Full text of H.16 Capital Market Developments : March 19, 1979
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X% \ -A «v % % Capital Market Developments r> • A"*» A % - v? 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 $.50 each. Address requests to Publications Services, Division of Administrative Services, and make payment remittance payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. Currency. TABLES 1 - 6 S E C U R I T Y V O L U M E AND Y I E L D S 7, 8 STOCK MARKET AND S E C U R I T Y CREDIT 9 - 1 6 MORTGAGE MARKET SYMBOLS e ESTIMATE p PRELIMINARY r REVISED n.a. NOT AVAILABLE DATA DO NOT EXIST Table 1 YIELDS, VOLUME AND RECEPTION CORPORATE BOND MARKET VOLUME YIELDS WEEK ENDING 1979-Jan. Feb. Mar. 5 12 19 26 2 9 K 23 2 9 16 NEW ISSUE 1 Aaa UTILITY RECENTLY OFFERED Aaa UTILITY — — — — 9.54 - - 9.42 — — 9.59 9.64 9.61 2 3 GROSS OFFERINGS ($ MILLIONS) NEW ISSUES 4 IN SYNDICATE ( $ MILLIONS) PER CENT SOLD BY END OF WEEK 9.51 9.55 9.57 9.45 10 0 530 187 100 97 100 18 0 9.40 9.51 9.55 9.63 663 454 20 290 100 97 100 70 0 15 0 86 9.67 9.60r 9.64p 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. Digitized4for FRASER Corporate Market: Salomon Brothers Bond Market Roundup; Municipal Market: Weekly Bond Buyer. Data are adjusted by Federal Reserve when 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 2FRASER 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 5.94 80.0 Rev. 63.8 Rev. Rev. Rev. Rev. Rev. 36.2 16.9 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 OFFERING YIELD 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 MOODY'S/S4P'S RATINGS 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 ISSUER TYPE 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 4,583 12.7 5.6 15.8 15.9 13.5 - - " 5,398 4,514 5,632 6,873 4,606 4,752 4,166 12.1 10.0 12.3 14.9 9.9 10.1 8.8 - - 5,019 10.5 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. 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 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. DigitizedSOURCE: for FRASER N a t i o n a l ANNUAL 3 GROWTH RATE NET NEW MONEY 4,323 - - 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 FRASER levels reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding. 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 0 837 1,108 FHLB 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: BasedforonFRASER data from Treasury Survey of Ownership. Digitized 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 forResidential Digitized FRASER 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 PERMITS 1 PERIOD TOTAL 1—FAMILY 2 - O R MORE FAMILY TOTAL STARTS COMPLETIONS 1—FAMILY 1 —FAMILY 2 - O R MORE FAMILY TOTAL MOBILE 2 - O R MORE HOME FAMILY 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 NA NA 46 45 65 NA 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 ACCEPTED 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 AVERAGE YIELD CONVENTIONAL AMOUNT (IN MILLIONS OF DOLLARS) 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.