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Capital
Market
Developments

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A

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a

March 19, 1979

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

S E C U R I T Y V O L U M E AND Y I E L D S

7, 8

STOCK MARKET AND S E C U R I T Y
CREDIT

9 - 1 6

MORTGAGE MARKET

SYMBOLS
e
ESTIMATE
p
PRELIMINARY
r
REVISED
n.a. NOT AVAILABLE
DATA DO NOT EXIST

Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
VOLUME

YIELDS
WEEK ENDING

1979-Jan.

Feb.

Mar.

5
12
19
26
2
9
K
23
2
9
16

NEW ISSUE 1
Aaa UTILITY

RECENTLY
OFFERED
Aaa UTILITY

2

3
GROSS
OFFERINGS
($ MILLIONS)

NEW ISSUES 4
IN SYNDICATE
( $ MILLIONS)

PER CENT
SOLD BY END
OF WEEK

9.51
9.55
9.57
9.45

9.54
- -

9.42
— —

9.59
9.64
9.61

100
97
100

18
0

663
454
20
290

100
97
100
70

0
15
0
86

9.67
9.60r
9.64p

— —

10
0
530
187

9.40
9.51
9.55
9.63

— —

325
120
123

99
100
100

-

0
—

-

<

y

x-

4
0
0

MUNICIPAL BOND MARKET
VOLUME

YIELDS
WEEK ENDING

MOODY'S
NEW ISSUE
Aaa

BOND BUYER
2Q-BOND
INDEX

3
GROSS
OFFERINGS
( $ MILLIONS)

PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
( $ MILLIONS)

1979-Jan.

5
12
19
26

6.05
6.00
6.00
5.75

6.58
6.50
6.48
6.30

137
960
488
460

78
89
94
87

78
151
65
77

Feb.

2
9
16
23

5.70
5.60
5.60
5.75

6.22
6.31
6.33
6.38

393
265
596
745

81
80
77
79

115
53
156
264

Mar.

1
9
16

5.80
5.80
5.80

6.42
6.35
6.30

981
828
1,376

91
89
94

138
122
178

NOTES:
1

Federal Reserve series of implied yield on newly issued, Aaa-rattd-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
Estimated by F.R. on the basis of available data.
 Market: Salomon Brothers Bond Market Roundup; Municipal Market: Weekly Bond Buyer. Data are adjusted by Federal Reserve when
4
Corporate
http://fraser.stlouisfed.org/
necessary to make coverage of this series consistent with the gross offerings series.
Federal Reserve Bank of St. Louis

Table 2

HIGH GRADE BOND YIELDS
DATE

NEW ISSUE
A a a UTILITY

1

RECENTLY OFFERED
Aaa UTILITY

2

MOODY'S SEASONED
CORPORATE Aaa

3

U S . GOVT. 20-YEAR
CONSTANT MATURITY

4

BOND BUYER
2 0 - B 0 N D INDEX

1975 - High
Low

9.80 (5/2)
8.89 (2/7)

9.71 (5/25)
9.06 (2/28)

9.01 (5/2)
8.57 (2/28)

8.63 (9/19)
7.63 (2/21)

7.67 (10/3)
6.27 (2/13)

1976 - High
Low

8.95 (5/28)
7.93 (12/10)

9.10 (1/2)
7.84 (12/31)

8.66 (5/28)
7.91 (12/31)

8.17 (5/28)
7.27 (12/31)

7.29 (1/2)
5.95 (12/16)

1977 - High
Low

8.36 (12/16)
7.90 (1/7)

8.48 (12/30)
7.95 (1/7)

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

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

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

1978 - High
Low

9.29 (12/15)
8.60 (3/24)

9.54 (12/22)
8.48 (1/6)

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

9.00 (12/22)
8.02 (1/6)

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

1979 - High
Low

9.64 (3/2)
9.42 (2/9)

9.67 (3/2)
9.40 (2/2)

9.38 (3/16)
9.19 (2/2)

9.12 (3/2)
8.89 (2/2)

6.42 (3/2)
6.22 (2/2)

1978 - December

9.28

9.41

9.16

8.90

6.51

1979 - January
February

9.54
9.53

9.51
9.56

9.25
9.26

8.98
9.03

6.47
6.31

9.40
9.51
9.55r
9.63r

9.19
9.23
9.25
9.28

8.89
9.00
9.04
9.09

6.22
6.31
6.33
6.38

9.67
9.60r
9.64p

9.36
9.35p
9.38p

9.12
9.08
9.07p

6.42
6.35
6.30

1979 - Feb.

Mar.

2
9
16
23
2
9
16

9.42
9.59
9.64
9.61

)

NOTES:
1
Federal Reserve series of implied yield on newly issued, Aae-reted utility bond with 5-yesr cell protection.
2
Federal Reserve series of implied free-market yield on competitivety bid Aa*rated utility bond with 5-year call protection released from price restrictions sometime during the last 4
weeks.
3

Weekly average of daily closing figure*.

4
5

Weekly average of deity figures. US. Treasury data.
Thursday figures. The average rating of the 20 bonds used in this index falls midway between the four top groups as classified by Moody's Investors Service. Wtekly Bond Buyer data.




5

5
Table 3

LONG-TERM CORPORATE AND
STATE AND LOCAL GOVERNMENT
SECURITY OFFERINGS AND PLACEMENTS
IN MILLIONS OF DOLLARS

GROSS PROCEEDS

1

CORPORATE

PERIOD

2

STATE AND LOCAL

1979

1978

1977

1979

1978

3,275e
2,950e

3,013
2,657
4,442

4,362
2,792
5,578

2,746
2,700e

3,306
2,753
4,844

3,402
3,442
4,063

April
May
June

3,285
4,035
5,215

3,998
3,797
5,660

3,824
5,525
4,369

3,409
4,566
5,786

July
August
September

4,226
3,311
3,832

4,289
3,469
4,177

3,920
6,407
2,323

3,113
4,118
4,013

October
November
December

3,654e
3,207e
4,150e

4,221
5,331
6,531

3,231
4,320
3,690

3,807
3,332
3,646

Q1
02
03
04

10,112
12,535
11,369
ll.Olle

12,732
13,455
11,935
16,083

10,903
13,718
12,650
11,241

10,907
13,761
11,244
10,785

1st Half
3 Qtrs.
Year

22,647
34,016
45,027e

26,187
38,122
54,205

24,621
37,271
48,512

24,668
35,912
46,697

January
February
March

NOTES:
1
Securities and Exchange Commission estimates of gross proceeds.
Digitized for 2
FRASER
Securities Industry Association estimates of principal amounts.


|

1977

\
Table 4

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

TOTAL

MEMO
BONDS
COMMON
MANUFACAND
ISSUES INCLUDED
PUBLICLY PRIVATELY PREFERRED
TURING
PLACED
OFFERED
FOREIGN CONVERTIBLE
STOCK
3,031
6
2,707
268
3,527
6,498
3,440
108
346
2,874
4,975
5,606
3,250
3,506
2,214
495
272
6,215
4,054
5,?99
39
4,217
275
5,867

PUBLIC
UTILITY

COMMUNICATIONS

OTHER
ISSUERS

3,047
4,125
2,901
4,246

1,415
1,059
644
1,320

5,238
4,830
5,140
6,460

1977 - I
II
III
IV

12,732
13,455
11,935
16,083

1978 - I
II
III

10,112
12,535
11,369

4,748
5,421
5,284

3,383
4,196
3,868

i . mi
2,918
2,217

233
260
120

4
158
115

2,218
2,898
2,534

2,367
3,672
3,012

844
384
1,120

4,684
5,581
4,701

1977 - October
November
December

4,221
5,331
6,531

2,114
2,211
1,542

979
1,200
3,820

1,128
1,920
1,169

10
89
176

1
22
16

731
782
2,541

1,437
1,729
1,080

8
1,013
299

2,045
1,805
2,610

1978 - January
February
March
April
May
June
July
August
September
October
November

3,013
2,657
4,442
3,285
4,935
5,215
4,226
3,311
3,832
3,654
3,207

1,382
1,464
1,902
1,958
1,719
1,744
2,177
1,497
1,610
1,631
1,608

998
667
1,718
853
1,277
2,066
1,541
1,032
1,295
865
873

633
526
822
474
1,039
1,405
508
782
927
1,158
726

233
0
0
12
106
142
80
40
0
10
0

0
0
4
20
2
136
16
6
93
101
22

273
716
1,229
549
878
1,471
842
721
971
475
840

644
465
1,258
743
1,685
1,244
799
875
1,338
1,619
761

519
34
291
35

1,578
1,441
1,665
1,960
1,470
2,151
2,231
1,162
1,308
1,267
1,148

NOTES:
1
Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other.
Source: Securities and Exchange Commission.



349
353
552
215
290
457

1

Table 5A

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
February 26 through March 16, 1979

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

Transamerica F i n a n c i a l Corp.
South Central B e l l T e l . Co.
P o r t l a n d General E l e c . Co.
Southern P a c i f i c T r a n s p o r t a t i o n Co.
El Paso Co.
Hershey Foods Corp.
Minnesota Power & L i g h t Co.
Federal Express Corp.
Duke Power Co.
M e r c a n t i l e Texas Corp.
A l l s t a t e F i n a n c i a l Corp.
Denver Rio Grande Western R.R. Co.
Golden Nugget I n c .

Debt.
Debt.
Com. s t k .
Equip. t r .
Govt. g t d .
Debt.
Com. s t k .
Com. s t k .
Com. s t k .
Notes* *
Notes
Equip, t r .
Units

75.0
250.0
89.4
24.0
20.8
75.0
20.2
18.9
107.3
35.0
50.0
16.5
21.0

OTHER
Stockholm

Debt.

ISSUER

CORPORATE

60.0

MATURITY

1999
2019

**

Floating rate notes.

MOODY'S/S&P'S
RATINGS

9.88
9.63

9.92
9.65

A/A+
Aaa/AAA

9.50
9.40
9.50

10.25-9.50
9.40
9.54

Aa/AA

1999
1986
1980-1994
1994

11.20
9.63
9.38
12.25

11.20
9.65
1 0 . 1 5 - 9 . 4 0i
13.80

--/AAAa/AA
Aaa/AAA
B/B

1994

Rights offering.
Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings.




OFFERING
YIELD

1979-1994
2003
2009

NOTES:
*
1

COUPON RATE

9.75

9.88

A/A+

Aaa/AAA

T
oo

T a b l e 5B

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
March 1 through March 16, 1979
ISSUER

TYPE

AMOUNT
(MILLIONS OF
DOLLARS)

STATE AND LOCAL

Chicago Metro. Sanitary D i s t . , 111.
Wyoming Comm. Dev. Auth.
Wyoming Comm. Dev. Auth.
Ohio, S t a t e of
South Dakota Hsg. Dev. Auth.
South Dakota Hsg. Dev. Auth.
Dade Co., F l a .
Dade Co., F l a .
Dade Co., F l a .
Broward Co., F l a .
Secaucus Mun. U t i l i t i e s A u t h . , N . J .
Secaucus Mun. U t i l i t i e s A u t h . , N . J .
Orange Cty. Muni. Water D i s t . , C a l i f .
Orange Cty. Muni. Water D i s t . , C a l i f .
Minnesota, S t a t e of
A u s t i n , Texas
East Baton Rouge P a r i s h Mtg. F i n .
Auth., La.
East Baton Rouge Parish Mtg. F i n .
Auth., La.
Lonoke Cty. Res. Hsg. Fac. Bd., Ark.
Lonoke Cty. Res. Hsg. Fac. Bd., Ark.
L i t t l e Rock Res. Hsg. Fac. Bd., Ark.
L i t t l e Rock Res. Hsg. Fac. Bd., Ark.

2

80.0

Rev.

63.8

Rev.
Rev.
Rev.
Rev.
Rev.

36.2
16.9

OFFERING
YIELD

MOODY'S/S4P'S
RATINGS

5.94

49.5
56.3

12.0

50.0
30.9
115.6
7.5
4.3
8.2
50.0
4.8

8.6
28.2
51.2

88.5

8.1

39.5
9.6

Includes only state and local security offerings of $10 million and over; excludes secondary offerings.
For State and local government securities, G.O. denotes general obligation; Rev. denotes revenue obligations.




NET INTEREST
COST

1980
1981-2000
2010
1979-1987
2010
1980-1999
2009
2003
1980-1998
1981-2009
1981-1996
2008
1982-1995
2006
1980-1999
1981-2006

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

NOTES:
1

MATURITY

5.50-6.55

6.88

5.33
6.74
6.74

5.10-5.25
7.10
5.40-6.90
6.90

6.13

5.75-6.60
5.35-6.40
5.50-6.25

7.33
7.33
5.56
6.26

6.00-7.00
7.25
5.10-5.80
5.25-6.50

2010

7.30

7.38

1980-1999
2011
1982-1999
2011
2012

7.30

6.82
6.82
6.82

6.80

6.88

7.25
7.25

5.40-7.00
7.50
5.70-7.20
7.30
7.30

Aa/AA
Aa/AA
Aaa/AAA
A-l/AA
A-l/AA
A/AA/AA/AA-1/A+
A-l/-A-l/A
Baa-l/BBBtBaa-l/BBBf
Aaa/AAA
A-1/A+
Aa/AA
Aa/AA
A/AA
A/AA
Aa/AA
Aa/AA

#

#

#

#

#

#

#

#

#

#

NET INTEREST
COST

OFFERING
YIELD

7.25

5.60-7.00
5.60-7.30
7.60
7.60
8.63
8.10-8.40
7.70
6.00-6.50
5.70-7.20
7.50
5.40-6.00
6.30
5.80-7.25
7.63
6.90
6.10-7.70
8.25
5.70-6.40
5.70-6.25
6.77
5.60-6.90
7.25
7.34
5.50-6.80
7.00

Table 5B Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
March 1 through March 16, 1979

TYPE

ISSUER

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

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

25.9
18.7
25.0
6.3
100.0
25.0
3.8
8.0
7.7
13.3
11.0
4.0
3.6
16.0
29.7
7.4
31.6
57.1
35.0
50.0
98.1
48.6
16.3
129.4
170.6

1981-1999
1980-1999
2008
2009
1999
1989-1993
2006
1981-1999
1981-1999
2010
1983-1993
1997
1982-1994
2011
1984
1982-1994
2011
1981-1994
1983-1989
1999
1980-1996
2010
2011
1985-2002
2012

MOODY S/S&P'S
RATINGS

STATE AND LOCAL

L i t t l e Rock Res. Hsg. Fac. B d . , Ark.
Anchorage, Alaska
Anchorage, Alaska
Anchorage, Alaska
Municipal A s s i s t a n c e Corp., N.Y.C.
Municipal A s s i s t a n c e Corp., N.Y.C.
Redwood C i t y Gen. Imp. D i s t . , C a l i f .
Redwood C i t y Gen. Imp. D i s t . , C a l i f .
Sussex Co., D e l .
Sussex Co., D e l .
Central Texas Hgr. Educ. A u t h . , I n c .
Central Texas Hgr. Educ. A u t h . , I n c .
Orangeburg C o . , S.C.
Orangeburg C o . , S.C.
P h i l a . Equip. L e a s i n g A u t h . , Pa.
P o n t i a c , Mich.
P o n t i a c , Mich.
Kentucky Hsg. Corp.
Savannah Port A u t h . , Ga.
Savannah Port A u t h . , Ga.
Rhode I s l a n d Hsg. & Mtg. Corp.
Rhode I s l a n d Hsg. & Mtg. Corp.
Rhode I s l a n d Hsg. & Mtg. Corp.
Texas Municipal Power Agcy.
Texas Municipal Power Agcy.




/

- — —

- — -

- -

6.95
6.95
—

- -

- -

- - - -

6.35
6.75
6.75
7.15
7.15
7.15
6.90
6.90

Aa/AA
A/AA
A/AA
A/AA
Baa-l/A
Baa-l/A
--/BB
--/BB
A—1/ —
A-l/—
--/A
— /A
Baa-l/ABaa-l/A- - /ABaa/ABaa/AA-l/AAA/A
A/A
Aa/AAAa/AAAa/AAA/A+
A/A+

T a b l e SB C o n t i n u e d

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
March 1 through March 16, 1979

ISSUER

STATE AND LOCAL

Columbus, Ohio
Sulphur, La.
West V i r g i n i a Hsg, Dev. Fund
West V i r g i n i a Hsg. Dev. Fund
St. Paul, Minn.
S t . Paul, Minn.
A r l i n g t o n , Texas
A r l i n g t o n , Texas
Anaheim Stadium I n c . , C a l i f .
Anaheim Stadium I n c . , C a l i f .
Anaheim Stadium I n c . , C a l i f .
Washington P u b l i c Power Supply S y s .
Washington P u b l i c Power Supply Sys.
Washington P u b l i c Power Supply Sys.
Lakeland, F l a .
Hamilton C o . , Ohio
Hamilton C o . , Ohio
Hamilton C o . , Ohio
Hamilton C o . , Ohio
Chicago Park D i s t . , 111.
S e b a s t i a n Cty. Res. Fac. Bd., Ark.
S e b a s t i a n Cty. Res. Fac. Bd., Ark.




TYPE

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

AMOUNT
(MILLIONS
OF
DOLLARS)

12.6
10.0
68.0
32.0
17.9
32.1
8.5
14.9
4.5
9.3
19.2
62.9
33.5
83.6
50.0
8.0
3.2
4.0
16.3
42.0
27.4
5.1

MATURITY

1981-2005
1980-2003
1980-1999
2010
1981-2000
2011
1981-2000
1981-2000
1986-1995
2005
2015
1982-1999
2004
2012
1984-2006
1984-1995
1998
2001
2009
1980
1997
1997

NET INTEREST
COST

5.82
6.66
- -

— —

- —

5.74
5.57
6.99
6.99
6.99
6.49
6.49
6.49
6.22
-

-

- - -

5.96
6.75
7.00

OFFERING
YIELD

5.20-6.10
5.50-6.90
5.40-6.90
7.15
5.50-7.00
7.25
5.30-6.20
5.15-6.10
6.00-6.50
6.80
7.00
5.25-6.04
6.40
6.75
5.35-6.45
6.00-7.25
7.50
7.63
7.75
5.75
6.75
7.00

MOODY'S/S&P'S
RATINGS

Aa/AA
Baa-l/BBB-tAa/AAAa/AAAa/-Aa/-A/A
A/A+
A/AA/AA/AAaa/AAA
Aaa/AAA
Aaa/AAA
Aa/AA
Baa-l/A
Baa-l/A
Baa-l/A
Baa-l/A
--/ —

Aa/ - -

Table 6A

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY

1

As of March 16, 1979
AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

ISSUER

TYPE

A t c h i s o n , Topeka & Santa Fe Ry.Co.
Monongahela Power Co.
Southwestern B e l l T e l . Co.
* P u b l i c S e r v i c e of New Hampshire
* J . Ray McDermott & Co.
C i n c i n n a t i Gas & E l e c t . Co.
Kentucky U t i l s . Co.
Ford Motor Credit Co.
Ford Motor Credit Co.
•General E l e c t . Credit Corp.
N a t i o n a l Rural U t i l s . Coop. F i n .
Corp.
•General M i l l s I n c .
•Capital Financial Services Inc.
*Iowa Public S e r v i c e
• P u b l i c S e r v i c e Co. of Indiana
•Avco F i n a n c i a l S e r v i c e s I n c .
• P h i l a d e l p h i a E l e c t . Co.
V i r g i n i a E l e c t . & Power Co.
Gulf S t a t e s U t i l s .
P a c i f i c Power & Light Co.
Chesapeake & Potomac T e l . Co. of
Virginia
Georgia Power Co.
S. Carolina E l e c t . & Gas Co.
•Utah Power & Light Co.
Utah Power & L i g h t Co.
•Consumers Power Co.
•Gulf Power Co.
Gulf Power Co.
• L o u i s i a n a Power & Light Co.
•Wisconsin Power & L i g h t Co.
Delmarva Power & Light Co.
Aristar Inc.

Equip, t r .
1 s t nrbg.
Debt.
Pfd. s t k .
Debt.
1 s t nrbg.
Com. s t k .
Debt.
Notes
Notes

24.0
45.0
450.0
25.0
150.0
100.0
20.0
150.0
150.0
200.0

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

20
20
20
21
21
21
22
22
22
27

Coll. t r .
Debt.
Notes
Com. s t k .
Pfd. s t k .
Notes
Com. s t k .
1 s t nrbg.
1 s t ntbg.
1 s t nrbg.

100.0
125.0
30.0
21.0
35.0
125.0
68.0
100.0
75.0
100.0

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

3
3
3
3
3
4
10

Debt.
1 s t mbg.
1 s t nrbg.
Pfd. s t k .
1 s t nrbg.
1 s t mfcg.
Pfd. s t k .
1 s t nrbg.
1 s t nrbg.
Com. s t k .
Com. s t k .
Notes

200.0
125.0
35.0
20.0
35.0
100.0
25.0
30.0
50.0
20.0
26.0
25.0

Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Indef

CORPORATE

NOTES:
•
1

Included in table for first time.
Includes only corporate and other security issues of $15 million and over; excludes exchanges, options




10
18
18
19
19
23
24
24
26

12
Table 6B

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U S. TREASURY

1

As of March 16, 1979

ISSUER

Chicago, 111.
^Colorado Hsg. F i n a n c e Auth.
Hawaiian Gardens, C a l i f .
Shelby C o . , Tenn.
Nevada, S t a t e of
Houma-Terrebone P u b l i c Trust F i n .
A u t h . , La.
C a l i f o r n i a , S t a t e of
F l o r e n c e Cty. S.D. No. 1, S.C.
P h e l p s County, Mo.
M a s s a c h u s e t t s , S t a t e of
*Mass. Home Mtg. F i n . Agency
*Citrus Co., Fla.
*Tippecanoe Co. Hosp. A u t h . , Ind.
La Habra Redev. A g c y . , C a l i f .
Anaheim Union High Sch. Comm.
Auth., C a l i f .
^ V i r g i n i a Pub. Sch. Auth.
*Previdence, R . I .
* P u e r t o R i c o P u b l i c B l d g s . Auth.
Los A n g e l e s D e p t . o f Water &
Power, C a l i f .
Montgomery Cty. Hsg. O p p o r t u n i t i e s
Comm., Md.
*Conn. Hsg. F i n . Auth.
*Gwinnett Co. Sch. D i s t . , Ga.
A l l e g h e n y Cty. Hosp. Dev. A u t h . ,
Pa.
Addison, 1 1 1 .
New O r l e a n s Home Mtg. A u t h . , La.
^ M a r t i n s v i l l e , W. Va.
^Memphis, Tenn.
* E l o r i d a S t a t e Board of E d u c a t i o n
Kenosha County, W i s e .
San Francisco, Calif.
*Nueces R i v e r A u t h . , Texas
D a l l a s , Texas
*Delaware S t a t e Hsg.
Oregon
NOTES:
1

Includes state and local government issues of $10 million and over.

*

Included in the table for the first time.




TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

Rev.
Rev.
Rev.
G•0 •
G.O.

150.0
42.7
18.0
47.0
47.0

March
March
March
March
March

19
19
19
20
20

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

25.0
125.0
10.0
14.5
125.0
25.0
40.0
14.0
32.6

March
March
March
March
March
March
March
March
March

20
20
21
22
22
23
27
27
27

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

10.0
16.3
15.0
80.0

March
March
March
March

27
28
28
28

Rev.

60.0

March 28

Rev.
Rev.
G.O.

55.0
156.0
20.0

March 28
March 29
March 29

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

79.3
25.0
85.0
25.0
25.0
32.7
10.0
14.0
13.0
37.0
38.9
150.0

March 29
March
March
March
April 3
April 3
April 3
April 4
April 4
April 4
April 5
A p r i l 10

13
Table 6B Continued

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY

1

As of March 16, 1979

ISSUER
STATE & LOCAL

Tacoma, Wash.
Baltimore, Md.
Vermont Housing F i n . Agcy.
New J e r s e y H e a l t h Care F i n . Auth.
Mesa County, Colorado




TYPE

Rev.
G • 0.
Rev.
Rev.
Rev.

AMOUNT
(IN MILLIONS
OF DOLLARS)

38.0
30.4
30.0
43.0
55.0

APPROXIMATE
DATE OF OFFERING

April 11
A p r i l 24
April
April
April

Table 7

STOCK PRICES AND VOLUME
1

STOCK PRICES

DATE
NYSE INDEX

3

AMEX

B J INDUSTRIALS

4

1

NASDAQ

2

TRADING VOLUME

NYSE

1—
|

AMEX

-r1

NASDAQ

1975-High
Low

51.24 (7/15)
37.16 ( 1 / 8 )

881.81 (7/15)
632.04 ( 1 / 2 )

96.86 (7/15)
62.20 (1/2)

88.00 (7/15)
60.70 ( 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)

1976-High
Low

57.51 (9/21)
48.04 ( 1 / 2 )

1014.79 ( 9 / 2 1 )
858.71 (1/2)

107.05 ( 7 / 1 2 )
84.31 (1/2)

92.52 ( 7 / 1 5 )
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)

1977-High
Low

57.69 (1/2)
49.78 (11/2)

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

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

105.05 ( 1 2 / 3 0 )
93.66 ( 4 / 5 )

35.3 (11/11)
10.6 (10/10)

4 . 2 (1/13)
1.4 (9/22)

11.2 (11/10)
5.1 (5/27)

1978-High
Low

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

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

176.87 ( 9 / 1 5 )
119.73 (1/11)

139.25 ( 9 / 1 3 )
99.09 ( 1 / 1 1 )

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

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

18.8 (5/18)
2.8 (1/20)

1979-High
Low

56.99 (1/26)
53.88 (2/27)

859.75 ( 1 / 2 6 )
807.00 (2/27)

172.77 ( 3 / 1 6 )
152.03 (1/2)

128.55 .(3/16)
117.84 ( 1 / 2 )

37.1 (1/12)
18.3 (1/2)

4 . 4 (3/15)
2.2 (1/22)

14.1 (3/8)
7.2 (1/2)

5
12
19
26

55.41
55.91
55.85
56.99

830.73
836.28
837.49
859.75

157.66
160.33
161.04
162.35

122.05
123.74
124.65
127.04

27.4
27.1
27.4
30.4

3.5
3.2
3.3
2.9

10.6
11.0
10.8
12.1

Feb.

2
9
16
23

55.79
54.88
55.37
54.88

834.63
822.42
827.01
823.28

159.25
160.08
163.15
162.55

125.82
123.76
125.57
125.04

27.0
25.2
24.0
24.3

2.5
2.8
3.0
3.0

10.4
10.2
10.0
10.3

Mar.

2
9
16

54.37
55.81
56.55

815.75
842.86
852.82

162.97
166.66
172.77

123.67
127.25
128.55

25.2
28.9
27.7

3.2
3.5
4.0

11.0
13.4
12.8

1979
Jan.

NOTES.
1
Fieum other t i w M * . end low. er. Frldey. only. HW» end lowi ere for the ywr end ere not neeewrlly fer Frldey..

2
a
4

Volume m###* ere weekty imnm of deity flfure* (million* o# iherei).
12/31ZW • 60
few*

en mm** p>u» «#wn# until September 4 , 1 * 7 * thereefter, bewd on merk* velue of iheree lifted,




15
Table 8

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

OUTSTANDING

BROKERS ON
MARGIN
STOCK

1

BROKERS ON
CONVERTIBLE
BONDS

3

2

BANKS

UNREGULATED NONMARGIN
STOCK CREDIT
AT BANKS

2,568

9,740

250

873

1978 - January
February
March
April
May
June
July
August
September
October
November
December

9,590
9,780
9,920
10,260
10,660
11,090
11,190
11,740
12,400
12,090
11,000
10,830

246
242
246
248
245
242
247
243
225
216
209
205

2,565
851
877
2,544
855
2,544
2,560
914
s e r i e s discontinued

1979 - January
February

10,750
10,790

204
n.a.

1977 - December

CHANGE IN OUTSTANDING

1977 - December
1978 - January
February
March
April
May
June
July
August
September
October
November
December
1979 - January
February

130

4

-150
190
140
340
400
430
100
550
660
-310
-1,090
-170

-4
-4
4
2
-3
-3
5
-4
-18
-9
-7
-4

—80
40

1

-36

-22
-3
26
-21
——
-22
16
-59
s e r i e s discontinued

-1
n.a.

NOTES:
Margin account debt as reported by the New York Stock Exchange, excluding credit for subscription issues and convertible bonds.
1
2
3
4

New 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.
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

Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

SAVINGS & LOAN ASSOCIATIONS

MUTUAL SAVINGS BANKS
REGULAR DEPOSITS
DATE
NET
FLOW

1974
1975
1976
1977

2,165
11,070
12,670
10,647

1

ANNUAL 3
GROWTH
RATE

2.3
11.3
11.6
8.9

1978-June
July
August
September
October
November
December

1,304
341
260
1,378
510
275
1,236

1979-January^

250

1978-June
July
August
Sep tember
October
November
December

723
668
1,054
1,116
1,096
353
456

6.4
5.9
9.2
9.7
9.4
3.0
3.9

19 7 9 - J a n u a r y ^

436

3.7

'

——

-

-

NET
NEW
MONEY

-2,822
4,757
5,275
2,874
-90
38
-75
-41
48
-59
-391
-75

——

——

——
——
——

-

-

2

SHARE CAPITAL
NET
FLOW

ANNUAL 3
GROWTH
RATE

NET
NEW
MONEY

TOTAL

2

DEPOSITS
NET
FLOW

4,668
7.1
16,006
29,276
17.6
42,769
34,369
17.6
50,169
32,004
15.2.
50,963
NOT SEASONALLY ADJUSTED
1,744
6,656
2,812
3,074
2,069
——
2,312
1,606
6,433
2,534
2,645
1,897
2,157
710
5,802

18,171
53,839
62,839
61,610

4,398

5,012

4,762

SEASONALLY ADJUSTED^/
14.0
4,675
3,846
11.4
13.4
4,578
16.7
5,757
10.0
3,510
12.4
4,399
3,710
10.4

5.6
15.8
15.9
13.5

-

-

"

4,583

12.7

1,846
34,033
39,644
34,783
1,654
2,850
1,994
1,565
2,582
1,838
298

7,960
3,415
2,572
7,811
3,155
2,432
7,038

5,398
4,514
5,632
6,873
4,606
4,752
4,166

- -

5,019

10.5

4,323

12.1
10.0
12.3
14.9
9.9
10.1
8.8

NOTES:
1
Regular deposits at mutual savings banks exclude Hams such as Christmas club and certain escrow accounts, which represent a very small part of total deposits.
2

New deposits net of both withdrawals and interest. Data for S&L's are for insured associations only, which represent 96 per cent of industry total resources.

3

Annual yowth rate for monthly data is the annualized monthly percentage increase in deposits.

4

S e a s o n a l l y a d j u s t e d s e r i e s have been r e v i s e d due t o r e c a l c u l a t i o n of s e a s o n a l f a c t o r s .
A s s o c i a t i o n of Mutual Savings Banks and Federal Home Loan Bank Board.

DigitizedSOURCE:
for FRASER N a t i o n a l


ANNUAL 3
GROWTH
RATE

NET
NEW
MONEY

-

-

2

17

T a b l e 10

MORTGAGE COMMITMENTS AT
SELECTED THRIFT INSTITUTIONS
BILLIONS OF DOLLARS, SEASONALLY ADJUSTED

OUTSTANDING COMMITMENTS
PERIOD

ALL SAVINGS
MUTUAL
& LOAN
SAVINGS BKS
ASSOCIATIONS (N Y. STATE)

TOTAL

NET CHANGE
TOTAL

ALL SAVINGS
MUTUAL
& LOAN
SAVINGS BKS
ASSOCIATIONS (N.Y. STATE)

1972

25.3

20.3

5.0

7.48

6.28

1.20

1973

20.0

16.4

3.5

-5.31

-3.92

-1.39

1974

14.7

12.4

2.3

-5.20

-3.91

-1.29

1975

20.2

18.2

2.2

5.81

6.06

- .25

1976

27.8

25.0

2.8

7.46

6.80

.66

1977 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

27.8
28.5
29.7
30.4
30.8
32.1
32.8
34.1
35.0
37.2
38.2
38 . 3

25.0
25.5
26.5
27.2
27.5
28.3
29.0
30.1
30.9
32.7
33.5
33.7

2.8
3.0
3.2
3.3
3.3
3.8
3.8
4,0
4.1
4.4
4.5
4.5

.45
.66
1.20
.68
.47
1.32
.60
1.31
.97
2.23
1.05
.06

.38
.46
1.00
.68
.40
.79
.63
1.11
.80
1.86
.82
.16

.07
.20
.17
.07
.53
- .03
.20
.17
.37
.23
- .10

1978 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

38.0
37.3
36.9
36.5
36.2
36.1
36.0
36.4
36.7
38.8
39.1
38.

33.6
33.0
32.7
32.3
31.9
31.5
31.5
31.9
32.3
33.9
34.0
33.4

4.4
4.3
4.3
4.3
4.3
4.6
4.6
4.6
4.4
4.8
4.9
4.9

-.32
-.70
-.38
-.39
-.34
• 02
- . 05
.35
-.34
1.96
22
-.80

—. 08
—. 61
-.34
-.42

-

-.32
-.03
.36
•42
1.63
.10
-.80

- .01

1979 - Jan.

37.5

32.7

4.8

-.74

-.70

- .04

'

-.39

——

.24
.09
. 04
.03
.05
.34
- .102
- .01
— . 08
.33
.12

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
Digitized for as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding.
levels FRASER


18

T a b l e 11

NET NEW MONEY BORROWINGS
E" MAJOR HOUSING AGENCIES
IN MILLIONS OF DOLLARS

PERIOD

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

INTERMEDIATE AND LONG-TERM I S S U E S
TOTAL

1977—Jail.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

12
-862
289
344
532
605
531
347
195
247
466
1,078

188
-592
-354
746
297
203
553
301
-291
211
500
0

1978-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

399
1,712
887
848
3,091
1,492
1,605
1,811
1,683
1,680
3,023

-12
1,388
-17
600
1,483
1,276
1,881
1,182
1,131
1,630
885
2,183

1979-Jan.
e/
Feb.

534
1,325

FHLB

0
837

1,108

0
-200
0
—6
105
0
0
304
0
0
300
0

FHLMC

FNMA

FNMA & FHLB
SHORT-TERM
DISCOUNT
NOTES 1

-189
-393
-4
0
200
3
-47
-3
9
11
200
0

-1
1
-350
752
—8
200
600
0
-300
200
0
0

-176
-270
643
-402
235
402
-22
46
486
-36
-34
1,078

0
1,400
0
0
1,500
0
700
1,200
0
0
900
750

-12
-12
-17
0
-17
276
-19
-18
181
-70
-15
183

0
0
0
600
0
1,000
1,200
0
950
1,700
0
1,250

411
324
904
248
1,608
216
-276
629
552
50
223
840

0
837

-116
0

0
0

650
488

"

J

NOTES:
Based on data from
 Treasury Survey of Ownership.
http://fraser.stlouisfed.org/
Sales of FHLB discount notes began in May 1974.
Federal Reserve Bank of St. Louis

%

19

Table 12

NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS OF DOLLARS

PERIOD

1970
1971
1972
1973
1974
1975
1976
1977

2

FINANCIAL INSTITUTIONS

TOTAL
INCLUDING
FNMA-GNMA

TOTAL

21,930
41,406
57,587
58,372
42,739
43,497
62,783
96,814

17,020
39,018
55,561
55,072
36,517
38,658
64,903
95,924

COMMERCIAL
BANKS

2,462
9,940
16,800
19,600
11,700
4,200
13,900
25,400

MSB's

S & L's

1,946
3,938
5,377
5,642
2,172
2,236
4,074
6,474

10,254
23,919
31,932
25,552
17,567
29,289
44,515
58,566

INSURANCE FNMA-GNMA
COMPANIES

2,348
1,221
1,452
4,278
5,078
2,933
2,414
5,184

4,910
2,388
2,026
3,300
6,222
4,839
-2,120
890

556
1,006
763
796
945
1,826

728
998
984
883
485
702

679
1,045
796
703
923
1,386

444
930
745
827
487
541

Not S e a s o n a l l y Adjusted
1978 - J u l
Aug
Sept
Oct
Nov
Dec

9,149
11,061
9,357
9,444
9,408
8,618

8,421
10,063
8,373
8,561
8,923
7,916

3,200
3,700
2,800
3,000
3,200
2,200

674
636
516
500
594
452

1979 - Jan

3,991
4,721
4,294
4,265
4,184
3,438
2,595

S e a s o n a l l y Adjusted
1978 - J u l
Aug
Sept
Oct
Nov
Dec

8,505
10,147
8,968
9,609
10,150
8,473

8,061
9,217
8,223
8,782
9,663
7,932

3,100
3,373
2,701
3,149
3,340
2,401

635
585
538
480
638
327

1979 - Jan

3,647
4,214
4,188
4,450
4,762
3,818
3,918

NOTES:
1

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 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.

http://fraser.stlouisfed.org/
Beginning January 1972 data reflect activity in limited amount of conventional mortgages.
2
Federal Reserve Bank of St. Louis

20

Table 13

NET INCREASE IN
MORTGAGE DEBT OUTSTANDING
IN BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL RATES

RESIDENTIAL
QUARTER

TOTAL

TOTAL

1- to 4 FAMILY

MULTIFAMILY

COMMERCIAL

MULTFAMLY
&
COMMERCIAL

FARM

1972 - I
II
III
IV

67.9
73.9
77.2

38,5
40.7
47.7
48.4

11.3
13,2
11,0
15.7

14.7
16.5
14,9

26.0

88.8

49.8
53.9
58.6
64.1

29.6
25.9
36.8

3.5
3.5
3.7
3.6

1973 - I
II
III
IV

82,0
86.7
79.8
71.1

57.5
59.2
55.4
48,9

49,4
46,1
42.9
41.1

8.1

18.8

13,1
12.5
7.9

21,7
19,4
16.7

27.0
34.8
31.9
24.5

5.6
5.8
5.0
5.5

1974 - I
II
III
IV

71.1
69.6
53.6
47.7

50.4
45.9
34.1
30.4

40.8
39.0
27.4

9.5
7.0
6.7
4.3

17,2

26.7
25.7
20.3
15.7

3.6
4.0
5.8
5.9

1975 - I
II
III
IV

45.8
53.0
61.3
68.7

32.0
38.1
45.1
50.4

31.1
38.7
45.2
50.5

0.9
—0.6

9,4
9,4

12.1

*-0.1

8,6
10,1
12,1
14.2

14.1

5.3
4.9
4.0
4.1

1976 - I
II
III
IV

80.9
74.5
93.1
99.6

62.5
55.0
72.7
78.9

61.0

55.2
68.9
76.5

1.5
-0.2
3.8
2.4

13.3
14.8
13.5
13.0

14.8
14.5
17.2
15.5

5.2
4.7
6.9
7.7

1977 - I
II
III
IV

108.5
133.8
140.1
153.6

85.9

4.2
8.3
7.5
9.2

14.0
14.5
17.8
25.6

18.2

8.6

22.8
25.3
34.8

9.2

113.7
119.4

81.6
101.8
106,2
110.2

1978 - I
II
III

133.7
145.3
152.5

105.4
114,0
110.9

96.2
104.8
99.8

9.2
9,2

19.3
21.7
29.7

28.5
30.9
40.8

9.0
9,6

110.0

26.1

-0.1

11.1

21,1

18.8
13.7
11.4

8.6

8.7

11,8

NOTES:
Derived from data on mortgage debt outstanding from Federal Deposit Insurance Corporation, Federal Home Loan Bank Board, Institute of Life
1
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.


T a b l e 14

PRIVATE HOUSING PERMITS, S T A R T S ,
COMPLETIONS, AND MOBILE HOME SHIPMENTS
IN T H O U S A N D S O F U N I T S , 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

STARTS

PERMITS 1
PERIOD

TOTAL

1—FAMILY

2 - O R MORE
FAMILY

TOTAL

COMPLETIONS

1—FAMILY

1 —FAMILY

2 - O R MORE
FAMILY

MOBILE
HOME

FAMILY

TOTAL

2 - O R MORE

SHIPMENTS

1969
1970
1971
1972
1973
1974
1975
1976
1977
1978

1,324
1,352
1,925
2,219
1,820
1,074
939
1,297
1,677
1,658

626
647
906
1,033
882
644
676
894
1,125
1,078-

698
705
1,018
1,186
937
431
264
403
552
581

1,407
1,434
2,052
2,357
2,045
1,338
1,160
1,538
1,987
2,020

811
813
1,151
1,309
1,132
888
892
1,162
1,451
1,433

656
621
901
1,048
914
450
268
376
375
587

1,399
1,418
1,706
1,972
2,014
1,692
1,297
1,362
1,652
1,866

808
802
1,014
1,143
1,174
932
867
1,026
1,254
1,366

592
617
692
828
840
760
430
336
398
499

413
401
497
576
567
329
216
246
277
275

1978 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

1,526
1,534
1,647
1,740
1,597
1,821
1,632
1,563
1,731
1,727
1,724
1,664

1,032
957
1,037
1,157
1,0581,123
1,035
1,020
1,092
1,135
1,114
1,149

494
577
610
583
539
698
597
543
639
592
610
515

1,744
1,659
2,011
2,176
2,037
2,093
2,104
2,004
2,024
2,054
2,107
2,062

1,290
1,171
1,413
1,482
1,463
1,439
1,455
1,431
1,432
1,436
1,502
1,529

454
488
598
694
574
654
646
573
592
618
606
533

1,759
1,696
1,821
1,943
1,854
1,890
1,943
1,967
1,981
1,854
1,851
1,858

1,300
1,233
1,363
1,515
1,426
1,344
1,289
1,364
1,456
1,411
1,341
1,374

459
463
458
428
428
546
654
603
525
443
510
484

324
265
285
252
258
263
232
283
272
286
280
303

1979 - Jan.

1,363

864

499

1,656

1,136

520

303

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.


1
Permit data for 1969 and 1970 based on 13,000 areas with permit systems


ho
M

T a b l e 15

AVERAGE RATES AND YIELDS ON HOME MORTGAGES

EXISTING HOMES

NEW HOMES

1

1

PERIOD

SPREAD
BETWEEN
NEW Aaa
RETURNS ON
NEW HOMES
UTILITY
CONVENTIONAL
1
BOND
AND HUD(FHA)
YIELD
NEW HOME
DISCOUNT
SPREAD
(PERCENTAGE MORTGAGES (IN PER CENT)
(BASIS
(BASIS
POINTS)
POINTS)
POINTS)

HUD(FHA) INSURED LOANS
SECONDARY MARKET

CONVENTIONAL LOANS
PRIMARY MARKET

RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

YIELD
(IN PER CENT)

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

1977 - High
Low

9.10
8.80

99
52

9.20
8.85

98
63

9.11
8.40

73
22

4.7
1.7

40
4

8.31
8.01

1978 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

9.15
9.25
9.30
9.40
9.60
9.75
9.80
9.80
9.80
9.95
10.10
10.30

NA
54
47
48
58
59
72
100
74
72
NA
NA

9.20
9.25
9.30
9.45
9.60
9.75
9.80
9.80
9.85
9.95
10.15
10.30

NA
54
47
53
58
59
72
100
79
72
NA
NA

9.11
NA
9.29
9.37
9.67
NA
9.92
9.78
9.78
9.93
9.99
10,16

N
A
NA
46
45
65
N
A
84
98
72
55
NA
NA

4.7
NA
4.1
4.7
5 .0
NA
3.1
2.1
2.1
2.1
3.6
4,8

4
NA
1
3
- 7
NA
-12
2
2
2
11
14

NA
8.71
8.83
8.92
9.02
9.16
9.08
8.80
9.06
9.23
NA
NA

1979 - Jan.
Feb,

10.30
10.35

NA
76

10.30
10.35

NA
76

10.17
10.17

NA
NA

4.9
4.9

13
18

NA
9.59

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.



23
Table 16

•

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS

t

GOVERNMENT-UNDERWRITTEN
DATE OF
AUCTION

AMOUNT
(IN MILLIONS OF DOLLARS)
OFFERED

AVERAGE
YIELD

ACCEPTED

CONVENTIONAL
AMOUNT
(IN MILLIONS OF DOLLARS)
OFFERED

AVERAGE
YIELD

ACCEPTED

1011(1/9)

605(1/9)

Low

130(8/7)

80(8/7)

July 10
24

503.3
253.4

327.4
144.1

10.02
10.00

169.8
146.2

90.5
88.4

10.17
10.21

Aug.

21

130.3
368.8

80.1

9.82
9.80

74.7
150.0

47.5

197.1

81.0

10.15
10.07

Sept. 5
18

351.2
366.7

181.2

154.7

9.78
9.79

199.4
285.3

126.3
157.4

10.02
10.01

Oct.

2
16
30

682.4
425.4
857.0

278.6
176.2
377.6

9.91
9.98

10.20

395.5
336.1
425.2

166.9
148.8
179.9

10.18
10.31

Nov. 13
27

452.8
335.2

182.4
139.4

10.27
10.33

488.2
373.2

199.5
187.3

10.49
10.64

Dec. 11
27

283.4
343.6

144.4
175.2

10.40
10.60

262.2
155.2

141.5
79.4

10.77
10.92

Jan.

211.0

1978 - High

1979

7

8
23

10.69(12/27) 717(5/15) 363(5/15)
9.13(1/9)

75(8/7)

48(8/7)

10.92(12/27)
9.28(1/9)

10.10

101.1

54.3

10.67
10.73

71.2
42.3

36.0

93.9

22.1

11.02
11.13

Feb.

6
20

168.2

42.4

37.9
123.3

10.61
10.47

19.4
43-6

17.9
27.5

11.07

Mar.

6

265.0

141.8

10.43

47.0

33.8

10.96

11.02

NOTES:
Average secondary market yields are gross before deduction of the fee of 38 basis points paid for mortgage servicing. They reflect the average accepted bid yield for home mortgages assuming a prepayment period of 12 years for 30-year loans, without special adjustment for Federal National
Mortgage Association (FNMA) commitment fees and FNMA stock purchase and holding requirements on 4-month commitments. Mortgage amounts
offered by bidders relate to total eligible bids received.



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