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>5
'4

Capital
Market
Developments

March 26, 1979

Prepared by the
CAPITAL MARKETS SECTION
in conjunction with the
MORTGAGE and CONSUMER
FINANCE SECTION




DIVISION OF RESEARCH AND STATISTICS
BOARD OF 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

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

7, 8

S T O C K M A R K E T AND S E C U R I T Y
CREDIT

9

16 M O R T G A G E M A R K E T

SYMBOLS
6

ESTIMATE

P

PRELIMINARY

r

REVISED

n.a

NOT AVAILABLE
DATA DO NOT EXIST

*

Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
YIELDS
WEEK ENDING

1979-Jan.

Feb.

NEW ISSUE 1
Aaa UTILITY

5
12
19
26

-

2
9
16
23

2

3
GROSS
OFFERINGS
($ MILLIONS)

PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
($ MILLIONS)

9.51
9.55
9.57
9.45

-

10
0
530
187

97
100

18
0

9.40
9.51

-

9.54
-

VOLUME

RECENTLY
OFFERED
Aaa UTILITY

100
97
100
70

0
15
0
86

100
— —

0
•

—

9.55
9.63

2

9.64

9.67

325

99

4

9
16
22

Mar.

9.59

663
454
20
290

9.61

9.60
9.65r
9.62p

120
123
1,064

100
100
93

0
0
75

— —

9.42
-

-

9.62p
!

MUN ICIPAL BOND MARKET
WEEK ENDING

1979-Jan.

VOLUME

YIELDS
MOODY'S
NEW ISSUE
Aaa

BOND BUYER
20-BOND
INDEX

GROSS
OFFERINGS
($ MILLIONS)

PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
($ MILLIONS)

5
12
19
26

6.05
6.00
6.00
5.75

6.58
6.50
6.48
6.30

137

78

960
488
460

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
22

5.80
5.80
5.80
5.80

6.42

981

91

138

828

89

122

1,376
759

94
80

178
226

6.35
6.30
6.29

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
 to make coverage of this series consistent with the gross offerings series.
necessary


Table 2

HIGH GRADE BOND YIELDS
DATE
1975

- High

NEW ISSUE
Aaa UTILITY

1

RECENTLY OFFERED
Aaa UTILITY

2

MOODY'S SEASONED
CORPORATE A a a

3

U S . GOVT. 20-YEAR 4
CONSTANT MATURITY

BOND BUYER
2 0 - B 0 N D INDEX

9.80
8.89

(5/2)
(2/7)

9.71
9.06

(5/25)
(2/28)

9.01
8.57

(5/2)
(2/28)

8.63
7.63

(9/19)
(2/21)

7.67
6.27

(10/3)
(2/13)

8.95
7.93

(5/28)
(12/10)

9.10
7.84

(1/2)
(12/31)

8.66
7.91

(5/28)
(12/31)

8.17
7.27

(5/28)
(12/31)

7.29
5.95

(1/2)
(12/16)

8.36
7.90

(12/16)
(1/7)

8.48
7.95

(12/30)
(1/7)

8.28
7.88

(12/30)
(1/7)

7.99
7.26

(12/30)
(1/7)

5.93
5.45

(2/4)
(11/17)

9.29
8.60

(12/15)
(3/24)

9.54
8.48

(12/22)
(1/6)

9.27
8.30

(12/29)
(1/6)

9.00
8.02

(12/22)
(1/6)

6.67
5.58

(12/22)
(3/17)

Low

9.64
9.42

(3/2)
(2/9)

9.67
9.40

(3/2)
(2/2)

9.38
9.19

(3/Z3 )
(2/2)

9.12
8.89

(3/2)
(2/2)

6.42
6.22

(3/2)
(2/2)

Low
1976

- High

Low
1977

- High

Low
1978

- High

Low
1979

- High

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
6.3!

1979

- Feb.

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

9.64
9.61

9.67
9.60
9.65r

9.36
9.35
9.38

9.12
9.08
9.07

6.42
6.35

9.62p

9.62p

9.38p

9.08p

6.29

Mar.

2
9
16
23
2
9
16
23

9.42
9.59

6.30

NOTES:
1

Federal Reserve series of implied yield on newly issued, Asa-rated utility bond with B-yeer call protection.

2

Federal Reserve series of implied free-market yield on competitively bid Aae-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. US. Treasury data.

5

Thursday figures. The average rating of the 20 bonds used in this index fells 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

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

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

3,685
3,207

4,221
5,331
6,531

3,231
4,320
3,690

3,807
3,332
3,646

January
February
March

4,150 e

2,700e

|

1977

01
02
03
04

10,112
12,535
11,369
ll,042e

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 Otrs.
Year

22,647
34,016

26,187
38,122
54,205

24,621
37,271
48,512

24,668
35,912
46,697

45,058e

NOTES:
1

Securities and Exchange Commission estimates of gross proceeds.

2
Securities Industry Association estimates of principal amounts.



v
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

MEMO
COMMON
MANUFACAND
ISSUES INCLUDED
PRIVATELY
TURING
PREFERRED
PLACED
FOREIGN CONVERTIBLE
STOCK

BONDS

PUBLIC
UTILITY

COMMUNICATIONS

1

OTHER
ISSUERS

TOTAL

PUBLICLY
OFFERED

1977 - I
II
III
IV

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

6,498
5,606
6,215
5,867

3,527
4,975
3,506
5,999

2,707
2,874
2,214
4,217

268
346
272
275

6
108
495
39

3,031
3,440
3,250
4,054

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

1,415
1,059
644
1,320

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

1978 - I
II
III

10,112
12,535
11,369

4,748
5,421
5,284

3,383
4,196
3,868

1,981
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 r /
November

3,013
2,657
4,442
3,285
4,935
5,215
4,226
3,311
3,832
3,685
3,207

1,382
1,464
1,902
1,958
1,719
1,744
2,177
1,497
1,610
1,651
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
1,169
726

233
0
0
12
106
142
80
40
0
10
30

0
0
4
20
2
136
16
6
93
101
22

273
716
1,229
549
878
1,471
842
721
971
495
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
1,279
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

Table 5A

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
February 26 through March 23, 1979

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

9.88
9.63

9.92
9.65

A/A+
Aaa/AAA

CORPORATE

Transamerica F i n a n c i a l Corp.
South C e n t r a l Bell 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 & Light Co.
F e d e r a l 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 .
C i n c i n n a t i Gas & E l e c t . Co.
Southwestern Bell T e l . Co.
Monongahela Power Co.
Atchison, Topeka & Santa Fe Railway
Co.
Ford Motor C r e d i t Co.
Ford Motor C r e d i t Co.
J . Ray McDermott & Co.

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
1 s t . mtg.
Debt.
1 s t . mtg.

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
100.0
450.0
40.0

Equip, t r .
Notes
Debt.
Debt.

OTHER
Stockholm

Debt.

1999
2019
mm mm

1979-1994
2003
2009

10.25-9.50
9.40
9.54

Aa/AA
— /

—

A/A+

— —

mm —

— —

*

— —

w —

mm mm

—i mm

— —

— —

*

—

•
—

—• M

1999
1986
1980-1994
1994
2009
2119
2009

11.20
9.63
9.38
12.25
10.00
9.63
10.50

11.20
9.65
10.15-9.40
13.80
9.87
9.65
10.47

--/AAAa/AA
Aaa/AAA
B/B
Aa/AA
Aaa/AAA
Baa/A-

24.0
150.0
150.0
150.0

1980-1994
1987
2004
2004

9.50
9.75
9.85
9.63

10.20-9.50
9.75
9.85
9.65

Aaa/AAA
Aaa/AAAaa/AAA/A

60.0

1994

9.75

NOTES:
*

9.50
9.40
9.50

Rights offering.

1
Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings.

** Floating rate notes.


9.88

Aaa/AAA

T a b l e 5B

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
March 1 through March 23, 1979
ISSUER

TYPE

AMOUNT
(MILLIONS OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

STATE AND LOCAL

Chicago Metro. Sanitary D i s t . , 1 1 1 .
Wyoming Comm. Dev. Auth.
Wyoming Comm. Dev. Auth.
Ohio, State of
South Dakota Hsg. Dev. Auth.
South Dakota Hsg. Dev. Auth.
Dade Co., Fla.
Dade Co., Fla.
Dade Co., Fla.
Broward Co., Fla.
Secaucus Mun. Utilities Auth., N.J.
Secaucus Mun. Utilities Auth., N.J.
Orange Cty. Muni. Water Dist., Calif.
Orange Cty. Muni. Water Dist., Calif.
Minnesota, State of
Austin, Texas
East Baton Rouge Parish Mtg. Fin.
Auth., La.
East Baton Rouge Parish Mtg. Fin.
Auth., La.
Lonoke Cty. Res. Hsg. Fac. Bd., Ark.
Lonoke Cty. Res. Hsg. Fac. Bd., Ark.
Little Rock Res. Hsg. Fac. Bd., Ark.
Little Rock Res. Hsg. Fac. Bd., Ark.

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

49.5
56.3
12.0
50.0
30.9
115.6
7.5
4.3
8.2
50.0
4.8

Rev.
Rev.
Rev.
Rev.
Rev.
Rev.

1981-2006

7.33
7.33
5.56
6.26

63.8

2010

7.30

7.38

Aa/AA

36.2
16.9

1980-1999
2011
1982-1999
2011
2012

7.30

5.40-7.00
7.50
5.70-7.20
7.30
7.30

Aa/AA
A/AA
A/AA
Aa/AA
Aa/AA

8.6

28.2
51.2
88.5

80.0

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.




5.94

5.50-6.55
6.88
5.10-5.25
7.10
5.40-6.90
6.90
6.80
5.75-6.60
5.35-6.40
5.50-6.25
6.88
6.00-7.00
7.25
5.10-5.80
5.25-6.50

NOTES:
1
2

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

5.33
6.74
6.74
6.82
6.82
6.82
6.13

7.25
7.25

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/BBBf
Baa-l/BBBf
Aaa/AAA
A-1/A+

Table 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 23, 1979

TYPE

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.

ISSUER

AMOUNT
(MILLIONS
OF
DOLLARS)

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

STATE AND LOCAL

L i t t l e Rock Res. Hsg. Fac. Bd., Ark.
Anchorage, Alaska
Anchorage, Alaska
Anchorage, Alaska
Municipal A s s i s t a n c e C o r p . , N.Y.C.
Municipal A s s i s t a n c e C o r p . , N.Y.C.
Redwood C i t y Gen. Imp. D i s t . , C a l i f .
Redwood City Gen. Imp. D i s t . , C a l i f .
Sussex Co., Del.
Sussex Co., Del.
C e n t r a l Texas Hgr. Educ. A u t h . , I n c .
C e n t r a l Texas Hgr. Educ. A u t h . , I n c .
Orangeburg Co., S.C.
Orangeburg Co., S.C.
P h i l a . Equip. Leasing 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 P o r t A u t h . , Ga.
Savannah P o r t 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.




MATURITY

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

NET INTEREST
COST

7.25
— —
— —
— — —
-

-

6.95
6.95

-

-

— — —
-

-

— —
— —
— —

6.35
6.75
6.75
7.15
7.15
7.15
6.90
6.90

OFFERING
YIELD

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

MOODY S / S & P ' S
RATINGS

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-1/AAA/A
A/A
Aa/AAAa/AAAa/AAA/A+
A/A+
vo

/

T a b l e SB Continued

o

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
March 1 through March 23, 1979

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

STATE AND LOCAL

Columbus, Ohio
Sulphur, La.
West Virginia Hsg. Dev. Fund
West Virginia Hsg. Dev. Fund
St. Paul, Minn.
St. Paul, Minn.
Arlington, Texas
Arlington, Texas
Anaheim Stadium Inc., Calif.
Anaheim Stadium Inc., Calif.
Anaheim Stadium Inc., Calif.
Washington Public Power Supply Sys.
Washington Public Power Supply Sys.
Washington Public Power Supply Sys.
Lakeland, Fla.
Hamilton Co., Ohio
Hamilton Co., Ohio
Hamilton Co., Ohio
Hamilton Co., Ohio
Chicago Park Dist., 1 1 1 .
Sebastian Cty. Res, Fac. Bd., Ark.
Sebastian Cty. Res. Fac. Bd., Ark.
Massachusetts, State of
Colorado Hsg. Finance Auth.
Colorado Hsg. Finance Auth.
Colorado Hsg. Finance Auth




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.
G.O.
Rev.
Rev.
Rev.

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
125.0
10.5
7.1
25.2

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
1980-1999
1981-2002
2009
2021

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
6.49
6.87
6.87
6.87

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
5.50-6.70
5.40-6.50
6.80
6.96

MOODY'S/S&P'S
RATINGS

Aa/AA
Baa-l/BBIH
Aa/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/--

A-l/AA
Aa/AA
Aa/AA
Aa/AA

Table SB Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
March 1 through March 23, 1979

ISSUER

STATE AND LOCAL

Phelps County, Mo.
Phelps Coutny, Mo.
Maryland Comm. Dev. Adm.
Maryland Comm. Dev. Adm.
Hawaiian Gardens Redev. A g c y . , C a l i f .
Hawaiian Gardens Redev. A g c y . , C a l i f .
Shelby Co., Tenn.
^Florence Cty. S.D. No. 1, S.C.
Nevada, S t a t e of
C a l i f o r n i a , S t a t e of
B u t l e r Area Sewer A u t h . , Pa.
Chicago, 111.
Chicago, 111.
Chicago, 111.




TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

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

5.7
8.8
12.8
7.2
5.5
9.0
47.0
10.0
47.0
125.0
29.1
63.5
56.5
30.0

1983-1999
2009
1980-1999
2011
1981-1996
2011
1980-1999
1982-2003
1983-2009
1980-2004
1981
1980-1999
2009
2008

NET INTEREST
COST

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

7.31
7.31

5.90-7.10
7.45
5.30-6.75
6.88
5.50-6.90
7.25
5.20-6.15
5.30-6.35
5.20-6.10
5.10-6.00
5.90
5.50-6.95
7.20
6.60

Baa-l/A—
Baa-l/A-

- -

——
——
-» —

5.63
5.90
5.92
5.72
6.96
6.96
6.96

——
——
/
——
——
/

— — /A
— /A
Aa/AA
A/A+
Aa/AA
Aaa/AAA

——
——
/

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 23, 1979
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

General E l e c t r i c Credit Corp.
Kentucky U t i l s . Co.
National Rural U t i l s - Coop. F i n .
Corp.
General M i l l s I n c .
C a p i t a l F i n a n c i a l Services I n c .
Iowa Public Service
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 Services I n c .
P h i l a d e l p h i a E l e c t r i c Co.
V i r g i n i a E l e c t r i c & 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.
*South C a r o l i n a E l e c t r i c & Gas Co.
South Carolina E l e c t r i c & Gas Co.
Utah Power & Light Co.
Utah Power & Light Co.
Consumers Power Co.
Gulf Power Co.
Louisiana Power & Light Co.
*Emons I n d u s t r i e s I n c .
C o n t i n e n t a l Oil Co.
*Public Service of New Hampshire
Wisconsin Power & Light Co.
Delmarva Power & Light Co.
OTHER
*Sweden, Kingdom of

Notes
Com. s t k .

200.0
20.0

Mar.
Mar.

27
28

Coll. t r .
Debt.
Notes
Com. s t k .
Pfd. s t k .
Notes
Com. s t k .
1st mtg.
1st mtg.
1st mtg.

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.

29
28

Debt.
1st mtg.
Com. s t k .
1st mtg.
Pfd. stk.
1st mtg.
1st mtg.
1st mtg.
1st mtg.
Equip t r .
Debt.
Pfd. stk.
Com. s t k .
Com. s t k .

200.0
125.0
20.0
35.0
20.0
35.0
100.0
30.0
45.0
25.0
200.0
25.0
20.0
26.0

Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.

10
18
18
18
19
19
23
24
26

Notes

150.0

Apr.

NOTES:
*
Included in table for first time.
1
Includes only corporate and other security issues of $15 million and over; excludes exchanges, options



3
3
3
3
3
4
10

13
Table 6B

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

1

As of March 23, 1979
ISSUER
STATE & LOCAL

Mass. Home Mtg. F i n . Agcy.
Houma-Terrebone P u b l i c Trust F i n .
A u t h . , La.
New Orleans Home Mtg. Auth. La.
Tippecanoe Co. Hosp. A u t h . , Ind.
*Idaho F a l l s , Idaho
C i t r u s Co., F l a .
La Habra Redev. Agy., C a l i f .
Anaheim Union High Sch. Comm. Auth
Calif.
*Port Auth. of New York & New Jersey
*North Carolina Hsg. F i n . Agy.
V i r g i n i a Pub. Sch. Auth.
Providence, R . I .
Montgomery Cfcy. Hsg. O p p o r t u n i t i e s
Comm., Md.
Los Angeles Dept. of Water & Power
Calif.
Allegheny Cty. Hosp. Dev. A u t h . ,
Pa.
Conn. Hsg. F i n . Auth.
Gwinnett Co. Sch. D i s t . , Ga.
*Philadelphia I n d u s t . Dev. A u t h . ,
Pa.
*Carson Redev. Agcy. C a l i f .
Addison, 111.
*West Memphis R e s i d . Hsg. Fac. Bd.,
Ark.
M a r t i n s v i l l e , W. Va.
*Hempstead, N.Y.
Memphis, Tenn.
F l o r i d a S t a t e Board of Education
Kenosha County, Wis.
San F r a n c i s c o , C a l i f .
Nueces Rever A u t h . , Texas
D a l l a s , Texas
Delaware S t a t e Hsg.
Puerto Rico Public Bldg. Auth.
*Arkansas Hsg. Dev. Agcy.
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)

Rev.

25.0

Mar.

26

Rev.
Rev.
Rev.
Rev.
Rev.
Rev.

25.0
85.0
14.0
36.2
40.0
32.6

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

27
27
27
27
27
27

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

10.0
75.0
37.3
16.3
15.0

Mar.
Mar.
Mar.
Mar.
Mar.

27
28
28
28
28

Rev.

56.8

Mar.

28

Rev.

60.0

Mar.

28

Rev.
Rev.
G.O.

79.3
158.3
20.0

Mar.
Mar.
Mar.

29
29
29

Rev.
Rev.
Rev.

11.5
10.0
25.0

Mar.
Mar.
Mar.

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

16.5
25.0
14.4
25.0
32.7
10.0
14.0
13.0
37.0
38.9
80.0
75.0

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

APPROXIMATE
DATE OF OFFERING

3
3
3
3
4
4
4
5
9
9

14
Table 6B C o n t i n u e d

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

1

As of March 23, 1979
TYPE

ISSUER
STATE & LOCAL

*Alaska, S t a t e of
Oregon, S t a t e of
*Houston, Texas
Tacoma, Wash.
*Alief I n d . Sch. D i s t . , Tex.
*Wisconsin, S t a t e of
Baltimore, Md.
*Kansas C i t y , Kan.
Vermont Hsg. F i n . Agcy.
Mesa County, Colorado
New J e r s e y Health Care F i n . Auth.
POSTPONEMENT
Puerto Rico P u b l i c Bldgs.




Auth.

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

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

60.0
150.0
35.0
38.0
12.0
86.8
30.4
35.0
30.0
55.0
43.0

Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.

10
10
11
11
18
24
24

Rev.

80.0

Mar.

28

#

#

#

#

#

#

#

#

#

#

Table 7

STOCK PRICES AND VOLUME
riATP

1

STOCK PRICES
NYSE INDEX

3

|

AMEX

BJ INDUSTRIALS

4

NASDAQ

2

TRADING VOLUME
AMEX

NYSE

NASDAQ

4 . 2 (2/21)
1 . 1 (9/15)

8 . 1 (2/13)
2.5 (9/15)

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)

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 (1/2)

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 (1/2)
49.78 (11/2)

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

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

105.05 (12/30)
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)
57.09 (3/22)
53.88 (2/27)

176.97
119.73
176.80
152.03

139.25 (9/13)
99.09 (1/11)
130.58 (3/23)
117.84 (1/2)

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

1979-High
Low

907.74 (9/8)
742.12 (2/28)
861.31 (3/22)
807.00 (2/27)

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
22

54.37
55.81
56.55
57.08

815,75
842.86
852.82
859.75

162.97
166.66
172.77
176.80

123.67
127.25
128.55
130.58

25.2
28.9
28.5
31.8

3.2
3.5
4.1
4.7

11.0
13.4
12.9
14.2

1979
Jan.

(9/15)
(1/11)
(3/23)
(1/2)

MOTES:
1
Figure* other then highs end lows ere Fridays only. Highs end lows ere for the year end ere not necessarily for Fridays,
2

Volume figures ere weekly evereges of daily figures (millions of shares).

3
4

12/31/65 - 60
Based on average price change until September 4,1973 thereafter, based on market value of shares listed.




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

11.0
1.3
5.3
2.2

(10/30)
(1/20)

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

(3/22)
(1/22)

15.9 (3/22)
7 . 2 (1/2)

16
Table 8

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

BROKERS ON 1 BROKERS ON %
CONVERTIBLE
MARGIN
BONDS
STOCK

3
BANKS

UNREGULATED NONMARGIN
STOCK CREDIT
AT BANKS

OUTSTANDING

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

9.780
9,920
10,260
10,660
11,090
11,190
11,740
12,400
12,090
11,000
10,830

242
246
248
245
242
247
243
225
216
209
205

1979 - January
February

10,750
10,790

204
n.a.

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

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

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

CHANGE IN OUTSTANDING

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

-80
40

26
-22
-59

-21
-16

series discontinued

-1
n.a.

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.
N on margin 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

REGULAR DEPOSITS
DATE
NET
FLOW

1974
1975
1976
1977

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

1978-June
July
August
September
October
November
December

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

1979-January^

266

1

ANNUAL 3
GROWTH
RATE

2.3
11.3
11.6
8.9
——
— —

— —
— —
— —

-

-

TOTAL

SAVINGS & LOAN ASSOCIATIONS

MUTUAL SAVINGS BANKS
NET
NEW
MONEY

-2,822
4,757
5,275
2,874
-90
38
-75
-41
48
-59
-391
-121

2

SHARE CAPITAL
NET
FLOW

ANNUAL 3
GROWTH
RATE

NET
NEW
MONEY

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
——

— —

— —

4,762

1978-June
July
August
September
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

4,675
3,846
4,578
5,757
3,510
4,399
3,710

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

452

3.8

4,583

-

-

4,398

SEASONALLY ADJUSTED^/
14.0
—
11.4
13.4
16.7
—
10.0
12.4
—
10.4
—

—
—

' —

12.7

2

DEPC> 6 r r s
NET
FLOW

18,171
53,839
62,839
61,610
7,960
3,415
2,572
7,811
3,155
2,432
7,038
5,028

5.6
15.8
15.9
13.5

—

—

-

-

12.1
10.0
12.3
14.9
9.9
10.1
8.8

5,035

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 growth 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 to 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 •
of Mutual Savings Banks and F e d e r a l 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

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

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.

 t i o n a l A s s o c i a t i o n
SOURCE: N a


ANNUAL 3
GROWTH
RATE

NET
NEW
MONEY

4,323

—

-—
—
—
—
—

—

2

18
Table 10

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

NET CHANGE

OUTSTANDING COMMITMENTS
PERIOD

TOTAL

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

TOTAL

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

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 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.

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

1978 - J a n .
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
38.3

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
-•39
-.32
-.03
.36
.42
1.63
.10
-.80

-

1979 - J a n .

37.5

32.7

4.8

-.74

-.70

- .04

1972

,

Oct.

Nov.
Dec.

—

.07
.53
- .03
.20
.17
.37
.23
- .10
.24
.09
.04
.03
.05
.34
- -02
- .01
— . 08
.33
.12
- .01

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


19
T a b l e 11

NET NEW MONEY BORROWINGS
BY MAJOR HOUSING AGENCIES
IN MILLIONS OF DOLLARS

PERIOD

12

19 77-Jan.
Feb.
Mar <
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

—8 62

289
344
532
605
531.
347
195
247
466
1,078
399
1,712
887
848
3,091
1,492
1,605
1,811
1,683

1978-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1979-Jan.
Feb.!'

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

1,680
1,108

.

3,023
534
1,325

NOTES:
Based on data from Treasury Survey of Ownership.
Sales
 of FHLB discount notes began in May 1974.


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

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

FNMA &FHLB
SHORT-TERM
DISCOUNT
NOTES 1

FHLB

FHLMC

FNMA

0

-1

105
0
0
304
0
0
300

-185
-393
-4
0
200
3
-47
-3
9
11
200

0

0

0
1,400
0
0
1,500
0
700

-12
-12

-200

0
-6

1

-350
752
-8

200
600
0

-300
200
0
0

-176
-270
643
-402
235
402
-22

46
486
-36
—34
1,078

181
-70
-15
183

950
1,700

885
2,183

0
0
900
750

1,250

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

0
837

0
837

-116
0

0
0

650
488

-12

1,388
-17
600
1,483
1,276

1,881
1,182
1,131

1,630

1,200

-17

0
0
0

0

600

-17
276
-19

1,000

—18

0

1,200
0

0

20

Table 12

NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS OF DOLLARS

PERIOD

1970
1971
1972
1973
1974
1975
1976
1977

2

FINANCIAL MSTITUTIONS

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
2,38ft
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 Seasonally 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

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

1979 - Jan

Seasonally 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.

Digitized 2 FRASER January 1972 data reflect activity in limited amount of conventional mortgages.
for Beginning


21
Table 13

NET INCREASE IN
MORTGAGE DEBT OUTSTANDING 1
IN BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL RATES

2
QUARTER

TOTAL

3

RESIDENTIAL
TOTAL

MULTFAMLY

1- to 4 FAMILY

MULTIFAMILY

*

COMMERCIAL

FARM

COMMERCIAL

1972 - I
II
III
IV

67,9
73.9
77.2
88.8

49,8
53.9
58.6
64.1

38,5
40.7
47.7
48.4

11.3
13,2
11.0
15,7

14,7
16,5
14,9
21.1

26,0
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
13,1
12,5
7,9

18,8
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
26,1

9,5
7,0
6,7
4.3

17,2
18,8
13,7
11.4

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
-0.1
rO.l

8,6
10,1
12,1
14.2

9,4
9.4
12.1
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
110.0
113.7
119.4

81.6
101.8
106,2
110.2

4.2
8,3
7.5
9.2

14,0
14,5
17.8
25,6

18.2
22,8
25.3
34.8

8.6
9.2
8.6
8.7

1978 - I
II
I I I (r)
IV (p)

133.7
145.3
152.4
152,6

105.4
114.0
112,5
120.5

96.2
104,8
101.4
109.7

9.2
9.2
11,1
10.8

19,3
21,7
28.1
21.1

28,5
30,9
39.2
31,9

9.0
9,6
11.8
11.0

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.




Table 14
|S»

PRIVATE HOUSING PERMITS, STARTS,
COMPLETIONS, AND MOBILE HOME SHIPMENTS
IN T H O U S A N D S OF UNITS, SEASONALLY ADJUSTED ANNUAL RATES

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

2,104
2,004
2,024
2,054
2,107
2,074

1,455
1.431
1.432
1,436
1,502
1,539

646
573
592
618
605
535

1,928
1,948
1,900
1,883
1,885
1,872

1,320
1,363
1,370
1,414
1,375
1,405

608
584
530
468
510
467

232
283
272
286
280
303

1,669
1,411

1,148
964

521
447

1,814

1,314

500

311
264

TOTAL

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

July

1,632
1,563
1,731
1,727
1,724
1,664

1,035
1,020
1,092
1,135
1,114
1,149

597
543
639
592
610
515

1979 - J a n .
Feb.

1,324
1,360

841
814

483
546

1,324
1,352
1,925
2,219

1969
1970
1971
1972
1973
1974
1975
1§76
1977
1978
1978 -

1,820

Aug.
Sept.
Oct.
Nov.
Bee.

1—FAMILY

TOTAL

2 - O R MORE
FAMILY

TOTAL

MOBILE
HOME
2 - O R MORE
SHIPMENTS
FAMILY

2 - O R MORE
FAMILY

1—FAMILY

PERIOD

COMPLETIONS

STARTS

PERMITS 1

1,160

1,538
1,987
2,020

1—FAMILY

811
813
1,151
1,309
1,132
888
892

1,162

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 convert ad to seasonally adjusted annual rate by Census Bureau.
1

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



#
#

e

e

#

e

#

e

#

•

«

T a b l e 15

AVERAGE RATES AND YIELDS ON HOME MORTGAGES
HUD(FHA) INSURED LOANS
SECONDARY MARKET

CONVENTIONAL LOANS
PRIMARY MARKET
EXISTING HOMES

NEW HOMES
PERIOD

RATE
(IN PER CENT)

1

SPREAD
(BASIS
POINTS)

RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

NEW HOMES

1

1
SPREAD
(BASIS
POINTS)

YIELD
(IN PER CENT)

DISCOUNT
(PERCENTAGE
POINTS)

SPREAD
BETWEEN
NEW Aaa
RETURNS ON
UTILITY
CONVENTIONAL
BOND
AND HUD(FHA)
YIELD
NEW HOME
MORTGAGES (M PER CENT)
(BASIS
POINTS)

' /

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 - J a n .
Feb.
Mar.

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

MA

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

9.11

NA
NA

4.7

4

NA

46
45
65

NA

4.1
4.7
5.0

NA

NA

NA

NA

Apr.

May
June
July
Aug.
Sept.
Oct.

Nov.

Dec.
1979 — J a n .
Feb.

10.30
10.35

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

76

10.30
10.35

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

76

9.29
9.37
9.67
9.92
9.78
9.78
9.93
9.99
10.16
10.17
10.17

1
3
- 7
NA

NA
NA

3.1
2.1
2.1
2.1
3.6
4.8

-12
2
2
2
11
14

NA
NA

4.9
4.9

13
18

84
98
72
55

NA

8.71
8.83
8.92
9.02
9.16
9.08
8.80
9.06
9.23
NA
NA
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 down
payment, prepaid in 15 years, for immediate delivery, are used.


24
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

AVERAGE
YIELD

ACCEPTED

10.69(12/27) 717(5/15) 363(5/15)

10.92(12/27)

1011(1/9)

605(1/9)

Low

130(8/7)

80(8/7)

J u l y 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.

7
21

130.3
368.8

80.1
197.1

9.82
9.80

74.7
150.0

47.5
81.0

10.15
10.07

Sept . 5
18

351.2
366.7

154.7
181.2

9.78
9.79

199.4
285.3

126.3
157.4

10.02
10.01

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

10.10
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.

3
23

211.0
93.9

101.1
54.3

10.67
10.73

71.2
42.3

36.0
22.1

11.02
11.13

Feb.

6
20

42.4
168.2

37.9
123.3

10.61
10.47

19.4
43.6

17.9
27.5

11.07
11.02

Mar.

5
19

265.0
243.3

141.8
142.6

10.43
10.42

47.0
97.9

33.8
79.7

10.96
10.92

1978 - High

Oct.

1979

9.13(1/9)

75(8/7)

48(8/7)

9.28(1/9)

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



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