Full text of H.16 Capital Market Developments : March 22, 1976
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Capital Market Developments March 2 2 , 1 9 7 6 Prepared by t h e CAPITAL MARKETS SECTION in conjunction with the MORTGAGE, AGRICULTURAL, a*d CONSUMER FINANCE SECTION DIVISION OF RESEARCH AND STATISTICS BOARD O F GOVERNORS F E D E R A L 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 $.50 each. Address requests to Publications Services, Division of Administrative Services, and make payment remittance payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. Currency. TABLES 1 - 6 SECURITY VOLUME AND YIELDS 7, 8 STOCK MARKET AND SECURITY CREDIT 9-16 MORTGAGE MARKET SYMBOLS e ESTIMATE p PRELIMINARY r REVISED n.a. NOT AVAILABLE — DATA DO NOT EXIST Table 1 3 YIELDS, VOLUME AND RECEPTION CORPORATE B O N D MARKET WEEK ENpING 1976 - J a n . ' Feb. Mar. VOLUME YIELDS 1 NEW ISSUE Aaa UTILITY RECENTLY 2 OFFERED • Aaa UTILITY GROSS 3 OFFERINGS ($ MILLIONS) NEW ISSUES 4 PER CENT SOLD BY END IN SYNDICATE ($ MILLIONS) OF WEEK W W —— 0 100 38 95 96 34 96 30 9.10 8.94 8.68 8.69 8.68 365 413 537 870 8.64 8.58r 8.62 8.68 8.67 8.56 50 350 302 1,376 99 100 96 82 5 0 27 165 8.72 8.63r 8.61p 8.72 8.64r 8.65p 440 978 920 90 95 99 73 30 6 2 9 16 23 30 8.88 8.64 8.62 8.66 6 13 20 27 5 12 19 8.68 —* MUNICIPAL B O N D MARKET VOLUME YIELDS WEEK ENDING MOODY'S NEW ISSUE Aaa BOND BUYER 2Q-BOND INDEX GROSS 3 OFFERINGS ($ MILLIONS) PER CENT SOLD BY END OF WEEK NEW ISSUES 4 IN SYNDICATE ($ MILLIONS) 1976 - J a n . 2 9 16 23 30 6.45 6.25 6.25 6.15 6.00 7.29 7.13 7.09 7.01 6.85 6 277 364 383 1,319 44 92 65 87 78 63 34 132 57 164 Feb. 6 13 20 27 6.00 6.05 6.06 6.06 6.86 6.95 6.97 6.98 774 625 539 508 87 80 77 89 159 170 239 154 Mar. 5 12 19 6.10 6.05 6.01 7.04 6.98 6.92 509 1,064 529 87 90 88 155 187 169 NOTES: 1 Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year cell protection. 2 Federal Reserve series of implied free-market yield on competitively bid Aaa-nrted utility bond with 5-year call protection, released from price restrictions sometime during the last four weeks. 3 Estimated by F.R. on the besis of available data. 4 Corporate Market: Salomon Brothers Bond Market Roundup; Municipal Market: Weekly Bond Buyer. Data are adjusted by Federal Reserve when necessary t o make coverage of this series consistent with the gross offerings series. Table 2 HIGH GRADE BOND YIELDS DATE NEW I S S U E A a a UTILITY \ 1 RECENTLY OFFERED A a a UTILITY 2 MOODY'S S E A S O N E D CORPORATE A a a 3 U S . GOVT. 2 0 - Y E A R 4 C O N S T A N T MATURITY B O N D BUYER 2 0 - B 0 N D INDEX 1972 - High Low 7.60 (4/21) 6.99 (11/24) 7.49 (4/21) 7.15 (12/1) 7.36 (4/28) 7.05 (2/12) 6.19 (4/14) 5.74 (11/17) 6.54 (4/13) 4.96 (10/21) 1973 - High Low 8.52 (8/10) 7.29 (1/21) 8.32 (8/10) 7.28 (1/5) 7.77 (8/24) 7 . 1 1 (1/5) 7.79 (8/10) 6.42 (1/5) 5.59 (8/3) 4.99 (10/11) 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) 5.16 (2/7) 1975 - High Low 9.80 (5/2) 8.89 (2/7) 9 . 7 1 (5/25) 9.06 (2/28) 9 . 0 1 (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 8.88 (1/9) 8.58 (2/27) 9.10 (1/2) 8.56 (2/27) 8.66 (1/2) 8 . 5 1 (2/27) 8.09 (2/13) 7.96 (2/27) 7.29 (1/2) 6.86 (2/5) 8.68 1976 - Feb. Mar. 6 13 20 27 8.64 8.58 8.62 8.68 8.67 8.56 8.56 8.57 8.56 8.51 8.04 8.09 8.06 7.96 6.86 6.95 6.97 6.98 5 12 19 8.72 8.63r ^ 8.61p 8.72 8.64r 8.65p 8.55 8.55r 8.54p 8.07 7.99 7.98p 7.04 6.98 6.92 / 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 weeks. 3 Weekly average of daily closing figures. 4 Weekly average of daily figures. U S. Treasury data. 5 Thursday figures. The average rating of the 20 bonds used in this index falls midway between the four top groups as classified by Moody's Investors Service. Weekly Bond Buyer data. 5 LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS IN MILLIONS OF DOLLARS G R O S S PROCEEDS PERIOD i CORPORATE 1975 1 1974 1 1976 2,238 January February March 5,365 4,528 5,378 3,328 2,687 3,217 2,327 1,962 3,933 April May 4,294 5,798 5,618 3,060 3,164 2,981 July August September 4,390 2,396 2,838 October November December 2 STATE AND LOCAL 1973 1 1975 1 1974 2,361 2,387 2,135 2,255 2,003 2,025 2,497 2,543 3,578 2,406 2,900 3,064 2,397 2,304 2,166 3,248 2,667 l,bl7 2,631 1,806 1,915 3,580 2,783 2,159 1,459 1,106 1,701 4,619 3,965 4,609 3,739 3,511 3,398 3,563 3,238 2,323 2,381 2,052 2,860 2,483 1,479 01 Q2 03 04 15,271 15,710 9,624 9,232 9,205 7,532 11,859 8,222 8,618 6,352 10,199 6,883 8,370 8,522 6,756 6,283 6,867 4,266 6,822 1st Half 3 Qtrs. Year 30,981 40,605 18,437 25,969 37,828 16,840 23,192 33,391 15,253 23,775 30,531 13,150 17,416 24,238 NOTES: 1 Securities and Exchange Commission estimates of gross proceeds. 2 Securities Industry Association estimates of principal amounts. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE AND ISSUER IN MILLIONS OF DOLLARS G R O S S PROCEEDS BY TYPE OF ISSUE PERIOD BONDS TOTAL PUBLICLY OFFERED COMMON AND PRIVATELY PREFERRED PLACED STOCK G R O S S PROCEEDS BY TYPE OF ISSUER MEMO ISSUES INCLUDED FOREIGN [CONVERTIBLE PUBLIC UTILITY COMMUNICATIONS OTHER ISSUERS 1974 - IV 11,859 8,611 1,571 1,677 374 76 4,079 3,702 743 3,337 1975 - I II III 15,271 15,710 9,624 10,829 10,510 5,428 2,350 1,595 2,140 2,092 3,605 2,056 1,255 1,035 1,225 1 656 463 6,058 6,699 2,585 4,735 4,407 3,324 1,382 1,190 679 3,099 3,414 3,036 1974 - Nov. Dec. 3,739 3,511 3,016 2,172 330 886 393 453 199 76 1,699 1,652 964 629 93 175 985 1,055 1975 - J a n . Feb. Mar. 5,365 4,528 5,378 3,657 3,201 3,971 1,135 705 510 573 622 897 470 610 175 1 1,904 1,675 2,479 1,271 1,957 1,507 938 • 127 317 1,252 771 1,076 Apr. May June 4,294 5,798 5,618 2,771 3,796 3,943 423 502 670 1,100 1,500 1,005 135 475 425 130 315 211 1,731 2,650 2,318 1,380 1,549 1,478 415 413 362 767 1,188 1,459 July Aug. Sept. 4,390 2,396 2,838 2,658 1,356 1,414 1,075 477 588 657 563 836 925 425 300 38 1,180 708 697 1,039 1,024 1,261 270 112 297 1,901 551 584 Oct. Nov. 4,619 3,965 2,389 1,666 683 1,516 1,547 783 102 825 61 — 901 1,102 1,238 1,268 928 50 1,553 1,546 — NOTES: 1 MANUFACTURING Other Issuers ere extractive, railroad and other transportation, real estate and finance, and commercial and other. Source: Securities and Exchange Commission. — — 1 T a b l e 5A INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 March 1, t h r u March 19, 1976 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE 2006 2006 2006 2006 — 8.63 8.88 9.25 8.88 8.88 OFFERING YIELD MOODY'S RATING CORPORATE Union Oil of C a l i f . Texas E l e c t r i c S e r v i c e V i r g i n i a E l e c t r i c & Power Co. Southwestern P u b l i c S e r v i c e Co. Southwestern P u b l i c S e r v i c e Co. P u b l i c S e r v i c e E l e c t r i c & Gas Northeast U t i l i t i e s V i r g i n i a E l e c t r i c & Power Co. F l o r i d a Power & Light Co. Owen-Illinois Inc. San Diego Gas & E l e c t . Co. J . P. Morgan & Co. Duquesne Light Toledo Edison Puget Sound Power & Light Duke Power American Cyanamid Co. Jim Walter Corp. Commercial C r e d i t Co. Commercial C r e d i t Co. J . P. Morgan & Co. I n c . Standard O i l Co. of Ohio SF debt 1 s t mtge 1 s t mtge 1 s t mtge Pfd s t k Com s t k Com s t k Pfd s t k Com s t k Com s t k Pfd s t k Com s t k Pfd s t k Com s t k Com s t k Com s t k SF debt SF debt Notes Notes Notes Notes 200.0 100.0 100.0 40.0 15.5 36.3 60.9 60.0 75.8 80.5 27.5 108.0 30.0 46.0 25.7 88.1 100.0 125.0 50.0 100.0 150.0 200.0 — — —— — —— —— —— — 9.75 9.75 — —— — —— —— —— — . — — 10.72 — 9.26 — — — — — 2006 1996 1981 1986 1986 1977 Rights offering. Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings. Aa Aaa A Aa Aa/AA — NOTES: • 1 8.70 8.75 9.25 8.92 8.60 — 8.38 9.50 8.40 8.88 8.13 7.10 9.75 — 9.26 — — — 8.42 9.50 8.40 8.95 8.00 7.10 Baa/BBB+ — — Baa/BBB — A/A — — — Aa Baa/BBB A A Aaa A/AA T a b l e 5A C o n t i n u e d INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY March 1, t h r u March 19, 1976 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE OFFERING YIELD MOODY'S RATING CORPORATE Standard Oil Co. of Ohio Standard Oil Co. of Ohio Genesco I n c . . Metro. Edison Co. American E l e c t r i c Co. Harrahs Baxter L a b o r a t o r i e s Southwestern B e l l Tele. Co. Union P a c i f i c Ry I n t e r n a t i o n a l Harvester C r e d i t Corp. Southern C a l i f , Edison Co. Texaco I n c . Dayton Power & Light Co. Kansas Gas & Elec. Co. Texas U t i l i t i e s Union Camp Corp. P a c i f i c L i g h t i n g Corp. I l l ' i n o i s Power Co. Notes Notes Notes 1 s t mtge Com s t k ( r t s ) Conv debt Conv debt Debt Equip t r Notes Debt Debt Com s t k Com s t k Com s t k Com s t k Com s t k Pfd s t k 50.,0 75.,0 70..0 50..0 196,, 0 20.,0 100..0 300..0 19..5 75.. 0 125..0 300..0 35..3 21..9 90..0 92..0 51..8 51..1 1979 1981 1981 2006 7.,60 8..00 10,.38 9..00 7.60 8.00 10.46 9.10 1996 2001 2016 1977-1991 1984 2001 2006 7..50 4,.75 8..50 8..13 9,.00 8..88 8,.50 7.50 4.75 8.56 6.50-8.20 9.00 8.93 8.57 Other Norway Notes 100..0 1981 A/AA A/AA Baa/BB A — -/BB Baa/BBB Aaa A/BBB Aa __ 8,.94 8.75 A/AA 8,.25 8.25 Aaa Table 5 B INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY i March 1, t h r u March 19, 1976 AMOUNT (MILLIONS OF DOLLARS) NET INTEREST COST OFFERING YIELD MOODY'S RATING STATE AND LOCAL V i r g i n i a Hsg. Dev. Auth. V i r g i n i a Hsg. Dev. Auth. V i r g i n i a Hsg. Dev. Auth. Omaha Pub. Power D i s t . , Neb. Omaha Pub. Power D i s t . , Neb. Omaha Pub. Power D i s t i , Neb. Wisconsin, S t a t e of V i r g i n i a Pub. Sch. Auth. Montgomery Co., Pa. H a r t f o r d , Conn. Upper S t . C l a i r Tp. Sch. A u t h . , Pa. Upper S t . C l a i r Tp. Sch. A u t h . , Pa. Memphis, Tenn. Phoenix, A r i z . Denver, Colo. Denver, Colo. Maine Municipal Bond Bank San Antonio, Texas B a l t i m o r e Co., Md. Minneapolis Sch. D i s t . #1 Minn. I l l i n o i s Health Fac. Auth. I l l i n o i s Health Fac. Auth. I l l i n o i s Health Fac. Auth. I l l i n o i s Health Fac. Auth. Rev Rev Rev Rev Rev Rev G.O. Rev G.O. G.O. Rev Rev Rev G.O. Rev Rev Rev Rev G.O. G.O. Rev Rev Rev Rev 2.9 1.3 15.2 19.1 16.8 44.1 148.0 16.0 12.1 20.0 10.1 1.5 25.0 14.0 1.9 12.8 27.5 60.0 30.0 14.5 10.2 4.8 14.5 4.9 1978-1995 1999 2018 1982-1999 2006 2016 1977-2001 1977-1996 1976-1991 1977-2006 1977-1990 1993 1983-2001 1980-1990 1979-1986 2000 1977-2001 1977-1999 1978-2006 1977-1991 1979-1988 1992 2004 2008 7. 86 7. 86 7.,86 7.,12 7.,12 7.,12 5..48 5..88 5..40 6,.04 — — 6,.41 5,.50 8.,17 8,.17 6. 62 6,.27 5,.59 5,.37 7. 79 7.,79 7.,79 7. 79 4. 75-7.40 7.50 7.75 4. 75-6.75 7.04 7.20 3..30-6.15 3..60-6.60 2,.60-5.75 3,.60-6.50 3..50-6.35 6.50 4..75-6.70 4,.40-5.95 5..50-7.00 8.00 4.,15-7.00 3,.60-6.70 4,.00-6.70 3,,30-5.75 5,.40-7.25 7.50 7.88 7.90 NOTES: 1 2 Include* only state and local security offerings of $10 million and over; excludes secondary offerings. In case of State and local government securities, G O denotes general obligation; Rev.-Ut., revenue obligations secured only by income from public utilities; Rev.-Q.-Ut., cured only by Income from quasi-utilities; Rev.-S.T., revenue bonds secured by revenue from specific taxes only; Rev.-Rent., revenue bonds secured solely by lease payments. 3 Includes foreign government and International Qapk for Reconstruction and Development issues and non-guaranteed issues by Federal Agencies. A-l A-l A-l Aa Aa Aa Aaa Aa Aaa Aaa — Aa Aa A A Aa Aa Aa Aaa A-l A-l A-l A-l Table 5B Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY March 1, t h r u March 19, 1976 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S RATING STATE AND LOCAL Columbus, Ohio Ohio, S t a t e of Kansas C i t y , Kansas Kansas C i t y , Kansas Georgia, S t a t e of M a s s a c h u s e t t s , S t a t e of New Mexico S t a t e Univ. New Mexico S t a t e Univ. Albuquerque Man. Sch. D i s t . , N.M. L i n c o l n , Neb. L i n c o l n , Neb. L i n c o l n , Neb. L i n c o l n , Neb. North Hempstead, N.Y. Ocala, F l a . Waltham, Mass. C o n n e c t i c u t , S t a t e of Alabama,. S t a t e of P e n n s y l v a n i a , S t a t e of Minnetonka, Minn. Dade Co., F l a . Kalamazoo H o s p i t a l F i n . A u t h . , Mich. Kalamazoo H o s p i t a l Fin. A u t h . , Mich. G.O. G.O. Rev Rev Ge Oe G.O. Rev Rev. G.O. Rev Rev Rev Rev G.O. Rev G.O. G.O. G.O. G.O. G.O. G.O. Rev Rev 16.0 100.0 9.8 15.2 27.3 535.0 7.5 17.6 10.8 5.7 11.9 9.7 20.9 16.4 10.0 11.5 100.0 15.0 110.0 10.9 46.0 4.3 7.4 1978-2002 . 1977-2001 1981-1996 2006 1977-1996 2001 1986 • 1977-1997 1977-1981 1978-1998 1978-1998 2011 2011 1977-2007 1979-2005 1977-1990 1977-1996 1977-1991 1976-1995 1978-1990 1977-2001 1977-1987 1996 6.11 6.90 6.70 6.70 5.55 9.05 —— —— 7.33 7.33 7.33 7.33 5.66 6.89 5.58 6.24 5.09 6.32 6.15 6.63 • 4.00-6.50 3.75-7.25 4.80-6.40 6.90 3.25-6.15 9.00 4.20-6.20 4.50-7.00 3.70-4.60 4.25-6.90 4.30-7.00 7.38 7.50 3.30-6.25 4.50-7.00 3.90-6.20 3.80-6.75 3.25-5.60 3.25-7.05 4.25-6.30 3.70-7.10 5.00-7.00 7.70 Aa Aa Aa Aa Aaa A-l <— • A-l A-l A-l A-l A-l A-l Aa A-l Aa A—1 A A-l A-l A-l 11 FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 as of March 19, 1976 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING CORPORATE Browning F e r r i s I n d u s t r i e s Smith I n t e r n a t i o n a l Inc. Iowa I l l i n o i s Gas & E l e c t r i c Co. El Paso Co. Williams Cos. Southern Ry Alabama Power Co. Iowa I l l i n o i s Gas & E l e c t . Portland General E l e c t r i c Portland General E l e c t r i c Greyhound Leasing^ & Financial Corp. Southern Co. J Houston Li^trtitig & Power HoneywellKFinarice Inc. Hawaiian Tele. Co. Atchison & Topeka Santa Fe Ry Pennsylvania Power & Light Co. Inland S t e e l Co. P a c i f i c Gas & E l e c t r i c Co. Big Three I n d u s t r i e s D. H. Baldwin Texas Eastern Transmission Corp. *Appalachian Power Co. Ohio Edison Chesapeake & Ohio Ry *General Motors Accept. Corp. Southwestern E l e c t r i c Pwr. Minnesota Power & Light Boston Edison Pennsylvania E l e c t . Co. Northern Indiana Public Svc. Capital F i n a n c i a l Services Inc. *Central I l l i n o i s Light •Southern B e l l Tele. • P h i l a d e l p h i a E l e c t r i c Co. •Northern S t a t e s Power Co. Arvin I n d u s t r i e s Bucyrus E r i e Co. Notes Com s t k Pfd s t k Gvt g t r SF debt Equip t r 1st mtge 1st mtge 1 s t mtge Pfd s t k Notes Com s t k Pfd s t k Notes 1 s t mtge Equip t r Com s t k Com s t k Pfd s t k Com s t k Notes Pfd s t k 1 s t mtge Com s t k Equip t r Notes 1st mtge Com s t k Pfd s t k 1st mtge Com s t k Notes 1st mtge Debt Pfd s t k Com s t k Pfd s t k Nptee 40.0 30.5 15.0 40.0 100.0 17.4 50.0 20.0 60.0 25.0 50.0 150.0 40.0 75.0 35.0 15.0 75.0 75.0 100.0 58.8 15.0 40.0 60.0 71.0 15.0 150.0 45.0 15.0 35.0 60.0 40.0 25.0 40.0 450.0 50.0 60.0 21.3 50.0 NOTES: * Included in table for first time. Includes only corporate end other security issues of $16 million end over; excludes exchanges, options 1 March March March March March March March March March March March March March March March March March March March March March March April April April April April April April April April April April April April April April April 22 22 23 23 24 24 24 24 25 25 25 25 25 25 30 30 30 31 31 2 6 6 7 9 13 13 13 14 15 20 20 22 27 12 T a b l e 6A Continued FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 as of March 19, 1976 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING CORPORATE H o s p i t a l Corp. of America *Borg Warner Acceptance *American Hoist Hertz Corp. P u b l i c Service E l e c t r i c & Gas Co. CIT F i n a n c i a l CIT F i n a n c i a l Reliance Group I n c . Com s t k Notes Com s t k SF debt 1 s t mtge Debt Debt Pfd s t k 21.3 50.0 16.5 50.0 60.0 75.0 100.0 50.0 April April April April INDEF INDEF INDEF INDEF Other B e l l Canada *European Investment Bank S o c i e t e N a t i o n a l e de Chemins Debt Notes Notes 175.0 100.0 100.0 March March INDEF 24 24 13 Table 6B FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 as of March 19, 1976 TYPE ISSUER AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING STATE & LOCAL Glendale Union High Sch. D i s t . , Ariz. Dallas Co. Comm. College D i s t . , Texas Farmington, N.M. Washington, S t a t e of Chicago Park D i s t . , 111. St. Petersburg, Fla. Albany Co., N.Y. *Allegheny Co. I n d u s t . Dev. A u t h . , Pa. *0hio Water Dev. Auth. Nebraska Pub. Power D i s t . Albuquerque, N.M. Valdez, Alaska C a l i f o r n i a , S t a t e of Kansas, S t a t e pf Texas, S t a t e of *Maine, S t a t e of South Carolina Pub. Service Auth. *Wichita U n i f i e d Sch. D i s t . , #529 Kans. *Wilmington, Del. Deer Park Ind. Sch. D i s t . , Texas *Milwaukee Co., Wise. *0hio, S t a t e of Oregon, S t a t e of G.O. 10.0 March 22 G.O. Rev G.O. G.O. Rev G.O. 15.0 25.0 57.0 15.0 20.0 70.0 March March March March March March 23 23 23 23 24 25 Rev Rev Rev G.O. G.O. G.O. Rev G.O. G.O. Rev 15.5 10.0 125.0 19.3 13.6 100.0 50.0 35.0 19.0 100.0 March March March March March March March April April April 25 25 25 29 29 30 31 5 6 6 G.O. G. 0. G. 0. G.O. G.O. G.O. 15.0 12.5 13.5 11.8 45.0 125.0 April April April April April April 7 8 12 13 13 13 NOTES: 1 Includes state and local government imiw of $10 million and o m , foreign gowriwnent, I n f r a t h w l Bank for Reconstruction issue* of Federally sponsored agencies; excludes secondary offerings. * Included in the table for the first time. Table 7 STOCK PRICES AND VOLUME STOCK PRICES TRADINQ VOLUME NYSE BJ INDUSTRIALS 136.84 (1/11) 26.0 (9/20) 89.12 (12/13) 9.0 (8/20) 1973 - High Low 65.48 (1/11) 49.12 (12/13) 1051.50 (1/11) 788.31 (12/5) 130.47 (1/11) 85.26 (12/20) 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) 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) 1976 - High Low 54.62 (2/24) 48.04 (1/2) 1,003.31 (3/11) 858.71 (1/2) 105.30 (3/11) 84.31 (1/2) NASDAQ 5.5 (1/12) 1.4 (8/20) 11.3 (1/11) 3.5 (8/27) 24.9 (1/3) 7.5 (7/5) 4.4 (1/3) .9 (9/26) 7.5 (1/3) 2.8 (7/5) 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) 92.09 (2/25) 78.06 (1/2) 44.5 (2/20) 10.3 (1/2) 8.6 (2/20) 11.1 (2/20) 3.5 (1/2) 1.1 (1/2) 2 9 16 23 30 48.04 50.29 51.41 52.59 53.55 858.71 911.05 929.63 953.95 975.28 84.31 88.82 92.05 94.17 96.84 78.06 82.31 84.30 85.26 87.05 15.1 28.9 31.9 32.3 32.4 2.4 2.7 2.9 3.4 3.7 5.9 6.7 7.5 8.1 7.8 6 13 20 27 52.97 53.27 54.61 53.35 954.90 958.36 987.80 972.61 97.16 99.54 103.91 103.37 87.25 88.96 91.02 90.25 31.5 27.6 34.8 32.4 3.7 3.5 6.4 5.7 8.7 7.2 9.2 8.9 5 12 19 53.05 53.91 53.76 972.92 987.64 979.69 103.65 104.48 103.37 89.47 90.99 89.54 24.1 27.2r 22.2 4.0 4.Or 3.4 7.2 7. 6r 7.1 NOTES: 1 Figures other then highs and tows are Friday* 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 12/31/68 - 60 Based on average price change until September 4, 1973 thereafter, based on market value of shares listed. 15 Table 8 SECURITY CREDIT REGULATED MARGIN CREDIT EXTENDED BY END OF PERIOD BROKERS ON 1 BROKERS ON % MARGIN CONVERTIBLE BONDS STOCK 3 BANKS iUNREGULATED IUDC^I ii A renNUNMAKGIN kiAkin A IM 4 STOCK CREDIT AT BANKS OUTSTANDING 3 ,950 4 ,130 4 ,180 4;,360 4 ; ,700 4.,990 5.,300 5.,220 5,,250 5 j ,300 5 j,370 5,,390 134 136 134 138 140 146 143 142 145 144 146 147 848 830 844 824 819 844 820 832 852 1 ,007 1 ,008 960 1,919 1,897 1,882 1,885 1,883 2,434 2,387 2,457 2,520 2,311 2,270 2,281 5,420 5, 950 146 1,,000 2,321 1975 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 110 180 50 180 340 290 310 -80 30 50 70 20 -3 2 -2 4 2 6 -3 -1 3 -1 2 1 -8 -18 14 -20 -5 25 -24 12 20 155 1 -48 1976 - J a n . Feb. 30 530 -1 40 1975 - J a n . 1 4 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1976 - J a n . Feb. CHANGE IN OUTSTANDING -145 -22 -15 -3 -2 551 -47 70 63 -209 -41 11 , 1 40 NOTES: 1 Margin account debt at reported by the New'York Stock Exchange, excluding credit for subscription tames end convertible bonds. 2 New York Stock Exchenge data. 3 June data for banks are universe totals; all other data for banks represent estimates for all commercial benki based on reports by a reporting sample, which accounted for 60 per cent of security credit outstanding at banks on June 30. 4 Nonmargin stocks are those riot listed on a national securities exchange end 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 non margin stocks ere unregulated; at brokers, such stocks have no Table 9 SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS IN MILLIONS OF DOLLARS MUTUAL SAVINGS BANKS DATE REGULAR DEPOSITS NET FLOW 1971 1972 1973 1974 1975p ANNUAL 3 GROWTH RATE 9,621 10,067 4,815 2,909 10,960 1974 - September October November December 319 -74 449 1,053 1975 - September October November December j>/ 785 348 765 1,284 1975 - January February March April May June July 405 713 1,149 955 1,295 1,369 1,190 1 13.5 12.4 5.3 3.0 11.2 — —— — —— —— - - -- 4.9 8.7 13.8 11.4 15.3 16.0 13.7 NET NEW MONEY 2 SAVINGS & LOAN ASSOCIATIONS SHARE CAPITAL NET FLOW 5,378 5,451 -442 -2,822 4,754 27,793 32,567 20,237 16,053 43,118 -689 -260 236 -37 1,425 438 1,226 3,393 -338 131 549 111 —— —— - —— —— —— ANNUAL 3 GROWTH RATE 19.0 18.7 9.8 7.0 17.7 NET NEW MONEY 2 TOTAL DEPOSITS NET FLOW 20,653 23,884 10,507 4,668 29,276 37,414 42,634 25,052 18,962 54,078 -1,068 312 1,091 571 1,744 364 1,675 4,446 3,698 631 — 2,264 2,086 —— 2,246 2,072 4,329 946 SEASONALLY ADJUSTED W W 2,351 11.5 W W 3,005 14.6 W W 3,864 18.6 W W 3,712 17.6 W W 4,237 19.8 W W 4,395 20.2 4,774 21.5 4,483 2,612 3,011 5,613 W W 2,756 3,718 5,013 4,667 5,532 5,764 5,964 9.6 12.9 17.2 15.8 18.5 19.0 19.3 — —— — " NOTES: 1 Regular deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of total deposits. 2 3 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. Annual growth rate for monthly data is the annualized monthly percentage increase in deposits. National Association of Mutual Savings Banks and Digitizedflouroe: for FRASER Federal Home Loan Bank Board. ANNUAL 3 GROWTH RATE NET NEW MONEY 17.2 16.7 8.4 5.8 15.8 26,331 29,335 10,062 1,846 34,030 — -1,757 52 1,327 534 293 2,217 2,621 1,057 — ww W W — W W Table 0 SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS IN MILLIONS OF DOLLARS MUTUAL SAVINGS BANKS REGULAR DEPOSITS NET FLOW 1975 - August September October November December 1,044 802 731 772 523 ANNUAL 3 GROWTH RATE NET NEW MONEY 11.9 9.0 8.2 8.6 5.8 SAVINGS & LOAN ASSOCIATIONS SHARE CAPITAL NET FLOW 3,933 3,682 3,334 3,125 2,923 ANNUAL 31 GROWTH RATE 17.4 16.1 14.4 13.3 12.3 NET NEW MONEY NET FLOW 4,977 4,484 4,065 3,897 3,446 NOTES 1 2 3 at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent e very smell pert of total deposits, net of both withdrawals and interest. Data for SSL's are for insured associations only, which represent 96 per cent of industry total resources, rate for monthly data is the annualized monthly percenters increase in deposits. Association of Mutual Sewings Banks end Federal Home Loan Bank Board. ANNUAL 3 GROWTH RATE 15.9 14.1 12.6 12.0 10.5 NET NEW MONEY 16 Table 10 MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS BILLIONS OF D O L L A R S , S E A S O N A L L Y A D J U S T E D NET C H A N G E O U T S T A N D I N G COMMITMENTS PERIOD TOTAL ALL SAVINGS MUTUAL & LOAN SAVINGS BKS5 ASSOCIATIONS (N Y. STATE) TOTAL ALL SAVINGS MUTUAL & LOAN SAVINGS BKS ASSOCIATIONS (N Y. STATE) 1971 - Dec. 17.7 14.0 3.7 .49 .30 1972 - Dec. 25.1 20.2 4.9 .56 .55 .01 1973 - Dec. 19.7 16.2 3.5 .15 .35 -.20 1974 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 19.3 19.2 19.5 19.7 18.5 18.0 17.3 16.7 16.2 14.9 14.4 14.4 15.9 16.0 16.3 16.7 15.7 15.1 14.6 13.9 13.5 12.5 12.0 12.3 3.4 3.2 3.1 3.0 2.9 2.9 2.8 2.8 2.7 2.4 • 2.3 2.2 -.33 -.06 .20 .20 -1.08 -.61 - .64 -.56 -.56 -1.31 - .54 -.03 -.31 .09 .34 .39 -1.07 -.54 -.55 - . 66 -.39 -1.05 -.42 .25 -.10 -.19 -.13 - . 10 -.06 -.06 -.04 -.01 -.13 -.30 -.10 -.11 1975 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 14.4 14.4 15.2 16.2 16.9 17.1 18.2 19.4 20.1 19.9 20.0 20.2 12.3 12.6 13.2 14.3 14.9 15.1 16.1 17.2 17.9 17.8 18.0 18.2 2.1 1.8 2.0 2.0 2.1 2.1 2.1 2.2 2.2 2.1 2.0 2.0 -.04 .04 .71 1.13 .72 .34 .92 1.18 .64 -.14 .05 .31 .06 .29 .60 1.07 .61 .27 .95 ' 1.06 .74 -.05 .12 .25 .19 -.10 -.25 .11 .06 .11 .07 -.03 + .12 -.06 -.09 -.07 -.06 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 endof period outstanding levels as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding. i 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 TOTAL FHLB +1,475 +1,693 +1,910 ;+1,946 +11 +598 +1,528 +1,349 +1,850 +1,950 -150 +256 +998 +1,349 +1,500 +1,300 -671 -695 +424 +508 +1,442 +2,699 +1,804 +878 +2,768 +1,665 -89 +507 -756 -657 +450 -4 +992 +2,250 +1,499 +200 +2,750 +1,599 +93 +961 -800 -657 -4 +992 +1,500 +1,000 +400 +1,700 +1,499 -217 +470 1975 - Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. p -242 -659 +440 0 -1,568 +330 +236 -398 215 587 152 669 -5 -254 + 689 +69 -1,279 + 600 +300 -700 100 850 200 600 -4 -554 -11 -30 -1,279 0 0 -700 0 +150 0 0 1976 - J a n . p -154 0 0 1973 - July Aug. Sept. Oct. Nov. Dec. 1974 - Jan. Feb. Mar. Apr. May July Aug. Sept. OctNov. ^ Dec. — — FHLMC FNMA +530 — —— —— -150 — —— +350 +650 —— +256 +44 SHORT-TERM DISCOUNT NOTES V -53 +344 +60 -4 +161 +342 +1,050 +100 +310: +491 +85 -38 -26 +512 +450 +449 +305 +678 +18 +66 -182 -454 + 300 0 -1 0 0 0 0 0 0 200 0 -1 0 + 700 + 100 0 + 600 + 300 0 100 700 0 , 600 -237 -405 -249 -69 -289 -270 -64 302 115 -263 -48 69 0 0 -154 ~ —— Notes: Based on d a t a from the Treasury Survey -of Ownership. 1/ Sales of FHLB discount notes began i n May 1974. 2./ P r e l i m i n a r y . FNMA & FHLB INTERMEDIATE AND LONG-TERM ISSUES +450 —— — —— — —— +750 +499 —— -200 —— —— — Table 12 NET CHANGE IN MORTGAGE HOLDINGS 20- IN MILLIONS O F D O L L A R S FINANCIAL INSTITUTIONS PERIOD TOTAL INCLUDING FNMA-GNMA TOTAL TCOMMERC^I MSB'S S & FNMA-GNMA L s COMPANIES Not Seasonally Adjusted 1970 1971 1972 1973 1974 1975 - Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 21,736 41,647 57,587 58,372 42,748 16,827 39,259 55,561 55,072 36,526 1,211 1,486 2,329 3,458 3,966 4,343 4,493 4,435 4,377 4,781 3,284 4,423 760 1,412 1,942 3,268 3,909 4,301 3,783 3,937 3,620 4,132 2,918 3,765 2,462 9,940 16,800 19,600 11,700 0 -200 0 400 200 400 200 300 500 700 200 200 1,845 3,938 5,377 5,642 2,170 10,254 23,919 31,932 25,552 17,578 66 100 70 132 181 323 334 213 119 226 200 272 2,348 1,221 1,452 4,278 5,078 426 1,109 1,614 2,285 3,184 3,425 3,122 3,259 2,883 2,996 2,323 2,785 268 403 258 451 244 153 127 165 118 210 195 508 1,154 1,646 1,411 2,015 2,769 2,655 2,751 2,836 3,069 3,486 2,798 2,826 335 556 397 563 356 166 134 152 137 203 128 - 29 Seasonally Adjusted 1975 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 2,512 2,727 2,469 3,519 3,388 3,146 3,851 3,412 4,281 5,235 3,766 4,164 2,006 2,528 1,908 3,128 3,207 3,081 3,329 3,186 3,730 4,706 3,425 3,424 347 84 53 384 - 67 67 175 31 349 736 310 435 170 242 47 166 149 193 269 167 175 281 189 192 NOTES: 1 these groups accounted for 83 per cent of the net increase estimated for all holders in 1974. Beginning January 1972 data reflect activity in limited amount of conventional mortgages. 506 199 561 391 181 65 522 226 551 529 341 740 ( i ! I T a b l e 13 21 NET INCREASE IN MORTGAGE DEBT OUTSTANDING IN BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL RATES 3 RESIDENTIAL MULTIFAMILY MULTFAMLY a COMMERCIAL FARM TOTAL TOTAL 1969 - I II III IV 32.0 29.1 25.8 25.2 23.8 21.5 18.7 18.5 19.4 16.8 14.0 13.1 4.4 4.6 4.7 5.4 6.0 5.4 5.3 5.3 10.4 10.1 10.0 10.7 2.2 2.2 1.7 1.4 1970 - I II III IV 20.7 22.9 28.5 31.8 14.4 16.8 21.3 22.8 9.4 11.6 15.0 16.2 5.0 5.2 6.3 6.6 ' 4.8 4.6 5.1 6.8 9.8 9.8 ' 11.5 13.4 1.5 1.5 2.1 2.2 1971 - I II III - IV 37.3 47.7 52.3 54.2 27.4 35.5 38.5 41.2 19.4 26.2 28.6 31.3 8.0 9.4 9.9 9.9 7.7 9.8 11.5 10.5 15.7 19.2 21.4 20.4 2.2 2.4 2.3 2.5 1972 - I II III IV 62.8 64.9 65.1 68.3 46.1 47.0 47.1 49.5 37.7 37.4 38.0 40.0 8.4 9.6 9.1 9.5 14.1 15.3 15.3 16.3 22.5 24.9 24.4 25.8 2.6 2.6 2.6 2.5 1973 - I II III IV 83.4 75.6 71.3 57.9 63.1 53.9 51.4 38.3 53.1 44.0 41.8 31.7 10.0 9.9 9.6 6.5 16.3 17.8 16.3 15.0 26.3 27.8 25.9 21.5 4.1 3.8 3.6 4.6 1974 - I II III IV 58.5 65.3 52.2 39.0 39.5 44.0 32.2 22.5 32.1 37.1 25.5 16.0 7.4 6.8 6.7 6.5 15.4 17.3 14.2 10.2 22.7 24.1 20.9 16.7 3.6 4.0 5.7 6.3 1975 - I II III IV p 34.3 51.6 56.4 61.3 20.8 36.7 41.5 47.0 18.0 34.3 36.7 40.5 2.8 2.4 4.8 6.5 8.5 11.1 10.5 9.5 11.4 13.5 15.3 , 16.0 5.0 4.2 4.3 4.8 QUARTER 1 | 1 " t o 4" FAMILY COMMERCIAL 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 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. PRIVATE HOUSING PERMITS, STARTS, COMPLETIONS, AND MOBILE HOME SHIPMENTS IN T H O U S A N D S OF 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 COMPLETIONS 1 —FAMILY 2 - O R MORE, FAMILY 1969 1970 1971 1972 1973 1974 1975 1975 - J a n . Feb. Mar. Apr. . May June July Aug. Sept. Oct. Nov. Dec. 1976 - J a n . Feb. | 1, 324 1, 352 1, 925 2, 219 1, 820 1, 074 924 626 647 906 1,033 882 644 668 698 705 1 018 1 186 937 431 257 689 701 677 837 912 949 1, 042 995 1, 095 1,,079 1, 085 1,,028 508 515 503 603 658 679 711 732 779 769 787 766 182 186 173 234 254 270 3% 263 316 310 298 262 1,,120. 1,,127 828 860 293 267 ' ; | 1,467 1,434 2,052 2,357 2,045 1,388 1,161 811 813 1,,151 1,,309 1,,132 888 893 656 621 901 1,048 914 450 269 1,005 953 986 982 1,085 1,080 1,207 1,264 1,304 1,431 1,381 1,283 748 722 763 774 853 874 916 979 966 1 ,093 1-,048 962 257 231 223 208 232 206 291 285 338 338 333 321 1,224 1,555 950 1 ,303 274 252 MOBILE - F A M I L Y T 2 - O R MORE! 2 - O R MORE FAMILY FAMILY | i 1 ; i ! 1 i ; ! HOME ! SHIPMENTS 1, 399 1, 418 1,,706 1, 972 2,,014 1,,692 1 ,296 - 808 802 1,014 1,143 1,174 932 866 592 617 692 828 840 760 430 1 =,547 1.,350 1 . ,314 1:,244 1:,269 1,,202 1,,261 1.,267 1,,315 i,,115 1 ,386 1 ,313 959 793 757 782 827 808 882 880 969 738 992 983 588 557 557 462 442 394 379 387 346 377 394 330 185 219 199 194 224 210 225 235 215 229 232 228 1 . ,176 903 273 263 I ! i ! 413 401 497 576 567 329 216 NOTES: Private building permits (for 14,000 areas with permit systems, excluding farmi, 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 mobi'« home shipments are Mobile Home Manufacturers Association data converted to seasonally adjusted annual rate by Census Bureau. Permit data for 1969 and 1970 based on 13.000 areas with permit systems ^ T a b l e 15 AVERAGE RATES AND YIELDS ON HOME MORTGAGES CONVENTIONAL LOANS PRIMARY MARKET NEW HOMES HUD(FHA) INSURED LOANS SECONDARY MARKET EXISTING HOMES 1 PERIOD RATE (IN PER CENT) SPREAD (BASIS POINTS) NEW HOMES 1 RATE (IN PER CENT) SPREAD (BASIS POINTS) 1 YIELD (IN PER CENT) SPREAD (BASIS POINTS) SPREAD BETWEEN RETURNS ON NEW Aaa UTILITY AND HUD(FHA) BOND DISCOUNT YIELD NEW HOME (PERCENTAGE MORTGAGES (M PER CENT) POINTS) (BASIS POINTS) CUNVcNTIONAL 1974 - High Low 9.80 8.55 45 -70 9.80 8.60 50 -70 10.38 8.54 44 -25 6.3 2.3 1 -70 10.46 8.10 1975 - High Low 9.25 8.90 15 -70 9.30 8.95 20 -65 9.74 8.69 31 -91 6.2 2.4 21 -49 9.70 8.94 1975 - Oct. Nov. Dec. 9.25 9.20 9.15 3 n. a. n.a. 9.30 9.25 9.20 8 n.a. n.a. 9.53 9.41 9.32 31 n • a.. n.a. 4.0 3.1 2.4 -28 -21 -17 9.22 n•3• n.a. 1976 - J a n . 9.05 39 9.10 44 9.06 40 2.2 - 1 8.66 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 end 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 6 basis points. For secondary market data, weighted HUD office opinions on the average bid price for HUD (FHA) loans with minimum downpeyment, prepaid in 15 years, for immediate delivery, are used. H.16 Table 16 ?h FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS GOVERNMENT-UNDERWRITTEN DATE OF AUCTION AMOUNT (IN MILLIONS OF DOLLARS) 1975 - High Low AVERAGE YIELD CONVENTIONAL AMOUNT (IN MILLIONS OF DOLLARS) AVERAGE YIELD 643 (8/25) 366" (8/11) 9.95 (9/22) 100 (4/7) 51 (4/21) 25 (2/10) 18 (2/10) 8.78 (2/10) 10 (10/20) 9 (2/10) 10.02 (9/22) 8.96 (3/10) 10.02 9.81 1975 - Oct. 6 20 198.5 43.2 143.0 23.2 9.95 9.65 27.5 9.7 23.5 9.2 Nov. 3 17 69.8 293.1 41.7 180.6 9.32 9.33 19.6 68.6 15.2 34.6 9.54 9.40 , Dec. 1 15 29 255.9 287.1 95.3 138.5 158.8 52.7 9.32 9.31 9.29 73.9 69.7 41.8 40.5 31.2 11.8 9.38 9.36 9.35 1976 - J a n . 12 26 58.4 103.9 31.5 57.7 9.13 9.07 42.7 33.4 32.1 24.7 9.28 9.22 Feb. 9 23 252.2 126.9 179.9 81.2 9.07 9.04 57.8 44.0 36.9 23.3 9.17 9.14 299.9 171.9 9.06 75.4 45.0 9.15 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.