Full text of H.16 Capital Market Developments : March 20, 1978
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Capital Market Developments *D£Ra March 20, 1978 Prepared by the C A P I T A L MARKETS SECTION in c o n j u n c t i o n with the MORTGAGE and CONSUMER F I N A N C E SECTION DIVISION O F R E S E A R C H AND STATISTICS BOARD OF G O V E R N O R S F E D E R A L R E S E R V E SYSTEM Washington, D C. 2 0 5 5 1 Index SUBSCRIPTION RATES: Weekly $15.00 per year or $.40 each in the United States, its possessions, Canada, and Mexico; 10 or more of the same issue to one address, $13.50 per year or $.35 each. Elsewhere, $20.00 per year or $.50 each. Address requests to Publications Services, Division of Administrative Services, and make payment remittance payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. Currency. TABLES 1 - 6 SECURITY VOLUME AND YIELDS 7, 8 S T O C K MARKET A N D S E C U R I T Y CREDIT 9 - 1 6 MORTGAGE MARKET SYMBOLS e P r n.a. ESTIMATE PRELIMINARY REVISED NOT AVAILABLE — DATA DO NOT EXIST Table 1 YIELDS, VOLUME AND RECEPTION CORPORATE BOND MARKET YIELDS WEEK ENDING NEW ISSUE 1 A a a UTILITY 1978 - J a n u a r y 6 13 20 27 February 3 10 17 24 March RECENTLY OFFERED A a a UTILITY 8.47 8.65 8.65 8.62 8.70 8.68 8.65 8.69 —— 8.71 3 10 17 VOLUME 8 . 7Or 2 GROSS OFFERINGS ( $ MILLIONS) 3 PER CENT SOLD BY END O F WEEK NEW I S S U E S 4 IN SYNDICATE ( $ MILLIONS) 0 39 72 58 415 412 177 95 88 95 8.60 8.64 8.68 8.70 99 599 99 96 472 86 7 35 0 55 8.70 8.65 8.64p 126 494 265 90 85 87 40 74 70 MUNICIPAL BOND MARKET VOLUME YIELDS WEEK ENDING MOODY'S NEW ISSUE Aaa BOND BUYER 20-BOND INDEX GROSS OFFERINGS ( $ MILLIONS) 3 PER CENT SOLD BY END O F WEEK NEW ISSUES 4 IN SYNDICATE ( $ MILLIONS) 6 13 20 27 5.15 5.25 5.20 5.20 5.64 5.75 5.74 5.70 145 858 807 658 87 89 82 88 316 284 273 297 February 3 10 17 24 5.30 5.27 5.20 5.20 5.63 5.59 5.61 5.65 951 461 751 332 87 91 74 79 154 151 251 231 March 3 10 17 5.15 5.10 5.10 5.63 5.58 5.58 624 786 941 73 88 87 253 210 244 1978 - J a n u a r y NOTES: 1 Federal Reserve series of implied yield on newly issued, Aaa rated utility bond with 5-year call protection. 2 Federal Reserve series of implied free market yield on competitively bid Aaa-rated utility bond with 5-year call protection, released from price restrictions sometime during the last four weeks. 3 Estimated by F.R. on the basis of available data. 4 Corporate Market: Salomon Brothers Bond Market Roundup; Municipal Market: Weekly Bond Buyer. Data are adjusted by Federal Reserve when Digitized fornecessary FRASERto make coverage of this series consistent with the gross offerings series. Table 2 HIGH GRADE BOND YIELDS NEW ISSUE Aaa UTILITY DATE 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 1974 - High Low 10.61 (10/4) 8.05 (2/15) 10.52 (10/11) 8.13 (1/4) 9.39 (10/11) 7.73 (1/4) 8.68 (8/30) 7.39 ( 1 / 4 ) 7.15 (12/12) 5.15 (2/7) 1975 - High Low 9.80 (5/2) 8.89 (2/7) 9 . 7 1 (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 8.71 (2/24) 8.65 (2/3) 8.70 (3/3) 8.48 (1/6) 8.49 (3/3) 8.30 (1/6) 8.25 (2/24) 8.02 (1/6) 5.75 (1/13) 5.58 (3/17) 8.65 8.69 8.60 8.64 8.68 8.70 8.46 8.46 8.47 8.49 8.17 8.20 8.25 8.25 5.63 5.59 5.61 5.65 8.70 8.65 8.64p 8.49 8.48r 8.45p 8.21 8.21r 8.17 5.63 5.58 5.58 1978 - F e b . Mar. 3 10 17 24 3 10 17 8.71 8.70r NOTES: 1 Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection. 2 Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection released from price restrictions sometime during the last 4 3 4 5 weeks. Weekly average of daily closing figures. Weekly average of daily figures. U.S. 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. Weekly Bond Buyer data. # # # # # # # # # # 5 Table 3 LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS IN MILLIONS OF DOLLARS G R O S S PROCEEDS STATE AND LOCAL CORPORATE PERIOD 1978 2,600e 2,550e 19771 1976 1977 1976' 3,402 3,442 4,063 2,451 2,885 3,365 1978 March 3,989 2,708 5,495 3,381 3,863 6,632 April May June 3,639 3,735 5.321 3,507 4,186 6,439 3,409 4,566 5,786 2,218 July August September 4,074 3.322 3,905 3,216 3,357 4,817 3,113 4,118 4,013 2,734 October 4,032 5,120 4, lOOe 4,431 3,047 6,480 3,807 3,332 3,646 3,524 3,336 2,342 04 12,192 12,695 11,301 13,252e 13,876 14,132 11,390 13,958 10,907 13,761 11,244 10,785 8,701 8,908 8,369 9,202 1st Half 3 Qtrs. Year 24,887 36,188 49,440e 28,008 24,668 35,912 46,697 17,609 25,978 35,180 January February November December Q1 02 03 39,398 53,356 3,200e 2,800e NOTES: 1 Securities and Exchange Commission estimates of gross proceeds. Securities Industry Association estimates of principal amounts. Digitized for 2FRASER 3 E s t i m a t e d by F e d e r a l R e s e r v e on t h e b a s i s of a v a i l a b l e d a t a . 3,575 3,115 2,821 2,814 Table 4 NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE AND ISSUER IN MILLIONS OF DOLLARS G R O S S PROCEEDS BY TYPE OF ISSUER G R O S S PROCEEDS BY TYPE OF ISSUE PERIOD COMMON AND PRIVATELY PREFERRED PLACED STOCK PUBLICLY OFFERED 858 1,800 1,560 6 108 495 2,774 3,182 2,826 3,019 3,852 2,757 1,415 1,044 644 4,986 4,618 5,072 949 690 920 235 1,310 250 21 31 3 1,349 510 2,385 1,414 1,327 1,156 155 190 196 1,513 1,019 2,744 602 820 1,195 591 1,248 1,035 695 557 626 934 1,846 300 433 125 0 6 0 50 2 56 25 262 208 1 22 906 743 1,125 1,348 652 986 435 1,598 774 50 557 808 334 294 416 277 45 322 8 2,048 973 1,965 1,182 1,179 2,257 1,646 1,813 1,614 2,069 1,700 12,192 12,695 11,301 6,504 5,606 6,366 3,071 4,215 3,057 2,617 2,874 1,878 1976 - O c t o b e r November December 4,431 3,047 6,480 2,729 1,256 2,568 753 1977 - J a n u a r y February March 3,989 2,708 5,495 3,639 3,735 5.321 4,074 3.322 3,905 4,032 5,120 2,786 1,102 2,610 1,961 2,045 2,360 1,947 2,059 2,189 2,211 1,220 909 1,063 CONVERTIBLE 4,569 5,358 4,715 5,276 1977 - I II III 1,600 OTHER ISSUERS 765 1,879 378 541 3,553 3,121 May June July August September October November COMMUNICATIONS 4,044 3,140 3,317 3,897 2,754 3,584 4,624 4,846 601 786 1,690 1,087 887 2,241 1,019 818 PUBLIC UTILITY 4,497 3,757 2,982 4,244 7,569 7,427 4,904 6,553 1,101 FOREIGN MANUFACTURING 262 478 199 55 13,876 14,132 11,390 13,958 2,992 I S S U E S INCLUDED 1,340 1,843 1,267 1,795 1976 - I II III IV April MEMO BONDS TOTAL 1,861 2,559 600 350 850 935 150 475 300 425 1,612 1,182 1,466 843 497 1,417 1,249 1,665 1,309 966 551 706 744 1,010 NOTES: Other issuer* era extractive, railroad and other transportation, real estate and finance, and commercial and other. 1 Source: Securities end Exchange Commission. # # # # # # # # # # # # # # # # # # # # Table 5A INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' F e b r u a r y 27 t h r o u g h March 1 7 , 1978 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE OFFERING YIELD 8.38 9.50 7.50-8.50 9.45 MOODY S/S&P'S RATINGS CORPORATE M i s s o u r i P a c i f i c R a i l r o a d Co. I n d i a n a & M i c h i g a n E l e c t . Co. Duke Power I n d i a n a and M i c h i g a n E l e c . Co. W a s h i n g t o n Water Power Co. S o u t h w e s t e r n P u b l i c S e r i v c e Co. C e n t r a l & S o u t h West C o r p . Montgomery Ward C r e d i t C o r p . G u a r a n t e e S a v i n g s & Loan A s s o c . S o u t h w e s t e r n P u b l i c S e r v i c e Co. A t c h i s o n , Topeka & S a n t a Fe R a i l r o a d Co. P h i l a d e l p h i a E l e c t r i c Co. CIT F i n a n c i a l C o r p . CIT F i n a n c i a l Corp. Ohio Power Co. Alabama Power Co. Soo L i n e R a i l r o a d Co. F i r s t N a t i o n a l Boston Corp. Ohio Power Co. Kansas C i t y Pwr. & L g t . Co. Texas U t i l s . I n c . C e n t r a l Maine Power Co. Equip. t r . 1st mtg. Com. s t k . Pfd. stk. Pfd. stk. Com. s t k . Com, s t k . Debt. Mtg.-backed 1st mtg. 16.2 100.0 110.0 40.0 25.0 22.0 108.0 75.0 50.0 45.0 1979-1993 2008 Equip, t r . 1 s t mtg. Debt. Sub . deb t . 1 s t mtg. 1st mtg. Equip, t r . Notes Pfd. stk. Com. s t k . Com. s t k . Com. s t k . 21.0 100.0 100.0 100.0 38.0 100.0 15.0 100.0 38.4 33.9 100.0 26.0 —- — —— 9.00 9.00 Baa/BBB Baa/ —— 9.00 9.00 __ 2003 1984 2008 8.88 8.45 8.75 8.95 8.45 8.75 A/A —/AAA Aa/AA 1979-1993 2008 2008 1993 2008 2008 1979-1993 1985 8.13 9.13 8.75 8.80 9.25 9.63 8.25 8.30 9.08 —— 7.45-8.35 9.05 8.75 8.84 9.20 9.65 7.50-8.45 8.30 9.08 —— — — — — ^ Rights offering. Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings. ——- — •—» NOTES: * 1 Aa/AA Baa/BBB Aaa/AAA A/AAa/AA A/A Baa/BBB+ Baa/BBBAa/AA Aaa/AAA Baa/BBB —— — —— # 00 Table 5A Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY F e b r u a r y 27 AMOUNT (MILLIONS OF DOLLARS) TYPE ISSUER t h r o u g h March 17, 1978 MATURITY COUPON RATE OFFERING YIELD MOODY'S/SIP'S RATINGS CORPORATE OTHER European I n v e s t m e n t Bank European I n v e s t m e n t Bank http://fraser.stlouisfed.org/ Federal Reserve Bank of St.#Louis # Bonds Notes # e 100.0 100.0 1998 1985 • # 9.25 8.63 9.30 8.70 # t Aaa/AAA Aaa/AAA • Table 5B INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' F e b r u a r y 27 t h r o u g h March 1 7 , 1978 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY S / S & P S RATINGS 4.00-6.25 5.40-5.75 6.00 6.25 6.40 4.00-5.10 4.00-5.40 5.80 6.00-6.50 6.75 6.38 5.30-5.90 6.00 5.88 3.70-4.90 3.90-5.40 4.00-5.25 3.50-4.90 4.00-6.15 6.38 6.25 6.40 6.53 4.00-5.60 A/— Baa/A Baa/A Baa/A Baa/A Aaa/AAA Aa/AA Aa/AA A/A A/A A/A Aa/AA Aa/AA Aa/AA Aaa/AA A/A A/AAaa/AAA A/AA A/AA A/AA A/AA, A/AA A-l/AA STATE AND LOCAL E r i e C o . , N.Y. West View B o r . Mun. A u t h . , Pa. West View B o r . Mun. A u t h . , P a . West View B o r . Mun. A u t h . , P a . West View B o r . Mun. A u t h . , P a . West View B o r . Mun. A u t h . , P a . I d a h o Housing Agy. I d a h o Housing Agy. Topeka, Kansas Topeka, Kansas Topeka, Kansas P h i l a d e l p h i a Hosp. A u t h . , P a . P h i l a d e l p h i a Hosp. A u t h . , P a . P h i l a d e l p h i a Hosp. A u t h . , P a . Houston I n d e p . Sch. D i s t . , Tex. A r l i n g t o n , Texas A r l i n g t o n , Texas South C a r o l i n a , S t a t e of New York S t a t e Housing F i n . Agy. New York S t a t e Housing F i n . Agy. New York S t a t e Housing F i n . Agy. New York S t a t e Housing F i n . Agy. New York S t a t e Housing F i n . Agy. L i n c o l n , Neb. G.O. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. Rev. G.O. G.O. Rev. Rev. Rev. Rev. Rev. Rev. 35.3 1.0 2.0 2.1 17.6 8.2 24.7 10.7 8.0 15.7 6.1 12.1 12.0 16.1 40.0 7.2 11.0 65.4 7.9 7.5 4.5 10.3 12.5 8.2 NOTES: 1 Includes only state and local security offerings of $ 1 0 million and over; excludes secondary offerings. 2 For State and local government securities, G O. denotes general obligation; Rev. denotes revenue obligations. 1979-2003 1989-1992 1997 2007 2017 1978-1986 1980-1998 2009 1990-1997 2006 2007 1989-1997 2007 2008 1979-1993 1979-1998 1980-1999 1979-1996 1978-1989 1998 1993 2003 2008 1979-2000 6.11 — — — 6.77 6.77 6.77 5.96 5.96 5.96 4.72 5.08 4.99 4.64 6.47 6.47 6.47 6.47 6.47 5.93 Table 5B Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY F e b r u a r y 27 t h r o u g h March 17, 1978 ISSUER STATE AND LOCAL L i n c o l n , Neb. L i n c o l n , Neb. L i n c o l n , Neb. Key West U t i l i t y B d . , F l a . Key West U t i l i t y B d . , F l a . Key West U t i l i t y B d . , F l a . S t e e l V a l . Area Sch. A u t h . , P a . S t e e l V a l . Area Sch. A u t h . , P a . S t e e l V a l . Area Sch. A u t h . , Pa. S t e e l V a l . Area Sch. A u t h . , Pa. C a l i f o r n i a , S t a t e of P o r t Auth. of New York & New J e r s e y S i k e s t o n , Mo. S i k e s t o n , Mo. Terrebonne P a r i s h . , La. I n d u s t r y Urban Dev. Agy., C a l . C h a r t i e r s J o i n t Sch. D i s t . A u t h . , Pa. C h a r t i e r s J o i n t Sch. D i s t . A u t h . , P a . N.E. Monmouth Co. Sewerage A u t h . , N.J N.E. Monmouth Co. Sewerage A u t h . , N.J N.E. Monmouth Co. Sewerage A u t h . , N . J Birmingham-North Med. C l i n i c B d . , Ala Birmingham-North Med. C l i n i c B d . , Ala Leesburg, F l a . Leesburg, F l a . Eden P r a i r i e , Minn. Anchorage, A l a s k a TYPE Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. Rev. Rev. Rev. Rev. G.O. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. G.O. AMOUNT (MILLIONS OF DOLLARS) 44.7 5.4 9.7 16.8 20.8 7.7 3.3 1.8 2.4 3.3 100.0 75.0 39.4 50.6 10.0 35.0 7.6 13.9 4.5 2.3 12.2 1.8 30.0 12.0 4.9 11.2 13.4 MATURITY 2014 1979-1998 2012 1978-1999 1990-2005 2007 1979-1993 1998 2003 2008 1979-1998 2013 1983-1998 2008 1979-1998 2008 1978-1995 2007 1988-1997 2008 2010 1981 2000 1993-2005 1978-1994 1980-2002 1985-1998 NET INTEREST COST 5.93 5.86 5.86 4.74 5.82 5.82 OFFERING YIELD 5.93 3.95-5.60 6.00 3.50-5.20 5.50-5.80 3.90-5.75 6.00 6.10 4.76 5.03 7.16 5.31 5.47 6.15 3.50-5.00 6.00 4.70-6.00 6.30 3.85-5.30 7.00 3.70-5.13 6.15 4.90-5.60 5.80 5.90 4.50 6.63 5.60-6.00 3.60-5.25 4.10-5.60 4.65-5.50 MOODY S / S & P ' S RATINGS A-l/AA A-1/A+ A-1/A+ Aaa/— Baa/— Baa/— A/— A/— A/— A/— Aaa/AAA A/A A/BBB+ A/BBB+ A-1/A+ A/A Aaa/AAA — /A —/AAA —/AAA —/AAA A-1/A+ A-1/A+ A/— A/AAA # # # # # # # # # Table 5B Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY F e b r u a r y 27 t h r o u g h March 1 7 , 1978 ISSUER TYPE STATE AND LOCAL M a r s h a l l C o . , W.Va. M a r s h a l l C o . , W.Va. Richmond R e d e v . A g y . , C a l . Kentucky T u r n p i k e A u t h . Kentucky T u r n p i k e A u t h . New York, S t a t e of M e t r o . Water D i s t . of S. C a l i f o r n i a M e t r o . Water D i s t . of S. C a l i f o r n i a M e t r o . Water D i s t . of S. C a l i f o r n i a H o n o l u l u , Hawaii M a r y l a n d , S t a t e of M i n n e s o t a Housing F i n . Agy. M i n n e s o t a Housing F i n . Agy. P h i l a d e l p h i a , Pa. P h i l a d e l p h i a , Pa. P h i l a d e l p h i a , Pa. P r o v o C i t y , Utah P r o v o C i t y , Utah P r o v o C i t y , Utah Murray C i t y , Utah Murray C i t y , Utah Murray C i t y , Utah Logan C i t y , Utah Logan C i t y , Utah Logan C i t y , Utah Rev. Rev. Rev. Rev. Rev. G • 0. Rev. Rev. Rev. G.O. G.O. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. AMOUNT (MILLIONS OF DOLLARS) 1 ,8 10.7 22.8 117.0 161.0 50.0 48.2 48.3 51.0 12.0 78.8 132.0 68.0 27.7 8.8 43.5 6.0 4.2 10.8 3.4 2.3 6.0 4.6 2.1 7.8 MATURITY 1981-1988 2003 1980-2004 1986-2000 2011 1979-1998 1979-2000 2010 2020 1981-2003 1981-1993 1979-1997 2009 1979-1993 1996 2006 1989-1998 2007 2008 1989-1998 2007 2008 1989-1998 2007 2008 NET INTEREST COST — 5.88 5.38 5.52 5.52 5.52 5.25 4.73 5.87 5.87 — —— — — OFFERING YIELD 4.30-5.00 5.80 4.20-6.00 4.80-5.85 6.03 3.75-6.00 3.60-5.25 5.53 5.65 4.20-5.70 4.10-4.85 4.00-5.75 6.13 4.00-5.80 5.94 6.20 5.00-5.70 5.83 5.95 5.00-5.70 5.83 5.95 5.00-5.70 5.83 5.95 MOODY'S/S&P RATINGS A/A A/A A/A A/A A/A A/AA Aa/AA Aa/AA Aa/AA Aa/AA Aaa/AAA A-l/AA A-l/AA A/A+ A/A+ A/A+ Aa/AA+ Aa/AA+ Aa/AA+ Aa/AA+ Aa/AA+ Aa/AA+ Aa/AA+ Aa/AA+ Aa/AA+ 12 Table 6A FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of March 1 7 , 1978 ISSUER TYPE Kansas Gas & E l e c t . Co. S o u t h e r n R a i l w a y Co. New York S t a t e E l e c t . & Gas Co. E l Paso Co. New York S t a t e E l e c . & Gas Co. Commerical C r e d i t Co. Commercial C r e d i t Co. C o n n e c t i c u t L i g h t & Power Co. Home S a v i n g s & Loan A s s o c . S o u t h e r n P a c i f i c T r a n s p . Co. Columbus & S o u t h e r n Ohio E l e c t . Co A-T-0 I n c . Diamond Shamrock C o r p . I n t e r s t a t e Power Co. Mountain S t a t e s T e l . & T e l e . Co. P e n n s y l v a n i a Power & L i g h t Co. P u b l i c S e r v i c e Co. New Mexico Ryder Systems I n c . G e n e r a l T e l . Co. of C a l i f . C a l i f o r n i a L i f e Corp. F i r s t N a t i o n a l S t a t e Bancorp. Twentieth Century-Fox Film Corp. Long I s l a n d L i g h t i n g Co. *Texas W e s t e r n Co. of N o r t h America San Diego Gas & E l e c t . Co. M i n n e s o t a Power & L i g h t Co. M i n n e s o t a Power & L i g h t Co. *Commonwealth E d i s o n Co. *Union P a c i f i c R a i l r o a d * N o r f o l k & W e s t e r n R a i l r o a d Co. P e n n s y l v a n i a Power Co. Oklahoma Gas & E l e c t r i c Co. C i n c i n n a t i Gas & E l e c t . Co. H a r t f o r d E l e c t r i c L i g h t & Power Co * T r a i l T r a i n Co. *Texas I n t e r n a t i o n a l C o r p . * I t e l Corp. San Diego Gas & E l e c t r i c Co. I n d i a n a p o l i s Power & L i g h t Co. 1 s t mtg. Equip. t r . 1 s t mtg. Govt. g t d . Com. s t k . Notes Notes 1 s t mtg. Mtg.-backed Equip. t r . 1 s t mtg. Debt. Debt. 1 s t mtg. Debt. Com. s t k . Pfd. stk. Debt. Debt. Debt. Notes Debt. 1 s t mtg. Deb t . 1st mtg. 1st mtg. Com. s t k . Com. s t k . Equip, t r . Equip. t r . 1 s t mtg. Pfd. stk. 1st mtg. 1 s t mtg. Equip. t r . Debt. Debt. Com. s t k . Com. s t k . AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING CORPORATE 30.0 22.1 50.0 28.4 38.0 50.0 100.0 40.0 100.0 20.9 45.0 20.0 150.0 35.0 225.0 75.0 26.0 75.0 50.0 20.0 30.0 50.0 75.0 30.0 60.0 50.0 26.0 25.0 19.5 24.0 25.0 35.0 75.0 40.0 22.0 15.0 75.0 30.0 24.0 NOTES: * Included in table for first time. 1 Includes only corporate and other security issues of $15 million and over; excludes exchanges, options Mar. 21 Mar. 21 Mar. 21 Mar. 21 Mar. 21 Mar. 21 Mar. 2 1 Mar. 22 Mar. 22 Mar. 28 Mar. 28 Mar. 28 Mar. 28 Mar., 28 Mar. 28 Mar. 29 Mar. 29 Mar. 30 Mar. 30 Mar. Mar. Mar. Apr. 4 Apr. 4 Apr. 4 Apr. 5 Apr. 5 Apr. 11 Apr. 11 Apr. 18 A p r . 19 A p r . 19 Apr. 20 A p r . 20 A p r . 25 Apr. Apr. Apr. Indef. 13 Table 6A Continued FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of March 1 7 , 1978 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING CORPORATE American S a v i n g s & Loan A s s o c . Mtg. - b a c k e d 150.0 Indef. OTHER Canadian Government Canadian Government Canadian Government Norges Kommunalbank European Atomic Energy Community Bonds Notes Bonds Debt. Bonds 250.0 250.0 250.0 75.0 75.0 Mar. 22 Mar. 22 Mar. 22 Apr. 4 Indef. CANCELED C o n s o l i d a t e d N a t u r a l Gas Co. 1 s t mtg. 75.0 Apr. 11 14 Table 6B FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of March 17, 1978 ISSUER B o s t o n , Mass. * V i r g i n i a Hsg. Dev. A u t h . T e x a s , S t a t e of Aiken Co. Sch. D i s t . , S . C . J e f f e r s o n C o . , Texas C a l i f o r n i a Hsg. F i n a n c e Agy. M i c h i g a n , S t a t e of Jackson, Miss. P e o r i a , 111. * Alabama, S t a t e of Washington P u b l i c Power Supply 8 y s . S a n t a Ana Comm. Redev. A g y . , C a l . South C a r o l i n a Pub. S e r v i c e A u t h . * V i r g i n i a P u b l i c Sch. A u t h . *New York S t a t e Dorm. A u t h . Oakland C o . , Mich. *Utah Housing F i n a n c e Agy. Lombard, 111. *Texas A & M U n i v . System New Mexico, S t a t e of Aurora, Colo. * F l o r i d a , S t a t e of * A l a s k a , S t a t e of Memphis, T e n n . *Emery C o . , Utah Los A n g e l e s D e p t . of Water & Power, California * C a l i f o r n i a Educ. Fac. Auth. *West V i r g i n i a Hsg. Dev. Fund *Dade Co. E d u c . F a c . A u t h . , F l a . Montgomery C o . , Ohio M i c h i g a n S t a t e Housing Dev. A u t h . E l Cajon C i v i c C e n t e r A u t h . , C a l . San F r a n c i s c o , C a l i f o r n i a D a l l a s , Texas *Texas Tech U n i v e r s i t y * R o s w e l l , N.M. * 0 r e g o n , S t a t e of Toms R i v e r Sch. D i s t . , N . J . TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING G.O. Rev. G.O. G.O. G.O. Rev. G.O. G.O. G.O. G.O. Rev. G.O. Rev. Rev. Rev. G.O. Rev. G.O. Rev. Rev. G.O. G.O. G.O. G.O. Rev. 25. ,0 42.,0 25.,0 13. 0 18..0 50.,0 31.,0 31.,5 28.,2 15.,0 180.,0 13.,5 200.,0 16.,2 19.,0 17.,2 70.,0 16.,4 27.,7 22..0 27,. 3 18,.0 45,.0 30,.0 42,,0 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. 20 21 21 21 21 21 21 21 21 21 21 21 21 22 22 22 23 23 27 27 27 28 28 28 29 Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. G.O. Rev. Rev. G.O. G.O. 100 .0 15,.7 62,. 1 23,.0 52,.5 30,.0 44,.8 14 .0 32,.5 13,.9 11,.3 150,.0 10 .9 Mar. Mar. Mar. Mar. Mar. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. 29 30 NOTES: 1 Includes state and local government issues of $10 million and over, foreign government. International Bank for Reconstruction issues of Federally sponsored agencies; excludes secondary offerings. * Included in the table for the first time. 4 4 5 5 6 11 11 11 Table 6B Continued FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of March 1 7 , 1978 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING STATE & LOCAL *Lafourche P a r . Sch. D i s t . , La. N o r t h C a r o l i n a , S t a t e of S a l t R i v e r A g r i c . I m p r o v . & Pwr. Dist., Ariz. * E a s t O u a c h i t a P a r . Sch. D i s t . , La. * G e o r g i a R e s i d e n t i a l F i n . Auth. * S u f f o i k C o . , N.Y. G.O. G.O. 12.5 60.0 Rev. G.O. Rev. G.O. 125.0 15.0 50.0 27.5 A p r . 12 A p r . 12 Apr. Apr. Apr. Apr. 13 18 18 20 Table 7 STOCK PRICES AND VOLUME 1 STOCK PRICES DATE NYSE INDEX 3 | AMEX BJ INDUSTRIALS 4 NASDAQ 2 TRADING VOLUME NASDAQ AMEX NYSE 1974-High Low 53.37 (3/13) 32.89 (10/3) 891.66 (3/13) 577.60 (12/6) 102.01 (3/14) 58.26 (12/9) 96.53 (3/15) 54.87 (10/3) 24.9 (1/3) 7.5 (7/5) 4.4 (1/3) .9 (9/26) 7.5 (1/3) 2.8 (7/5) 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 (2/13) 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 (9/21) 858.71 (1/2) 107.05 (7/12) 84.31 d / 2 ) 92.52 (7/15) 78.06 (1/2) 44.5 (2/20) 10.3 (1/2) 8.6 (2/20) 1.1 (1/2) 11.1 (2/20) 3.5 (1/2) 1977--High Low 57.69 (1/3) 49.78 (11/2) 999.75 (1/3) 800.85 (11/2) 127.89 ( 1 2 / 3 0 ) 105.05 <12/30) 93.66 (4/5) 109.61 (1/12) 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 51.82 (1/3) 48.37 (3/6) 817.74 (1/3) 742.12 ( 2 / 2 8 ) 127.33 (3/17) 119.73 (1/11) 104.94 ( 3 / 1 7 ) 99.09 (1/11). 28.0 (1/9) 7.6 (1/20) 3.3 (3/6) 1.3 (1/20) 10.2 ( 1 / 6 ) 2.8 (1/20) 3 10 17 24 49.72 50.01 48.90 49.19 770.96 775.99 752.69 756.24 122.78 124.64 122.95 123.87 102.22 103.58 102.25 102.70 20.4 17.0 19.5 20.4 2.3 2.2 2.3 2.3 8.2 7.4 8.6 7.7 3 10 17 48.67 49.48 50.25 747.31 758.58 768.71 123.09 125.35 127.33 101.95 103.42 104.94 20.2 21.6r 24.3 2.5 2.9r 2.9 8.0 8.9r 8.9 1978 Feb. Mar. NOTES: 1 Figures ether than hi#* and lows are Fridays only. Highs and lows are for the year and are not necessarily for Fridays. 2 Volume figures are weekly averages of daily figures (millions of shares). 3 4 12/31/66 - 60 P—•* on average price change until September 4, 1973 Uieteaftet, based on market value of shares listed. # # # # # # # # # # 17 Table 8 SECURITY CREDIT REGULATED MARGIN CREDIT EXTENDED BY BROKERS ON MARGIN STOCK END OF PERIOD OUTSTANDING 1 BROKERS ON % CONVERTIBLE BONDS 2,253 2,312 2,283 832 844 810 807 801 873 875 885 881 882 872 873 2,312 2,319 2,312 2,350 2,345 2,551 2,568 2,587 2,581 2,579 2,604 2,568 851 2,565 -5 9 26 -12 -203 -19 99 59 -29 —8 i 2 -3 -13 12 -34 -3 -6 72 -2 10 -4 01 -10 1 29 7 -7 38 -5 206 17 19 -6 -2 25 -36 -22 -3 7,530 7,610 7,960 169 178 204 1977 - J a n u a r y February March April May June July August September October November December 8,270 8,480 8,690 8,880 9,070 9,230 9,460 9,560 9,590 9,560 9,610 9.740 196 197 199 196 196 198 204 200 196 191 c . 246 dJ 250 1978 - J a n u a r y 9,590 1976 - October November December 80 350 1977 - J a n u a r y February March April May June July August September October November December 310 210 210 190 190 160 230 100 30 -30 50 130 1978 - J a n u a r y -150 UNREGULATED NONMARGIN STOCK CREDIT AT BANKS 1,067 864 845 1976 - O c t o b e r November December CHANGE IN OUTSTANDING BANKS 3 2 6 -4 -4 ~ 5 , , -55 5/ 4 NOTES: 1 Margin account debt as reported by the New York Stock Exchange, excluding credit for subscription issues and convertible bonds. 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. 5 for Data Digitized FRASERp r i o r t o November n o t s t r i c t l y c o m p a r a b l e due t o c h a n g e s i n r e p o r t i n g . 4 Table 9 SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS * IN MILLIONS OF DOLLARS SAVINGS & LOAN ASSOCIATIONS MUTUAL SAVINGS BANKS DATE 1972 1973 1974 1975 1976 1977-June July Aug. Sept. Oct. Nov. Dec. 19 78- J a n 1977-June July Aug. Sept. Oct. Nov. Dec. 19 7 8 - J a n REGULAR DEPOSITS NET FLOW 10,132 4,842 2,165 11,070 12,670 1,484 677 282 1,200 683 406 1,289 250 1 ANNUAL 3 GROWTH RATE 12.5 5.3 2.3 11.3 11.6 — —— —— — —— 769 1,255 1,187 1,131 1,257 515 519 7.3 11.9 11.1 10.5 11.6 4.7 4.7 344 3.1 NET NEW MONEY 2 5,451 -442 -2,822 4,757 5,275 84 397 -12 -137 296 99 -131 SHARE CAPITAL ANNUAL 3 GROWTH RATE 23,884 18.7 10,507 9.8 4,668 7.1 29,276 17.6 34,369 17.6 SEASONALLY ADJUSTED 2,048 3,913 2,631 — 1,666 —— 2,270 —— 1,516 883 NET r / FLOW — 32,567 20,204 16,006 42,769 50,169 NOT 6,382 4,163 2,862 5,961 2,396 1,729 5,542 NET NEW MONEY —— — 2,890 2,750 SEASONALLY ADJUSTED — 12.1 3,614 — 19.9 5,974 — 18.6 5,671 — 18.2 5,656 — 12.2 3,832 — 11.7 3,711 — 10.8 3,410 — 2,018 -50 — —— — — — — TOTAL 2 6.2 — DEPOSITS NET r / FLOW 42,699 25,046 18,171 53,839 62,839 7,866 4,840 3,144 7,161 3,079 2,135 6,831 —— —— 5.4 Annual growth rate for monthly data is the annualized monthly percentage increase in deposits. 2,132 4,310 2,619 1,529 2,566 1,615 752 2,840 2,362 New deposits net of both withdrawals and interest. Data for S&L's are for insured associations only, which represent9 8 per cent of industry total resources. b e e n r e v i s e d t o r e f l e c t a n n u a l 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 . —— —— 10.9 17.8 16.6 16.2 12.0 9.9 9.1 2 * These s e r i e s h a v e —— 4,383 7,229 6,858 6,787 5,089 4,226 3,929 3 2 ANNUAL 3 GROWTH RATE 16.7 29,335 8.4 10,062 5.6 1,846 15.8 34,033 15.9 39,644 3,000 NOTES: 1 Regular deposits at mutual savings banks exclude items such as Christmas dub and certain escrow accounts, which represent a very small part of total deposits. Source: National Association of Mutual Savings Banks and Federal Home Loan Bank Board. NET NEW MONEY —— — —— ' ' 19 Table 10 MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS BILLIONS OF DOLLARS, SEASONALLY ADJUSTED OUTSTANDING COMMITMENTS PERIOD TOTAL NET CHANGE MUTUAL ALL SAVINGS SAVINGS BKS & LOAN ASSOCIATIONS (N Y. STATE) TOTAL ALL SAVINGS MUTUAL & LOAN SAVINGS BKS ASSOCIATIONS (N Y. STATE) 25.2 20.3 4.9 7.48 6.28 1.20 1973 19.9 16.4 3.5 -5.31 -3.92 -1.39 1974 14.7 12.5 2.2 -5.20 -3.91 -1.29 1975 20.6 18.6 2.0 5.81 6.06 1976 - J a n Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 20.6 21.3 21.8 21.8 22.4 22.9 23.2 23.6 24.5 25.7 27.1 27.9 18.6 19.4 19.6 19.6 20.1 20.7 20.9 21.3 21.9 23.1 24.4 25.1 2.0 2.0 2.2 2.2 2.3 2.2 2.3 2.3 2.6 2.6 2.7 2.8 .35 .79 .33 .12 .50 .57 .30 .40 .89 1.21 1.35 .76 .35 .84 .16 .04 .46 .59 .27 .35 .62 1.21 1.24 .70 1977 - J a n Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 28.0 28.6 29.7 30.2 30.6 31.9 32.4 34.0 35.1 37.4 38.8 39.2 25.2 25.6 26.5 27.0 27.3 28.1 28.6 30.0 31.0 32.9 34.1 34.6 2.8 3.0 3.2 3.2 3.3 3.8 3.8 3.9 4.1 4.5 4.7 4.6 .23 .58 1.09 .47 .37 1.32 .54 1.50 1.24 2.20 1.47 .36 .16 .38 .92 .47 .30 .79 .57 1.32 1.07 1.83 1.24 .46 1978 - J a n 38.4 34.0 4.4 due to re-estimation of seasonal .55 .25 - .05 .17 .08 .04 - .02 .03 .05 .27 — .11 .06 .07 .20 .17 — .07 .53 - .03 .18 .17 .37 .23 - .10 CM Data Revised - - 1 NOTES: VO 1972 factors. Based on data from Federal Home Loan Bank Board and Savings Banks Association of New York State. Both series include a minor amount of non j £ residential commitments; S&L commitments also include loans in process. Net changes are derived directly from unrounded end-of-period outstanding levelsforasFRASER reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding. Digitized H.16 20 T a b l e 11 NET NEW MONEY BORROWINGS BY MAJOR HOUSING AGENCIES IN MILLIONS OF DOLLARS PERIOD TOTAL INCLUDING SHORT-TERM DISCOUNT NOTES INTERMEDIATE AND LONG-TERM ISSUES TOTAL FHLB FHLMC FNMA FNMA & FHLB SHORT-TERM DISCOUNT NOTES 1 1975 - J u l y Aug. Sept. Oct. Nov. Dec. +236 -398 215 587 152 669 +300 -700 100 850 200 600 0 -700 0 +150 0 0 0 0 0 0 200 o +300 0 100 700 0 600 —64 302 115 -263 —48 69 1976 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. -197 -964 -851 124 -953 -107 -58 787 195 -37 -552 145 0 —604 -304 693 -607 -206 291 +190 190 310 -297 -219 0 -1,100 0 0 -600 0 0 0 0 0 -300 0 0 196 -4 -7 -7 —6 -9 +190 -10 —8 -9 —7 0 300 -300 700 0 -200 300 0 200 318 12 -212 -197 -360 -547 -569 -346 99 : -349 597 5 -347 -255 364 1977 - J a n . 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 0 -200 0 -6 105 0 0 304 0 0 300 0 -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 1978 - J a n . Feb. 399 l,744e -12 1,440 0 1,400 -12 40 0 0 411 304 NOTES: Based on data from Treasury Survey of Ownership. 1 Sales of FHLB discount notes began in May 1974. Digitized FRASER p forPreliminary T a b l e 12 21 NET CHANGE IN MORTGAGE HOLDINGS IN MILLIONS OF DOLLARS PERIOD 1970 1971 1972 1973 1974 1975 1976 1977 TOTAL INCLUDING FNMA-GNMA 21,930 41,406 57,587 58,372 42,739 43,497 62,783 96,814 FINANCIAL INSTITUTIONS TOTAL 17,020 39,018 55,561 55,072 36,517 38,658 64,903 95,924 COMMERCIAL BANKS MSB's S & L's 2,462 9,940 16,800 19,600 11,700 4,200 13,900 25,700 1,956 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 2 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 -2,120 890 252 220 744 614 426 1,655 - 86 -163 167 - 31 96 222 368 256 715 523 403 1,257 -368 -239 - 69 - 92 93 75 Not S e a s o n a l l y Ad l u s t e d 1977 - J u l y Aug. Sept. Oct. Nov. Dec. 8,339 9,502 9,127 8,349 7,940 8,425 9,665 8,930 8,380 7,844 9,174 1978 - J a n . 2,300 3,000 2,300 2,300 2,100 2,000 649 719 660 690 564 771 1,300 5,224 5,726 5,256 4,876 4,754 4,748 2,976 S e a s o n a l l y Ad l u s t e d 1977 - J u l y Aug. Sept. Oct. Nov. Dec. 1978 - J a n . 7,726 8,870 8,768 8,555 8,842 9,519 8,094 9,109 8,837 8,647 8,749 9,444 2,263 2,892 2,142 2,265 2,284 2,251 608 669 685 675 605 647 1,688 4,855 5,292 5,295 5,184 5,457 5,289 4,043 NOTES: S e a s o n a l l y a d j u s t e d d a t a r e v i s e d due t o r e - e s t i m a t i o n of s e a s o n a l f a c t o r s . 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, groups accounted for 83 per cent of the net increase estimated for all holders in 1974. Digitized for these FRASER http://fraser.stlouisfed.org/ 2 Beginning January 1972 data reflect activity in limited amount of conventional mortgages. Federal Reserve Bank of St. Louis 22 T a b l e 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 11.2 1970 - I II II IV 25.5 25.3 33.5 35.4 18.7 18.3 23.9 13.2 12.5 15.5 5.5 5.8 8.4 5.7 6.9 26.8 18.8 8.0 7.4 12.7 17.0 15.4 1971 - I II III IV 41.2 32.7 40.3 43.1 44.7 23.2 29.6 33.8 35.7 9.5 10.7 9.3 9.1 6.7 9.3 16.2 20.0 1972 - I II III IV 67.6 74.1 77.6 49.3 54.1 59.1 63.6 38.0 41.0 48.1 47.9 11.3 13.1 14.8 16.5 14.9 26.1 29.6 15.7 21.0 25.9 36.7 1973 - I II III IV 80.6 47.8 46.9 43.7 40.6 8.2 87.4 80.7 70.4 56.0 59.9 56.2 48.5 13.0 12.5 7.9 19.1 21.7 19.4 16.4 27.3 34.7 31.9 24.3 I II II IV 69.9 70.9 54.5 46.7 48.7 47.2 35.1 29.7 39.2 40.3 28.4 25.4 9.5 6.9 6.7 4.3 17.5 18.7 13.6 27.0 I II III IV 44.0 55.0 62.3 67.7 29.7 39.8 45.3 50.8 28.9 39.8 44.9 51.9 0.8 0.0 9.0 10.3 12.9 -1.1 12.8 9.8 10.3 13.3 11.7 1976 - I II III IV 78.6 77.3 94.0 98.6 59.7 58.0 73.8 78.0 58.3 58.1 70.0 75.5 1.4 3.8 2.5 13.7 14.5 13.4 13.0 15.1 14.4 17.2 16.9 108.3 132.2 140.3 140.1 84.2 102.6 106.6 109.2 80.3 96.1 98.9 99.7 3.9 6.5 7.7 9.5 15.5 20.3 24.8 22.9 19.4 26.8 32.5 32.4 1974 1975 1977 I II III IV (p) 51.8 57.8 59.5 88.1 11.0 0.4 -0.1 8.6 12.1 11.6 11.2 21.4 20.7 25.6 20.3 15.5 NOTES: 1 Derived from data on mortgage debt outstanding from Federal Deposit Insurance Corporation, Federal Home Loan Bank Board, Institute of Life Insurance, National Association of Mutual Savings Banks, Departments of Commerce and Agriculture, Federal National Mortgage Association. Federal Housing Administration, Veterans Administration and Comptroller of the Currency. Separation of nonfarm mortgage debt by type of property, where not available, and interpolations and extrapolations, where required, estimated mainly by Federal Reserve. 2 R e s i d e n t i a l m o r t g a g e d e b t i n c l u d e s n o n f a r m o n l y and i s sum of 1 - t o 4 - f a m i l y and m u l t i f a m i l y mortgage d e b t . • • • • • • • • « T a b l e 14 PRIVATE HOUSING PERMITS, STARTS, COMPLETIONS, AND MOBILE HOME SHIPMENTS IN T H O U S A N D S OF UNITS, SEASONALLY A D J U S T E D ANNUAL RATES PERIOD TOTAL 1969 1970 1971 1972 1973 1974 1975 1976 1977 1977 - J u l y Aug. Sept. Oct. Nov. Dec. 1978 - J a n . Feb. : 1—FAMILY COMPLETIONS STARTS PERMITS 1 1 —FAMILY 2 - O R MORE FAMILY TOTAL 1—FAMILY 2 - O R MORE FAMILY MOBILE HOME SHIPMENTS 2 - O R MORE FAMILY TOTAL 1,407 1,434 2,052 2,357 2,045 1,388 1,160 1,538 1,987 811 813 1,151 1,309 1,132 888 892 1,162 1,451 656 621 901 1,048 914 450 268 376 375 1,399 1,418 1,706 1,972 2,014 1,692 1,297 1,362 1,652 808 802 1,014 1,143 1,174 932 867 1,026 1,254 592 617 692 828 840 760 430 336 398 413 401 497 576 567 329 216 246 277 1,324 1,352 1,925 2,219 1,820 1,074 939 1,297 1,677 626 647 906 1,033 882 644 676 894 1,125 698 705 1,018 1,186 937 431 264 403 552 1,639 1,772 1,695 1,850 1,893 1,811 1,089 1,156 1,135 1,216 1,257 1,210 550 616 560 634 636 601 2,072 2,038 2,012 2,139 2,096 2,203 1,453 1,454 1,508 1,532 1,544 1,574 619 584 504 607 552 629 1,671 1,677 1,875 1,665 1,769 1,630 1,253 1,269 1,458 1,249 1,280 1,288 419 409 417 416 489 342 251 270 300 319 318 324 1,496 1,622 1,027 967 469 925 1,547 1,580 1,155 1,091 392 489 1,721 1,261 460 322 269 i 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 1 9 6 9 and 1 9 7 0 based on 1 3 , 0 0 0 areas with permit systems. w T a b l e 15 AVERAGE RATES AND YIELDS ON HOME MORTGAGES EXISTING HOMES NEW HOMES 1 1 PERIOD RATE (IN PER CENT) SPREAD (BASIS POINTS) RATE (IN PER CENT) SPREAD BETWEEN RETURNS ON NEW Aaa NEW HOMES CONVENTIONAL UTILITY 1 AND HUD(FHA) BOND DISCOUNT NEW HOME SPREAD YIELD (PERCENTAGE MORTGAGES (IN PER CENT) (BASIS POINTS) POINTS) (BASIS POINTS) HUD(FHA) INSURED LOANS SECONDARY MARKET CONVENTIONAL LOANS PRIMARY MARKET 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 1977 - J u l y Aug. Sept. Oct. Nov. Dec. 9.00 9.00 9.00 9.00 9.05 9.10 83 99 86 72 82 N.A. 9.05 9.05 9.05 9.05 9.05 9.10 88 1.04 .91 .77 82 N.A. 8.74 8.74 8.72 8.78 8.78 8.91 57 73 58 50 55 N.A. 1.9 1.9 1.7 2.2 2.2 3.2 26 26 28 22 27 19 8.17 8.01 8.14 8.28 8.23 N.A. 1978 - J a n . Feb. 9.15 9.25 N.A. 54 9.20 9.25 N.A. 54 9.11 N.A. N.A. N.A. 4.7 N.A. 4 N.A. N.A. 8.71 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. H.16 25 Table 16 FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS CONVENTIONAL GOVERNMENT-UNDERWRITTEN AMOUNT (IN MILLIONS OF DOLLARS) DATE OF AUCTION OFFERED AVERAGE YIELD AMOUNT (IN MILLIONS OF DOLLARS) OFFERED ACCEPTED 855 ( 1 2 / 2 7 ) 570 ( 1 2 / 2 7 ) 8 . 9 8 ( 1 2 / 2 % 383 ( 5 / 2 ) 1977 - High AVERAGE YIELD ACCEPTED 278 ( 5 / 2 ) 71 ( 9 / 1 9 ) 9 . 2 1 (12/27) 8.81 (1/10) 35 ( 9 / 7 ) 8 . 4 6 ( 1 / 1 0 ) 123 ( 7 / 2 5 ) 130.5 75.9 77.3 54.1 8.72 8.71 163.9 122.9 101.6 82.8 9.08 9.06 8 22 195.0 119.9 143.1 78.3 8.75 8.77 199.8 170.4 144.4 92.3 9.06 9.06 Sept. 7 19 50.3 62.6 35.1 40.3 8.74 8.74 138.9 107.5 113.9 70.5 9.06 9.05 3 17 31 131.3 325.8 156.1 82.2 212.6 105.7 8.77 8.84 8.86 187.3 242.7 328.1 137.2 167.8 224.0 9.07 9.11 9.14 Nov. 14 28 110.6 99.8 69.5 83.2 8.86 8.85 308.6 229.0 202.8 183.5 9.16 9.16 Dec. 13 27 329.1 855.4 224.3 569.7 8.89 8.98 262.2 329.4 168.9 190.5 9.17 9.21 50 ( 9 / 7 ) Low 1977 - J u l y 11 25 Aug. Oct. 1978 - J a n . 9 23 1011.0 768.8 605.3 356.6 9.13 9.21 403.6 546.3 192.8 256.8 9.28 9.37 Feb. 6 21 640.9 558.2 338.0 285.5 9.27 9.35 633.6 580.5 299.3 266.7 9.45 9.53 Mar. 6 358.8 218.5 9.36 444.8 266.4 9.59 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. H.16
@FedFRASER