Full text of H.16 Capital Market Developments : June 6, 1977
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>, Capital Marl<et < < v X Developments June 6 , 1 9 7 7 Prepared by the CAPITAL MARKETS SECTION in conjunction with the MORTGAGE and CONSUMER FINANCE SECTION DIVISION OF RESEARCH AND STATISTICS BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM Washington, D C. 20551 Index SUBSCRIPTION RATES: Weekly $15.00 per year or $.40 each in the United States, its possessions, Canada, and Mexico; 10 or more of the same issue to one address, $13.50 per year or $.35 each. Elsewhere, $20.00 per year or $.50 each. Address requests to Publications Services, Division of Administrative Services, and make payment remittance payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. Currency. TABLES 1 - 6 SECURITY VOLUME AND YIELDS 7, 8 STOCK MARKET AND SECURITY CREDIT 9-16 MORTGAGE MARKET SYMBOLS e p r n.3. ESTIMATE PRELIMINARY REVISED NOT AVAILABLE DATA DO NOT EXIST Table 1 YIELDS, VOLUME AND RECEPTION CORPORATE BOND MARKET VOLUME YIELDS WEEK ENDING 1977 - May June NEW ISSUE 1 Aaa UTILITY 6 13 20 27 3 RECENTLY OFFERED Aaa UTILITY 2 GROSS OFFERINGS ( $ MILLIONS) 3 PER CENT SOLD BY END OF WEEK NEW ISSUES 4 IN SYNDICATE ( $ MILLIONS) 8.32 8.34 8.33 8.32 8.31 8.28 77 415 260 398 95 99 98 97 33 8 15 24 8.15p 8.25p 457 97 23 MUNICIPAL BOND MARKET VOLUME YIELDS WEEK ENDING 1977 - May 6 13 20 27 June MOODY'S NEW ISSUE Aaa 3 ^ BOND BUYER 2Q-BOND INDEX GROSS OFFERINGS ( $ MILLIONS) J PER CENT SOLD BY END OF WEEK NEW ISSUES 4 IN SYNDICATE ( $ MILLIONS) 5.23 5.25 5.20 5.25 5.76 5.82 5.70 5.71 1,073 884 674 855 75 92 90 87 350 180 188 194 5.26 5.72 219 88 166 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. Table 2 HIGH GRADE BOND YIELDS NEW ISSUE A a a UTILITY DATE 1 RECENTLY OFFERED A a a UTILITY 2 MOODY'S SEASONED CORPORATE A a a 3 U . S . GOVT. 20-YEAR CONSTANT MATURITY 4 BOND BUYER 2Q-BOND INDEX 1973 - High Low 8.52 (8/10) 7.29 (1/21) 8.32 ( 8 / 1 0 ) 7.28 (1/5) 7.77 (8/24) 7.11 (1/5) 7.79 ( 8 / 1 0 ) 6.42 ( 1 / 5 ) 5.59 (8/3) 4.99 (10/11) 1974 - High Low 10.61 (10/4) 8 . 0 5 (2/15) 10.52 ( 1 0 / 1 1 ) 8.13 (1/4) 9.39 (10/11) 7.73 (1/4) 8 . 6 8 (8/30) 7.39 ( 1 / 4 ) 7.15 (12/12) 5.16 (2/7) 1975 - High Low 9 . 8 0 (5/2) 8.89 (2/7) 9.71 (5/25) 9.06 (2/28) 9.01 (5/2) 8.57 (2/28) 8 . 6 3 (9/19) 7.63 (2/21) 7.67 ( 1 0 / 3 ) 6 . 2 7 (2/13) 1976 - High Low 8 . 9 5 (5/28) 7 . 9 3 (12/10) 9.10 (1/2) 7.84 ( 1 2 / 3 1 ) 8.66 (5/28) 7 . 9 1 (12/31) 8.17 (5/28) 7.27 (12/31) 7.29 ( 1 / 2 ) 5 . 9 5 (12/16) 1977 - High Low 8.34 (5/20) 7.90 ( 1 / 7 ) 8.33 (5/6) 7.95 ( 1 / 7 ) 8.12 (3/11) 7.88 ( 1 / 7 ) 7 . 7 8 (5/13) 7.26 ( 1 / 7 ) 5.93 (2/4) 5 . 6 8 (4/28) 8.32 8.34 8.33 8.32 8.31 8.28 8.04 8.07 8.06 8.04r 7.74 7.78 7.74 7.70r 5.76 5.82 5.70 5.71 8.15p 8.25p 8.01p 7.68 5.72 1977 - May June 6 13 20 27 3 — • NOTES: 1 Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection. 2 Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection released from price restrictions sometime during the last 4 weeks. 3 Weekly average of daily closing figures. 4 Weekly average of daily figures. U.S. Treasury data. 5 Thursday figures. The average rating of the 20 bonds used in this index falls midway between the four top groups as classified by Moody's Investors Service. Weekly Bond Buyer data. 5 5 Table 3 LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS IN MILLIONS OF DOLLARS G R O S S PROCEEDS PERIOD January February March April May 1977 1976 1975 1977 1976 1975 3,989 3,050e 4,900e 3,381 3,863 6,632 5,367 4,528 5,378 3,419 3,142 4,134 2,451 2,885 3,365 2,361 2,387 2,135 3,450e 3,275e 3,507 4,186 6,439 4,294 5,798 5,596 3,313p 4,200e 2,218 3,575 3,115 2,406 2,900 3,064 3,216 3,357 4,817 4,327 2,405 2,836 2,734 2,821 2,814 3,580 2,783 2,159 4,431 3,047 6,480 4,705 4,076 4,307 3,524 3,336 2,342 2,323 2,381 2,052 13,876 14,132 11,390 13,958 15,273 15,688 9,568 13,088 8,701 8,908 8,369 9,202 6,883 8,370 8,522 6,756 28,008 39,398 53,356 30,961 40,529 53,617 17,609 25,978 35,180 15,253 23,775 30,531 June July August September October November December ll,939e 01 STATE AND LOCAL CORPORATE 02 03 04 1st Half 3 Qtrs. Year 10,695p NOTES: # 1 Securities and Exchange Commission estimates of gross proceeds. 2 Securities Industry Association estimates of principal amounts. 3 Estimated by F e d e r a l Reserve on t h e b a s i s of a v a i l a b l e d a t a . \ Table 4 o\ NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE AND ISSUER IN MILLIONS OF DOLLARS GROSS PROCEEDS BY TYPE OF ISSUER GROSS PROCEEDS BY TYPE OF ISSUE PERIOD BONDS TOTAL PUBLICLY OFFERED MEMO COMMON MANUFACAND ISSUES INCLUDED PRIVATELY PREFERRED TURING PLACED FOREIGN CONVERTIBLE STOCK COMMUNICATIONS OTHER ISSUERS 13,876 14,132 11,390 13,958 7,569 7,427 4,904 6,553 2,754 3,584 4,624 4,846 3,553 3,121 1,861 2,559 1,340 1,843 1,267 1,795 262 478 199 55 4,497 3,757 2,982 4,244 4,044 3,140 3,317 3,897 765 1,879 378 541 4,569 5,358 4,715 5,276 1976 - J a n u a r y February March April May June July August September October November December 3,381 3,863 6,632 3,507 4,186 6,439 3,216 3,357 4,817 4,431 3,047 6,480 2,189 2,142 3,238 2,350 1,937 3,140 1,239 1,565 2,100 2,729 1,256 2,568 613 794 1,347 629 1,051 1,904 1,348 1,113 2,163 753 1,101 2,992 579 927 2,047 528 1,198 1,395 629 678 554 949 690 920 605 335 400 428 350 1,005 500 367 400 235 1,310 250 123 15 124 37 15 426 100 7 92 21 31 3 1,073 1,179 2,245 568 1,709 1,480 1,198 1,031 753 1,349 510 2,385 1,097 789 2,158 644 1,148 1,348 932 920 1,465 1,414 1,327 1,156 16 171 578 450 2Cf 1,409 26 212 140 155 190 196 1,197 1,722 1,650 1,847 1,309 2,202 1,061 1,195 2,459 1,513 1,019 2,744 1977 - J a n u a r y 3,989 2,786 601 602 300 0 906 986 50 2,048 1976 - I II III IV NOTES: 1 PUBLIC UTILITY Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other. 8?Hirce: Securities and Exchange Commission. 1 T a b l e 5A INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 May 31 through June 3, 1977 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE OFFERING YIELD MOODY'S/S&P'S RATINGS CORPORATE Minnesota Power & Light Co. Commonwealth Edison Co. Michigan B e l l T e l . Co. B e n e f i c i a l Corp. Com. s t k . 1st mtg. Debt. Debt. 28.0 150.0 150.0 150.0 2007. 2015 2003 NOTES: * 1 Rights offering. Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings. 8.13 8.13 8.30 8.19 8.15 8.30 Aaa/AA Aaa/AAA Aa/AA Table 5B INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' May 31 through June 3, 1977 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD 1978-1996 1979-1997 1980-1997 1979-1993 1979-1997 1978-2007 1978-1996 2009 1980-1999 5.11 4.70 5.16 5.81 5.71 5.22 3.10-5.50 3.25-5.00 3.80-5.90 3.80-6.00 3.75-6.00 2.90-5.60 3.50-6.20 6.50 4.00-5.60 MOODY'S/S&P'S RATINGS STATE AND LOCAL H i l l s b o r o u g h Co., F l a . T u l s a , Okla. Honolulu, Hawaii D e t r o i t Sch. D i s t . , Mich. P i t t s b u r g h , Pa. M a s s a c h u s e t t s H l t h . & Educ. Fac. Auth. Michigan S t a t e Hsg. Dev. Auth. Michigan S t a t e Hsg. Dev. Auth. Escambia Co., F l a . G.O. G.O. G.O. G.O. G.O. Rev. Rev. Rev. Rev. 10.0 22.0 15.0 20.4 13.2 12.0 16.5 13.5 10.0 NOTES: 1 Includes only state and local security offerings of $10 million and over; excludes secondary offerings. 2 For State and local government securities, G O. denotes general obligation; Rev. denotes revenue obligations. —— A-1/A+ Aa/AA Aa/AA A/AA A/AA Aaa/AAA A-1/A+ A-1/A+ _/_ 9 Table 6A FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of June 3, 1977 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING CORPORATE B u r l i n g t o n Northern I n c . Petroleum & Resources Corp. Consolidated N a t u r a l Gas Co. *Burmah Oil Public Service Indiana P u b l i c S e r v i c e Co. of New Mexico A t l a n t a Gas Light Co. New York Telephone Co. P o r t l a n d General E l e c t r i c Co. C e n t r a l I l l i n o i s L i g h t Co. Western P a c i f i c R a i l r o a d Co. Iowa E l e c t r i c Light & Power Co. *Credithrift Financial Inc. P u b l i c S e r v i c e E l e c . & Gas Co. Diamond S t a t e s T e l . Co. Ohio Edison Co. Kansas Power & Light Co. Gen 1 !. T e l . Co. of t h e Midwest Alabama Power Co. Commercial A l l i a n c e Corp. I n t e r n a t i o n a l T e l . & T e l e . Corp. United Bank Corp. New York Occidental Petroleum Corp. ^ P h i l a d e l p h i a E l e c . Co. World Airways OTHER Norway, Kingdom of E l e c t r i c i t e de France Venezuela, Republic of B r i t i s h Columbia Hydro & Power Auth. Ito-Yokado Co. P a c i f i c T e l . & T e l e . Co. Pfd. stk. Pfd. stk. 1st mtg. Gtd. s h i p f i n . Com. s t k . 1st mtg. 1st mtg. Debt. 1st mtg. Com. s t k . Equip, t r . Com. s t k . Notes 1st mtg. Debt. 1st mtg. 1st mtg. Debt. 1st mtg. Notes Med-term n o t e s Notes Pfd. stk. 1st mtg. Equip, t r . 100.0 25.0 75.0 60.0 40.0 30.0 25.0 200.0 50.0 18.0 20.0 16.2 30.0 125.0 20.0 75.0 30.0 20.0 100.0 20.0 50.0 20.0 75.0 75.0 65.0 June 6 June 6 7 June June 7 8 June 8 June June 9 June 14 June 15 June 15 June 15 June 16 June 20 June 21 June 21 June 21 June 22 June 23 June 28 June June June June July 6 Indef. Notes Bonds Notes 100.0 50.0 100.0 June June June Bonds Conv. debt, Debt. 175.0 50.0 300.0 June 15 June Postponed indef NOTES: * Included in table for first time. 1 Includes only corporate and other security issues of $15 million and over; excludes exchanges, options 8 9 14 10 Table 6B FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U S. TREASURY 1 As of June 3, 1977 ISSUER *Valdez, Alaska Wyandotte, Mich. Dade Co., F l a . Georgia, S t a t e of C a l i f o r n i a , S t a t e of West V i r g i n i a , S t a t e of P r i n c e G e o r g e ' s Co., Md. Nevada, S t a t e of K n o x v i l l e , Tenn. N a s h v i l l e & Davidson Co. Metro. G v t . , Tenn. H a l s t e a d , Kansas H a l s t e a d , Kansas G u i l f o r d Co., N.C. M i s s o u r i , S t a t e of *Tucson, Arizona Alexandria I n d u s t . Dev. A u t h . , Va. C i n c i n n a t i , Ohio Chicago School D i s t . , 111. S t . Louis Co., Mo. *0hio Water Dev. Auth. Georgia Mun. E l e c t r i c Auth. M i n n e a p o l i s , Minn. Pagosa Water & S a n t . D i s t . , Colo. ^Connecticut Dev. Auth. Municipal A s s t . C o r p . , N.Y. San Diego Sch. Bldg. Corp. I l l i n o i s , S t a t e of Durham, N.C. B u f f a l o Sewer A u t h . , N.Y. F l o r i d a S t a t e Bd. of Education Osseo I n d . Sch. D i s t . , #279, Minn. New Ycrk, S t a t e of Alaska Hsg. Finance Corp. B l a i r Co. H o s p i t a l A u t h . , Pa. ^Massachusetts, S t a t e of *Ysleta I n d . Sch. D i s t . , Texas Middlesex Co., N . J . *New Mexico, S t a t e of TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING Rev. Rev. G.O. G.O. G.O. G.O. G.O. G.O. Rev. 63.0 15.6 48.4 77.0 110.0 50.0 16.9 13.7 24.0 June June June June June June June June June Rev. Rev. Rev. G.O. G.O. Rev. Rev. G.O. G.O. G.O. Rev. Rev. Rev. G.O. Rev. Rev. Rev. G.O. G.O. Rev. G.O. G.O. G.O. Rev. Rev. G.O. G.O. G.O. Rev. 26.0 17.0 10.0 14.3 31.5 50.0 38.0 19.5 45.0 41.4 13.5 150.0 38.0 10.0 16.0 250.0 28.3 150.0 13.0 88.0 27.8 10.5 96.0 48.0 25.0 119.6 12.0 14.3 45.0 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 NOTES: 1 Includes stats and local government issues of $10 million and over, foreign government. International Bank for Reconstruction issues of Federally sponsored agencies; excludes secondary offerings. * Included in the table for the first time. 6 6 8 8 8 8 8 9 9 9 10 10 14 14 14 14 14 15 15 15 16 16 20 21 21 21 21 Table 6B Continued FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of June 3, 1977 TYPE ISSUER STATE & LOCAL Oregon, S t a t e of Desert Hosp. A u t h . , C a l . *River Rouge, Mich. Fort Worth I n d . Sch. D i s t . , Texas Cleveland, Ohio *North Dakota, S t a t e of A t l a n t a , Ga. ^Milwaukee, Wise. *Mason Co., W. Va. *Granite C i t y , I l l i n o i s ^Granite C i t y , I l l i n o i s New J e r s e y Turnpike Auth. APPROXIMATE DATE OF OFFERING 21 21 22 22 22 23 29 30 200.0 June June June June June June June June June June June June 54.0 June 1 G.O. Rev. Rev. G.O. G.O. Rev. Rev. G.O. Rev. Rev. Rev. Rev. 150.0 15.0 32.9 25.0 28.6 15.0 330.0 18.9 30.0 19.7 Rev. POSTPONEMENT Knox Co. Pub. Bldg. A u t h . , Tenn. AMOUNT (IN MILLIONS OF DOLLARS) 8.8 Table 7 STOCK PRICES AND VOLUME 1 STOCK PRICES DATE NYSE INDEX 3 BJ INDUSTRIALS AMEX 4 NASDAQ 2 TRADING VOLUME NYSE AMEX 26.0 (9/20) 9.0 (8/20) 5 . 5 (1/12) 1 . 4 (8/20) 1 1 . 3 (1/H) 3.5 (8/27) 96.53 (3/15) 54.87 (10/3) 24.9 (1/3) 7.5 (7/5) 4 . 4 (1/3) . 9 (9/26) 7.5 (1/3) 2.8 (7/5) 96.86 ( 7 / 1 5 ) 62.20 ( 1 / 2 ) 88.00 (7/15) 6 0 . 7 0 (1/2) 35.2 ( 2 / 1 3 ) 8.7 (9/15) 4 . 2 (2/21) 1 . 1 (9/15) 8.1 (2/13) 2.5 (9/15) 1014.79 ( 9 / 2 1 ) 858.71 (1/2) 107.05 ( 7 / 1 2 ) 84.31 (1/2) 92.52 (7/15) 78.06 ( 1 / 2 ) 44.5 (2/20) 10.3 (1/2) 8 . 6 (2/20) 1.1 (1/2) 11.1 (2/20) 3.5 (1/2) 5 7 . 6 9 (1/3) 52.56 (5/31) 999.75 ( 1 / 3 ) 898.66 ( 5 / 3 1 ) 114.94 ( 5 / 1 8 ) 109.61 ( 1 / 1 2 ) 98.47 (5/18) 93.66 (4/5) 31.5 f l / 5 ) 13.6 (5/27) 4 . 2 (1/13) 1.9 (5/23) 10.5 (1/19) 5,1 (5/27) 1973 - High Low 6 5 . 5 8 (1/11) 49.12 (12/13) 1051.50 (1/11) 788.31 ( 1 2 / 5 ) 130.47 ( 1 / 1 1 ) 85.26 (12/20) 136.84 (1/11) 89.12 (12/13) 1974 - High Low 53.37 (3/13) 32.89 (10/3) 891.66 (3/13) 577.60 ( 1 2 / 6 ) 102.01 ( 3 / 1 4 ) 58.26 ( 1 2 / 9 ) 1975 - High Low 51.24 ( 7 / 1 5 ) 37.16 ( 1 / 8 ) 881.81 (7/15) 632.04 ( 1 / 2 ) 1976 - High Low 57.51 (9/21) 48.04 (1/2) 1977 - High Low NASDAQ Apr. 1 8 15 22 29 53.94 53.46 54.94 53.69 53.66 927.36 918.88 947.76 927.07 926.90 111.97 110.43 112.50 111.75 112.17 94.54 94.03 96.26 95.12 95.48 17.2 16.4 19.8 17.1 16.5 2.3 2.3 2.6 2.9 2.2 6.3 6.1 7.5 7.8 6.6 May 6 13 20 27 54.31 54.13 54.39 52.68 936.74 928.34 930.46 898.83 113.94 114.04 114.73 112.51 96.90 97.41 98.00 95.90 18.3 18.9 20.7 17.8 2.6 2.6 2.8 2.0 7.6 7.2 7.4 6.3 3 53.36 912.23 113.28 96.19 18.4 2.2 5.9 June NOTES: 1 Figures other than highs and lows are Fridays only. Highs and lows are for the year and are not necessarily for Fridays. 2 Volume figures are weekly averages of daily figures (millions of shares). 3 12/31/66 - 60 4 Based on average price change until September 4, 1973 thereafter, based on market value of shares listed. 13 Table 8 SECURITY CREDIT REGULATED MARGIN CREDIT EXTENDED BY END OF PERIOD B R O K E R S ON MARGIN STOCK 1 BROKERS ON 2 CONVERTIBLE BONDS UNREGULATED NONMARGIN STOCK CREDIT AT BANKS 3 BANKS OUTSTANDING 1976 - March April May June July August September October November December 6,410 6,690 6,940 7,080 7,340 7,450 7,530 7,350 7,610 7,960 162 163 161 166 172 167 174 169 178 204 1,057 1,077 1,007 880 898 1,061 859 1,068 839 829 2,355 2,325 2,357 2,368 2,317 2,368 2,830 2,774 3,351 3,684 1977 - J a n u a r y February March April 8,270 9,480 8,690 8,880 196 197 199 ii.a. 820 . 830 796 n.a. 3,693 3,751 3,720 n.a. I CHANGE IN OUTSTANDING 1976 - March April May June July August September October November December 460 280 250 140 260 110 80 80 350 9 1 -2 5 6 -5 7 5 9 26 1977 - J a n u a r y February March April 310 210 210 190 —8 i 2 n.a. — — 19 20 -69 127 -130 163 202 209 229 -10 -9 10 -34 n.a. 22 -30 32 11 -51 -51 462 -56 577 333 9 58 -31 n.a. NOTES: 1 sin account debt as reported by the New York Stock Exchange, excluding credit for subscription issues and convertible bonds. 2 3 York Stock Exchange data. 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 value. 4 1 4> Table 9 SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS IN MILLIONS OF DOLLARS MUTUAL SAVINGS BANKS REGULAR DEPOSITS DATE NET FLOW 1972 1973 1974 1975 1976 10,067 4,815 2,909 11,070 11,546 1976 - S e p t . Oct. Nov. Dec. 1,307 836 779 1,757 1977 - J a n . • Feb. Mar. JD/ 913 847 1,903 1 ANNUAL 3 GROWTH RATE 12.4 5.4 2.2 11.3 11.6 SAVINGS & LOAN ASSOCIATIONS NET NEW MONEY 2 SHARE CAPITAL NET FLOW 5,451 -442 -2,822 4,757 5,275 32,567 20,237 16,006 42,769 50,287 75 582 539 367 5,572 3,452 2,581 6,277 645 585 623 5,218 3,406 7,578 — •— —— — — NET NEW MONEY ANNUAL 3 GROWTH RATE 18.6 9.9 7.0 17.3 17.7 TOTAL 2 DEPOSITS NET FLOW 23,884 10,507 4,668 29,276 34,369 42,634 25,052 18,915 53,839 61,833 1,944 3,224 2,381 2,279 6,879 4,288 3,360 8,034 4,944 3,186 3,604 6,131 4,253 9,481 — mam ANNUAL 3 GROWTH RATE 16.6 8.5 5.5 15.8 16.0 —— —— —— — NET NEW MONEY 2 29,335 10,062 1,846 34,033 39,644 2,019 3,826 2,920 2,646 5,449 3,771 4,227 SEASONALLY ADJUSTED 1976 - S e p t . Oct. Nov. Dec. 1977 - J a n . Feb. Mar. JJ / 1,326 1,396 852 1,086 13.5 14.1 8.5 10.7 965 589 696 9.5 5.7 6.7 —— — 5,525 5,016 4,047 4,423 20.* 18.5 14.7 15.9 4,285 2,932 3,608 15.2 10.3 12.5 — —• —— 6,851 6,412 4,899 5,509 18.8 17.3 13.1 14.5 5,250 3,521 4,304 13.7 9.1 11,0 —— NOTES: 1 Regular deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of total deposits. 2 New deposits net of both withdrawals and interest. Data for S&L's are for insured associations only, which represent 96 per cent of industry total resources. S 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. http://fraser.stlouisfed.org/ • # Federal Reserve Bank of St. Louis A # # • e e e e H.16 Table 10 MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS BILLIONS OF DOLLARS, SEASONALLY A D J U S T E D NET CHANGE OUTSTANDING COMMITMENTS PERIOD TOTAL MUTUAL ALL SAVINGS SAVINGS BKS & LOAN A S S O C I A T I O N S ( N Y. S T A T E ) TOTAL MUTUAL ALL SAVINGS SAVINGS BKS & LOAN A S S O C I A T I O N S ( N Y. S T A T E ) 1972 - Dec. 25.2 20.3 4.9 .45 .43 .02 1973 - Dec. 19.9 16.4 3.5 .04 .21 -.17 1974 - Dec. 14.6 12.4 2.2 .09 -.09 1975 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 14.8 14.6 15 .2 16.1 16.7 17.0 17 .9 18.9 19.7 20.1 20.2 20.6 12.7 12.7 13.2 14.1 14.6 14.9 15.8 16.7 17 .6 18.0 18.2 18.6 2.1 1.9 2.0 2.0 2.1 2.1 2.1 2.2 2.1 2.1 2.0 2.0 -.03 -.01 .50 1.18 .55 .25 .92 1.21 .90 .01 .35 .04 .18 .06 .41 .95 .53 .29 .84 .98 .86 .37 .22 .35 -.11 -.24 .11 .01 .04 .04 -.03 .09 -.09 .02 -.03 -.02 1976 - J a n . 20.8 21.3 21.7 21.8 22.3 22.6 23.1 23.7 24.6 26.1 27.3 28.2 18.8 19.3 19.5 19.6 20.0 20.4 20.8 21.3 22.0 23.5 24.6 25.5 2.0 2.0 2.2 2.2 2.3 2.2 2.3 2.4 2.6 2.6 2.7 2.7 .06 .61 .48 .38 .48 .27 .50 .87 1.05 1.20 1.26 .92 .20 .58 .16 .10 .32 .53 .33 .50 .78 1.46 1.09 .92 .02 -.06 .19 .05 .05 -.02 .03 .12 .19 .06 .09 25.1 25.4 26.4r 27.0 2.8 3.0 3.2 -.35 .48 1.24r -.45 .30 1.04r .59 Feb. Mar. Apr . May June July Aug. Sept. Oct. Nov. Dec. 1977 - J a n . Feb. Mar. Apr. 27.9 28.4 29.6r • .10 .18 .20 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 16 T a b l e 11 NET NEW MONEY BORROWINGS BY MAJOR HOUSING A G E N C I E S IN MILLIONS OF DOLLARS PERIOD INTERMEDIATE AND LONG-TERM I S S U E S TOTAL INCLUDING SHORT-TERM DISCOUNT NOTES TOTAL FHLB 1974 - S e p t . Oct. Nov. Dec. +2,768 +1,665 -89 +507 +2,750 +1,599 +93 +961 +1,700 +1,499 -217 +470 1975 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. -242 -659 +440 0 -1,568 +330 +236 -398 215 587 152 669 -5 -254 +689 +69 1-1,279 +600 +300 -700 100 850 200 600 -4 -554 -11 -30 -1,279 0 . 0 -700 0 +150 0 0 1976 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. -197 -964 -851 124 -953 -107 -58 787 195 -37 -552 145 0 -604 -304 693 -607 -206 291 +190 190 310 -297 -219 1977 - J a n . Feb. 18 -460 194 -190 NOTES: Based on data from Treasury Survey of Ownership. 1/ Sales of FHLB discount notes began in May 1974. p FRASER Preliminary Digitized for FHLMC FNMA FNMA & FHLB SHORT-TERM DISCOUNT NOTES 1 +1,050 +100 +310 +491 +18 +66 -182 -454 +300 0 -1 0 0 0 0 0 0 200 0 -1 0 +700 +100 0 +600 +300 0 100 700 0 600 -237 -405 -249 -69 -289 -270 —64 302 115 -263 -48 69 0 -1,100 0 0 -600 0 0 0 0 0 -300 0 0 196 -4 -7 -7 -6 -9 +190 -10 -8 -9 -7 0 300 -300 700 0 -200 300 0 200 318 12 -212 -197 -360 -547 -569 -346 99 -349 597 5 -347 -255 364 0 -200 189 -8 5 18 -176 -270 —- — 17 Table 12 NET CHANGE IN MORTGAGE HOLDINGS IN MILLIONS OF DOLLARS PERIOD TOTAL INCLUDING F NM A- G NM A 2 FINANCIAL INSTITUTIONS TOTAL 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 41,406 57,587 58,372 42,739 43,497 62,845 39,018 55,561 55,072 36,517 38,658 64,965 9,940 16,800 19,600 11,700 . 4,200 13,500 3,938 5,377 5,642 2,172 2,236 4,074 23,919 31,932 25,552 17,567 29,289 44,977 1,221 1,452 4,278 5,078 2,933 2,414 2,388 2,026 3,300 6,222 4,839 -2,120 1976 - June July Aug. Sept. Oct. Nov. Dec. 6,140 6,394 6,141 6,231 5,283 4,949 6,213 6,783 6,088 5,861 6,371 5,699 5,257 6,376 1,300 1,200 1,100 1,600 1,300 900 1,000 517 314 384 364 398 341 690 4,804 4,512 4,239 4,081 3,895 3,531 3,913 162 62 138 326 106 485 773 -643 306 280 -140 -416 -308 -163 1977 - J a n . Feb. Mar. Apr. 3,430 4,075 6,800r 3,756 4,117 6,736r 600 900 1,600 196 156 291 2,926 3,030 4,617r 5,219 34 31 228 -326 - 42 64 1971 1972 1973 1974 1975 1976 Seasonally Adjusted 1976 - June July Aug. Sept. Oct. Nov. Dec. 4,924 5,246 5,327 6,973 5,432 5,749 6,198 5,346 5,281 5,315 6,417 6,067 6,088 6,448 982 1,183 951 1,414 1,285 1,042 1,082 358 225 359 • 438 444 366 573 3,831 3,753 3,840 4,234 4,270 4,268 4,425 175 120 165 331 68 412 368 -422 - 35 12 -344 -635 -339 -250 1977 - J a n . Feb. Mar. Apr. 5,217 5,310 7,004 r 5,484 5,175 6,789r 1,055 1,227 1,647 337 307 280 3,980 3,567 4,487r 4,586 112 74 375 -267 135 215 NOTES: 1 Monthly data for commercial banks based on Federal Reserve estimates bench marked to Call Report data on real estate loans outstanding as available. Other data derived from mortgage debt outstanding as reported separately by National Assn. of Mutual Savings Banks, Federal Home Loan Bank Board, Institute of Life Insurance and, through August 1968, the Federal National Mortgage Association, and thereafter by FNMA and the Government National Mortgage Association. Data for mutual savings banks and for Life Insurance companies may differ somewhat from those derived from regular quarterly series because of minor conceptual differences for which adjustments are not made in the monthly series. Altogether, these groups accounted for 83 per cent of the net increase estimated for all holders in 1974. Beginning January 1972 data reflect activity in limited amount of conventional mortgages. Table 13 NET INCREASE IN MORTGAGE DEBT OUTSTANDING 1 • IN BILLIONS OF DOLLARS, S E A S O N A L L Y A D J U S T E D A N N U A L R A T E S 2 3 RESIDENTIAL MULTFAMLY a COMMERCIAL FARM M 6 .6 5.2 5.2 6.0 11.0 9.8 9.8 12.3 2.0 2.0 1.7 1.3 , 5.5 5.5 8.2 8.6 5.6 6.8 8.3 7.6 11.1 12.3 16.5 16.1 0.9 1.0 1.4 1.4. 23.3 30.0 33.1 36.3 9.5 10.4 9.1 9.7 6 .6 8.9 11.7 11.5 16.1 19.3 20.8 21.2 2.5 2.5 2.7 2.8 50.6 53.6 56.7 65.7 39.4 40.7 46.0 49.5 11.2 12.9 10.7 16.2 16.6 15.6 14.7 20.4 27.8 28.6 25 .4 36.5 3.4 3.6 3.8 3.3 86.4 84.0 80.0 71.4 59.6 58.3 55.2 49.5 51.4 45.3 . 43.1 41.4 8.2 13.0 12.1 8.2 21.3 20.2 19.5 16.3 29.5 33.2 31.6 24.5 5.6 5.5 5.3 5.6 1974 - I II III IV 71.8 69.0 56.0 46.3 49.3 46.8 35.7 28.9 39.8 39.5 29.5 24.0 9.6 7.3 6.2 4.8 18.9 17.4 14.0 11.6 28.5 24.7 20.2 16.5 3.6 4.8 6.3 5.8 1975 - I II III IV 38.8 54.5 62.9 69.2 26.3 40.3 46.1 51.6 26.3 40.3 46.1 52.1 0.0 0.0 0.1 -0.5 7.2 9.4 12.5 14.1 7.2 9.3 12.5 13.6 5.3 4.8 4.3 3.5 1976 - I II r III r IV r 75.7 71.3 87.6 94.7 58.6 53.3 65.3 71.9 58.2 53.0 64.4. 70.4 0.5 0.2 0.8 1.5 11.1 12.4 14.5 14.1 11.6 12.6 15.3 15.6 6.0 5.6 7.9 8.7 TOTAL 1- to 4FAMILY MULTIFAMILY 34.1 30.8 28.2 29.6 25.5 23.6 21.4 22.3 21.2 19.0 16.8 16.0 4.4 4.5 4.6 6.3 1970 - I II III IV 23.3 26.9 34.1 37.1 16.7 19.2 24.5 28.1 11.2 13.6 16.2 19.5 1971 - I II III IV 41.8 51.4 56.6 60.3 32.8 40.0 42.2 46.0 1972 - I II III IV 70.6 72.9 75.2 89.3 1973 - I II III IV QUARTER TOTAL 1969 - I II III IV ' < COMMERCIAL NOTES: 1 Derived from data on mortgage debt outstanding from Federal Deposit insurance Corporation, Federal Home Loan Bank Board, Institute of Life Insurance, National Association of Mutual Savings Banks, Departments of Commerce and Agriculture, Federal National Mortgage Association, Federal Housing Administration, Veterans Administration and Comptroller of the Currency. Separation of nonfarm mortgage debt by type of property, where not available, and interpolations and extrapolations, where required, estimated mainly by Federal Reserve. 2 May differ somewhat from related flow of funds series mainly because of more aggregative type of seasonal adjustment. 3 Residential mortgage debt includes nonfarm only and is sum of 1 to 4 family and multifamily mortgage debt. 1 < ( 4 * # # # # # # # # # # # T a b l e 14 PRIVATE HOUSING PERMITS, S T A R T S , COMPLETIONS, AND MOBILE HOME SHIPMENTS IN THOUSANDS OF UNITS, SEASONALLY ADJUSTED ANNUAL RATES PERMITS 1 PERIOD COMPLETIONS STARTS 2-OR MORE FAMILY TOTAL 1—FAMILY 2-OR MORE FAMILY TOTAL MOBILE HOME 1 —FAMILY 2-OR MORE FAMILY SHIPMENTS TOTAL 1—FAMILY 1969 1970 1971 1972 1973 1974 1975 1976 1,324 1,352 1,925 2,219 1,820 1,074 939 1,281 626 647 906 1,033 882 644 676 895 698 705 1,018 1,186 937 431 264 386 1,407 1,434 2,052 2,357 2,045 1,388 1,160 1,538 811 813 1,151 1,309 1,132 888 892 1,162 656 621 901 1,048 914 450 268 376 1,399 1,418 1,706 1,972 2,014 1,692 1,297 1,362 808 802 1,014 1,143 1,174 932 867 1,026 592 617 692 828 840 760 430 336 413 401 497 576 567 329 216 250 1976 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1,147 1,165 1,188 1,082 1,158 1,150 1,215 1,296 1,504 1,492 1,590 1,514 851 863 882 803 807 829 870 874 926 998 1,072 1,053 296 302 306 279 351 321 345 422 578 494 518 461 1,259 1,476 1,426 1,385 1,435 1,494 1,413 1,530 1,768 1,715 1,706 1,889 973 1,216 1,124 1,071 1,091 1,122 1,129 1,172 1,254 1,269 1,236 1,324 286 260 302 314 344 372 284 358 514 446 470 565 1,213 1,299 1,399 1,266 1,360 1,373 1,307 1,401 1,387 1,326 1,399 1,435 926 953 1,032 986 934 1,052 1,038 1,094 1,017 989 1,068 1,074 287 346 367 280 426 321 269 307 370 337 331 361 260 281 244 238 246 231 221 242 248 263 247 248 1977 - J a n . Feb. Mar. Apr. 1,307 1,529 1,712 1,534 927 1,064 1,208 1,051 380 465 504 483 1,384 1,802 2,114 1,875 1,006 1,424 1,520 1,444 378 378 594 431 1,416 1,642 1,659 1,103 1,245 1,194 313 397 465 258 275 275 254 NOTES: Private building permits (for 14,000 areas with permit systems, excluding farm), starts, and completions are Census Bureau data. A dwelling unit is started when excavation begins. In the case of apartment buildings, all units are considered started at that time; however, all such units are considered completed when more than half of the units in the structure are ready for use. Private mobile home shipments are Mobile Home Manufacturers Association data converted to seasonally adjusted annual rate by Census Bureau. Digitized FRASER 1 for Permit data for 1969 and 1970 based on 13,000 areas with permit systems. H* kO T a b l e 15 AVERAGE RATES AND YIELDS ON HOME MORTGAGES CONVENTIONAL LOANS PRIMARY MARKET NEW HOMES HUD(FHA) INSURED LOANS SECONDARY MARKET EXISTING HOMES 1 PERIOD RATE (IN PER CENT) SPREAD (BASIS POINTS) SPREAD (BASIS POINTS) YIELD (IN PER CENT) SPREAD (BASIS POINTS) SPREAD BETWEEN RETURNS ON NEW A a a UTILITY 1 AND HUD(FHA) BOND DISCOUNT NEW HOME YIELD (PERCENTAGE MORTGAGES (IN PER CENT) POINTS) (BASIS POINTS) NEW HOMES 1 RATE (IN PER CENT) M O P AMUCKIT1IHKJNAL M A1 VUNVfcN 1975 - High Low 9.25 8.90 15 -70 9.30 8.95 20 -65 9.74 8.69 31 -91 6.2 2.4 21 -49 9.70 8.94 1976 - High Low 9.05 8.90 91 5 9.10 8.95 95 10 9.06 8.25 59 8 4.3 2.0 65 - 4 8.72 8.05 1976 - J a n . 9.05 9.00 8.95 8.90 9.00 9.05 9.05 9.05 9.00 9.00 8.95 8.90 39 42 42 32 5 35 33 58 77 71 90 n.a. 9.10 9.05 9.00 8.95 9.05 9.10 9.10 9.10 9.05 9.00 9.00 8.95 44 47 47 37 10 40 38 63 82 71 95 n.a. 9.06 9.04 n.a. 8.82 9.03 9.05 8.99 . 8.93 8.82 8.55 8.45 8.25 40 46 n.a. 24 8 35 27 46 59 26 40 n.a. 2.4 2.2 n.a. 2.5 4.1 4.2 3.8 3.3 2.5 4.3 3.6 2.0 - 1 - 4 n.a. 8 - 3 0 6 12 18 45 50 65 8.66 8.58 8.53 8.58 8.95 8.70 8.72 8.47 8.23 8.29 8.05 n.a. 8.80 8.80 8.85 8.90 58 52 63 59 8.85 8.85 8.90 8.95 63 57 68 64 40 30 27 33 8.22 8.28 8.22 8.31 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1977 - J a n . Feb. Mar. Apr. 8.40 8.50 8.58 8.57 18 22 36 26 3.2 3.9 4.6 4.5 NOTES: 1 Gross yield spread is average mortgage return before deducting servicing costs, minus average yield on new issues of high-grade utility bonds with 5-year call protection. Rates on conventional first mortgages (excluding additional fees and charges) are based on unweighted HUD (FHA) field office opinions on prevailing contract interest rates in the market areas of the insuring offices, rounded to the nearest 5 basis points. For secondary market data, weighted HUD office opinions on the average bid price for HUD (FHA) loans with minimum downpayment, prepaid in 15 years, for immediate delivery, are used. http://fraser.stlouisfed.org/ Federal*Reserve Bank of St. % Louis % * e m m e # 21 Table 16 FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS GOVERNMENT-UNDERWRITTEN DATE OF AUCTION AMOUNT (IN MILLIONS OF DOLLARS) OFFERED 1976 - High ACCEPTED 634 ( 5 / 1 7 ) 321 (5/17) Low AVERAGE YIELD CONVENTIONAL AMOUNT (IN MILLIONS OF DOLLARS) OFFERED 9.20 ( 6 / 1 ) 171 ( 9 / 7 ) 21 (12/27) 19 (12/27) 8 . 3 9 ( 1 2 / 2 7 ) 33 ( 1 / 2 6 ) 1976 - S e p t . 7 20 AVERAGE YIELD ACCEPTED 127 (11/15) 23 ( 2 / 2 3 ) 9.31 (6/1, 6/28) 8.90 (12/27) 121.9 99.1 68.8 49.1 8.92 8.84 170.6 151.1 117.8 107.6 9.13 9.09 Oct. 4 18 124.3 111.2 61.8 45.3 8.80 8.70 153.8 143.7 94.4 121.4 9.07 9.02 Nov. 1 15 30 215.3 218.9 59.9 73.2 114.2 33.7 8.67 8.68 8.63 141.7 140.9 70.7 112.2 126.5 58.2 9.00 9.0.0 8.99 Dec. 13 27 36.0 20.9 22.6 18.9 8.51 8.39 79.7 70.5 68.1 67.3 8.89 8.80 1977 - J a n . 10 24 385.7 361.7 285.8 263.3 8.46 8.49 184.2 142.6 132.5 105.8 8.81 8.83 Feb. 7 24 389.6 478.8 213.6 271.1 8.52 8.58 151.7 148.3 120.2 115.6 8.85 8.87 Mar. 7 21 703.3 434.9 324.9 287.1 8.66 8.70 206.4 167.5 153.2 114.9 8.90 8.92 Apr. 4 18 321.5 134.6 201.9 67.9 8.72 8.62 196.1 152.0 158.3 122.4 8.97 8.97 May 2 16 31 723.1 585.4 534.3 422.2 285.5 319.7 8.70 8.74 8.79 383.4 415.9 365.3 255.1 278.0 218.6 9.03 9.08 9.13 NOTES: Average secondary market y i e l d s a r e g r o s s b e f o r e deduction, of t h e f e e of 38 b a s i s p o i n t s paid f o r mortgage s e r v i c i n g . They r e f l e c t the a v e r a g e a c c e p t e d b i d y i e l d f o r home mortgages assuming a prepayment p e r i o d of 12' y e a r s f o r 3 0 - y e a r l o a n s , w i t h o u t s p e c i a l a d j u s t ment f o r F e d e r a l N a t i o n a l Mortgage A s s o c i a t i o n (FNMA) commitment f e e s and r e l a t e d s t o c k r e qFRASER u i r e m e n t s on 4-month commitments. Mortgage amounts o f f e r e d by b i d d e r s r e l a t e to t o t a l Digitized for e l i g i b l e bids received.
@FedFRASER