Full text of H.16 Capital Market Developments : March 16, 1981

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March 16, 1981

f ®

<•'

, , h UD,dU-

Capital
Market
Developments

f

1

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

L

Board of Governors of the Federal Reserve System
Washington, D C. 20551




CONTENTS
1. Yields, Volume and Reception: Corporate Bond Market
2. Yields, Volume and Reception: Municipal Bond Market
3. High Grade Bond Yields
4. Long-Term Corporate and State and Local Government Security Offerings and Placements
5. Treasury and Government-Sponsored Agency Marketable Coupon Offerings and Placements
6. New Corporate Security Issues by Type of Issue
7. New Corporate Security Issues by Type of Issuer
8. Public Offerings of Intermediate- and Long-Term Securities: Corporate
9. Public Offerings of Intermediate- and Long-Term Securities: State and Local
10. Public Offerings of Intermediate- and Long-Term Securities: U.S. Treasury
11. Public Offerings of Intermediate- and Long-Term Securities: Government-Sponsored Agencies
12. Forthcoming Public Offerings of Intermediate- and Long-Term Securities: Corporate
13. Forthcoming Public Offerings of Intermediate- and Long-Term Securities: State and Local
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.

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 t o Purchase Home Mortgages

25. Issues of Mortgage-Backed Securities

SYMBOLS
e
P
r
n.a.
— —

estimate
preliminary
revised
not available
data do not exist

SUBSCRIPTION RATES
Weekly $ 1 5 . 0 0 per year or $ . 4 0 each in the United States, its possessions, Canada, and Mexico; 10 or more of the same issue to one
address, $ 1 3 . 5 0 per year or $ . 3 5 each. Elsewhere, $ 2 0 . 0 0 per year or $ . 5 0 each. Address requests t o Publications Services, Division of
Support Services, and make payment remittance payable t o 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 A N D RECEPTION
Corporate Bond Market
Volume

Yields
Week ending

New issue
Aaa utility 1

Gross offerings-*
($ millions)

14.15
14.10
14.17
14.33
14.08

100
828
759
414
853

100
97
98
100
100

0
25
16
0
0

430
708
191
1,068

100
99
100
98

0
8
0
25

521
540

94
93

30
40

1981-Jan.

2
9
16
23
30

Feb.

6
13
20
27

14.90

14.30
14.58
14.57
14.85

6
13

14.55r
14.43p

14.53r
14.30p

Mar.

*

New issues in syndicate 4
($ millions)

Recently offered
Aaa utility 2

Percent sold by
end of week

mm

14.05
14.07
14.29
14.06

* *
«"» —

2. YIELDS, VOLUME A N D RECEPTION
Municipal Bond Market
Volume

Yields
Week ending

Moody's new
issue Aaa

Bond Buyer
G.O.bond
index

Bond Buyer
Rev. bond
index

Gross offerings
($ millions)

Percent sold by
end of w e e k 3

New issues in
syndicate 4
($ millions)

1981-Jan.

2
9
16
23
30

9.00
8.80
8.80
9.00
9.30

9.76
9.49
9.57
9.68
9.91

10.81
10.41
10.34
10.72
11.07

287
419
423
518
859

98
71
94
94
93

23
127
56
65
69

Feb.

6
13
20
27

9.30
9.40
9.50
9.65

9.90
9.99
10.22
10.27

10.84
11.06
11.06
11.07

391
715
498
824

87
94
80
90

61
70
129
120

Mar.

6
13

9.80
9.80

10.40
10.34

11.10
11.03

585
976

82

153

97

80

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 Aaa-rated utility bond with 5-year call protection, released from price restrictions sometime
during the last four weeks.
3 Estimated by F.R. on the basis of available data.
4 Corporate Market: Salomon Brothers Bond Market Roundup; Municipal Market: Weekly Bond Buyer. Data are adjusted by Federal Reserve when
necessary to make coverage of this series consistent with the gross offerings series.




3. HIGH GRADE BOND YIELDS
New issue
Aaa utility 1

Date

1978-High

Recently offered
Aaa u t i l i t y 2

9.30(11/10) 9.54(12/22)
8.61(3/24)
8.48(1/6)

Low

1979-High

11.51(11/12) 11.45(11/9)
9.40(8/17)
9.39(6/29)

Low

1980-High

Moody's
seasoned
corporate A a a 3

9.27(12/29)
8.30(1/6)

U.S. govt.
20-year constant
maturity4

9.00(12/22)
8.01(1/6)

10.87(12/28) 10.56(11/9)
9.16(7/6)
8.79(7/6)

Bond Buyer
G O. bond
index5

6.67(12/22)
5.58(3/17)
7.38(10.26)
6.08(7/6)

Bond Buyer
Rev. bond
index 6

- -

8.24(11/23)
7.23(9/21)

1 4 . 5 1 ( 1 2 / 1 2 ) 15.03(12/12) 13.49(12/19) 1 2 . 8 6 ( 1 2 / 1 2 ) 1 0 . 5 6 ( 1 2 / 1 9 ) 11.41 (12/19)
10.53(6/20) 10.79(6/20)
10.34(6/20)
9.59(6/20)
7.11(5/9)
8.15(5/8)

Low

1981-High

14.90(2/27)
14.05(1/9)

14.85(2/27)
14.08(1/30)

1980-Jan.
Feb.
Mar.

11.73
13.57
14.00

11.77
13.35
13.90

11.09
12.38
12.96

10.65
12.21
12.49

7.35
8.16
9.17

8.21
8.91
9.95

Apr.
May
June

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.

14.12
14.90

14.17
14.58

12.81
13.35

12.29
12.98

9.66
10.10

10.64
11.01

14.15
14.10
14.17
14.33
14.08

12.83
12.59
12.76
12.91
12.98

12.05
11.98
12.27
12.48
12.48

9.76
9.49
9.57
9.68
9.91

10.81
10.41
10.34
10.72
11.07

13.07
13.41
13.51
13.45

12.72
13.15
12.97
13.10

9.90
9.99
10.22
10.27

10.84
11.06
11.06
11.07

13.61r
13.35p

13.21r
12.91p

10.40
10.34

11.10
11.03

Low

Nov.

1981-Jan.

2
9
16
23
30

Feb.

Mar.

— —

14.05
14.07
14.29
14.06

6
13
20
27

14.90

14.30
14.58
14.57
14.85

6
13

14.55r
14.43p

14.53r
14.30p

1
2

wm •

— —

13.61(3/6)
12.59(1/9)

13.21(3/6)
11.98(1/9)

10.40(3/6)
9.49(1/9)

11.10(3/6)
10.34(1/16)

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.
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 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.
6 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.




5
4. LONG-TERM CORPORATE A N D STATE A N D LOCAL GOVERNMENT SECURITY O F F E R I N G S A N D PLACEMENTS
Gross proceeds, millions of dollars
Corporate

Period

1979 r

State and Local

1

1981

1980

5,350e
4,200e

1980

1981

2,840
2,603
4,644

3,057
2,400
2,430

2,700e
2,300e

3,770
3,165
4,354

6,190
4,427
4,454

4,692
4,160
6,238

5,677
9,074
9,645

3,444
3,042
4,724

4,946
4,708
6,061

August
September

4,103
4,211
4,593

8,026
5,437
5,025

3,396
4,256
2,472

4,900
3,799
4,246

October
November
December

4,601
3,868
3,778

5,728
3,827
5,376

4,217
4,160
3,567

4,408
2,900
3,400e

51,533

72,886

43,365

47,255e

January
February
March
April
May
June
July

Year

2

1979

1 Securities and Exchange Commission estimates of gross proceeds.
2 Public Securities Association estimates of principal amounts.

5. TREASURY A N D GOVERNMENT-SPONSORED AGENCY BORROWING
Millions of dollars

Period

e

e *

Other

Decrease(+)/ Sponsored
agency
increase*—)
borrow! ng4
in cash
operating
balance

or
surplus!—I1

Total 3

-1978
-1979

52,870
41,397

53,683
37,360

706
10,899

31,777
28,041

22,644
-397

-1,431
-1,402

3,206
1,115

-4,019
366

23,509
23,631

1980——Jan.
Feb.
Mar.

5,170
10,458
15,350

5,201
2,066
11,802

2,878
1,900
13,358

2,050
3,307
3,517

278
-3,169
-5,066

-27
-40
-19

647
2,478
1,013

—678
5,914
2,535

2,261
1,542
4,764

Apr. - 8 , 0 3 7
16,318
May
June - 1 1 , 9 6 3

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 16,384
8,347
Aug.
Sept. - 4 , 4 3 4

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

17,146
10,698
7,869

4,758
9,231

2,477
6,412

2,422
3,219

-63
-315

-23
-30

4,076
-3,985

8 ,312
5,452

5,116
412

CYl/
CY

e

Combined
deficit(+)

Federal Government
Means of financing combined deficit
Net cash borrowing from the public2
Public debt securities
Gov't,
agency
NonCoupons
Bills
securities
marketable

Oct.
Nov.
Dec.

1 U.S. unified budget deficit or surplus plus off-budget entities deficit or surplus.
2 Change in outstanding amount of public debt securities and government agency securities less change in holdings of those securities by government
accounts.
3 Also includes changes in matured and noninterest-bearing public debt.
^
4 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.
5 CY= Calendar Year




6. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE

Gross proceeds, millions of dollars
Bonds
Period

Total

Privately
placed
17,943
17,057
14,394
10,978

Common and
preferred
stocks
11,777
10,358
11,325
20,363

Memo
Issues included
Convertible
Foreign
863
1,340
418
1,349
1,008
2,229
4,685
n.a.

1977
1978
1979 r
1980

53,792
47,230
51,533
72,886

Publicly
offered
24,072
19,815
25,814
41,545

1980-QI
QII
QUI
QIV

15,071
24,395
18,488
14,931

5,861
18,186
11,618
5,880

4,624
2,213
2,163
1,978

4,586
3,997
4,707
7,073

169
529
631
n.a.

908
967
1,510
1,300

8,026
5,437
5,025

5,354
3,843
2,421

1,298
370
495

1,374
1,224
2,109

100
191
340

208
805
497

5,728
3,827
5,376

2,756
1,405
1,719

519
650
809

2,453
1,772
2,848

348
12
n.a.

687
398
215

1980-July
Aug.
Sept.
Oct.
Nov.
Dec.

7. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUER

Gross proceeds, millions of dollars
Manufacturing
Period
13,393
1977
10,813
1978
11,357
197?r
20,048
1980

Public utility
14,127
12,232
13,324
15,734

Communications
4,522
3,640
4,522
7,225

Other issuers1
21,827
20,549
22,332
29,877

1980-QI
QII
QUI
QIV

3,950
6,896
5,925
3,277

4,864
4,151
3,701
3,018

1,324
2,182
1,936
1,783

4,932
11,169
6,924
6,852

1980—July
Aug.
Sept.

3,032
1,838
1,055

1,065
1,434
1,202

787
626
523

3,141
1,539
2,244

1,462
506
1,309

1,280
792
946

858
276
649

2,128
2,254
2,470

Oct.
Nov.
Dec.

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.




#

7
8. PUBLIC O F F E R I N G S OF INTERMEDIATE- A N D LONG-TERM SECURITIES: C O R P O R A T E 1

Issuer
Burlington Northern, Inc.
P a c i f i c Power & L i g h t Co.
U n i t e d T e c h n o l o g i e s Corp.
Public Service E l e c t r i c &
Gas Co.
D a t a p r o d u c t s Corp.
TransWorld A i r l i n e s , I n c .
Amarex, I n c .
Fisher S c i e n t i f i c Inc.
F l o r i d a Power & L i g h t Co.
C e l a n e s e Corp.
Union Carbide Corp.
Houston I n d u s t r i e s I n c .
Paradyne Corp.
Cetus Corp.
A t l a n t i c R i c h f i e l d Co.
Niagara Mohawk Power Corp.
Martin M a r i e t t a Corp.
Georgia Power Co.

*
1

Date

Type

3/3
3/3
3/3

Equip. t r .
1 s t . mtg.
Com, s t k .

3/3
3/3
3/3
3/3
3/4
3/4
3/6
3/6
3/6
3/6
3/6
3/10
3/10
3/10
3/11

Pfd. stk.
Com. s t k .
Com. s t k .
Com. s t k .
Conv d e b t .
1 s t . mtg.
Conv, d e b t .
Conv, d e b t .
Com. s t k .
Com. s t k .
Com. s t k .
Debt.
1 s t . mtg.
Debt.
1 s t . mtg.

Amount
(millions
of dollars)
26.3

100.0

Maturity

Coupon
rate

Offering Moody's/S&P's
yield
ratings

1982-96
1991

14.25
15.63

14.90
15.70

Aa/AA
Baa/BBB

13.44

13.44

A/A+

8.50
15.88
9.75

8.50
15.88
9.75

Ba/BB+
A/A+
Baa/BBB
A/A

13.73
15.00
13.25

Aaa/AA+
A/AA/AABaa/BBB+

268.1
50.0
33.0
50.6
31.0
25.0
125.0
100.0
150.0
75.8
31.6
115.0
250.0
50.0
175.0

100.0

2006
2011
2006
2006

2011
1991

2011
2011

10.00

13.63
15.03
7.00
16.13

10.00

16.20

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 INTERMEDIATE- A N D LONG-TERM SECURITIES: S T A T E A N D L O C A L 1

Issuer
J a c k s o n v i l l e E l e c t . A u t h . , FL
New J e r s e y , S t a t e o f
San A n t o n i o , TX
M i s s o u r i E n v i r o n . Improv.
Auth.
S e b r i n g U t i l . Comm., FL
S e b r i n g U t i l . Comm., FL
S e b r i n g U t i l . Comm., FL
S e b r i n g U t i l . Comm., FL
New York C i t y Hsg. D e v e l .
Corp.
Montgomery C o . , MD
F l o r i d a S t a t e Board o f Ed.
A l l e g h e n y Co. I n d u s . Dev.
A u t h . , PA
F a r m i n g t o n , N.M.
L o u i s i a n a Pub. F a c . Auth.
L o u i s i a n a Pub. F a c . Auth.
San B e r n a r d i n o , CA
San B e r n a r d i n o , CA
P u e r t o R i c o T e l e p h o n e Auth.
P u e r t o R i c o T e l e p h o n e Auth.
P u e r t o R i c o T e l e p h o n e Auth.
H i l l s b o r o u g h Co. A v i a t i o n
A u t h . , FL

Date

Type2

Amount
(millions
of $)

Maturity

Net
interest
cost

Moody's/S&P's
ratings

3/3
3/3
3/5

Rev.
G.O.
Rev.

80.0
150.0
75.0

1983
1983-2001
1982-2001

n.a.
9.28
9.96

9.00
MIG-1
7 . 4 0 - 9 . 8 5 Aaa/AAA
7 . 2 5 - 1 0 . 4 0 Aa/AA

3/6
3/6
3/6
3/6
3/6

Rev.
Rev.
Rev.
Rev.
Rev.

36.0
8.5
14.4
51.5
18.3

1984
1981-1992
1999
2009
2011

n.a.
n.a.
n.a.
n.a.
n.a.

9.00
8.25-10.50
11.25
11.00
11.45

3/6
3/10
3/10

Rev.
G.O.
G.O.

47.0
70.0
110.0

1984
1982-1996
1982-2011

n.a.
8.91
10.26

3/11
3/11
3/11
3/11
3/12
3/12
3/12
3/12
3/12

Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.

50.0
92.5
3.9
196.1
4.8
22.7
5.0
62.5
7.5

2011
1984
1982-1985
2013
1982-1996
2011
2002
2011
2012

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

12.00
8.22
7.75-8.50
9.20
7.75-10.50
11.50
11.00
11.25
11.15

Baa/BBB
Aaa/AAA
Aa/AA
Aa/AA
Al/A
Al/A
A/A
A/A
A/A

3/12

Rev.

80.3

1984-2011

n.a.

8.00-

A/-

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.




Offering
yield

A/A+
A/BBB
A/BBB
A/BBB
A/BBB

8.50
MIG-1
7 . 2 0 - 9 . 4 5 Aaa/AAA
7 . 3 0 - 1 0 . 3 8 Aa/AA

10. PUBLIC OFFERINGS OF INTERMEDIATE- A N D LONG-TERM SECURITIES: U.S. T R E A S U R Y
Notes and Bonds

Offering
date

Payment
date

Length

Maturity
date

Coupon Auction
average
rate
(percent) (percent)

A m o u n t (millions of dollars)
Net proceeds

Gross proceeds
Total

Private 1

Total

Private 1 .2

Memo:
Foreign
add-ons 3

1980
Nov. 5
6
7
25

11/17
11/17
11/17
12/1

3 - y r 6-mc 5 / 1 5 / 8 4
13-1/4
10-yr
13
11/15/90
30-yr
11/15/05-10 12-3/4
2-yr
11/30/82
13-7/8

13.31
13.07
12.81
13.99

4,315
2,663
2,160
4,966

3,815
2,443
2,001
4,601

Dec. 3
16
18
30

12/8
12/31
12/31
1/5

5 - y r 2-mc 2 / 1 5 / 8 6
2-yr
12/31/8.2
4-yr
12/31/84
7-yr
1/15/88

13-1/2
15-1/8
14
12-3/8

13.52 3,188
15.15
|s,575
14.03
12.49 2,710

6
21

1/12
2/2

2 0 - y r 1-mi ) 2 / 1 5 / 0 1
2-yr
1/31/83

11-3/4 11.82
13-5/8 13.69

1,501
4,964p

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

13-1/4
13
12-3/4
13-7/8
13-3/4

4,502
1
2,900
>8,502p
)
2,575
5,180p 4,754
3,254p 3,254p

I

0
190
0
0

2,815

2,815

1,771

1,771

3,188

3,188

3,188

7,973

2,337

2,337

2,710

2,710

2,710

170
0
63
0

1,501
4,503p

1,501
l,818p

1,501
l,818p

0
125

3,339p

3,339p

2,293p
3,254p

2,293p
3,254p

,1

1981
Jan.

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

13.37
12.89
12.68
13.97
13.79

1 Excludes amounts sold to Government investment accounts and the Federal Reserve. Also excludes add-ons to foreign accounts.
2 May be larger than the total if the Government accounts and/or the Federal Reserve do not fully roll-over their maturing holdings.
3 Additional amounts of securities issued to foreign and international monetary authorities at the average auction price for new cash.




0
130
0
186
195

11. 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 : G O V E R N M E N T S P O N S O R E D A G E N C I E S
Offering Payment
date
date

issuer

Length

Maturity
date

Yield
(percent)

A m o u n t (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£4/80 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
FHLB
FHLMC
FNMA

-

Federal
Federal
Federal
Federal

3-mo
6-mo

Farm Credit Banks
Home Loan Banks
Home Loan Mortgage Corporation
National Mortgage Association




11

As of March 13, 1981
12. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- A N D LONG-TERM SECURITIES: CORPORATE
Type

Issuer

Amount
(millions of dollars)

1

Approximate date
of offering

600.0

Notes
Equip, t r .
1 s t . mtg.
Debt.,
Debt.
Notes
Debt.
Notes
Notes
Pfd. s t k .
Debt.
Notes
Notes
1 s t . mtg.
Com. s t k .
Pfd. s t k .
Pfd. s t k .
Pfd. s t k .
Pfd. s t k .
Pfd. s t k .
Notes
Equip, t r .
Notes
Debt.
Conv. d e b t .
Conv. d e b t .
Notes
Com. s t k .
1 s t . mtg.
1 s t . mtg.
1 s t . mtg.
1 s t . mtg.
Bonds
Debt.

75.0
75.0
45.0
103.0
40.0
200.0

Mar. 17
Mar. 17
Mar. 18
Mar. 19
Mar. 19
Mar. 19
Mar. 19
Mar. 19
Mar. 19
Mar. 19
Mar. 25
Mar. 25
Mar. 25
Mar. 30
Mar. 31
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Apr.
2
Apr.
7
Apr. 14
Apr. 22
Apr. 23
Apr.
Indef.

OTHER
Denmark, Kingdom o f
Hitachi Ltd.
O s l o Norway
U n i t e d Mexican S t a t e s

Notes
Conv. d e b t .
Bonds
Bonds

100.0
100.0
100.0
500.0

Mar. 19
Mar. 25
Indef.
Indef.

CANCELLED
M a r t i n M a r i e t t a Corp.

Notes

50.0

Mar. 12

^American T e l . & T e l . Corp.
*Union P a c i f i c R.R. Co.
Indiana & M i c h i g a n E l e c . Co.
^Northwest I n d u s t r i e s I n c .
*Transamerica F i n a n c i a l Corp.
* G e n 1 1 . T e l . Co. of C a l i f .
* G e n f l . T e l . Co. o f C a l i f .
M a n u f a c t u r e r s Hanover Corp.
Montgomery Ward C r e d i t Corp.
P a c i f i c Gas & E l e c t r i c Co.
P a c i f i c T e l . & T e l . Co.
P a c i f i c T e l . & T e l . Co.
Greyhound L e a s i n g & F i n . Corp.
S o u t h w e s t e r n Power Co.
Texas U t i l i t i e s Co.
Chemical NY C o r p o r a t i o n
New England Power Co.
A p p a l a c h i a n Power Co.
D e t r o i t E d i s o n Co.
New York S t a t e E l e c . & Gas Corp.
A s s o c i a t e s F i r s t C a p i t a l Corp.
General American T r a n s p . Corp.
General E l e c t r i c C r e d i t Corp.
General E l e c t r i c C r e d i t Corp.
A s s o c i a t e s Corp. of N. America
*Nucorp Energy I n c .
Avco F i n a n c i a l S e r v i c e s I n c .
Kansas C i t y Gas & E l e c t r i c Co.
^Northern S t a t e s Power Co.
^ L o u i s i a n a Power & L i g h t Co.
^ C e n t r a l Main Power Co.
^Alabama Power Co.
PHM C r e d i t Corp.
Union Carbide Corp.

25.5
120.0
100.0
175.0
50.0
100.0
100.0
50.0

125.0
150.0
150.0
75.0

60.0

80.0
100.0
50.0
40.0
25.0
30.0
200.0
75.0
150.0
100.0
100.0
40.0
100.0

28.0

* 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.




12

As of March 1 3 , 1981

13. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- A N D LONG-TERM SECURITIES: STATE A N D LOCAL 1
Issuer

Burbank Redev. A g c y . , CA
Brevard Co. HEFA, FL
*North S l o p e Borough, AK
J a c k s o n C o . , OR
^Washington P u b l i c Power Supply S y s t .
Mecklenburg C o . , N.C.
South C a r o l i n a , S t a t e o f
*New York S t a t e Dorm. Auth.
South L o u i s i a n a P o r t Comm.
^Memphis, TN
* S a l t R i v e r P r o j . Agr. C u l t u r a l Improv. &
Power D i s t . , AZ
^Massachusetts, S t a t e of
P l a t t e R i v e r Power A u t h . , CO
^ I l l i n o i s H e a l t h F a c . Auth.
N o r t h C a r o l i n a Muni. Power Agcy.
Oregon, S t a t e of
*New Hampshire, S t a t e o f
^Northern M u n i c i p a l Power A g c y . , MN
S h e l b y Co. H e a l t h & Ed. F a c . B d . , TN
POSTPONED
Kentucky Turnpike Auth.
J e f f e r s o n P a r i s h Sch. Board, LA

1

Type

Rev.
Rev.
G • 0.
G.O.
Rev.
G.O.
G.O.
Rev.
Rev.
G.O. & Rev.

50.0
45.6
75.0
35.0

Approximate date
of offering

45.0
65.9
85.9
25.0
35.0

Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.

17
17
17
17
17
17
17
17
18
24

Rev.
G.O.
Rev.
Rev.
Rev.
G.O.
G.O.
Rev.
Rev.

75.0
125.0
125.0
29.0
100.0
250.0
87.3
275.0
91.4

Mar.
Mar.
Mar.
Mar.
Apr.
Apr.
Apr.
Apr.
Apr.

25
25
26
27
2
7
8
9
17

Rev.
G.O.

150.0
45.0

Mar.
6
Mar. 11

Included in table for first time.
Includes state and local government issues of $25 million and over; excludes secondary offerings.




Amount
(millions of dollars)

200.0

13
14. STOCK PRICES 1
NYSE I n d e x 3

Date

NASDAQ5

AMEX4

DJ Industrials

1978-High
Low

60.38 (9/12)
48.37 (3/6)

907.74 (9/8)
742.12 (2/28)

176.87 (9/15)
119.73 (1/11)

139.25 (9/13)
99.09 (1/11)

1979-High
Low

63.39 (10/5)
53.88 (2/27)

897.61 (10/5)
796.67 (11/8)

247.07 (12/31)
152.03 (1/2)

152.29 (10/5)
117.84 (1/2)

1980-High
Low

81.02 (11/28)
55.30 (3/27)

1000.17 (11/20)
759.13 (4/21)

370.75 (11/29)
215.69 (3/27)

208.15 (11/28)
124.09 (3/27)

1981-High
Low

79.14 (1/6)
72.45 (2/20)

1004.69 (1/6)
931.57 (2/13)

357.27 (1/5)
330.34 (2/20)

204.17 (1/5)
192.29 (2/20)

1981-Feb.

Mar.

6
13
20
27

74.83
72.80
72.45
75.13

952.30
931.57
936.09
974.58

347.43
339.31
330.34
338.94

197.87
193.89
192.29
198.01

6
13

74.46
76.32

964.62
985.77

336.66
344.41

199.89
202.17

15. TRADING VOLUME 2
NASDAQ

AM EX

NYSE

Date

1978-High
Low

66.4
7.6

(8/3)
(1/2)

11.0 (10/30)
1.3 (1/20)

18.8
2.8

(5/18)
(1/20)

1979-High
Low

81.6
18.0

(10/10)
(1/2)

13.2 (10/10)
2.2 (1/22)

25.8
7.2

(12/17)
(1/2)

1. 8 0 - Hig h
Low

84.1 (11/5)
16.1 (12/26)

15.0
2.5

(1/15)
(4/14)

60.4
10.7

(11/19)
(4/14)

1981-High
Low

92.9
28.9

15.8 (1/7)
3.6 (2/13)

53.2
19.7

(1/7)
(1/2)

(1/7)
(1/2)

1981-Feb.

6
13
20
27

45.2
37.0
40.5
48.6

5.2
4.3
4.8
5.0

30.9
29.5
28.0
26.6

Mar.

6
13

46.6r
51.2

4.9r
5.1

29.4r
31.0

1 Figures other than highs and lows are Friday figures only.
2 Volume figures are weekly averages of daily figures (millions of shares). Highs and lows refer to single days.
3 12/31/65 = 50
4 8/31/73 = 100
5 2/5/71 - 100




14
16. SECURITY CREDIT?
Outstanding, dollar amounts in millions

End of period

Margin credit extended
by brokers on:
Marginable
stock

Convertible
bonds

Number of
margin accounts
(thousands)

Percent of debt
in accounts with
4 0 percent or more
customer equity

1976

7,960

204

810

88

1977

9,740

250

887

81

1978

10,830

205

955

67

1979

11,450

164

995

84

1979 - J a n .
Mar.

10,750
10,790
10,870

199
195
181

950
950
965

79
71
79

Apr.
May
June

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.

11,310
10,920
11,450

173
161
167

985
1,000
1,020

73
83
84

165
175
171

1,035
1,065
1,075

87

Mar.

11,820
12,460
11,740

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

Oct.

211
220
219

1,120
1,155
1,180

87
87

Dec.

13,080
14,140
14,500

86

1981 - J a n .

14,020

221

1,185

80

Feb.

Nov.

Dec.
1980 — J a n .
Feb.

Nov.

1 Margin account debt as reported by the New York Stock Exchange.




84
54

89
87

15
17. SAVINGS FLOWS AT SELECTED NONBANK THRIFT INSTITUTIONS
Millions of dollars
Mutual Savings Banks
(regular deposits) 1

#

Net f l o w

Date

N.S.A.

e .

e

#

#

*

Net f l o w

Annual
growth
rate 3

N.S.A.

Sea. adj.

Memo:
Net New Money 2

Total

Annual
growth
• rate 3

Net
flow
(sea. adj.)

Annual
growth
rate 3

At
insured
S&L's

At
MSB's

1976

12,670

11.6

50,169

17.5

62,854

15.9

34,369

5,283

1977

10,783

8.7

50,388

15.0

60,982

13.3

32,004

2,874

1978

8,426

6.3

44,153

11.3

52,292

10.1

23,460

-591

1979

4,000

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

-

-

-

-

-337
-92
520

49
435
232

-0.4
4 0
1.9

2,006
1,199
4,744

2,906
3,487
2,444

7.7
9.2
6.4

2,854
3,972
2,676

5.9
8.0
5.1

1,455
717
-198

-733
-504
-1,072

Oct.
Nov.
Dec.

-983
-325
1,006

-697
93
183

-5.8
-0.8
1.5

1,855
1,153
4,505

3,243
3,498
2,166

8.4
9.0
5.6

2,546
3,405
2,349

5.0
7.0
4.6

1,314
732
-700

-1,421
-765
-987

1930-Jan.
Feb.
Mar.

-927
141
930

-505
168
-222

-5.0
1.4
-1.9

2,059
1,622
4,390

2,080
2,514
-336

5.3
6.6
-0.8

1,475
2,782
-558

2.9
5.4
-1.1

1,167
1,079
-696

-1,436
-543
-679

Apr.
May
June

-449
881
1,770

402
1,106
1,200

3.4
9.2
9.9

325
3,011
5,269

3,391
4,056
2,762

8.6
10.2
6.9

3,793
5,162
3,962

7.'+
10.0
7.6

-817
1,785
-169

-1,024
242
-176

July
Aug.
Sept.

992
610
1,377

1,339
1,228
971

11.0
10.0
7.8

2,216
2,507
5,588

3,089
4,574
3,216

7.6
11.2
7.8

4,428
5,802
4,787

8.4
11.0
7.8

961
1,285
6

246
1
-460

Oct.
Nov.
Dec.

402
312
1,341

713
605
485

5.7
4.8
3.9

3,870
2,507
7,591

5,442
5,116
4,936

13.2
12.2
11.7

6,155
5,721
5,421

11.4
10.5
9.9

2,550
1,461
2,055

-169
-227
-606

-450

-129

-1.0

1,899

1,978

4.6

1,849

3.3

547

-1,000

1979-July
Aug.
Sept.

#

Sea. adj.

Savings and Loan Associations

1981-Jan.F

# *

#
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 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.




18. MORTGAGE COMMITMENTS OUTSTANDING AT SELECTED INSTITUTIONS
Billions of dollars, seasonally adjusted
Federal and Related Agencies

Thrift Institutions
End of Period

Total

All savings
and loan
associations

Mutual
savings banks
(N.Y. state)

Total

FNMA

GNMA

FHLMC

1978

37.5

32.7

4.8

16.5

9.9

4.8

1.8

1979

31.5

28.1

3.4

12.6

6.9

4.7

1.0

1980

27.1

25.0

2.5

10.3

4.6

5.0

.9

1979-Jan.
Feb.

37.0
36.5
36.0

32.2
31.8
31.4

4.8
4.7
4.6

15.4
14.1
13.0

8.9
7.7
6.7

4.8
4.8
4.8

1.7
1.6
1.5

36.2
35.8
35.7

31.7
31.7
31.5

4.5
4.1
4.2

12.6
12.0
11.7

6.4
6.0
5.6

4.8
4.7
4.8

1.4
1.3
1.3

Aug.
Sept.

35.7
35.9
36.7

31.7
32.0
32.7

4.0
3.9
4.0

11.6
11.2
12.2

5.5
5.5
6.8

4.8
4.4
4.2

1.3
1.3
1.3

Oct.
Nov.
Dec.

35.9
33.0
31.5

32.3
29.4
28.1

3.6
3.6
3.4

14.1
13.5
12.6

8.2
7.7
6.9

4.6
4.7
4.7

1.3
1.1
1.0

1980-Jan.
Feb.
Mar.

30.7
29.9
26.5

27.5
27.1
24.0

3.2
2.8
2.5

11.9
11.2
10.5

6.2
5.7
5.2.

4.7
4.5
4.7

1.0
1.0
0.8

Apr.

22.8
21.1
22.4

20.7
19.3
20.7

2.1
1.8
1.7

9.2
9.3
10.3

4.2
3.5
3.6

4.4
5.0
5.7

0.6
0.8
1.0

26.0
28.4
29.9

23.7
26.7
28.0

1.8
1.8
1.9

10.6
10.6
10.1

3.9
4.4
4.4

5.5
5.1
4.8

1.2
1.1
0.9

Dec.

29.5
29.5
28.7

27.7
27.8
27.1

1.8
1.7
1.6

10.4
10.3
9.3

4.9
4.4
3.5

4.8
5.2
5.2

0.7
0.7
0.6

1981-Jan.

28.3

26.8

1.5

10.3

3.3

6.3

0.7

Mar.
Apr.
May

June
July

May
June
July
Aug.
Sept.
Oct.
Nov.

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.




.1.7
19. N E T NEW MONEY B O R R O W I N G S BY MAJOR HOUSING CREDIT AGENCIES

Millions of dollars

•

#.

#

e

#

#

#

Intermediate- and long-term issues

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
-128

0
0
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
-300

-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
0

698
338
1,225

1980-Jan.
Feb.
Mar.

328
927
3,580

-2
10
1,780

0
-350
1,400

-2
160
-120

0
200
500

330
917
1,800

Apr.
May
June

2,205
1,366
-929

1,499
2,649
1,000

1,000
900
0

-1
-1
0

500
1,750
1,000

706
-1,283
-1,929

July
Aug.
Sept.

-979
-458
1,325

442
1,200
253

0
200
1,000

-8
0
-97

450
1,000
-650

-1,421
-1,658
1,072

Oct.
Nov.
Dec.

3,607
313
3,390

1,300
900

1,600
150

0
0

-300
750

2,307
-587

250

700

0

-450

3,140

Period

# »

e

Based on data from Treasury Survey of Ownership.




FHLMC

FNMA

18
20. NET CHANGE IN MORTGAGE HOLDINGS AT SELECTED INSTITUTIONS
Millions of dollars, seasonally adjusted
Major private financial institutions
Period

Total

Total

Commercial
banks

MSB's

S&L's

Life insur.
companies

FNMA
and
GNMA

Mortgag e pools
FHLMC

FHLMCGNMAguaranteed guaranteed

1978

126,411 103,221 35,376

6,314

52,153

'9,378

8,735

-233

9,389

5,275

1979

122,121

88,877 31,504

3,886

43,064

12,607

8,147

973

20,854

3,270

1980

87,021

59,418 18,574

516

27,826

12,318

7,262

1,127

17,479

1,754

1979
Apr.
May
June

8,276
11,033
10,814

5,940
8,349
8,400

2,487
2,328
2,753

204
388
373

3,998
4,654
4,253

848
979
1,021

489
745
530

-3
19
-25

1,542
1,505
1,625

308
415
284

July
Aug.
Sept.

10,277
10,520
10,612

8,267
7,446
7,731

2,809
2,636
2,953

384
297
276

3,919
3,380
3,375

1,155
1,133
1,127

35
524
284

62
114
144

1,608
2,122
2,161

304
314
293

Oct.

11,581
10,297
8,549

8,501
6,818
4,996

2,844
2,594
2,521

248
265
21

3,808
2,827
1,469

1,601
1,132
985

764
866
903

-71
202
34

2,002
2,393
2,338

385
18
277

Jan.
Feb.
Mar.

9,962
8,537
7,423

6,234
6,484
5,077

2,474
2,402
1,826

197
290
6

2,126
2,557
1,828

1,437
1,235
1,405

1,182
631
1,286

68
144
29

2,374
1,198
834

104
80
199

Apr.
May
June

6,339
3,266
1,876

2,884
1,369
474

890
526
50

-49
148
—168

857
-438
-236

1,187
1,133
802

1,155
584
193

154
-130
30

2,006
1,205
1,084

140
238
189

July
Aug.
Sept.

6,348
7,773
7,906

4,011
5,651
6,175

1,886
1,123
1,115

-115
-113
-10

1,767
3,587
4,442

1,116
1,054
588

196
—8
-94

45
192
214

1,570
1,758
1,342

338
187
269

Oct.

11,053
7,968
8,570

8,304
6,609
6,146

2,750
2,090
2,135

180
117
33

4,511
3,631
3,101

863
771
727

689
542
906

115
50
216

1,881
873
1,354

64
-106
-52

1,365

n.a.

2,877

n.a.

n.a,

—48

1,114

107

Nov.

Dec.
1980

Nov.

Dec.
1981
Jan.

n. a >

n•a•

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 89 percent of the net increase estimated for all holders in 1978.




21. NET CHANGE IN M O R T G A G E DEBT O U T S T A N D I N G , BY TYPE OF PROPERTY 1

Billions of dollars, seasonally adjusted annual rates
Quarter

1

Total

Total

Residential
1 - to 4family

Multifamily

Commercial

Multifamily
and
commercial

Farm

1976-Ql
Q2
Q3
Q4

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

1977-Ql
Q2
Q3
Q4

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

1978-Ql
Q2
Q3
Q4

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-Q1
Q2
03
04

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-Q1
02
Q3
04

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
9.9
11.2

29.7
16.0
20.7
21.6

38.0
22.8
30.6
32.9

17.1
14.0
10.5
14.4

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.




20
2 2 . A V E R A G E R A T E S A N D Y I E L D S ON HOME M O R T G A G E S A N D PASS-THROUGH S E C U R I T I E S
Secondary market

Primary market

F H A / V A mortgages
Rates o n
conventional
loans at
S&L's

Period

Yield in
FNMA
auction

Period

Discount
points
in F N M A
auction

Ceiling
rate

Conventional mortgages
Yield o n
GNMA
securities

Yield in
FNMA
auction

Yield in
FHLMC
auction

1978-High
Low

10.38
8.98

1978-High
Low

10.60
9.13

7.13
1.88

9-1/2
8-1/2

9.68
8.43

10.92
9.28

10.42
9.12

1979-High
Low

12.90
10.38

1979-High
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-High
Low

15.9.3
12.28

15.40
.93

14
11-1/2

14.17
10.73

17,51
12,81

16,22
11,60

12
12

12.48
12.57

14.19

12
12
13
13

12.59
12.74
12.93
13.35

13
13
13
13
13

12.70
12.59
12.98
13.35
13.42

13
13
13-1/2
13-1/2

13.61
13.67
13.57
13.75

15.25

13-1/2
13-1/2
13-1/2
13-1/2

13.79
14.01
13.24
13.31

15.65

13-1/2
13-1/2
13-1/2
13-1/2
13-1/2

13.18
13.50
13.62
13.71
13.76

15.04

13-1/2
13-1/2
13-1/2
13-1/2

14.08
14.41
14.26
14.31

14

14.17

Aug.

Sept .

Oct.

Nov.

Dec.

25
2

22
29

12.80
12.95

5
12
19
26

13.03
13.08
13:25
13.43

Sept

3
10
17
24
31

13.60
13.73
13.78
13.85
14.00

Oct.

7
14
21
28

14.08
14.18
14.28
14.28

Nov.

5
12
19
26

14.43
14.83
14.95
14.95

Dec.

2
9
16
23
30

14.95
14.80
14.85
14.85
15.07

Jan.

6
13
20
27

15.00
15.03
15.20
15.30

Feb.

Mar.

10
17
23
2

6

15.40

Mar.

9

Sept

Nov.

Dec.

8
15
22
29
6
13
20
27
3

— —

14.41
— —

14.60
——

15.30
——

14.57
——

15.30

—m —

13.42
——

14.33
—

12.37
——

8.69
——

12.39

—

10
17
24
1

15.57

8
15
22
29

15.50

5
12
19
26
3

14.89

13.68

——

15.49

10.65
—

10.67
——

14.92

7.79
—

——

14.29
—

14.86
14.47
14.92

15.35

—

15.43
—

13.36
13.35
13.32
13.44
13.82
13.94
13.80
13.70
13.86
14.22
14.22
14.25
14.34
14.38
14.56
14.70
14.86
14.86
14.36

1981
Jan.

Feb.

Mar,

Feb.

——

14.84
——

14.88
•w —•

15.59

7.63
—

7.33
—

7.56
——

11.11

——

15.88
——

12.51
——

14.85
—

14.83

15.26
—

15.38

14.16
14.43
14.51
14.60
14.72
15.04
15.10
15.13
15.31
15.18

Column 2 is average of contract interest rates on commitments for level-payment conventional first mortgages with 80 percent loan-to-value ratios and 30
year maturities made by a sample of insured S&Ls. Columns 4 and 8 are average gross yield to FNMA before deduction of the fee of 37% basis points paid
for mortgage servicing. They reflect the average accepted bid yield for first mortgages for optional delivery within 4 months, assuming prepayment in 12
years for 30-year loans, without adjustments for FNMA commitment fees and FNMA stock retention requirements. Column 7 is a 1-day quote on average
net yields to investors on GNMA-guaranteed mortgage-backed securities for immediate delivery, assuming prepayment in 12 years on pools of 30-year
FHA/VA mortgages carrying a coupon rate 50 basis points below the current FHA/VA ceiling rates shown in Column 6. Column 9 is the average net
yield to FHLMC on accepted bids in its weekly auction of commitments to buy conventional home mortgages for immediate (within 60 days) delivery.
Beginning July 7,1980, the FNMA auction results for FHA/VA mortgages do not include graduated payment mortgages.




21
23. FNMA AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES
Dollar amounts in millions
Conventional mortgages

F H A / V A mortgages

Date of
auction

1979-High
Low

1980-High
Low

Offered

Accepted

Average yield

Accepted

Average yield

1,034.9
36.5

448.3
19.4

13.29
10.42

454.0
19.4

172.2
17.9

13.97
10.92

644.2
92.7

354.6
51.9

15.93
12.28

426.0
28.7

133.0
20.0

17.51
12.81

Offered

1980-Dec.

8
22

92.7
145.4

51.9
58.9

15.50
14.92

56.1
28.7

34.1
20.0

15.65
15.43

1981-Jan.

5
19

146.9
63.8

57.9
35.1

14.89
14.84

12.4
19.6

11.1
19.2

15.04
14.85

Feb.

2
17

73.9
80.3

40.4
47.3

14.88
15.59

33.1
75.5

27.8
51.3

14.83
15.26

Mar.

3

53.4

35.4

15.88

56.9

31.7

15.38

24. FHLMC AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES
Conventional mortgages, dollar amounts in millions
Date of
auction

Offered

1979-High

13.56
10.40

166.6
38.7

37.8
13.7

13.89
10.43

401.4
4.9

200.3
2.5

16.22
11.60

129.5
38.1

31.2
11.6

17.36
12.13

2
9
16
23
30

57.9
39.2
24.9
4.9
27.8

35.9
33.3
18.9
2.5
21.2

14.56
14.70
14.86
14.86
14.36

53.3

24.3

15.35

6
13
20
26

105.9
141.6
98.0
74.3

65.9
30.0
34.0
26.0

14.16
14.43
14.51
14.60

3
10
17
24

66.5
74.1
40.7
61.3

22.3
20.3
15.8
17 .3

14.72
15.04
15.10
15.13

3
10

71.3
n. a.

23.0
n.a.

15.31
15.18

Low

Feb.

Mar.

Future c o m m i t m e n t program
Average yield
Accepted

150.5
17.9

1980-High

1981-Jan.

Offered

298.0
38.7

Low

1980-Dec.

Immediate delivery program
Average yield
Accepted

——
——

—
——

——

——

73.6

18.4

——

15.16
——

——

——

——

30.3

15.1

——

——

——

15.38
—

—

56,7

14.3

15,43

Offerings in the FNMA auctions of 4-month purchase commitments relate to total bids submitted, and average yields to FNMA on accepted bids are gross
(before deduction of 37% basis points for mortgage servicing) assuming prepayment in 12 years for 30-year mortgages, without adjustments for FNMA
commitment fees or stock related requirements. Offerings in the FHLMC auctions relate to total bids submitted, and average yields to FHLMC on
accepted bids are net, excluding 371/z basis points for mortgage servicing. Prior to June 24, 1980, the FHLMC's future commitment program involved
6-month commitments; subsequently, 8-month commitments have been auctioned.
Source: FNMA and FHLMC




22
25. ISSUES OF MORTGAGE-BACKED SECURITIES
Millions of dollars, not seasonally adjusted
Period

GNMA-guaranteed
New issues

Outstanding
(end of period)

Pass-through securities
F H LMC-guaranteed

Public offerings
of mortgagebacked bonds
Outstanding by savings and
(end of period)
loan assoc.

Privately insured

New issues

Outstanding
(end,of period)

New 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

2,527

16,853

5,133

8,724

290

93,874

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

0
0
400

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
27 5

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.

1,302
1,306

95,061
n. a .

168
n.a.

16,952
n.a.

n.a.
n.a.

n.a.
n.a.

n.a.
n.a.

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,