Full text of H.16 Capital Market Developments : March 28, 1977
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Capital Market Developments m - p r r- % March 28, 1977 Prepared by the CAPITAL MARKETS SECTION in conjunction with the MORTGAGE and CONSUMER FINANCE SECTION DIVISION OF RESEARCH AND STATISTICS BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM Washington, D C. 20551 # Index * SUBSCRIPTION RATES: Weekly $15.00 per year or $.40 each in the United States, its possessions, Canada, and Mexico; 10 or more of the same issue to one address, $13.50 per year or $.35 each. Elsewhere, $20.00 per year or $.50 each. Address requests to Publications Services, Division of Administrative Services, and make payment remittance payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. Currency. TABLES 1 - 6 SECURITY VOLUME AND YIELDS 7, 8 STOCK MARKET AND SECURITY CREDIT 9 - 1 6 MORTGAGE MARKET SYMBOLS e P r # # ESTIMATE PRELIMINARY REVISED n.a. NOT AVAILABLE DATA DO NOT EXIST * 3 Table 1 YIELDS, VOLUME AND RECEPTION CORPORATE BOND MARKET YIELDS WEEK ENDING 1977 - F e b r u a r y March NEW ISSUE 1 Aaa UTILITY 4 11 18 25 8.15 4 11 18 25 —— VOLUME RECENTLY OFFERED Aaa UTILITY - - 8.18 8*28 8.30 8.23 8.25p 2 3 GROSS OFFERINGS ( $ MILLIONS) PER CENT SOLD BY END OF WEEK NEW ISSUES 4 IN SYNDICATE ( $ MILLIONS) 8.14 8.12 8.17 8.26 303 213 217 306 90 95 98 84 70 55 17 147 8.27 8.32 8.27 8.29p 25 544 698 812 96 89 81 95 63 111 163 51 MUNICIPAL BOND MARKET YIELDS WEEK ENDING 1977 - F e b r u a r y March MOODY'S NEW ISSUE Aaa VOLUME BOND BUYER 2D-BOND INDEX 3 GROSS OFFERINGS ( $ MILLIONS) PER CENT SOLD BY END OF WEEK NEW ISSUES 4 IN SYNDICATE ( $ MILLIONS) 4 11 18 25 5.17 5.17 5.15 5.20 5.93 5.86 5.83 5.92 427 860 971 706 86 87 86 74 139 204 228 333 4 11 18 25 5.20 5.23 5.20 5.20 5.92 5.92 5.90 5.88 648 770 776 680 93 91 88 86 155 137 163 180 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 NEW ISSUE A a a UTILITY DATE 1 RECENTLY OFFERED A a a UTILITY 2 MOODY'S SEASONED CORPORATE A a a 3 U . S . GOVT. 20-YEAR CONSTANT MATURITY 4 BOND BUYER 2 0 - B 0 N D INDEX 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 . 6 8 (8/30) 7.39 ( 1 / 4 ) 7.15 ( 1 2 / 1 2 ) 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 . 6 3 (9/19) 7 . 6 3 (2/21) 7.67 ( 1 0 / 3 ) 6.27 ( 2 / 1 3 ) 1976 - High Low 8 . 9 5 (5/28) 7.93 (12/10) 9.10 ( 1 / 2 ) 7.84 (12/31) 8.66 (5/28) 7 . 9 1 (12/31) 8.17 (5/28) 7.27 (12/31) 7.29 ( 1 / 2 ) . 5.95 ( 1 2 / 1 6 ) 1977 - High Low 8.30 (3/11) 7.90 ( 1 / 7 ) 8.32 ( 3 / 1 8 ) 7.95 ( 1 / 7 ) 8.12 (3/11) 7.88 ( 1 / 7 ) 7.76 ( 3 / 2 5 ) 7.26 ( 1 / 7 ) 5.93 (2/4) 5.78 (1/7) 8.15 8.18 8.28 8.14 8.12 8.17 8.26 8.03 8.01 8.04 8.08 7.63 7.60 7.61 7.71r 5.93 5.86 5.83 5.92 8.30 8.23 8.25p 8.27 8.32 8.27 8.29p 8.10 8.12 8,09r 8 ,09p 7.75 7.76 7.72r 7.76p 5.92 5.92 5.90 5.88 1977 - Feb. Mar. 4 11 18 25 4 11 18 25 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 5 Weekly average of daily figures. U.S. Treasury data. Thursday figures. The average rating of the 20 bonds used in this index falls midway between the four top groups as classified by Moody's Investors Service. Weekly Bond Buyer data. 5 5 Table 3 LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS IN MILLIONS OF DOLLARS G R O S S PROCEEDS 1 CORPORATE PERIOD 2 STATE AND LOCAL 1976 1975 1974 1976 1975 1974 3,381 3,863 6,635 5,367 4,528 5,378 3,328 2,687 3,217 2,347 2,707 3,339 2,361 2,387 2,135 2,255 2,003 2,025 3,522 4,186 6,418 4,294 5,798 5,596 3,060 3,164 2,981 2,429 3,477 3,013 2,406 2,900 3,064 2,397 2,304 2,166 September 3,216 3,356 4,817 4,327 2,405 2,836 3,248 2,667 1,617 2,682 2,757 2,803 3,580 2,783 2,159 1,459 1,106 1,701 October 4,363 4,705 4,076 4,307 4,609 3,739 3,511 2,323 2,381 2,052 2,860 2,483 1,479 13,879 14,126 11,389 15,273 15,688 9,568 13,088 9,232 9,205 7,532 11,859 8,393 8,919 8,242 6,883 8,370 8,522 6,756 6,283 6,867 4,266 6,822 28,005 39,394 30,961 40,529 53,617 18,437 25,969 37,828 17,312 25,554 15,253 23,775 30,531 13,150 17,416 24,238 January February March April May June July August November December Q1 02 03 04 1st Half 3 Qtrs. Year NOTES: 1 Securities and Exchange Commission estimates of gross proceeds. 2 Securities Industry Association estimates of principal amounts. 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 TOTAL PUBLICLY OFFERED PUBLIC UTILITY COMMUNICATIONS OTHER ISSUERS III IV 9,568 13,088 5,428 5,816 2,085 4,158 2,054 3,116 1,225 1,902 463 215 2,420 3,480 3,327 3,424 679 1,215 3,142 4,974 1976 - I II III 13,879 14,126 11,369 7,569 7,427 4,904 2,757 3,578 4,604 3,553 3,121 1,861 1,340 1,843 1,267 257 478 433 4,500 3,739 2,971 4,044 3,140 3,315 765 1,879 378 4,569 5,336 4,707 4,705 4,076 4,307 2,389 1,666 1,761 769 1,640 1,749 1,547 772 797 102 825 975 61 154 952 1,103 1,425 1,247 1,275 902 928 55 232 1,579 1,645 1,750 3,381 3,863 6,635 3,522 4,186 6,418 3,216 3,356 4,817 4,363 2,189 2,142 3.238 2,350 1,937 3,140 1.239 1,565 2,100 2,784 613 794 1,350 644 1,051 1,883 1,348 1,113 2,163 651 579 927 2,047 528 1,198 1,395 629 678 554 928 605 335 400 428 350 1,005 500 367 400 235 123 15 124 37 15 426 100 7 92 21 1,073 1,179 2,248 584 1,709 1,446 1,198 1,031 753 1,310 1,097 789 2,158 644 1,148 1,348 932 920 1,465 1,449 16 171 578 450 20 1,409 26 212 147 150 1,197 1,722 1,650 1,842 1,309 2,215 1,061 1,195 2,452 1,457 1975 1975 - Oct. Nov. Dec. 1976 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. NOTES: 1 Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other. Source: Securities and Exchange Commission. T a b l e 5A INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 February 28 through March 25,1977 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE 1997 8.63 9.30 OFFERING YIELD MOODY'S/S&P'S RATINGS CORPORATE Reeves B r o t h e r s , I n c . P a c i f i c Gas & E l e c . Co. Kansas Gas & E l e c . Co. Potomac E l e c . & Power Co. Southwestern P u b l i c S e r v i c e Co. Harbor Tug & Barge Co. Harbor Tug & Barge Co. Kansas Gas & E l e c . Co. P h i l a d e l p h i a E l e c t r i c Co. Gulf Power Co. South C e n t r a l B e l l T e l e . Co. General T e l e . Co. of Kentucky Union P a c i f i c R a i l r o a d Co. Zapata Corp. Standard O i l Co. (Ohio) Northwestern B e l l T e l e . Co. San Diego Gas & 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. Fuqua I n d u s t r i e s I n c . Natomas Co. American A i r l i n e s , I n c . C e n t r a l Maine Power Co. Mich. C o n s o l i d a t e d Gas Co. Natomas Co. SF d e b t . Pfd. stk. Com. s t k . Com. s t k . 1st mtg. Gtd. bds. Gtd. bds. 1st mtg. 1st mtg. 1st mtg. Debt. 1st mtg. Equip, t r . Debt. Debt. Debt. 1st mtg. 1st mtg. Notes Debt. Pfd. stk. Com. s t k . Pfd. stk. Pfd. s t k . 25.0 110.0 30.1 46.5 30.0 20.2 17.6 25.0 75.0 35.0 210.0 40.0 16.5 75.0 250.0 130.0 50.0 150.0 50.0 50.0 100.0 25.6 30.0 62.5 — — —— — —— 2007 2001 1977-1987 2007 2007 2007 2014 2007 1977-1992 1997 2007 2017 2007 2007 1997 1997 ——. —— 8.50 8.63 8.38 8.25 8.38 7.75 10.25 8.38 8.13 8.75 8.63 9.88 8.88 8.75 —— — —— NOTES: • Rights offering. 1 Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings. 8.38 8.15 8.20 6.40 8.73 8.45 Baa/BBB A/A — j — — —— 8.38 8.15 5.25-7.88 8.42 8.63 8.47 8.30 8.40 5.50-7.75 10.25 8.45 8.20 8.85 8.70 9.88 8.95 8.75 — 8.20 6.40 — ! — Aa/ AA — / — —— / — Aa/AAA/AA/AA Aaa/AAA A/A Aaa/AAA B/— A/AAAaa/AAA Baa/BBB A/A B/B Baa/BB+ Ba/B —— -/A Ba/BB+ oo Table 5A Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY February 28 through March 25, 1977 ISSUER CORPORATE Ohio Edison Co. Commonwealth Edison Co. Tenneco I n c . C h r y s l e r Finance Corp. Utah Power & Light Co. Citicorp P r i v a t e Export Funding Corp. P u b l i c S e r v i c e of New Mexico Iowa Pwr. & L g t . Co. Union E l e c . Co. Utah Pwr. & L g t . Co. Duke Power Co. TYPE Com. s t k . Pfd. s t k . Debt. Notes 1st nrbg. Notes Gtd. Bds. Pfd. Stk. Pfd. Stk. Com. S t k . Com. S t k . Com. S t k . AMOUNT (MILLIONS OF DOLLARS) 100.0 74.4 150.0 125.0 55.0 350.0 100.0 20.0 15.0 77.5 45.4 116.9 MATURITY 2002 1982 2007 2007 1987 •» • —- - - COUPON RATE OFFERING YIELD MOODY'S/S&P'S RATINGS „„ A/A A/A Baa/BBB A/AA Aaa/AAA Aaa/AAA A/A A/A 8.38 8.38 8.88 8.50 8.45 7.70 8.48 8.50 8.45 8.40 8.88 8.45 8.48 7.74 8.48 8.50 - - — —" - - - - - - " OTHER Caisse N a t i o n a l e des Autoroutes G t d . Bds. 50.0 1997 9.13 9.15 Aaa/AAA T a b l e SB INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 February 28 through March 25, 1977 ISSUER STATE AND LOCAL P e n n s y l v a n i a Hsg. Finance Agy P e n n s y l v a n i a Hsg. Finance Agy Pennsylvania Hsg. Finance Agy. P e n n s y l v a n i a Hsg. Finance Agy. A l e x a n d r i a , Va. Texas, S t a t e of Terrebonne P a r i s h , La. New York, S t a t e of Omaha P u b l i c Power D i s t . , Neb. Omaha P u b l i c Power D i s t . , Neb. C o n n e c t i c u t Development Auth. C o n n e c t i c u t Development Auth. F o r t Wayne Hosp. A u t h . , I n d . F o r t Wayne Hosp. A u t h . , I n d . M i f f l i n Co. Sch. D i s t . , Pa. M i f f l i n Co. Sch. D i s t . , Pa. M i f f l i n Co. Sch. D i s t . , Pa. M i f f l i n Co. Sch. D i s t . , Pa. Santa C l a r a Redev. Agy., C a l i f , Amarillo Hosp. D i s t . , Texas N o r f o l k , Va. Baltimore Co., Md. West V i r g i n i a , S t a t e of M i f f l i n Co. Sch. D i s t . , Pa. TYPE Rev. Rev. Rev. Rev. G.O. G.O. Rev. G.O. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. G.O. G.O. G.O. G.O. G.O. G.O. G.O. Rev. AMOUNT (MILLIONS OF DOLLARS) 6.2 7.5 12.3 6.9 14.7 50.0 10.0 96.0 58.5 141.5 4.7 5.8 5.2 6.6 3.5 4.4 1.0 7.9 17.4 18.0 27.0 30.0 50.0 3.4 MATURITY 1979-1997 2007 2016 2020 1978-1996 1984-1999 1978-1997 1978-2007 1987-1999 2007 1977-1991 2003 1989-1997 2007 1977-1986 1979-1991 1993 2004 1979-2002 1979-2001 1978-1997 1979-2007 1978-2002 1977-1985 NET INTEREST COST 6.55 6.55 6.55 6.55 4.90 5.09 5.43 6.39 6.01 6.01 5.99 5.99 6.58 6.58 4.59 6.27 6.27 6.27 6.40 5.47 5.19 5.19 5.23 4.52 OFFERING YIELD 4.00-6.30 6.50 6.60 6.60 3.00-5.85 4.05-5.25 3.25-5.85 3.40-6.65 4.80-5.90 6.05 3.20-5.60 6.10 4.40-6.25 6.63 2.75-4.70 3.85-6.00 6.13 6.30 4.25-6.50 3.30-6.00 3.10-5.60 3.30-5.70 3.00-5.90 2.75-4.60 MOODY'S/StP'S RATINGS A-1/A+ A-1/A+ A-1/A+ A-1/A+ Aa/AA Aaa/AAA A-l/A A/AA Aa/AA Aa/AA A-l/AA A-l/AA A-l/A A-l/A Aaa/— —/A —/A —/A Baa-l/BBB A-l/A+ Aa/AA Aaa/AA A-1/AA+ Aaa/— NOTES: 1 Includes only state and local security offerings of $10 million and over; excludes secondary offerings. 2 For State and local government securities, G O. denotes general obligation; Rev. denotes revenue obligations. NO O T a b l e 5B Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY February 28 through March 25, 1977 ISSUER STATE AND LOCAL A r l i n g t o n , Texas A r l i n g t o n , Texas P o r t of S e a t t l e , Wash. East Bay Mun. U t i l . D i s t . , #1, C a l i f . East Bay Mun. U t i l . D i s t . , #1, C a l i f . V i r g i n i a P u b l i c Sch. Auth. Oregon Hsg. Finance Agy. Pima Co., Arizona Pima Co., Arizona McCandless Tp. Sant. A u t h . , Pa. McCandless Tp. Sant. A u t h . , Pa. McCandless Tp. Sant. A u t h . , Pa. Montana Board of Housing Montana Board of Housing S e b a s t i a n Co. H l t h . Fac. Bd., Ark. S e b a s t i a n Co. H l t h . Fac. Bd., Ark. I l l i n o i s , S t a t e of Richardson Hosp. A u t h . , Texas Richardson Hosp. Auth., Texas Richardson Hosp. A u t h . , Texas P o r t Auth. of N.Y. and New J e r s e y Aurora, 111. P e o r i a , 111. L i n c o l n , Neb. L i n c o l n , Neb. L i n c o l n , Neb. AMOUNT (MILLIONS OF DOLLARS) TYPE 10.1 1.4 18.3 8.0 4.0 12.5 19.1 11.3 21.1 4.0 3.8 2.7 10.2 11.3 15.0 14.0 110.0 2.9 6.2 7.8 75.0 10.3 20.0 24.4 42.8 20.6 G.O. Rev. G.O. G.O. G.O. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. e • MATURITY 1979-1998 1977-1998 1978-1997 1978-2002 1982 1978-1997 1978-1987 1982-1995 2007 1977-1992 2005 1977-2001 1978-1992 2008 1980-1993 2006 1978-2002 1979-1993 2005 1977-1988 2012 1978-1997 1978-1997 1978-1998 2011 1978-1998 # NET INTEREST COST 5.48 5.23 5.35 5.31 4.16 5.06 5.25 6.43 6.43 5.73 5.73 6.49 6.49 5.13 7.51 7.51 4.63 6.53 6.25 6.25 6.04 6.04 6.08 • OFFERING YIELD 3.30-5.90 3.00-5.90 3.10-5.70 2.90-5.65 4.00 3.00-5.50 3.30-5.10 4.75-6.25 6.40 4.00-6.20 6.50 2.75-5.75 3.00-5.30 5.88 4.50-6.20 6.63 3.00-6.00 4.50-7.10 7.50 2.80—4.80 6.50 3.75-6.50 3.75-6.50 3.10-5.90 6.10 3.20-6.00 # MOODY'S/S&P'S RATINGS Baa-1/AAA A/A Aa/AA Aaa/AA Aaa/AA Aa/AA A-l/AA A-1/A+ A-1/A+ — / BBB —/BBB Aaa/— Aa/— Aa/— A-l/AA A-l/AA Aaa/AAA Baa/BBB Baa/BBB Aaa/AAA A/A A/ — A/— A-l/AA A-l/AA A-1/A+ # T a b l e 5B Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY February 28 through March 25, 1977 AMOUNT (MILLIONS OF DOLLARS) MATURITY Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. 32.2 29.2 3.0 1.7 10.5 8.8 64.5 25.5 44.2 64.0 8.5 1.3 7.0 G.O. Rev. Rev. G.O. Rev. G.O. Rev. Rev. Rev. Rev. Rev. Rev. 10.3 73.0 83.7 18.0 19.5 26.8 5.1 22.5 15.0 5.3 15.8 20.1 TYPE ISSUER MOODY S / S & P S RATINGS NET INTEREST COST OFFERING YIELD 2011 1977-1986 1983-1993 1997 2011 1977-1986 1978-1992 1997 2006 1978-1995 1979-1991 1993 2004 6.08 4.41 6.14 2.60-4.60 4.70-6.00 6.13 6.25 2.75-4.70 3.15-5.60 5.80 6.10 3.10-5.20 4.00-6.30 6.50 6.70 A-1/A+ Aaa/AAA A—1/— A—1/ — A— 1/— Aaa/— A-l/AA A-l/AA A-l/AA Aaa/AAA A/A A/A A/A 1978-1990 1977-1998 2009 1980-1997 1977-1987 1978-1991 1978-1995 2018 1978-1992 1979-1999 2019 1977-1986 5.93 5.86 5.86 4.87 5.14 4.56 6.43 6.43 5.05 5.98 5.98 4.57 3.75-6.30 2.75-5.75 5.93 3.60-5.70 3.00-5.20 3.00-5.00 3.50-6.00 6.40 3.25-5.40 3.60-5.75 6.00 2.80-4.70 A/ — Aaa/AA+ Aaa/AA+ Aa/AA A-l/AA Aa/AA A-l/AA A-l/AA A/A Aa/AA Aa/AA Aaa/AAA STATE AND LOCAL L i n c o l n , Neb. L i n c o l n , Neb. E r i e Co. Hosp. A u t h . , Pa. E r i e Co. Hosp. A u t h . , Pa. E r i e Co. Hosp. A u t h . , Pa. E r i e Co. Hosp. A u t h . , Pa. Tallahassee, Fla. Tallahassee, Fla. Tallahassee, Fla. Tallahassee, Fla. New Hampshire Educ. & H l t h . Fac. New Hampshire Educ. & H l t h . Fac. New Hampshire Educ. & H l t h . Fac. G t r . New Bedford Voc. Tech. Sch. Mass. Eugene, Oregon Eugene, Oregon Phoenix, Arizona West Va. Hsg. Dev. Fund Eau C l a i r e , Wise. V i r g i n i a Hsg. Dev. Auth. V i r g i n i a Hsg. Dev. Auth. S t . Tammany P a r . Sch. Bd., La. Colorado Housing Finance Auth. Colorado Housing Finance Auth. I l l i n o i s Health Fac. Auth. Auth. Auth. Auth. Dist. 5.86 5.86 5.86 4.59 IN) Table 5B Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY February 28 through March 25, AMOUNT (MILLIONS OF DOLLARS) MATURITY Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G. 0 . G.O. 17.9 17.5 11.5 13.5 32.0 3.5 9.4 50.0 127.4 60.0 1979-1992 2005 1978-1996 2002 2007 1980-1994 2009 1992 1980-1992 1978-2005 6.63 6.63 5.76 5.76 5.99 Rev. 38.8 1980-2001 Rev. 23.0 Rev. Rev. Rev. Rev. 63.2 7.0 6.1 6.1 Rev. 26.3 Rev. 7.4 Rev. 1.3 TYPE ISSUER 1977 NET INTEREST COST STATE AND LOCAL I l l i n o i s Health Fac. Auth. I l l i n o i s Health Fac. Auth. P o r t of Houston A u t h . , Texas P o r t of Houston A u t h . , Texas Wamego, Kansas New J e r s e y H l t h . Care Fac. F i n . Auth. New J e r s e y H l t h . Care Fac. F i n . Auth. Madison, Ind. Maryland, S t a t e of P h i l a d e l p h i a , Pa. S a l t River A g r i c . Improv. & Power Dist., Ariz. S a l t River A g r i c , Improv. & Power Dist., Ariz. S a l t River A g r i c . Improv. & Power D i s t . , Ariz . Sewickley V a l . Hosp. A u t h . , Pa. Sewickley V a l . Hosp. A u t h . , Pa. Sewickley Val. Hosp. A u t h . , Pa. Middlesex Co. I n d u s t . P o l l . C t r l . Fin. Auth., N.J. Shelby Co. H l t h . & Educ. Fac. Bd., Tenn. Shelby Co. H l t h . & Educ. Fac. Bd., Tenn. * # e # • OFFERING YIELD MOODY'S/S&P'S RATINGS 5.45 4.77 7.63 4.00-6.40 6.70 3.20-5.70 5.94 5.97 4.40-6.50 6.75 5.35 3.65-5.05 4.50-7.50 A-1/A+ A-1/A+ A/A+ A/A+ Aa/AA A/A A/A Aaa/AAA Aaa/AAA Baa/A- 6.10 3.75-5.90 Aa/A+ 6.10 6.03 Aa/A+ 2017 1977-1985 1978-1991 2001 6.10 6.14 2.75-4.60 3.75-6.25 6.50 Aa/A+ Aaa/AAA A/A+ A/A+ 2007 5.68 5.63 Aaa/AAA 1980-1993 6.39 4.10-6.25 A-l/A 1995 6.39 6.30 A-l/A 2007 • — — - - - - • e # • e e e # e # # # # Table 5B Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY February 28 through March 25, 1977 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY S / S & P ' S RATINGS STATE AND LOCAL Shelby Co. Hlth & Educ. F a c . Bd., Tenn. Shelby Co. Hlth & Educ. F a c . Bd., Tenn. Marin Mun. Water D i s t . , C a l . M i s s o u r i Housing Dev. Comm. M i s s o u r i Housing Dev. Comm. Idaho Health Fac. Auth. Idaho Health F a c . Auth. Idaho H e a l t h F a c . Auth. Wyoming West Sch. D i s t . , Pa. Wyoming West Sch. D i s t . , Pa. Wyoming West Sch. D i s t . , Pa. Wyoming West Sch. D i s t . , Pa. G t r . Clark Co. Sch. Bldg. C o r p . , I n d . Rev. 1.9 1998 6.39 Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. G.O. G.O. G.O. Rev. 4.4 19.0 9.0 21.0 5.3 2.5 5.0 3.5 2.2 3.6 3.0 20.0 2005 1980-2004 1980-2002 2020 1978-1988 1992 2000 1978-1990 1993 1997 2000 1980-1999 6.39 5.78 5.95 5.95 - - - - - - - - - - 5.61 6.40 6.50 3.80-5.75 3.75-5.80 6.00 3.75-6.00 6.25 6.50 3.60-6.00 6.13 6.25 6.35 3.75-6.00 A-l/A A-l/A — /AAA Aa/AA Aa/AA — — / — - - - / - - - - / - A/A - Ill Table 6A FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of March 25, 1977 ISSUER TYPE CORPORATE Southwestern B e l l Telephone Co. Southern R a i l r o a d Co. Pennsylvania Power & Light Co. General T e l . Co. of C a l i f . Montana Power Co. Pan American World Airways Eastern Airlines Inc. Wells Fargo & Co. Elizabethtown Water Co. P o r t l a n d General E l e c t r i c Co. Ohio Power Co. *Duquesne Light Co. ^ P a c i f i c Gas & E l e c t r i c Co. *Missouri P a c i f i c R a i l r o a d El Paso E l e c t r i c Co. Kentucky U t i l i t i e s Co. *Duquesne Light Co. Southern B e l l T e l . & T e l e . Co. Long I s l a n d L i g h t i n g Co. R . J . Reynolds I n d u s t r i e s , I n c . Consumer Power Co. Combanks Corp. C e n t r a l Louisiana E l e c t r i c Co. Republic S t e e l Corp. Debt. Equip. t r . Com. s t k . Debt. Pfd. stk. Debt. Conv. d e b t . Debt. Debt. Com. s t k . 1st mtg. Pfd. stk. 1st mtg. Equip. t r . 1st mtg. 1st mtg. 1st mtg. Debt. 1st mtg. Debt. 1st mtg. Notes Com. s t k . SF d e b t . AMOUNT (IN MILLIONS OF DOLLARS) 250. 0 19. 7 71. 2 125. 0 30. 0 50..0 50. 0 50..0 30..0 45..0 40..0 30..0 200,.0 15 .0 25,.0 30 .0 100 .0 275 .0 65 .0 150 .0 75 .0 20 .0 28 .0 125 .0 APPROXIMATE DATE OF OFFERING Mar. Mar. Mar. Mar. Mar. Mar. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Indef Indef Indef OTHER European Coal & S t e e l Community Bonds 75.0 Apr. POSTPONED Chesapeake & Potomac T e l e . Co. of Virginia Debt. 100.0 Apr. NOTES: * Included in table for first time. 1 Includes only corporate and other security issues of $15 million and over; excludes exchanges, options 29 29 29 31 31 5 6 6 13 13 19 19 19 20 20 21 26 27 . . • 12 is Table 6B FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U S. TREASURY 1 As of March 25, 1977 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING STATE & LOCAL *New J e r s e y H l t h . Fac. F i n . Auth. * Allegheny Co. Hosp. Dev. A u t h . , Pa. *Allegheny Co. Hosp. Dev. A u t h . , Pa. C a l i f o r n i a , S t a t e of E r i e Co., N.Y. Columbus, Ohio P o r t of Tacoma, Wash. *Columbia, Mo. *Rochester, N.Y. *Michigan S t a t e Hsg. Dev. Auth. Mt. Lebanon Hosp. A u t h . , Pa. Mt. Lebanon Hosp. A u t h . , Pa. Minnesota Hsg. Finance Agy. Delaware, S t a t e of Alaska Hsg. Finance Corp. P e n n s y l v a n i a , S t a t e of *Beaver Co. Hosp. A u t h . , Pa. Nebraska P u b l i c Power D i s t . Nebraska P u b l i c Power D i s t . Hawaii, S t a t e of Dade Co., F l a . *Paramount Redev. Agy., C a l i f . *Maine H l t h . Fac. Auth. Oregon, S t a t e of • I l l i n o i s H l t h . Fac. Auth. •Waynesboro I n d u s t . Dev. A u t h . , Va. * J e f f e r s o n Co. Bd. of E d u c . , Ala. *Oshkosh, Wise. C o n n e c t i c u t , S t a t e of •Sunnyvale Redev. Agy., C a l i f . •Sunnyvale Redev. Agy., C a l i f . • D a l l a s , Texas • L i t t l e Rock, Ark. Los Angeles Dept. of Water & Power, C a l i f . •Miami, F l a . Puerto Rico, Commonwealth of Rev. 20.5 Mar. 29 Rev. 11.0 Mar. 29 Rev. G.O. G. 0 • G.O. Rev. Rev. G.O. Rev. Rev. Rev. Rev. G.O. Rev. G.O. Rev. Rev. Rev. G.O. Rev. G.O. Rev. G.O. Rev. Rev. G.O. G.O. G.O. G.O. Rev. G.O. Rev. 5.7 120.0 36.0 15.7 58.8 27.6 45.7 50.0 28.8 18.9 23.7 30.0 25.0 53.0 54.3 20.0 30.0 75.0 55.8 15.0 12.0 54.0 19.5 13.0 25.0 26.9 63.1 16.8 11.2 32.0 10.0 Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. 29 29 29 30 30 30 31 31 31 31 31 31 31 31 5 5 5 5 5 5 5 6 6 12 12 12 12 12 13 13 Rev. G.O. G.O. 147.5 28.0 300.0 Apr. Apr. Apr. 13 14 14 NOTES: 1 Includes state and local government issues of $10 million and over, foreign government. International Bank for Reconstruction issues of Federally sponsored agencies; excludes secondary offerings. * Included in the table for the first time. Table 6B Continued FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U S. TREASURY ' As of March 25, 1977 TYPE ISSUER STATE & LOCAL A u s t i n , Texas *Los Angeles Co. Flood C t r l . D i s t . , Cal. * I l l l n o i s H l t h . Fac. Auth. (Chicago) *Baltimore, Md. Salem Sch. D i s t . , # 2 4 J . , Oregon * E r i e Co. Hosp. A u t h . , Pa. *Navajo Co. P o l l . C t r l . C o r p . , A r i z . *Cocomino Co. P o l l . C t r l . C o r p . , Arizona L o u i s i a n a Mun. Power Comm. POSTPONEMENT D e t r o i t , Mich. AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING Rev. 80.0 Apr. 14 G • 0. Rev. G. 0 • G. 0. Rev. Rev. 13.0 36.0 35.0 12.0 70.0 30.0 Apr. Apr. Apr. Apr. Apr. Apr. 19 20 26 27 28 Rev. Rev. 13.0 75.0 Apr. Apr. G. 0. 20.0 Mar. 30 Table 7 STOCK PRICES AND VOLUME 1 STOCK PRICES DATE NYSE INDEX 3 I BJ INDUSTRIALS 1 AMEX 4 2 TRADING VOLUME NYSE NASDAQ AMEX | NASDAQ 5.5 (1/12) 1.4 ( 8 / 2 0 ) 11.3 ( 1 / 1 1 ) 3.5 (8/27) 24.9 (1/3) 7.5 (7/5) 4.4 (1/3) .9 ( 9 / 2 6 ) 7.5 (1/3) 2.8 (7/5) 88.00 ( 7 / 1 5 ) 60.70 ( 1 / 2 ) 35.2 ( 2 / 1 3 ) 8.7 (9/15) 4.2 (2/21) 1.1 (9/15) 8.1 (2/13) 2.5 (9/15) 107.05 (7/12) 84.31 (1/2) 92.52 (7/15) 78.06 ( 1 / 2 ) 4 4 . 5 (2/20) 10.3 ( 1 / 2 ) 8.6 (2/20) 1.1 ( 1 / 2 ) 11.1 ( 2 / 2 0 ) 3.5 (1/2) 136.84 (1/11) 2 6 . 0 ( 9 / 2 0 ) 89.12 (12/13) 9 . 0 (8/20) 1973 - High Low 65.58 (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 5 3 . 3 7 (3/13) 32.89 ( 1 0 / 3 ) 891.66 (3/13) 577.60 (12/6) 102.01 (3/14) 58.26 (12/9) 9 6 . 5 3 (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 57.51 (9/21) 48.04 ( 1 / 2 ) 1014.79 (9/21) 858.71 (1/2) Jan, 7 14 21 28 56.79 56.36 56.15 55.49 983.13 972.16 962.43 957.53 109.94 111.18 111.00 111.74 97.53 97.20 97.08 95.72 27.5 24.5 23.0 20.5 3.0 3.3 3.8 3.1 8.1 7.9 9.4 8.6 Feb. 4 11 18 25 55.46 54.57 54.68 54.09 947.89 931.52 940.24 933.43 112.95 112.00 112.25 110.58 96.74 96.09 96.38 94.90 20.3 18.8 19.3 19.0 2.9 3.2 2.6 2.6 8.0 8.0 7.1 7.2 Mar. 4 11 18 25 54.98 54.72 55.36 53.92 953.46 947.72 961.02 928.86 111.47 111.64 112.46 111.98 96.07 96.07 96.44 95.28 17.7 17.1 18.7 18.6 2.3 2.7 2.7 2.9 7.1 7.0 7.6 7.0 NOTES: 1 Figuiw other than high* and lows ere Friday* only. High* and lows are for the year and are not necessarily for Fridays. 2 Volume figures are weekly averages of deily figures (millions of shares). 3 4 12/31/66 - 60 Based on average price change until September 4, 1973 thereafter, based on market value of shares listed. 18 Table 8 SECURITY CREDIT REGULATED MARGIN CREDIT EXTENDED BY END OF PERIOD B R O K E R S ON MARGIN STOCK 1 B R O K E R S ON 2 CONVERTIBLE BONDS 3 BANKS UNREGULATED NONMARGIN STOCK CREDIT AT BANKS OUTSTANDING 1976 - J a n u a r y February March April May June July August September October November December 5,420 5,950 6,410 6,690 6,940 7,080 7,340 7,450 7,530 7,350 7,610 7,960 146 153 162 163 161 166 172 167 174 169 178 204 984 1,038 1,057 1,077 1,007 880 898 1,061 859 1,068 839 829 2,276 2,332 2,355 2,325 2,357 2,368 2,317 2,368 2,830 2,774 3,351 3,684 1977 - J a n u a r y February 8,270 8,480 196 198 820 n.a. 3,693 n.a. 1976 - J a n u a r y February March April May June July August September October November December 30 530 460 280 250 140 260 110 80 80 350 -1 7 9 1 -2 5 6 -5 7 5 9 26 24 54 19 20 -69 127 -130 163 202 209 229 -10 -5 56 22 -30 32 11 -51 -51 462 -56 577 333 1977 - J a n u a r y February 310 210 —8 2 -9 n.a. CHANGE IN OUTSTANDING n.a. 9 NOTES: 1 Margin account debt as reported by the New York Stock Exchange, excluding credit for subscription issues and convertible bonds. 2 New York Stock Exchange data. 3 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. 4 Nonmargin stocks are those not listed on a national securities exchange and not included on the Board of Governors of the Federal Reserve System's list of OTC margin stocks. At banks, loans to purchase or carry nonmargin stocks are unregulated; at brokers, such stocks have no value. 4 # # e e # # e # # # Table 9 SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS IN MILLIONS OF DOLLARS SAVINGS & LOAN ASSOCIATIONS MUTUAL SAVINGS BANKS REGULAR DEPOSITS DATE 1972 1973 1974 1975 1976 1976 - J u l y Aug. Sept. Oct. Nov. Dec. 1977 - J a n . £ / NET FLOW 10,067 4,815 2,909 11,070 11,546 910 308 1,307 836 779 1,749 1 ANNUAL 3 GROWTH RATE 12.4 5.4 2.2 11.3 11.6 —— —— —— —— - - 860 NET NEW MONEY 2 SHARE CAPITAL NET FLOW 5,451 -442 -2,822 4,757 5,275 32,567 20,237 16,006 42,769 50,287 333 47 75 582 539 359 3,509 2,154 5,572 3,452 2,581 6,277 625 5,099 ANNUAL 3 GROWTH RATE DEPOSITS NET FLOW 23,884 10,507 4,668 29,276 34,369 42,634 25,052 18,915 53,839 61,833 - - 3,289 1,967 1,944 3,224 2,381 2,279 4,419 2,462 6,879 4,288 3,360 8,026 - - 4,824 5,959 18.6 9.9 7.0 17.3 17.7 —— —— —— —— x NET NEW MONEY TOTAL 2 ANNUAL 3 GROWTH RATE 16.6 8.5 5.5 15.8 16.0 NET NEW MONEY 29,335 10,062 1,846 34,033 39,644 - - 3,622 2,014 2,019 3,826 2,920 2,638 - - 5,449 * mm - - —— - - 2 / SEASOf ALLY ADJUSTED1976 - J u l y Aug. Sept. Oct. Nov. Dec. P/ 1977 - J a n 5 - 1,556 1,244 1,326 1,396 852 999 16.3 12.8 13.5 14.1 8.5 9.9 912 9.0 — 6,458 6,243 6,851 6,412 4,899 5,422 18.3 17.4 18.8 17.3 13.1 14.3 — 5,078 13.2 19.0 19.1 20.8 18.5 14.7 15.9 —— - - 4,902 4,999 5,525 5,016 4,047 4,423 - - 4,166 14.8 mm mm —— - - —— —— — — —— —— —— - - - - - - - - - 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 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. h Source: National Association of Mutual Savings Banks and Federal Home Loan Bank Board. H.I* 20 Table 10 MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS BILLIONS OF DOLLARS, SEASONALLY A D J U S T E D OUTSTANDING COMMITMENTS PERIOD TOTAL MUTUAL ALL SAVINGS & LOAN SAVINGS BKS ASSOCIATIONS (N Y. STATE) NET CHANGE TOTAL MUTUAL . A L L SAVINGS SAVINGS BKS & LOAN ASSOCIATIONS (N.Y. STATE) 1972 - Dec. 25.2 20.3 4.9 .45 .43 .02 1973 - Dec. 19.9 16.4 3.5 .04 .21 r—1 1 1974 - Dec. 14.6 12.4 -2.2 — .09 -.09 1975 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 14.6 14.5 15.0 16.2 16.8 16.9 17.8 19.1 19.9 20.1 20.3 20.3 12.5 12.6 13.0 14.2 14.7 14.8 15.8 16.9 17.8 18.0 18.3 18.4 2.1 1.9 2.0 2.0 2.1 2.1 2.1 2.2 2.1 2.1 2.0 2.0 -.03 -.01 .50 1.18 .55 .17 .90 1.29 .84 .08 .25 .03 .08 .14 .39 1.17 .49 .13 .92 1.18 .90 .14 .32 .07 -.11 -.24 .11 .01 .06 .04 -.02 .11 -.06 -.06 -.07 -.04 1976 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 20.1 21.0 21.5 21.8 22.4 22.6 23.1 24.0 25.0 26.2 27.4 27.9 18.1 19.1 19.4 19.6 20.1 20.4 20.8 21.5 22.4 23.5 24.7 25.2 2.0 1.9 2.1 2.2 2.3 2.2 2.3 2.4 2.6 2.7 2.7 2.7 -.24 .94 .48 .37 .47 .27 .49 .87 1.05 1.19 1.26 .46 -.28 1.00 .27 .28 .43 .29 .43 .75 .82 1.10 1.23 .50 .04 -.06 .21 .09 .04 -.02 .05 .12 .23 .09 .03 -.04 1977 - J a n . 25.0 -.19 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 levels as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding. H.16 0 21 T a b l e 11 NET NEW MONEY BORROWINGS BY MAJOR HOUSING AGENCIES IN MILLIONS OF DOLLARS PERIOD TOTAL INCLUDING SHORT-TERM DISCOUNT NOTES INTERMEDIATE A N D LONG-TERM I S S U E S TOTAL FHLB 1974 - S e p t . Oct. Nov. Dec. +2,768 +1,665 -89 +507 +2,750 +1,599 +93 +961 +1,700 +1,499 -217 +470 1975 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. -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 . Feb. Mar. Apr. May June July Aug. Sept. -197 -1,160 447 131 -946 -101 -49 397 257 0 —800 -100 700 -600 -200 300 -200 200 0 -1,100 0 0 -600 0 0 0 0 NOTES: Based on data from Treasury Survey of Ownership. Sales of FHLB discount notes began in May 1974. p Preliminary FHLMC FNMA •FNMA & W FHLB • 1 >l»l# SHORT-TERM DISCOUNT NOTES 1 +1,050 +100 +310 +491 +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 0 200 0 0 0 0 0 -200 0 0 300 -300 700 0 -200 300 0 200 -197 -360 -547 -569 -346 99 -349 597 57 — —— 22 Table 12 NET CHANGE IN MORTGAGE HOLDINGS IN MILLIONS O F DOLLARS PERIOD TOTAL INCLUDING FNMA-GNMA 2 FINANCIAL INSTITUTIONS TOTAL COMMERCIAL BANKS MSB's S & L's INSURANCE FNMA-GNMA COMPANIES Not S e a s o n a l l y Ad l u s t e d 1971 1972 1973 1974 1975 1976 p 1976 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 41,406 57,587 58,372 42,732 43,608 61,041 39,018 55,561 55,072 36,510 38,769 61,417 9,940 16,800 19,600 11,700 4,200 10,400 3,938 5,377 5,642 2,172 2,236 4,063 23,919 31,932 25,552 17,560 29,400 44,540 1,221 1,452 4,278 5,078 2,933 2,414 2,388 2,026 3,300 6,222 4,839 -376 2,419 3,541 4,512 5,417 4,877 5,940 5,962 5,641 5,931 4,983 5,649 6,209 2,009 3,277 5,352 5,081 5,411 6,583 5,616 5,361 6,071 5,399 5,057 6,200 300 600 900 900 1,100 1,100 1,000 600 1,300 1,000 700 900 87 106 324 309 240 517 323 384 364 398 341 670 1,394 2,423 3,890 4,164 4,031 4,804 4,231 4,239 4,081 3,895 3,531 3,857 228 148 238 -292 40 162 62 138 326 106 485 773 410 264 -840 +336 -534 -643 306 280 -140 -416 592 9 336 274 414 -299 161 147 94 144 365 48 420 284 486 415 -686 +162 -343 -565 47 47 -397 -556 582 91 1977 - J a n . 1976 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 2,926 S e a s o n a l l y Ad -justed 3,889 4,755 4,700 4,690 4,070 4,536 5,116 4,727 5,892 5,358 6,346 6,620 3,403 4,340 5,386 4,528 4,413 5,101 5,069 4,680 6,289 5,914 5,764 6,529 678 962 987 762 826 699 968 372 1,129 1,023 814 1,177 184 249 320 301 195 371 228 356 445 445 357 598 1977 - J a n . 2,205 2,855 3,665 3,764 3,231 3,884 3,779 3,808 4,350 4,398 4,173 4,470 3,737 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. 2 Beginning January 1972 data reflect activity in limited amount of conventional mortgages. Table 13 NET INCREASE IN MORTGAGE DEBT OUTSTANDING IN BILLIONS OF DOLLARS, S E A S O N A L L Y ADJUSTED ANNUAL RATES 2 QUARTER TOTAL RESIDENTIAL 3 TOTAL 1- t o 4 FAMILY MULTIFAMILY COMMERCIAL MULTFAMLY & COMMERCIAL FARM 1969 - I II III IV 34.1 30.8 28.2 29.6 25.5 23.6 21.4 22.3 21.2 19.0 16.8 16.0 4.4 4.5 4.6 6.3 6.6 5.2 5.2 6.0 11.0 9.8 9.8 12.3 2.0 2.0 1.7 1.3 1970 - I II III IV 23.3 26.9 34.1 37.1 16.7 19.2 24.5 28.1 11.2 13.6 16.2 19.5 5.5 5.5 8.2 8.6 5.6 6.8 8.3 7.6 11.1 12.3 16.5 16.1 0.9 1.0 1.4 1.4 1971 - I II III IV 41.8 51.4 56.6 60.3 32.8 40.0 42.2 46.0 23.3 30.0 33.1 36.3 9.5 • 10.4 9.1 9.7 6.6 8.9 11.7 11.5 16.1 19.3 20.8 21.2 2.5 2.5 2.7 2.8 1972 - I II III IV 70.6 72.9 75.2 89.3 50.6 53.6 56.7 65.7 39.4 40.7 46.0 49.5 11.2 12.9 10.7 16.2 16.6 15.6 14.7 20.4 27.8 28.6 25 .4 36.5 3.4 3.6 3.8 3.3 1973 - I II III IV 86.4 84.0 80.0 71.4 59.6 58.3 55.2 49.5 51.4 45.3 . 43.1 41.4 8.2 13.0 12.1 8.2 21.3 20.2 19.5 16.3 29.5 33.2 31.6 24.5 5.6 5.5 5.3 5.6 1974 - I II III IV 71.8 69.0 56.0 46.3 49.3 46.8 35.7 28.9 39.8 • 39.5 29.5 24.0 9.6 7.3 6.2 4.8 18.9 17.4 14.0 11.6 28.5 24.7 20.2 16.5 3.6 4.8 6.3 5.8 1975 - I II III IV 38.8 54.5 62.9 69.2 26.3 40.3 46.1 51.6 26.3 40.3 46.1 52.1 0.0 0.0 0.1 -0.5 7.2 9.4 12.5 14.1 7.2 9.3 12.5 13.6 5.3 4.8 4.3 3.5 1976 - I II III IV 75.7 71.8 88.6 94.0 58.6 53.8 66.2 71.5 58.2 53.0 64.6 69.2 0.5 0.8 1.6 2.3 11.1 12.4 14.5 13.5 11.6 13.2 16.1 15.8 6.0 5.6 7.9 9.0 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. ro Table 14 IT- PRIVATE HOUSING PERMITS, STARTS, COMPLETIONS, AND MOBILE HOME SHIPMENTS IN THOUSANDS OF UNITS, SEASONALLY ADJUSTED ANNUAL RATES PERIOD lOTAl 1 —FAMILY 2 - O R MORE FAMILY TOTAL 2 - O R MORE FAMILY TOTAL MOBILE HOME 2 - OR MORE SHIPMENTS FAMILY 1,538 656 621 901 1,048 914 450 268 376 1,399 1,418 1,706 1,972 2,014 1,692 1,297 1,354 808 802 1,014 1,143 1,174 932 867 1,021 592 617 692 828 840 760 430 333 413 401 497 576 567 329 216 250 296 302 306 279 351 321 345 422 578 494 518 461 1,259 1,476 1,426 1.385 1.435 1,494 1,413 1,530 1,768 1,715 1,706 1,889 973 1,216 1,124 1,071 1,091 1,122 1,129 1,172 1,254 1,269 1,236 1,324 286 260 302 314 344 372 284 358 514 446 470 565 1,213 1,299 1,399 1,266 1,360 1,373 1,307 1,401 1,387 1,326 1,399 1,435 926 953 1,032 986 934 1,052 1,038 1,094 1,017 989 1,068 1,074 287 346 367 280 426 321 269 307 370 337 331 361 263 287 244 237 260 233 224 252 255 277 251 251 380 439 1.386 1,791 1,010 1,422 376 369 1,373 1,060 313 258 264p 1,324 1,352 1,925 2,219 1,820 1,074 939 1,281 626 647 906 1,033 882 644 676 895 698 705 1,018 1,186 937 431 264 386 1,407 1.434 2,052 2,357 2,045 1,388 1976 - J a n . Feb. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1,147 1,165 1,188 1,082 1,158 1,150 1,215 1,296 1,504 1,492 1,590 1,514 851 863 882 803 807 829 870 874 926 998 1,072 1,053 Jan. Feb. 1,307 1,514 927 1,075 1977 1—FAMILY 1—FAMILY 811 813 1,151 1,309 1,132 888 892 1,162 1969 1970 1971 1972 1973 1974 1975 1976 Mar. COMPLETIONS STARTS PERMITS 1 1,160 NOTES* home shipments are Mobile Home Manufacturers Association data converted to seasonally adjusted annual rate by Census Bureau. 1 FRASER Permit data for 1969 and 1970 based on 13,000 areas with permit systems Digitized for T a b l e 15 AVERAGE RATES AND YIELDS ON HOME MORTGAGES NEW HOMES EXISTING HOMES PERIOD RATE (IN PER CENT) RATE (IN PER CENT) SPREAD (BASIS POINTS) YIELD (IN PER CENT) 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 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 1976 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 9.05 9.00 8.95 8.90 9.00 9.05 9.05 9.05 9.00 9.00 8.95 8.90 39 42 42 32 5 35 33 58 77 71 90 n.a. 9.10 9.05 9.00 8.95 9.05 9.10 9.10 9.10 9.05 9.00 9.00 8.95 44 47 47 37 10 40 38 63 82 71 95 n.a. 9.06 9.04 n.a. 8.82 9.03 9.05 8.99 8.93 8.82 8.55 8.45 8.25 40 46 n .a. 24 8 35 27 46 59 26 40 n.a, 2.4 2.2 n.a. 2.5 4.1 4.2 3.8 3.3 2.5 4.3 3.6 2.0 - 8.66 8.80 58 52 8.85 8.85 63 57 8.40 8.50 18 22 3.2 3.9 1977 Jan. Feb. 1 SPREAD (BASIS POINTS) SPREAD BETWEEN NEW A a a RETURNS ON NEW HOMES UTILITY CONVENTIONAL BOND AND HUD(FHA) YIELD NEW HOME DISCOUNT SPREAD (PERCENTAGE MORTGAGES (IN PER CENT) (BASIS (BASIS POINTS) POINTS) POINTS) HUD(FHA) INSURED LOANS SECONDARY MARKET CONVENTIONAL LOANS PRIMARY MARKET 8.80 1 - 4 n.a. 8 - 3 0 6 12 18 45 50 65 40 30 8.58 8.53 8.58 8.95 8.70 8.72 8.47 8.23 8.29 8.05 n.a. 8.22 8.28 Gross yield spread is average mortgage return before deducting servicing costs, minus average yield on new issues of high-grade utility bonds with 5-year call protection. Rates on conventional first mortgages (excluding additional fees and charges) are based on unweighted HUD (FHA) field office opinions on prevailing contract interest rates in the market areas of the insuring offices, rounded to the nearest 5 basis points. For secondary market data, weighted HUD office opinions on the average bid price for HUD (FHA) loans with minimum downpayment, prepaid in 15 years, for immediate delivery, are used. vt Table 16 FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS CONVENTIONAL GOVERNMENT-UNDERWRITTEN AMOUNT (IN MILLIONS OF DOLLARS) DATE OF AUCTION AMOUNT (IN MILLIONS OF DOLLARS) ACCEPTED OFFERED 634 (5/17) 321 (5/17) 9.20 ( 6 / 1 ) 171 ( 9 / 7 ) OFFERED 1976 - High AVERAGE YIELD 21 (12/27) 19 (12/27) 8 . 3 9 ( 1 2 / 2 7 ) 33 (1/26) Low 1976 - S e p t . 7 20 AVERAGE YIELD ACCEPTED 127 (11/15) 9.31 ( 6 / 1 , 6/28) 23 (2/23) 8.90 (12/27) 121.9 99.1 68.8 49.1 8.92 8.84 170.6 151.1 117.8 107.6 9.13 9.09 Oct. 4 18 124.3 111.2 61.8 45.3 8.80 8.70 153.8 143.7 94.4 121.4 9.07 9.02 Nov. 1 15 30 215.3 218.9 59.9 73.2 114.2 33.7 8.67 8.68 8.63 141.7 140.9 70.7 112.2 126.5 58.2 9.00 9.0.0 8.99 Dec. 13 27 36.0 20.9 22.6 18.9 8.51 8.39 79.7 70.5 68.1 67.3 8.89 8.80 1977 - J a n . 10 24 385 .7 361.7 285.8 263.3 8.46 8.49 184.2 142.6 132.5 105.8 8.81 8.83 Feb. 7 24 389.6 478.8 213.6 271.1 8.52 8.58 151.7 148.3 120.2 115.6 8.85 8.87 Mar. 7 21 703.3 434.9 324.9 287.1 8.66 8.70 206.4 167.5 153.2 114.9 8.90 8.92 NOTES: Average secondary market y i e l d s a r e gross b e f o r e deduction, of the f e e of 38 b a s i s p o i n t s paid f o r mortgage s e r v i c i n g . They r e f l e c t the average accepted bid y i e l d f o r home mortgages assuming a prepayment period of 12 years f o r 30-year l o a n s , w i t h o u t s p e c i a l a d j u s t ment f o r F e d e r a l N a t i o n a l Mortgage A s s o c i a t i o n (FNMA) commitment f e e s and r e l a t e d stock r e q u i r e m e n t s on 4-month commitments. Mortgage amounts o f f e r e d by b i d d e r s r e l a t e to t o t a l e l i g i b l e bids received.
@FedFRASER