Full text of H.16 Capital Market Developments : March 26, 1979
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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 $.50 each. Address requests to Publications Services, Division of Administrative Services, and make payment remittance payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. Currency. TABLES 1 - 6 S E C U R I T Y V O L U M E AND Y I E L D S 7, 8 S T O C K M A R K E T AND S E C U R I T Y CREDIT 9 16 M O R T G A G E M A R K E T SYMBOLS 6 ESTIMATE P PRELIMINARY r REVISED n.a NOT AVAILABLE DATA DO NOT EXIST * Table 1 YIELDS, VOLUME AND RECEPTION CORPORATE BOND MARKET YIELDS WEEK ENDING 1979-Jan. Feb. Mar. NEW ISSUE 1 Aaa UTILITY 5 12 19 26 - - 9.54 - 2 9 16 23 VOLUME RECENTLY OFFERED Aaa UTILITY - 2 3 GROSS OFFERINGS ($ 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 9.51 100 97 100 70 0 15 0 86 100 — — 0 • — 9.59 9.55 9.63 663 454 20 290 2 9.64 9.67 325 99 4 9 16 22 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 necessary to make coverage of this series consistent with the gross offerings series. Table 2 HIGH GRADE BOND YIELDS DATE 1975 - High 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 (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) - High - High - High Low 1979 2 9.71 9.06 Low 1978 RECENTLY OFFERED Aaa UTILITY (5/2) (2/7) Low 1977 1 9.80 8.89 Low 1976 NEW ISSUE Aaa UTILITY - 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 — / mm — — — * — — w — mm mm —i mm — — — — * — — A/A+ — — •— —• 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 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) Rev. Rev. Rev. Rev. Rev. Rev. G.O. G.O. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. 25.9 18.7 25.0 6.3 100.0 25.0 3.8 8.0 7.7 13.3 11.0 4.0 3.6 16.0 29.7 7.4 31.6 57.1 35.0 50.0 98.1 48.6 16.3 129.4 170.6 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 CHANGE IN OUTSTANDING 1978 - February March April May June July August September October November December 1979 - January February -80 40 877 2,544 2,544 855 2,560 914 s e r i e s discontinued 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. SOURCE: National Association 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 as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding. Digitized levels 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. Beginning January 1972 data reflect activity in limited amount of conventional mortgages. Digitized 2for FRASER 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. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis # # 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 YIELD (IN PER CENT) SPREAD (BASIS POINTS) 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 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 AVERAGE YIELD 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.