .17 7.38 7.40 7.49 7.48 . NOTES: 1 Gross yield spread is average mortgage return before deducting servicing costs, minus average yield on new issues of high-grade utility bonds with 5-year call protection. Rates on conventional first mortgages (excluding additional fees and charges) are based on unweighted HUD (FHA) field office opinions on prevailing contract interest rates in the market areas of the insuring offices, rounded to the nearest 5 basis points. For secondary market data, weighted HUD office opinions on the average bid price for HUD (FHA) loans with minimum down* payment, prepaid in 15 years, for immediate delivery, are used. Table 16 FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS CONVENTIONAL GOVERNMENT-UNDERWRITTEN DATE OF AUCTION AMOUNT (IN MILLIONS OF DOLLARS) OFFERED 1972 - O c t Nov Dec 1973 - J a n . Feb. Mar. Apr. May | AVERAGE YIELD 10 16 30 271.2 186.4 224.9 162.7 7.73 7.74 6 13 27 78.7 60.8 49.2 36.6 7.72 7.70 4 11 26 82.2 108.7 42.4 66.3 7.68 7.69 2 8 22 74.2 107.0 61.3 92.1 7.69 7.70 128.7 65.4 7.71 5 6 19 21 5 6 19 21 AMOUNT (IN MILLIONS OF DOLLARS) OFFERED ACCEPTED 21 | ACCEPTED 1 AVERAGE YIELD | 37.2 7.90 - - - - — 75.0 68.0 7.90 - - - - 42.2 - - - - —— - - 36.4 30.9 - - - - —— - - — - - 39.3 25.5 7.84 - - —— - - — —— - - 110.3 100.9 71.6 7.73 — — - - — 66.0 49.6 7.92 44.3 7.95 — 170.8 —— 107.7 —- 60.3 168.7 7.81 - - — - - - - 86.8 - - 2 3 16 17 30 234.6 145.9 — — 216.6 190.7 - - 261.2 185.9 14 29 258.3 212.4 187.7 140.0 - - —— 7.89 — 7.75 297.3 - - 62.9 7.87 — — 56.4 8.02 8.11 7.46 —— —— 111.9 81.6 7.89 - - — - - - - 7.92 111.0 128.9 88.4 88.2 8.17 8.23 , 7.96 8.00 117.6 113.3 84.4 74.0 8.31 8.39 NOTES: Average secondary m»ket yields are gross before deduction of the fee of 38 basis points paid for mortgage servicing. They reflect the average accepted bid yield for home mortgages assuming a prepayment period of 12 years for 30-year loans, without special adjustment for Federal National Mortgage Association (FNMA) commitment fees and FNMA stock purchase and holding requirements on 4-month commitments. Mortgage amounts offered by bidders relate to total eligible bids received. H.16
@FedFRASER