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March 17, 1 9 8 0

Capital
Market
Developments

Prepared by
the Capital Markets Section
in conjunction with
the Mortgage and Consumer Finance Section
and the Government Finance Section
Division of Research and Statistics
Board of Governors of the Federal Reserve System
Washington, D C. 20551




CONTENTS
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.

Yields, Volume and Reception: Corporate Bond Market
Yields, Volume and Reception: Municipal Bond Market
High Grade Bond Yields
Long-Term Corporate and State and Local Government Security Offerings and Placements
Treasury and Government-Sponsored Agency Marketable Coupon Offerings and Placements
New Corporate Security Issues by Typ6 of Issue
New Corporate Security Issues by Type of Issuer
Public Offerings of Intermediate- and Long-Term Securities: Corporate
Public Offerings of Intermediate- and Long-Term Securities: State and Local
Public Offerings of Intermediate- and Long-Term Securities: U.S. Treasury
Public Offerings of Intermediate- and Long-Term Securities: Government-Sponsored Agencies
Forthcoming Public Offerings of Intermediate- and Long-Term Securities: Corporate
Forthcoming Public Offerings of Intermediate- and Long-Term Securities: State and Local
Stock Prices
Trading Volume
Security Credit
Savings Flow at Selected Nonbank Thrift Institutions
Mortgage Commitments Outstanding at Selected Institutions
Net New Money Borrowings by Major Housing Credit Agencies
Net Change in Mortgage Holdings at Selected Institutions
Net Change in Mortgage Debt Outstanding, By Type of Property
Average Rates and Yields on Home Mortgages and Pass-Through Securities
FNMA Auctions of Commitments to Purchase Home Mortgages
FHLMC Auctions of Commitments to Purchase Home Mortgages
Issues of Mortgage-Backed Securities

SYMBOLS
e
P
r
n.a.
—

estimate
preliminary
revised
not available
data do not exist

SUBSCRIPTION RATES
Weekly $15.00 per year or $.40 each in the United States, its possessions, Canada, and Mexico; 10 or more of the same issue to one
address, $13.50 per year or $.35 each. Elsewhere, $20.00 per year or $.50 each. Address requests to Publications Services, Division of
Support Services, and make payment remittance payable to the order of the Board of Governors of the Federal Reserve System in a
form collectible at par in U.S. Currency.



1. YIELDS, VOLUME AND RECEPTION
Corporate Bond Market
Week ending

1979-Dec.

4
11
18
25

Feb.

Mar.

Gross offerings
($ millions)

3

Volume
Percent sold by
end of week

11.37
11.35
11.39

New issues in syndicate 4
($ millions)

15
13
53
53

96
94
86

425
668
287
0

11.16

11.22
11.28

7
14
21
28

1980-Jan.

Yields
Recently offered
New issue
Aaa utility 2
Aaa utility 1

11.51
11.61

11.44
11.54
11.69

12.08

12.11

0
690
580
793

90
100
99

53
71
0
5

1
8
15
22
29

12.96
13.27
13.92
14.11

12.35
12.80
13.17
14.11
13.83

311
458
320
114
580

74
100
97
100
100

80
0
10
0
0

7
14

13.98r
13.95p

13.94r
13.75p

348
392

63r
50

82r
87

2. YIELDS, VOLUME AND RECEPTION
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)

1979-Dec.

7
14
21
28

6.50
6.50
6.50
6.50

7.17
7.26
7.22
7.23

7.97
8.14
8.10
8.11

1,234
934
841
235

92
80
93
95

106
237
159
152

1980-Jan.

4
11
18
25

6.50
6.60
6.60
6.60

7.32
7.30
7.28
7.33

8.18
8.21
8.15
8.20

1
647
643
842

83
90
92
90

123
95
85
127

Feb.

1
8
15
22
29

6.80
7.00
7.00
7.60
8.00

7.52
7.71
7.75
8.46
8.72

8.30
8.47
8.53
9.14
9.49

578
549
525
526
694

87
84
83
96
98

157
120
110
81
39

Mar.

7
14

8.00
8.15

8.94
9.08

9.71
9.91

493r
487

96
95

32
35

1
2
3
4

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




3. HIGH GRADE BOND YIELDS
New issue
Aaa utility 1

Date

Recently offered
Aaa utility 2

Moody's
seasoned
corporate Aaa 3

U.S. govt.
20-year constant
maturity 4

Bond Buyer
G.O. bond
index 5

1977-High
Low

8.36(12/16) 8.48(12/30)
7.95(1/7)
7.90(1/7)

8.28(12/30) 7.99(12/30)
7.26(1/7)
7.88(1/7)

5.93(2/4)
5.45(11/17)

1978-High
Low

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

9.27(12/29) 9.00(12/22)
8.01(1/6)
8.30(1/6)

6.67(12/22)
5.58(3/17)

Bond Buyer
Rev. bond
index 6
— -

——

1979-High
Low

11.51(11/2) 11.45(11/9)
9.40(8/17) 9.39(6/29)

1 0 . 8 7 (1 2 / 2 8 ) 1 0 . 5 6 ( 1 1 / 9 )
8.79(7/6)
9.16(7/6)

7.38(10/26)
6.08(7/6)

8.24(11/23
7.23(9/21)

1980-High
Low

14.11(2/29) 14.11(2/22)
11.51(1/11) 11.44(1/4)

13.00(3/14) 12.79(2/22)
10.88(1/4) 10.30(1/4)

9.08(3/14)
7.28(1/18)

9.91(3/14)
8.15(1/18)

Mar.

9.54
9.53
9.62

9.51
9.56
9.62

9.25
9.26
9.37

8.98
9.03
9.08

6.47
6.31
6.33

Apr.
May
June

9.70
9.83
9.50

9.74
9.84
9.50

9.38
9.50
9.29

9.21
9.21
8.91

6.29
6.25
6.13

July
Aug.
Sept.

9.58
9.48
9.93

9.53
9.49
9.87

9.20
9.23
9.44

8.92
8.97
9.21

6.13
6.20
6.52

Oct.
Nov.
Dec.

10.97
11.42
11.25

10.91
11.36
11.32

10.13
10.76
10.74

9.99
10.37
10.18

7.08
7.30
7.22

7.80
8.11
8.08

1980-Jan.
Feb.

11.73
13.57

11.77
13.35

11.09
12.38

10.65
12.21

7.35
8.16

8.21
8.91

10.88
10.91
10.99
11.22

10.30
10.35
10.52
10.86

7.32
7.30
7.28
7.33

8.18
8.21
8.15
8.20

1979-Jan.
Feb.

-

-

- -

- -

- - -

——

——

- -

——

1980-Jan.

4
11
18
25

11.51
11.61
12.08

11.44
11.54
11.69
12.11

Feb.

1
8
15
22
29

12.96
13.27
13.92
14.11

12.35
12.80
13.17
14.11
13.83

11.49
11.95
12.19
12.74
12.88

11.30
11.72
12.00
12.79
12.59

7.52
7.71
7.75
8.46
8.72

8.30
8.47
8.53
9.14
9.49

Mar.

7
14

13.98r
13.95p

13. 94r
13.75p

13.OOr
13.OOp

12.61r
12.36p

8.94
9.08

9.71
9.91

1
2
3
4
5
6

mm —

Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection.
Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection released from price
restrictions sometime during the last four weeks.
Weekly average of daily closing figures.
Weekly average of daily figures. U.S. Treasury data.
Thursday figures The average rating of the 2 0 general obligation bonds used in this index falls midway between the five top groups as classified by
Moody's Investors Service. Weekly Bond Buyer data.
Thursday figures. The average rating of the 25 revenue bonds used in this index falls midway between the five top groups as classified by Moody's
Investors Service. Weekly Bond Buyer data.




4. LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS
Gross proceeds, millions of dollars

State and Local

Corporate

Period

1978
3,306
2,753
4,844

1980
4,300e
3,425e

1980
3,000e
2,400e

1979
2,840
2,603
4,644

January
February
March

1978
3,326
2,770
4,569

1979
3,770
3,170
4,401

April
May
June

3,397
4,227
5,539

4,692
4,167
6,247

3,824
5,525
4,369

3,444
3,042
4,724

July
August
September

4,414
3,379
4,236

4,095
4,083
4,308

3,920
6,407
2,323

3,396
4,256
2,472

October
November
December

3,799
3,207
4,401

4,561
3,834
4,350e

3,231
4,320
3,690

4,217
4,160
3,567

47,264

51,678e

48,512

43,365

Year
1
2
e

Securities and Exchange Commission estimates of gross proceeds.
Public Securities Association estimates of principal amounts,
Estimated by Federal Reserve on the basis of available data.

5. TREASURY AND GOVERNMENT SPONSORED AGENCY BORROWING
Millions of dollars

•
Combined
deficit(+)
or
surplus!—

Total 3

CY- / -1977
CY -1978

61,410
52,870

56,762
53,683

-2,504
706

1979-Jan.
Feb.
Mar.

3,696
6,032
13,722

3,312
-668
8,012

539
131
3,044

Apr. - 9 , 8 3 4
4,822
May
June - 1 1 , 2 3 7

-4,965
1,806
-1,458

8,167
July
Aug. 16,003
Sept. - 1 5 , 5 5 8

Period

•

•

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.

e

14,646
8,941
1,997

Other

Decrease(+)/ Sponsored
agency
increase(-)
borrowing*
in cash
operating
balance

14,314
22,644

-887
-1,431

5,250
3,206

-602
-4,019

7,327
23,509

2,552r
l,318r
2,907

414
-2,109
2,524

-208
-13
-435

-762
-1,558
-6,508

1,146
8,258
-798

1,736
2,154
2,196

-1,729
-654
-3,186

2,396
2,937
30

-5,493
-269
1,867

-158
-237
-91

-4,212
-669
3,049

-657
3,685
-12,828

2,218
1,037
2,181

4,831
3,268
4,250

48
551
889

3,529
2,700
2,570

1,312
-41
280

—68
-17
-14

-619
6,155
-2,582

3,955
6,580
-17,226

3,094
821
910

2,217
5,548
11,207

314
3,408
7,544

2,085
1,463
3,614

357
704
57

-20
-80
-62

-1,287
8,984
1,124

13,716
4,869
-10,334

3,196
2,546
1,542

45,973
31,777

1

U.S. unified budget deficit or surplus plus off-budget entities deficit or surplus.

3
4

accounts
Also includes changes in matured and noninterest-bearing public debt.
Change in outstanding amount of marketable securities issued by Federal Farm Credit Banks, Federal Home Loan Banks, Federal Home Loan Mort-

2 Change in outstanding amount of public debt securities and government agency securities less change in holdings of those securities by government

•

gage Corporation, Federal National Mortgage Association.

5 CY = Calendar Y e a r .




6. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE
Gross proceeds, millions of dollars
Bonds
Period

Publicly
offered

Total

Privately
placed

Common and
preferred
stocks

Memo
Issues included
Convertible
Foreign

1976
1977
1978

53,488
53,792
47,230

26,453
24,072
19,815

15,927
17,943
17,057

11,108
11,777
10,358

1,592
1,340
1,092

994
863
418

1978-QI
QII
QUI
QIV

10,665
13,163
12,029
11,373

4,748
5,422
5,159
4,486

3,886
4,788
4,526
3,857

2,031
2,953
2,344
3,030

413
341
181
157

4
158
127
129

1979-Jan.
Feb.
Mar.

3,770
3,170
4,401

1,282
1,336
1,904

1,824
921
1,825

664
913
672

16
10
21

3
5
0

Apr.

MayJune

4,692
4,167
6,247

2,984
1,999
4,171

1,129
1,576
1,185

579
592
891

23
1
8

759
350
385

July
Aug.
Sept.

4,095
4,083
4,308

2,247
1,973
2,167

867
886
854

981
1,224
1,287

257
90
423

153
159
228

Oct.

4,561
3,834

2,669
1,583

863
1,006

1,029
1,245

10
21

50
24

Nov.

7. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUER
Gross proceeds, millions of dollars
Period

Manufacturing

Public utility

Communications

Other issuers1

15,495
13,393
10,813

14,418
14,127
12,232

3,563
4,442
3,640

20,011
21,827
20,549

1978-QI
QII
QUI
QIV

2,555
3,148
2,699
2,411

2,433
3,728
3,049
3,022

854
424
1,143
1,219

4,822
5,863
5,142
4,722

1979-Jan.
Feb.
Mar.

934
399
763

817
1,186
1,056

259
558
582

1,759
1,026
2,000

Apr.
May
June

572
1,293
1,193

1,410
865
1,373

261
109
409

2,450
1,899
3,272

July
Aug.
Sept.

1,006
1,166
1,489

772
503
1,147

94
336
501

2,222
2,079
1,172

Oct.
Nov.

1,485
482

1,769
1,267

480
856

825
1,229

1976
1977
1978

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.




e

8. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE 1
Issuer

Date

P u b l i c S e r v i c e Co. of I n d i a n a
Texas U t i l i t i e s Co.
Southern New England T e l . Co.
Lachmar
Arizona P u b l i c S e r v i c e Co.
Montana Power Co.
E a s t e r n Gas & F u e l Assoc.
J . Ray McDermott & C o . , I n c .
I l l i n o i s Power c o .
San Diego Gas & E l e c t r i c Co.
P h i l a d e l p h i a E l e c t r i c Co.
Crown Z e l l e r b a c h Corp.
Texas E l e c t r i c S e r v i c e Co.
Southern P a c i f i c Ry. Co.
Milton Bradley Co.
Duke Power Co.
Duke Power. Co.
Gulf S t a t e s U t i l i t i e s Co.
Gen'1. T e l . Co., S o u t h e a s t

3/4
3/4
3/5
3/5
3/5
3/5
3/5
3/5
3/6
3/7
3/11
3/11
3/11
3/11
3/12
3/12
3/12
3/13
3/13

Other
Export Development Corp.

1

3/12

Type

Amount
(millions
of dollars)

1 s t mtg.
Com. s t k .
Debt.
Govt. g t d .
Com. s t k .
Com. s t k .
Com. s t k .
Com. s t k .
Com. s t k .
1 s t . mtg.
Pfd. stk.
Conv. p f d .
1 s t mtg.
Equip.tr.
Com. s t k .
1 s t . mtg.
1 s t . mtg.
1 s t . mtg.
Debt.

100.0
77.5
150.0
38.0
59.0
31.5
33.7
126.5
47.6
50.0
50.0
125.0
75.0
26.5
25.8
100.0
50.0
100.0
40.0

Notes

250.0

Offering
yield

Maturity

Coupon
rate

1987

14.00

14.00

——

n . a.

n . a.

2020
1989

14.13
14.00

14.16
14.00

- -

—
—
- - -

2010
—
--

2010
1981*9!

n.
n.
n.
n.
n.

a.
a.
a.
a.
a.

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

16.00
15.25

16.00
15.25

n. a.

n.a.

14.13
13.25

14.20
13.30

Aa/AA
——/ " -

Aa/AA

—— /——
——/ ——
mmmmj
mm mm
mm mm J

mm mm
mm mm
mmmm

Baa/BBB
Baa/BBB
--/ —

Aaa/AAA
Aa/AA

n.a.

n.a.

--/--

2010
1987
1987
1987

14.88
14.38
14.75
14.50

14.95
14.38
14.75
14.50

A./A+
A/AHA/A
A/A

1987

14.00

14.00

Aaa/AAA

—

Rights offering.
includes only corporate and other security offerings of $ 2 5 million and over; excludes options, exchanges, and secondary offerings.




Moody's/S&P's
ratings

9. PUBLIC OFFERINGS OF INTERMEDIATE AND LONG-TERM SECURITIES: STATE AND LOCAL 1
Issuer

I l l i n o i s Educ. Fac. Auth.
Polk Go. Hsg. F i n . A u t h . , F l .
Polk Go. Hsg. F i n . A u t h . , F l .
Polk Go. Hsg. F i n . A u t h . , F l .
Polk Go. Hsg. F i n . A u t h . , F l .
Boston, M
A
S a l t River Agr. Improv. & Powei
D i s t . , AZ
S a l t River Agr. Improv. & Powei
D i s t . , AZ
S a l t River Agr. Improv. & Powei
D i s t . , AZ
S a l t River Agr. Improv. & Powei
D i s t . , AZ
L a n c a s t e r Redev. Agcy., CA
L a n c a s t e r Redev. Agcy., CA
L a n c a s t e r Redev. Agcy., CA
Canadian Co. Home F i n . A u t h . ,
Ok.
Canadian Co. Home F i n . A u t h . ,
Ok.
Canadian Co. Home F i n . A u t h . ,
Ok.
Oregon, S t a t e of
South Dakota Hsg. D e v e l . Auth.
South Dakota Hsg. D e v e l . Auth.
South Dakota Hsg. D e v e l . Auth.
Massachusetts Home Mtg. F i n .
Agcy.
Postponed
Cameron Co. Hsg. F i n . C o r p . ,
Tx.
Yonkers, N.Y.
Iowa Board of Regents
Denver, Co.
D a l l a s - F t . Worth R e g i o n a l
A i r p o r t & A u t h . , Tex.
New J e r s e y Mort. F i n . Agcy.

1
2
3

Amount
(millions
of $)

Net
interest
cost

Moody's/S&P'
ratings

Type 2

3/4
3/4
3/4
3/4
3/4
3/6

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

35.0
5.6
2.0
23.2
4.2
25.0

1983
1982-1994
2002
2011
2012
1983-2000

3/6

Rev.

19.9

1985-2001

3/6

Rev.

10.2

2005

9.22

9.00

Aa/A+

3/6

Rev.

19.2

2010

9.22

9.13

Aa/A+

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

Rev.
Rev.
Rev.
Rev.

75.7
5.9
4.9
28.2

3/10

Rev.

5.0

3/10

Rev.

1.6

1981-1990

n.a.

3/10
3/11
3/13
3/13
3/13

Rev.

2010
1996-2008
1981-1993
2007
2011

n.a.

Rev.
Rev.
Rev.

13.4
300.0
22.5
7.0
20.5

3/14

Rev.

90.0

3/11
3/12
3/13
3/18

Rev.
G.O.

50.0
12.2
14.3
44.0

Rev.
Rev.

112.0
150.0

3/19
3/80

G.O.

G.O.

Rev.

Maturity

2020
1983-1995
2000
2012
2011

8.70
n. a.
7.40-8.60
n.a.
n. a.
9.38
n.a.
9.75
9.75
n# a. - ,

MEG-1/—

9.22

Aa/A+

Aa/AA
Aa/AA
Aa/AA
Aa/AA
1 0 . 5 0 ^ 9 . 1 5 - 1 0 . 4 0 ' Baa/A7.40-8.85

9.22
10.48
10.48
10.48

9.25
8.00-9.80
10.13
10.38

n.a.

9.13—

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

10.00

Aa/A+
—/A
— /A
--/A
Aa/AA

8.00-8.75
,

Aa/AA

10.00
8.40-9.20
8.00-9.40
10.00
10.00

Aa/AA
Aaa/AA+
Aa/A-1
Aa/A-1
Aa/A-l

n.a.

9.25

- -

1983

—

A/A

- - / - -

—
—

- -

- —

—
—

——
——
/
——
—
/
--/-—

—
—

—
—

—
—

--/—-

—
—

- -

- -

Includes only state and local security offerings of $ 2 5 million and over; excludes secondary offerings.
For state and local government securities, G.O. denotes general obligation; Rev. denotes revenue obligations.
Canadian interest cost.




Offering
yield

Date
1980

- -

10. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: U.S. TREASURY
Notes and Bonds
Amount (millions of dollars)
Coupon Auction
Net proceeds
Gross proceeds
Maturity
Offering Payment
average •
rate
Length
date
date
date
(percent) (percent)
Private 1 - 2
Total
Private 1
Total

Memo:
Foreign
add-ons 3

1980
2/15/95
1/31/82

10-1/2
11-1/2

Jan. 3
23

1/10
1/31

15-yr 1-mo
2-yr

Feb. 5
6
7
20
26

2/15
2/15
2/28
2/28
3/3

8 / 1 5 / 8 3 11-7/8
3-1/2-yr
5 / 1 5 / 8 7 12
7-1/4-yr
2/15/05-10 11-3/4
30-yr
2/28/82 13-7/8
2-yr
5yr2-l/2mo 5 / 1 5 / 8 5 14-3/8

1
2
3

10.60
11.52
11.98)
12.02^
11.84/
13.98
14.39

1,502
4,484

1,502
4,051

1,502
609

1,502
609

0
0

9,402

7,624

2,450

2,450

0

4,472
2,500

4,073
2,500

652
2,500

652
2,500

0
0

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




10
11. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: GOVERNMENT SPONSORED AGENCIES
Offering Payment
date
date

Issuer

Length

Maturity
date

Yield
(percent)

Amount (millions of dollars)
Gross
proceeds

Maturing
issues

Net
proceeds

1979

1979

FHLB

8/15
8/15

8/27
8/27

2 - y r . 9-mo
4 - y r . 6-mo

5/25/82
2/27/84

9.15
9.05

900
900

1,400

400

FNMA

8/30

9/10

3 - y r . 6-mo

3/10/83

9.50

700

1,000

-300

FFCB

9/19

10/1

4 - y r . 9-mo

6/4/84

9.70

749

201

548

FNMA

9/26

10/10

3-yr.11-mo

9/10/84

9.75

700

400

300

FFCB

10/11 10/23
10/11 10/23
10/11 10/23

3 - y r . 6-mo
7-yr.
10-yr.

4/20/83
10/20/86
10/23/89

10.90
10.75
10.60

542
630
414

1,069

517

FHLB

10/18 10/25
10/18 10/25

2-yr.10-mo
4 - y r . 7-mo

8/25/82
5/25/84

11.25
11.00

750
550

0

1,300

FNMA

11/8

11/13

4-yr.11-mo

10/10/84

11.70

500

0

500

FHLB

11/15 11/26
11/15 11/26
11/15 11/26

1 - y r . 9-mo
3 - y r . 6-mo
7-yr.

8/25/81
5/25/83
11/26/86

12.30
11.60
11.30

1,000
1,000
600

1,700

900

FHLMC

11/15

12/3

2 9 - y r . 9-mo

9/15/09

12.48

150

0

150

FNMA

12/5

12/10

3 - y r . 6rmo

7/11/83

10.85

1,000

1,000

0

FFCB

12/19 1 / 2 / 8 0

5-yr.

12/3/84

10.65

433

531

-98

10/20/82
1/21/85
1/22/90

10.95
10.90
10.95

755
818
438

900

1,111

2/11/85

11.70

500

300

200

1980

1980

FFCB

1/16
1/16
1/16

1/21
1/21
1/21

FNMA

1/31

2/11

5-yr.

FHLB

2/15
2/15

2/25
2/25

1 - y r . 8-mo
3 - y r . 6-mo

10/26/81
8/25/83

12.85
12.25

900
600

1,850

-350

FNMA

3/5
3/5

3/10
3/10

1-yr.11-mo
3-yr.11-mo

2/10/82
2/10/84

15.25
14.10

1,000
500

1,000

500

FFCB
FHLB
FHLMC
FNMA

—
—
—

Federal
Federal
Federal
Federal

2-yr.10-mo
5-yr.
10-yr.

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




As of March 14, 1980
12. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE-AND LONG-TERM SECURITIES: CORPORATE 1
Issuer

* P r i v a t e Export Funding Corp.
Kansas C i t y Power & L i g h t Co.
Rowan Companies I n c .
Utah Power & L i g h t Co.
Iowa Power & L i g h t Co.
San Diego Gas & E l e c t r i c Co.
^Commonwealth Edison Co.
Sunshine Mining Co.
AVX Corp.
P e n n s y l v a n i a Power & L i g h t Co.
Panhandle E a s t e r n Pipe Line Co.
Kansas Gas & E l e c . Co.
Tom Brown I n c .
E-Systems I n c .
I l l i n o i s Power Co.
P a c i f i c Telephone & T e l e g r a p h Co.
R e l i a n c e Group I n c .
Thermo E l e c t r o n Corp.
Air F l o r i d a Systems I n c .
S t o r e r B r o a d c a s t i n g Co.
Color T i l e I n c .
White Motor C r e d i t Corp.
Perkin-Elmer Corp.
Reading & Bates Corp.
Summit Systems I n c .
Alaska I n t e r s t a t e Co.
Geosource I n c .
Houston O i l & M in er als Corp.
Teachers S e r v . O r g a n i z a t i o n I n c .
*Royster Co.
*Grumman Corp.
*0ak I n d u s t r i e s I n c .
Southern C a l i f . Edison Co.
P u b l i c S e r v . Co. of New Mexico
Cheaspeake & Potomac T e l . Co.
C a r o l i n a Power & L i g h t Co.
G e n l . T e l . Co. o f W i s c o n s i n

Florida Power Corp.
Houston I n d u s t r i e s Co.
D e t r o i t Edison Co.
M i s s i s s i p p i Power Co.
* B e l l T e l . Co. of P e n n s y l v a n i a

*
1

Type

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

Amount
(millions of dollars)

Approximate date
of offering

100. 0
42. 0
75. 0
60. 0
30. 0
28. 0
250. ,0
100. 0
43. 5
125. 0
100.,0
30.,0
28.,3
25.,2
36.,0
128.,8
127.,5
50.,0
25.,0
58.,8
44.,5
50..0
80.,5
59..1
45.,0
57..9
41..7
60..0
80,.0
28,.0
75,.0
50,.0
200,.0
50,.0
75,.0
125,.0
30,.0
100,.0
78,.0
75,.0
25,.0
250,.0

Included in table for first time.
Includes only corporate and other security issues of $ 2 5 million and over; excludes exchanges, options, and secondary offerings.




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

17
19
19
19
19
20
20
20
24
25
26
26

1
1
8
9
10
14
15
16
22
29

12

As of March 14, 1980
13. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCALl
Issuer

C a l i f o r n i a , S t a t e of
Chicago Park D i s t . , I I .
Cowley C o . , Ks.
"Delaware S t a t e Hsg. Auth.
New J e r s e y H l t h . Care F i n . Auth.
Dade Co., F l .
M a s s a c h u s e t t s I n d u s t . F i n . Agcy.
P o r t of Oakland, Ca.
Missouri Hsg. D e v e l . Comm.
C o n n e c t i c u t , S t a t e of
Creek Co. Home F i n . A u t h . , Ok.
San Antonio, Tx.
*Cook County, I I .
Mecklenburg C o . , N.C.
Ohio, S t a t e of
South C a r o l i n a Pub. S e r v . Auth.
Birmingham Med. C l i n i c B d . , A l .
West V i r g i n i a Hsg. D e v e l . Fund
*King C o . , Wa.
*Long Beach, Ca.
*Greater Chicago Metro. San D i s t . , I I .
*Greater Chicago Metro. San. D i s t . , I I .
^Richmond, Va.
*Mbntgomery C o . , Md.
^Wisconsin, S t a t e of
*MLchigan Pub. Power Agcy.

*
1

Type

Rev.
G. 0 .
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
G.O.
Rev.
Rev.
G.O.
G.O.
G.O.
Rev.
Rev.
Rev.
G.O.
Rev.
Rev.
G.O.
G.O.
G.O.
Rev.
Rev.

Included in table for first time.
Includes state and local government issues of $ 2 5 million and over; excludes secondary offerings.




Amount
(millions of dollars)

200.0
50.0

30.0
79.4
26.5

50.0

90.0
35.0
33.2
75.0
38.7
75.0
130.0
32.0

65.0

105.0

26.0
100.0
30.0
34.5
44.6
50.0
28.9
50.0

100.0
45.0

Approximate date
of offering

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

17
17
17
18
18
18
18
18
19
19
20
20
24
25
25
27
31
7
8
10
10
16
29

13
14. STOCK PRICES1
Date

NYSE Index3

DJ Industrials

AMEX4

57.69 ( 1 / 2 )
4 9 . 7 8 (11/2)

NASDAQ 5

999.75 ( 1 / 3 )
800.85 (11/2)

127.89 (12/30)
109.61 (1/12)

105.05 (12/30)
93.66 (4/5)

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

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

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

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

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)

6 7 . 7 7 (2/13)
60.07 (3/14)

903.84 <2/12)
809.56 (3/13)

303.4% ( 2 / 2 3 )
239.66 ( 1 / 3 )

165.25 (2/8)
143.76 (3/10)

4
11
18
25

61.17
63.33
63.94
65.27

828.84
858.53
867.15
876.11

243.55
255.76
264.46
266.79

148.02
153.87
156.14
159.70

Feb.

1
8
15
22
29

66.08
67.57
66.14
65.80
64.95

881.48
895.73
884.98
868.77
863.14

277.57
288.79
281.35
296.59
303.48

162.30
165.25
162.56
160.08
158.03

Mar.

7
14

60.96
60.07

820.56
811.69

277.50
262.03

146.19
144.44

1977-High
Low

1978-High
Low

1979-High
Low

1980-High
Low

1980-Jan.

.

15. TRADING VOLUME 2

e

Date

NYSE

1977-High

3 5 . 3 (11/11)
10.6 (10/10)

Low

1978-High

Low

1980-Jan.

18.8 (5/18)
2 . 8 (1/20)

13.2 (10/10)
2 . 2 (1/22)

2 5 . 8 (12/17)
7.2 ( 1 / 2 )

67.7 ( 1 / 1 6 )
38.7 ( 3 / 3 )

1980-High

11.0 (10/30)
1 . 3 (1/20)

8 1 . 6 (10/10)
18.0 ( 1 / 2 )

1979-High
Low

#

NASDAQ

11.2 (11/10)
5 . 1 (5/27)

66.4 ( 8 / 3 )
7.6 (1/20)

Low

e

AM EX

4 . 2 (1/12)
1 . 4 (9/22)

15.0 (1/15)
4 . 4 (3/13)

36.1 (2/3)
1 6 . 5 (3/13)

4
11
18
25

40.4
54.4
54.9
51.1

7.3
7.7
12.7
9.1

24.9
25.8
32.0
29.8

Feb.

1 .
8
15
22
29

54.6
50.5
53.8
45.9
40.9

8.6
8.1
7.3
6.7
5.5

31.5
33.4
30.6
22.8
20.8

Mar.

7
14

46.6r
39.0

6.3r
5.3

21. l r
17.8

e

#
1
2
3
4
5

Figures other than highs and lows are Friday figures only.
Volume figures are weekly averages of daily figures (millions of shares). Highs and lows refer to single days.
12/31/65 — 50
8 / 3 1 / 7 3 = 100
2/5/71 = 1 0 0




14
16. SECURITY C R E D I T
Outstanding, dollar amounts in millions

End of period

Margin credit extended
by brokers on:

Number of
margin accounts
(thousands)

Percent of debt
in accounts with
40 percent or more
customer equity

Convertible
bonds

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 - Jan.
Feb.
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
975

77
78
79

July
Aug.
Sept.

11,840
12,060
12,000

178
176
177

960
975
985

81
86
84

Oct.
Nov.
Dec.

11,310
10,920
11,450

173
159
164

985
980
995

73
83
84

1980 - Jan.
Feb.

1

Marginable
stock

11,820
12,460

193
172

1,000
1,030

87
84

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




17. SAVINGS FLOWS AT SELECTED NONBANK THRIFT INSTITUTIONS
Millions of dollars
iviimuna ui vi
Mutual Savings Banks
(regular deposits) 1
Net flow

Date

N.S.A.

Sea. adj.

Annual
growth
rate 3

.

Net flow
N.S.A.

Sea. adj.

Annual
growth
rate 3

Mem o:
Vloney2
Net New 1

Total

Savings and Loan Associations

Net
flow
sea. adj.)

Annual
growth
rate 3

. At
insured
S&L's

At
MSB's

11.5

50,169

—

17.4

62,409

15.7

34,369

5,283

8.8

50,888

- -

15.1

61,583

13.4

32,004

2,874

- -

6.4

44,153

- -

11.4

52,794

10.1

23,460

-591

626
476
1,712

850
489
533

7.7
4.4
4.8

2,665
2,293
7,143

2,645
2,731
3,112

8.2
8.4
9.5

3,495
3,220
3,645

8.0
7.4
8.3

2,877
2,073
2,592

-59
170
338

Apr.
May
June

-209
436
1,304

494
559
723

4.4
5.0
6.4

557
2,376
6,648

2,334
3,092
4,654

7.1
9.3
13.9

2,828
3,651
5,377

6.4
8.2
12.0

401
2,145
1,744

-553
97
-90

July
Aug.
Sept.

341
260
1,378

668
1,054
1,116

5.9
9.2
9.7

3,070
2,310
6,425

3,828
4,575
5,763

11.3
13.4
16.7

4,496
5,629
6,879

9.9
12.3
14.9

2,812
2,069
1,606

38
-75
-41

Oct.
Nov.
Dec.

510
275
1,317

1,096
353
537

9.4
3.0
4.6

2,641
2,155
5,795

3,490
4,393
3,705

10.0
12.4
10.4

4,586
4,746
4,242

9.9
10.1
8.9

2,534
1,897
710

48
-59
-405

1979-Jan.
Feb.
Mar.

218
683
1,971

404
712
728

' 3.4
6.0
6.1

4,735
2,876
8,334

4,573
3,411
3,820

12.7
9.4
10.4

4,977
4,123
4,548

10.4
8.6
9.4

4,377
2,580
3,146

-118
342
463

Apr.
May
June

-832
61
890

-74
190
273

-0.6
1.6
2.3

-1,147
2,037
6,854

893
2,791
4,726

2.4
7.5
12.7

819
2,981
4,999

1.7
6.1
10.2

-1,490
1,627
1,469

-1,192
-341
-649

July
Aug.
Sept.

-318
-112
517

12
707
244

0.1
5.9
2.0

2,015
1,199
4,770

2,820
3,618
4,037

7.5
9.5
10.6

2,832
4,325
4,281

5.7
8.7
8.5

1,455
717
-198

-714
-504
-1,000

Oct.
Nov.
Dec.

-985
-199
839

-381
-113
62

-3.2
-1.0
0.5

1,863
1,157
4,525

2,795
3,652
2,232

7.2
9.4
5.7

2,414
3,539
2,294

4.8
7.0
4.5

1,314
732
-700

-1,420
-765
-986

-975

-882

-7.4

1,955

1,174

3.0

292

0.6

1,069

-1,400

1976

12,670

1977

10,783

1978

8,426

1978-Jan.
Feb.
Mar.

1980-Jan.p ,

- -

.

1

Regular deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of

2

New deposits net of both withdrawals and interest. Data for S&L's are for insured associations only, which represent 9 6 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

1976

27.3

24.6

2.7

8.1

3.8

3.8

0.5

1977

39.2

34.7

4.5

11.3

5.4

4.5

1.4

1978

38.3

33.4

4.9

17.4

10.6

4.9

1.9

1978-Jan.

37.7
37.4
37.0

33.3
33.1
32.7

4.4
4.3
4 3

12.3
13.5
13.9

6.5
7.3
7.5

4.5
4.8
5.0

1.3
1.4
1.4

36.7
36.5
36.5

32.4
32.2
31.9

4.3
4.3
4.6

14.0
14.9
14.6

8.0
9.0
8.7

4.8
4.6
4.4

1.2
1.3
1.5

Aug.
Sept.

36.5
36.7
36.7

31.9
32.1
32.3

4.6
4.6
4.4

15.2
15.0
15.9

9.0
8.8
9.4

4.5
4.3
4.5

1.7
1.9
2.0

Oct.
Nov.
Dec.

38.2
38.2
37.6

33.4
33.3
32.7

4.8
4.9
4.9

17.2
17.3
17.3

10.7
10.9
10.6

4.6
4.7
4.8

1.9
1.7
1.9

1979-Jan.

37.1
36.6
36.1

32.2
31.8
31.5

4.9
4.8
4.6

15.7
14.3
13.2

9.2
7.8
6.7

4.8
4.9
5.0

1.7
1.6
1.5

36.1
35.8
35.6

31.7
31.7
31.5

4.4
4.1
4.1

12.6
11.9
11.3

6.3
6.0
5.4

4.9
4.7
4.7

1.4
1.2
1.2

Aug.
Sept.

35.7
35.9
36.7

31.7
32.0
32.7

4.0
3.9
4.0

11.2
10.9
11.9

5.2
5.3
6.6

4.7
4.3
4.0

1.3
1.3
1.3

Oct.
Nov.
Dec.

36.0
33.1
31.6

32.3
29.5
28.1

3.7
3.6
3.5

14.4
13.8
13.3

8.4
8.0
7.4

4.6
4.7
4.8

1.4
1.1
1.1

1980-Jan.

30.6
n.a.

27.3
n.a.

3.3
n.a.

12.2
n.a.

6,4
5.8

4.7
4.6

1.1
n.a.

Feb.

Mar.
Apr.

May
June
July

Feb.

Mar.
Apr.

May
June
July

Feb.

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 t o total because of rounding.




17
19. NET NEW MONEY BORROWINGS BY MAJOR HOUSING CREDIT AGENCIES
Millions of dollars
Period

Total including
short-term
discount notes

Intermediate-and long-term issues
Total

FHLB

FHLMC

FNMA

FNMA and FHLB
short-term
discount notes

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

3-Jan.
Feb.

563
1,731
912

82
1,399
-1

0
1,399
-1

82
0
0

0
0
0

481
332
913

701
3,338
1,504

470
1,496
1,300

-1
1,498
0

-129
-2
300

600
0
1,000

231
1,842
204

Aug.
Sept.

1,626
1,550
1,627

1,900
1,000
1,076

700
1,000
0

0
0
126

1,200
0
950

-274
550
551

Oct.
Nov.
Dec.

1,799
1,429
2,250

1,695
1,113
,2,048

-5
1,114
598

0
-1
200

1,700
0
1,250

104
316
202

9-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.

1,027
304
1,363

997
215
1,299

0
222
0

-3
-7
199

1,000
0
1,100

30
89
64

1,625
360
398

1,916
613
-154

700
415
0

216
198
146

1,000
0
-300

-291
-253
552

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

329

-25

0

-25

0

354

Mar.
Apr.

May
June
July

May
June
July
Aug.

Sept.
Oct.
Nov.

Dec.
6/

O-Jan.—

Based on data from Treasury Survey of Ownership.




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

Mortgage pools
FHLMC

FHLMCGNMAguaranteed guaranteed

1976

75,733

65,184

13,800

4,074

44,896

2,414

2,120

-178

12,314

1,073

1977

114,298

96,137

26,200

6,595

58,158

5,184

890

-993

14,325

3,939

1978

126,615 103,399

35,400

6,378

52,219

9,402

8,696

-212

9,451

5,281

1978-Jan.
Feb.
Mar.

10,392
8,687
10.314

8,851
8,316
8,565

3.073
2,567
2,691

587
554
625

4,699
4,717
4,691

492
478
558

350
487
505

- 84
17
239

911
-459
932

364
326
73

Apr.
May
June

9,319
11,469
10,701

7,896
8,602
8,797

2,370
3,009
3,246

520
583
468

4,395
4,281
4,332

611
729
751

660
1,420
870

- 88

198
-731

468
1,103
786

383
542
979

July
Aug.
Sept.

10,352
11,183
10,366

8,308
9,094
8,404

3,349
3,274
3.074

594
544
498

3,695
4,239
4,134

670
1,037
698

538
915
808

-300
516
18

808
843
761

998
-815
375

Oct.
Nov.
Dec.

11,375
11,617
10,629

8,682
9,175
8,540

2,974
3,014
2,733

456
626
263

4,447
4,649
3,877

805
886
1,667

898
604
654

268
178
- 49

1,017
1,235
994

510
425
490

1979-Jan.
Feb.
Mar.

10.315
10,153
10,272

7,917
7,722
7,237

2,694
2,489
2,413

575
486
395

4,015
3,804
3,359

633
943
1,070

820
846
1,125

231
74
338

1,205
1,083
1,266

142
428
36

Apr.
May
June

9,633
11,168
10,677

7,370
8,253
8,284

2,477
2,304
2,742

185
356
348

3,832
4,616
4,204

876
977
990

466
1,016
610

- 60

- 45
- 84

1,540
1,469
1,610

317
475
257

July
Aug.
Sept.

9,918
10,639
10,852

8,193
7,458
8,039

2,805
2,649
3,062

410
299
277

3,804
3,501
3,542

1,174
1,009
1,158

-220

515
191

79
156
162

1,597
2,129
2,152

269
381
308

Oct.
Nov.
Dec.

ll,696r
10,926r
8,408

8,684
7,lllr
4,995

2,931
2,665
2,574

237
334

3,886 1,630
2 , 9 3 8 r 1,174
968
1,455

820
890
830

-114
286
-49

1,854

2,307

452
27
325

n.a.
n.a.

2,136
2,380

n. a .
n.a.

123
n.a.

2,377
n.a.

35
n.a.

1980-Jan.
Feb.

n. a.
n.a.

- 2

2,031
n.a.

n.a.
n.a.

n.a.
n.a.

2,612

Monthly data for commercial banks based on Federal Reserve estimates benchmarked t o Call Report data on real estate loans outstanding as available.
Other data derived from mortgage debt outstanding as reported separately by National Association of Mutual Savings Banks, Federal Home Loan Bank
Board, American Council of Life Insurance, the Federal National Mortgage Association, the Government National Mortgage Association, and the Federal
Home Loan Mortgage Corporation. Data for mutual savings banks and life insurance companies may differ somewhat from those derived from regular
quarterly series because of minor conceptual differences for which adjustments are not made in the monthly series. Altogether, these groups accounted
for 8 9 percent of the net increase estimated for all holders in 1978.




21. NET CHANGE IN MORTGAGE DEBT OUTSTANDING, BY TYPE OF P R O P E R T Y I
Billions of dollars, seasonally adjusted annual rates
Residential 2
Quarter

Total

Total

1 - to 4family

Multifamily

Commercial

Multifamily
and
commercial

Farm

1976-Q1
Q2
Q3
Q4

61.5
55.6
69.0
75.4

1.4
-0.2
3.7
2.6

13.7
15.3
13.2
12.4

15.0
15.1
16.9
15.0

5.1
4.8
6.8
7.7

110.7
134.9
140.2
150.2

87.5
110.3
114.3
116.8

83.3
102.0
106.1
108.2

4.2
8.3
8.2
8.6

14.6
15.2
17.5
24.6

18.8
23.5
25.6
33.2

8.6
9.4
8.4
8.8

1978-Q1
Q2
Q3
Q4

135.3r
147.0
154.3r
160.4

105.6r
116.5r
116.Or
123.7r

97.4r
106.6r
104.lr
113.3r

8.2r
9.9
11.9r
10.4r

20.9
20.7r
26.7r
25.5r

29.Or
30.6r
38.6r
35.8

8.8
9.8
11.6
11.2r

1979-Qlr
Q2
Q3r
Q4p

2

62.9
55.4
72.7
78.0

1977-Q1
Q2
Q3
Q4

1

81.7
75.5
92.7
98.1

155.9
164.3r
160.4
153.7

117.8
117.9r
114.5
115.0

109.0
111.Or
105.4
105.0

8.8
6.9
9.1
10.0

22.3
28.5
29.6
24.3

31.1
35.4
38.7
34.3

15.9
17.9
16.3
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.
Residential mortgage debt includes nonfarm and is the sum of 1 - to 4-family and multifamily mortgage debt.




12. AVERAGE RATES AND YIELDS ON HOME MORTGAGES AND PASS-THROUGH SECURITIES
Secondary market
FHA/VA mortgages

Primary market
Rates on
conventional
loans at
S&L's

Period

1976-High
Low

9.10
8.70

1977-High
Low

Yield in
FNMA
auction

Discount
points
in FNMA
auction

1976-High
Low

9.20
8.39

4.93
1.96

9.00
8.65

1977-High
Low

8.98
8.46

1978-High
Low

10.38
8.98

1978-High
Low

1979-High
Low

12.90
10.38

1979-High
Low

1979-Sept. 7
14
21
28

11.20
11.30
11.35
11.35

Sept.10
17
24
Oct. 1

5
12
19
26

11.35
11.45
11.75
12.00

Oct.

2
9
16
23
30

12.80
12.85
12.80
12.80
12.90

Nov.

5
13
20
27
Dec. 3

7
14
21
28

12.90
12.90
12.90
12.90

Dec. 10
17
26
31

12.42

5.55

—

——

12.55

6.30

4
11
18
25

12.85
12.90
12.87
12.89

Jan.

12.70

1
8
15
22
29

12.85
12.85
12.88
12.98
13.59

Feb.

4
11
19
25
Mar. 3

7

14.00

Mar. 10

Period

Oct.

Nov.

Dec.

1980-Jan.

Feb.

Mar.

9
15
22
29

7
14
21
28

Conventional mortgages
Yield on
GNMA
securities

Yield in
FNMA
auction

Yield in
FHLMC
auction

9
8

8.44
7.57

9.31
8.80

__

5.18
1.50

8-1/2
8

8.39
7.56

9.21
8.81

9.02
8.63

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

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

11.25

7.91

10
10
10
10-1/2

10.36
10.38
10.36
10.65

10-1/2
10-1/2
10-1/2
11-1/2

11.02
11.21
11.77
11.58

11-1/2
11-1/2
11-1/2
11-1/2
11-1/2

11.73
11.51
11.69
11.36
11.29

11-1/2
11-1/2
11-1/2
11-1/2

11.18
11.49
11.39
11.39

12.98

11-1/2
11-1/2
11-1/2
11-1/2

11.70
11.70
12.07
12.28

13.10

11-1/2
12
12
12
13

12.53
12.74
13.72
13.65
13.58

13

13.57

—

11.66

7.25

——

12.60
—

12.54
——

13.29

10.43

12 .93

8.44

——

—

12.57

6.45

—

—

7.17

—

13.11

9.43

—

13.76
—

15.21
—

15.26
——

12.88
——

17.25
——

12.19

Ceiling
rate

11.83
11.99
——

12.75
13.80
——

13.97
—

13.35
—

——

12.99
—

—

13.29
—

13.67
14.57
15.36

—

11.49
11.57
11.63
11.64
11.64
12.17
12.84
13.36
13.56
13.22
13.00
12.89
12.69
12.50
12.51
12.47
12.52
12.63
12.69
12.76
12.90
13.05
13.25
13 .48
14.10
14.44
15.34

Column 2 is average of contract interest rates on commitments for conventional first mortgages with 8 0 percent loan-to-value ratios 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 GNMAguaranteed 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 6 0 days) delivery.




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

FHA/VA mortgages
Accepted

Average yield

Offered

855.4
50.3

569.7
35.1

8.98
8.46

415.9
122.9

278.0
70.5

9.21
8.81

1,249.4
130.3

605.3
80.1

10.60
9.13

716.9
74.7

362.5
47.5

10.92
9.28

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

1979-Dec. 10
26

305.3
343.9

118.6
130.7

12.42
12.55

206.9
206.3

72.6
79.8

12.98
12.99

1980-Jan.

7
21

199.0
317.0

99.6
132.2

12.70
13.11

220.2
222.9

133.0
114.2

13.10
13.29

Feb.

4
19

525.2
644.2

240.0
323.7

13.76
15.21

161.4
250.7

73.0
74.8

13.67
14.57

Mar.

3

535.4

178.1

15.26

324.4

73.4

15.36

Date of
auction

Offered

1977-High
Low

1978-High
Low

1979-High
Low

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

Offered

Immediate delivery program
Average yield
Accepted

Offered

Future commitment program
Average yield
Accepted

1977-High
Low

303.0
76.7

132.6
49.8

9.02
8.63

262.8
66.4

131.0
35.3

9.03
8.63

1978-High
Low

359.7
71.2

191.7
53.6

10.42
9.12

247.1
69.7

84.4
18.2

10.54
9.20

1979-High
Low

298.0
38.7

150.5
17.9

13.56
10.40

166.6
38.7

37.8
13.7

13.89
10.43

18
25

91.7
82.0
81.7
75.2

59.0
50.1
43.8
34.7

12.63
12.68
12.76
12.90

50.7

15.9

13.33

1
8
15
22
29

66.9
57.2
72.7
64.9
73.9

43.3
37.1
50.9
40.8
47.9

13.05
13.25
13.48
14.10
14.44

78.1

14.3

15.11

72.3

30.7

15.34

1980-Jan.

4
11

Feb.

Mar.

Offerings in the FNMA auctions of 4-month purchase commitments relate to total bids submitted, and average yields t o FNMA on accepted bids are gross
(before deduction of 37)4 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 t o FHLMC on
accepted bids are net, excluding 37% basis points for mortgage servicing.
Source: FNMA and FHLMC




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

Period

New issues

Outstanding
(end of period)

Pass-through securities
F H LMC-guaranteed
New issues

Outstanding
(end of period)

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

Privately insured
New issues

1976

13,764

30,571

1,396

2,671

n.a.

n. a .

75

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

1,327
929
1,315

45,890
45,325
46,357

504
470
120

7,033
7,431
7,471

0
10
119

236
243
358

0
0
50

823
1,255
999

46,463
47,387
48,033

466
651
1,093

7,861
8,434
9,422

201
135
23

557
689
703

290
75
0

Sept.

997
1,648
1,203

48,663
50,051
50,844

299
725
394

10,371
10,224
10,512

72
35
33

764
797
822

0
50
0

Oct.
Nov.
Dec.

1,762
1,721
1,381

52,095
53,358
54,347

369
581
540

10,987
11,463
11,892

57
36
275

872
897
1,161

0
0
0

1979-Jan.
Feb.

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

1,489
1,673
1,860

60,274
61,551
63,001

364
572
382

12,790
13,296
13,562

51
201
142

1,619
1,821
1,915

0
0
400

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

488
300
470

2,987
3,353
3,641

n.a.
n . at
n.a.

1980-Jan.
Feb.

2,611
1,354

78,849
n.a.

180
n.a.

15,274
n.a.

382
n.a.

4,019
n.a.

n.a.
n.a.

1978-Jan.
Feb.
Mar.
Apr.

May
June
July
Aug.

Mar.
Apr.

May
June
July
Aug.

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 underwritten by major private mortgage insurance companies.
Source: GNMA, FHLMC, HUD, and Federal Reserve.





Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102