Full text of H.16 Capital Market Developments : March 3, 1975
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1 Capital Market Devdopments -4 I March 3,1975 Prepared by the CAPITAL MARKETS SECTION in conjunction with the MORTGAGE, AGRICULTURAL, and CONSUMER FINANCE SECTION DIVISION OF RESEARCH AND STATISTICS BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM Washington, D.C. 20551 Index TABLES SYMBOLS e p r n.a. 1- 6 SECURITY VOLUME AND YIELDS 7, 8 STOCK MARKET AND SECURITY CREDIT 9-16 MORTGAGE MARKET ESTIMATE PRELIMINARY REVISED NOT AVAILABLE DATA DO NOT EXIST Table 1 ^ 3 YIELDS, VOLUME AND RECEPTION CORPORATE BOND MARKET YIELDS WEEK ENDING N E W ISSUE A a a UTILITY | | 1974 - Dec. 1975 - Jan. Feb. VOLUME RECENTLY OFFERED Aaa UTILITY 2 ' 3 GROSS OFFERINGS ($ MILLIONS) PER C E N T S O L D BY END OF WEEK NEW ISSUES IN S Y N D I C A T E ($ MILLIONS) 676 925 605 — 9.39 9.57 9.59 9.64 3 10 17 24 31 __ 9.62 9.38 9.45 9.00 9.67 9.45 9.55 9.47: 9.21r 699 1,494 474 890 98 96 92 93 163 14 174 130 6 7 14 21 28 8.89 9.02 9.04r 8.78p 9.12, 9.10 9.08r 8.90p 760 438 770 1,156 99 85 82 81 0 59 128 ... 235 6 13 20 27 9.50 9.59 9.52 93 85 92 — — 4 171 175 178 177 MUNICIPAL BOND MARKET YIELDS WEEK ENDING MOODY'S N E W ISSUE Aaa VOLUME BOND BUYER 2Q-BOND INDEX 3 GROSS OFFERINGS ( $ MILLIONS) PER C E N T S O L D BY END OF WEEK NEW ISSUES 4 IN S Y N D I C A T E ($ MILLIONS) 1974 - Dec. 6 13 20 27 6.40 6.80 6.70 6.70 6.89 7.15 7.08 7.08 569 441 290 27 90 80 89 91 167 167 140 122 1975 - Jan. 3 10 17 24 31 6.70 6.60 6.55 6.10 6.00 7.08 6.99 6.90 6.59 6.54 26 500 410 361 667 66 92 84 84 95 117 75 88 66 48 Feb. 7 14 21 28 5.90 5.85 6.00 6.10 6.34 6.27 6.40 6.55 535 668 334 724 84 81 75 88 105 203 192 165 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 Aaa UTILITY DATE 1970 1971 1972 1973 1974 - - - - - - RECENTLY OFFERED Aaa UTILITY 2 MOODY'S SEASONED CORPORATE Aaa 3 U.S. GOVT. 20-YEAR CONSTANT MATURITY 4 B O N D BUYER 2Q-BOND INDEX High 9.43 (6/19) 9.20 (6/26) 8.60 (7/3) 7.55 (5/29) 7.12 (5/28) Low 7.72 (12/11) 8.16 (12/18) 7.48 (12/21) 6.17 (12/18) 5.33 (12/10) High 8.26 (7/30) 8.23 (1/1) 7.71 (8/21) 6.51 (6/18) 6.23 (6/23) 7.02 (2/5) 7.17 (12/31) 7.06 (2/12) 5.69 (3/23) 4.97 (10/21) High 7.60 (4/21) 7.49 (4/21) 7.36 (4/28) 6.19 (4/14) 5.54 (4/13) Low 6.99 (11/24) 7.15 (12/1) 7.05 (2/12) 5.74 (11/17) 4.96 (10/21) High 8.52 (8/10) 8.32 (8/10) 7.77 (8/24) 7.79 (8/10) 5.59 (8/3) 7.29 (1/21) 7.28 (1/5) 7.11 (1/5) 6.42 (1/5) 4.99 (10/11) 10.61 (10/4) 10.52 (10/11) 9.39 (10/11) 8.68 (8/30) 7.15 (12/12) 8.05 (2/15) 8.13 (1/4) 7.73 (1/4) 7.39 (1/4) 5.16 (2/7) High Low 1975 1 Jan. Feb. 3 9.67 8.93 7.93 7.08 6.99 10 9.62 9.45 8.91 7.83 17 9.38 9.55 8.84 7.81 6.90 24 9.45 9.47 8.78 7.83 6.59 31 9.00 9.21 8.74 7.81 6.54 7 8.89 9.12 8.68 7.68 6.34 14 9, 0 2 9.10 8.63 7.68 6.27 21 28 9.04r 9.08r 8.58r 7.67 6.40 8. 7 8 p 8.90p 8.57p 7 .67p 6.55 NOTES: 1 Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection. 2 Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection released from price restrictions sometime during the last 4 3 Weekly average of daily closing figures. 4 Weekly average of daily figures. U.S. Treasury data. 5 Thursday figures. The average rating of the 20 bonds used in this index falls midway between the four top groups as classified by Moody's Investors Service. Weekly Bond Buyer data. 5 5 LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS IN MILLIONS OF DOLLARS GROSS PROCEEDS 1 CORPORATE PERIOD 1974 | 1973 | 2 STATE AND LOCAL 1972 1974 | 1973 I 1972 January February 3,341 2,690 3,216 2,327 1,962 3,933 3,205 3,369 3,229 2.,255 2,,003 2,,025 1,977 1,515 2,467 1,776 2,005 2,239 April May June 3,067 3,164 2,982 2,497 2,543 3,578 3,275 3,598 4,341 2.,397 2,,304 2,,166 1,826 1,939 2,152 1,989 2,017 2,270 July August September 3,253 2,643 1,617 2,631 1,806 1,915 3,582 2,893 2,720 . 1,,458 1,,103 1,,690 2,028 1,657 1,750 1,805 1,966 1,726 October November December 4,492 3,690 3,398 3,563 3,238 3,791 3,377 3,396 2,,483 2,,336 1,,407 2,313 2,257 2,089 2,200 1,862 1,797 01 02 9,247 9,213 7,513 8,222 8,618 6,352 10,199 9,803 11,214 9,195 10,564 6,,283 6,,367 4 3,251 6,,226 5,959 5,917 5,435 6,659 6,020 6,276 5,497 5,859 18,446 25,973 16,840 23,192 33,391 21,017 30,212 40,776 13j,150 17, 416 24, 238 11,876 17,311 23,970 12,296 17,793 23,652 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 BONDS PUBLICLY OFFERED COMMON MANUFACAND ISSUES INCLUDED PRIVATELY TURING PREFERRED PLACED FOREIGN [CONVERTIBLE" STOCK PUBLIC UTILITY COMMUNICATIONS OTHER ISSUERS 1973 - III IV 6,352 10,199 2,333 5,026 2,285 2,059 1,735 3,114 163 136 50 282 1,,160 1.,502 2,,014 2,,917 871 1,,851 2,,304 3.,930 1974 - I II III 9,247 9,213 7,513 5,818 5,883 5,025 1,652 1,794 1,192 1,777 1,537 1,296 88 115 373 58 38 306 1 !,927 2,,542 1 ,883 3,,569 3 ,190 2 ,377 874 1 ,310 1 ,001 2.,880 2 ,172 2 ,257 1973 - Dec. 3,238 1,552 917 769 77 377 1,469 1974 - Jan. Feb. Mar. 3,341 2,690 3,216 2,115 1,683 2,020 794 421 437 430 586 760 56 11 21 4 52 . 896 393 641 1,441 829 1,299 146 397 331 861 1,075 947 Apr. May June 3,067 3,164 2,982 1,594 2,350 1,939 671 607 516 801 207 526 63 42 10 12 15 11 1,202 862 478 1,131 912 1,147 294 663 356 442 730 1,000 July Aug. Sept. 3,253 2,643 1,617 2,086 2,042 897 612 274 306 555 327 414 223 205 104 1,094 601 188 618 1,079 680 295 ~ 364 342 1,248 600 409 Oct. Nov. 4,492 3,690 3,423 3,016 217 259 852 415 175 199 661 1,669 2,078 963 471 86 1,282 975 2 150 NOTES: 1 Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other. Source: Securities and Exchange Commission. 504 76 Table 5A INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' February 3, thru February 28 , 1975 ISSUER CORPORATE Florida Power & Light Central & South West Corp. PPG Industries Inc. PPG Industries Inc. Montgomery Ward Credit Co. Pepsico Inc. Conn. Light & Power Co. S. Pacific Transp. Co. Dow Chemical Co. Esmark Inc. Esmark Inc. Kansas Power & Light Mountain Fuel Supply Co. Washington Water Power Co. State Street Boston Fin. Corp. Duke Power Co. Pacific Lighting Svc. Co. Dana Corp. BankAmerica Corp. Southern Railway Co. Southwestern Public Service Kansas Gas & Electric Co. Indiana Gas Co. Cleveland Electric Illuminating Co. TYPE AMOUNT (MILLIONS OF DOLLARS) 76.1 Pfd stk 68.8 Com stk 75.0 Debt 50.0 Notes 50.0 Debt SF 100.0 Notes 85.0 1st mtge 15.0 Equip tr 225.0 Notes 75.0 Debt SF 50.0 Notes 35.0 1st mtge 32.0 Com stk 25.0 1st mtge 25.0 Notes 100.0 1st mtge 35.0 1st mtge 75.0 Debt SF 150.0 Debt 15.0 Equip tr Com stk (rts) 18.8 20.0 Pfd stk 15.1 Pfd stk 60.0 i Com stk MATURITY COUPON RATE 10.08 — A Aa/A Aa/A A A A Aa Aa/A+ A A Aa 8.50 8.00 9.60 8.25 9.00 8.00 8.50 9.25 8.40 8.63 8.60 8.05 9.60 8.25 8.95 6.75-8.25 8.50 9.30 8.40 8.67 2005 1983 2005 1985 2000 2005 1990 9.38 9.00 9.50 9.00 9.00 8.88 8.00 9.25 9.00 9.55 9.00 9.10 8.88 8.30 A A A A A/A+ Non Rated Aa -- 9.68 10.00 9.68 10.00 A A -- Rights offering. Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings. 9.93 MOODY'S RATING 2000 1985 1995 1985 1982 1990 2005 2000 1982 2005 NOTES: • 1 OFFERING YIELD "" INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY February 3, thru February 28, 1975 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE OFFERING YIELD MOODY'S RATING CORPORATE Long Island Lighting Co. Commonwealth Edison Co. Mobile Alaska Pipeline Co. Arizona Public SerVice Co. Southwestern Public Service Co. Nortrust Corp. First National Boston Corp. Gen'1 Tele. Co. of Florida Indiana Gas Co. Central Illinois Light Co. American Natural Gas Co. Toledo Edison New York State Electric -& Gas Corp. Houston Lighting & Power Bethlehem Steel Corp. Deere & Co. Deere & Co. Natural Gas Pipeline Co. Louisville Gas & Electric Co. Cent. Illinois Light Co. Fruehauf Finance Co. Dallas Power & Light Co. American Brands Inc. Com stk (rts) 1st mtge Guar debt 1st mtge 1st mtge Notes Notes 1st mtge 1st mtge Com stk Com stk Pfd stk Com stk 1st mtge Notes Notes Debt Debt 1st mtge 1st mtge Notes 1st mtge Notes 29.4 125.0 300.0 100.0 45.0 30.0 100.0 50.0 20.0 15.5 72.5 19.0 25.8 125.0 250.0 100.0 100.0 60.0 25.0 25.0 60.0 50.0 150.0 2005 2005 1982 2005 1984 1982 2005 1982 8.75 8.45 9.50 8.80 8.30 8.00 9.38 9.00 8.75 8.45 9.60 8.80 8.30 8.09 9.40 8.95 -- -- Aaa/Aa Aaa Baa/AAa NR Aaa A/AA / Aa ~— *— —— — —— 10.00 10.00 A -- 2005 2005 1987 2000 1995 2005 2005 1983 2005 1985 -- 8.75 8.45 7.90 8.45 9.25 8.88 9.25 9.15 8.88 8.13 -- 8.67 8.45 7.90 8.45 9.30 8.75 9.18 9.15 8.78 8.22 — Aa Aa Aa Aa A Aaa/Aa Aa/A A Aaa Aa/A Table 5A Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY February 3, thru February 28, 1975 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE OFFERING YIELD MOODY'S RATING CORPORATE Heublein New York Citizens Citizens Inc. State Elect. & Gas Corp. Utilities Co. Utilities Co. Other Montreal Urban Community United States of Mexico European Coal & Steel Comm. Inter-American Dev. Bank Province of Ontario Notes 90.0 1st mtge 75.0 1st mtge-col tr 20.0 1st mtge-col tr 17.5 1985 2005 2005 1985 8.38 9.38 8.88 8.30 8.45 9.38 8.90 8.30 Debt Notes Notes Notes Debt 2000 1980 1983 1985 2005 10.00 10.00 8.38 8.00 8.88 10.00 10.00 8.46 8.13 8.92 60.0 75.0 150.0 125.0 200.0 A Aa/A Aa/A+ Aa/A+ A NR Aaa Aaa Aaa/Aa Table 5B INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' February 3, thru February 28, 1975 ISSUER TYPE 2 AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S RATING STATE AND LOCAL Madison Voc. Tech. Education Dist, Wis. Commack Union Sch. Dist., N.Y. Michigan, State of New York State Housing Finance Agency Artesian Sch. Bldg. Corp. Ind. Illinois Educational Facilities Auth. Illinois Educational Facilities Auth. Illinois Educational Facilities Auth. Baltimore, Maryland Pennsylvania Higher Education Facilities Auth. San Antonio, Texas San Antonio, Texas Nekoosa, Wise. Nekoosa, Wise. Garland, Texas Garland, Texas Virginia Public School Auth. Philadelphia, Pa. Suffolk Co., N.Y. Illinois^, State of New York City, N.Y. G.O. 10.0 G.O. 15.9 G.O. 75.,0 Rev 103.,5 Rev 10.,5 Rev 3.,1 Rev 4.,7 Rev 4.,2 Rev poll cont 17..0 1976-1985 1976-2000 1977-1986 1975-2006 1978-2003 1978-1990 1999 2004 1995 4.78 6.49 4.78 7.46 7.12 6.51 6.51 6.51 i 3.80-4.90 4.30-7.00 4.45-5.00 4.,50-7.60 4.50-7. 20 4.,25-5.90 6.50 6.80 8.88 Aa A Aa A-l A Aaa Aaa Rev 14..4 G.O. 25,.0 Rev 10,.0 Rev poll cont 2,.0 Rev poll cont 10 .6 Rev 7,.5 G.O. 4 .0 G.O. 16 .5 G.O. 10 .0 G.O. 36 .9 G.O. 150 .0 G.O. 141 .4 1976-2015 1986-1993 1976-1999 1985 1987 1976-1994 1976-1995 1976-1995 1976-1995 1976-2003 1976-1995 1976-2015 7.18 5.18 5.96 6.84 6.84 5.89 5.24 5.44 6.61 5.72 5.20 7.17 4..70-7.,25 4..75-5..75 3,.90-6..70 6.40 6.70 4,.00-6,.40 3 .60-6,.40 3 .85-6 .50 4 .50-7 .00 4 .65-6 .50 3 .50-6,.10 6 .50-7 .50 Baa-1 Aa A-l A A A-l Aa Aa A A Aaa A Baa NOTES: 1 Includes only state and local security offerings of $10 million and over; excludes secondary offerings. 2 In case of State and local government securities, G O denotes general obligation; Rev.-Ut., revenue obligations secured only by income from public utilities; Rev.-Q.-Ut., revenue bonds secured only by income from quasi-utilities; Rev.-S.T., revenue bonds secured by revenue from specific taxes only; Rev -Rent., revenue bonds secured solely by lease payments. 3 Includes foreign government and International Bank for Reconstruction and Development issues and non-guaranteed issues by Federal Agencies. Table SB Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY February 3, thru February 28, 1975 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S RATING STATE AND LOCAL Incline Village General Improv. Dist., Nev. Wisconsin, State of Middlesex Co. Industrial Pollution Fin. Auth., N.J. Chicago Public Building Commission A1lentown Area Hospital Auth., Pa. Allentown Area Hospital Auth., Pa. Oregon, State of Miami Beach, Fla. Illinois Industrial Pollution Control Fin. Auth. Illinois Industrial Pollution Control Fin. Auth. Delaware, State of Massachusetts, State of Piano Independent School Dist., Texas West Virginia, State of Miami, Florida Michigan State Housing Dev. Auth Michigan State Housing Dev. Auth Puerto Rico Urban Renewal & Hsg. Corp. Puerto Rico Urban Renewal & Hsg. Corp. Kansas City, Kansas Kansas City, Kansas Rev G.O. 13.0 75.0 1975-1985 1976-1995 Rev Rev Rev Rev G.O. G.O. 28.3 38.0 4.2 9.1 . 100.0 15.0 2000 1976-1994 1979-1996 2009 1980-1991 1976-1995 Rev poll cont 1.0 1980-1982 Rev poll cont G.O. G.O. G.O. G.O. S. 0. Rev Rev 3.0. G.O. Rev Rev 9.0 40.0 125.0 12.0 50.0 19.0 3.0 22.0 22.3 44.7 2.7 11.3 2000 1976-1995 1976-2025 1977-1997 1976-2000 1977-1995 1976-1992 2000-2017 1977-1991 2001 1978-1989 1997-2004 5.33 6.32 5.95 — — 5.10 5.89 " 5.32 5.67 5.97 5.98 5.81 — -- 7.83 7.83 -- 5.80-6.60 3.70-6.10 Aaa 6.25 4.00-6.30 5.75-7.50 8.00 4.50-5.60 4.10-6.50 Aaa Aa Baa-1 Baa-1 Aaa A-l 5.80-6.00 A 7.38 3.60-6.25 3.60-6.40 3.75-6.85 4.00-6.70 4.40-7.10 4.40-6.80 7.40-7.60 5.25-7.75 8.00 6.50-8.25 8.00-8.63 A Aa Aa A A-l A-l A-l A-l A-l A-l — — 1 Table 5B Continued. INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY February 3, thru February 28, 1975 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S RATING STATE AND LOCAL Hempstead, N.Y. Anne Arundel Co., Md. Ocean Highway & Port Auth., Fla. Louisiana, State of Connecticut, State of Savannah Port Auth., Ga. Florid^ State Board Higher Education Maryland, State of St. Paul, Minn. St. Paul, Minn. St. Paul, Minn. G.O. G.O. Rev poll cont G.O. G.O. Rev poll cont Rev G.O. G.O. G.O. G.O. 14.4 20.0 23.,3 50.,0 100.,0 21.,0 46,,0 84., 1 6,.5 1..5 4..0 1976-2001 1976-2005 2000 1976-1995 1976-1995 2000 1975-2004 1978-1990 1976-1985 1976-1995 1978-2005 - 6.24 5.99 5.,97 5.,75 -- 6.,77 5..51 5.,02 5..71 6,.12 4. 50.7.00 4. 00-6.60 8.50 4.,00-6.25 3.,85-6.10 6.80 4.,00-6.90 4..30-5.85 3..75-5.25 3,.75-6.20 4,.20-6.30 A-l Aa Baa Aa Aaa Aa Aa Aaa Aa Aa Aa FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 as of February 28, 1975 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING CORPORATE Commonwealth Edison Co. Sears Roebuck & Co. Sierra Pacific Power Co. Union Pacific RR Arizona Public Service Co. Procter & Gamble Co. Jersey Cent. R?r. & Light Co. Southern California Edison Co. ^Southwestern Public Service Co. Otis Elevator Co. Niagara Mohawk Power Corp ^Niagara Mohawk Power Corp. Niagara Mohawk Power Corp. InternaA. Harvester Credit Corp. St. Louis & Southwestern RR New York Tele. Corp. New York Tele. Corp. Public Service of New Mexico Duquesne Light *Upjohn Co. Carolina Power & Light Co. Florida Power & Light *Publie Service of Colorado Atlantic City Elect. Co. *Rochester Tele. Corp. ^Norfolk & Western RR Co. Narragansett Elect. Co. General Public Utilities Co. Boston Edison Union Electric Co. United Tele, of Ohio Indianapolis Power & Light Co. Indianapolis Power & Light Co. New England Power Co. Texas Power & Light Corp. *Pennsylvania Electric Co. Diamond State Tele. Co. *Texas Power & Light Co. Com stk (rts) Debt Pfd stk Equip tr Com stk Debt 1st mtge 1st mtge Com stk Debt Com stk Pfd stk 1st mtge Notes Equip tr Notes Debt 1st mtge 1st mtge Notes Pfd stk 1st mtge Com stk 1st mtge 1st mtge Equip tr 1st mtge Com stk Pfd stk 1st mtge 1st mtge Com stk Pfd stk 1st mtge 1st mtge Pfd stk Debt Pfd stk 115.0 250.0 15.0 15.0 28.0 300.0 35.0 150.0 18.0 50.0 32.0 40.0 50.0 75.0 15.0 100.0 100.0 25.0 50.0 125.0 50.0 125.0 20.0 35.0 40.0 15.0 15.0 30.0 30.0 70.0 25.0 30.0 20.0 80.0 100.0 35.0 20.0 30.0 NOTES: • Included in table for first time. 1 Includes only corporate and other security issues of $15 million and over; excludes exchanges, options , March March March March March March March March - March March March March March March March March March March March March March March March March March March March March March March March March March March March March March March 3 4 4 4 4 5 5 6 6 6 11 11 ' 11 11 11 11 11 12 12 13 13 13 18 18 18 18 18 19 19 19 19 20 20 20 24 25 25 25 Table 6A Continued FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 as of February 28, 1975 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING CORPORATE Potomac Edison Go. Metro. Edison Co. American Electric Power Brockway Glass Co. Avco Corp. *Allied Chemical Corp. *Allied Chemical Corp. *Phillip Morris Inc. *Dow Corning Corp. *S. Cent. Bell Tele. Co. *Atchison Topeka & Santa Fe RR Co. ^Pennsylvania Power & Light *Gulf -Spates Utilities Co. ^Houston Oil & Minerals Corp. National Security & Register Co. General Tel. of Ohio American Finance Corp. ERC Corp. 1st mtge 1st mtge Com stk Notes Notes Debt Notes Notes SF debt 1st mtge Equip tr 1st mtge 1st mtge Conv. debt Bene int Pfd stk Debt Debt 35.0 50.0 190.0 35T0 50.0 75.0 75.0 125.0 60.0 300.0 15.0 125.0 ' 40.0 30.0 30.0 20.0 30.0 25.0 Other Caisse National des Telecommunications Japan Dev. Bank Eurofima Govt, of Ireland Hydro-Quebec Hydro-Quebec Guar notes Notes Notes Notes Debt Debt 75.0 50.0 50.0 25.0 20.0 100.0 March March March March March March March March March April April April April INDEF INDEF INDEF INDEF INDEF March March March INDEF INDEF INDEF 26 26 1 2 3 3 Table 6B 15 FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 as of February 28, 1975 TYPE ISSUER AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING STATE & LOCAL *Jackson Co., Missouri Georgia, State of Milwaukee, Wise. Prince William Co., Va. ^Vermont, State of Tennessee, State of Washington Public Power Supply System New Mexico, State of *Broome Co., N.Y. *Roanoke, Va. *Glendale, Calif. *Phoenix, Ariz. Memphis, Tenn. ^Atlanta, Ga. ^Chicago School Dist., 111. *Detroit Building Auth., Mich. Nassau Co., N.Y. *San Francisco Bay Area Transit' Dist., Calif. *Wichita Unified Sch. Dist., Kans. *Aurora, Colo. Ohio, State of ^Fairfax Co., Va. Los Angeles Dept. Water & Power, Calif. Waterbury, Conn. Baltimore, Maryland Norfolk Industrial Dev. Auth., Va. Philadelphia Hospital Auth., Pa. St. Charles Parish, La. Postponement Detroit Building Auth., Mich. Jackson Co., Missouri Rev G.O. G.O. G.O. G.O. G.O. 33.0 38.4 25.4 16.0 24.0 100.0 March March March March March March Rev G.O. G.O. G.O. Rev G.O. G.O. Rev G.O. Rev G.O. 125.0 13.3 11.8 15.0 21.7 18.5 30.0 20.0 60.0 30.0 34.2 6 March March 11 March 11 March 11 March .; 11 March 11 March 11 March 12 March 12 March 12 March 12 Rev G.O. G.O. G.O. G.O. 16.0 15.0 23.0 50.0 30.0 March March March March March 13 18 18 18 19 Rev G.O. G.O. Rev Rev Rev poll cont 32.0 11.5 30.4 21.5 50.0 60.0 March March March March INDEF INDEF 19 20 25 Rev Rev 30.0 33.0 February 24 February 25 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. 3 4 4 4 5 5 Table 7 STOCK PRICES AND VOLUME TRADING VOLUME S T O C K PRICES N Y S E INDEX 3 BJ INDUSTRIALS ] AMEX 4 1 NASDAQ NYSE 11.3 (1/11) 3.5 (8/27) 24.9 (1/3) 7.5 (7/5) 4.4 (1/3) .9 (9/26) 7.5 (1/3) 2.8 (7/5) 58.21 59.22 58.67 58.74 13.1 15.1 16.4 13.1 1.9 2.2 2.4r 2.3 4.4 4.8 5.3 4.4 62.86 67.32 67.81 71.05 74.20 61.23 63.69 64.40 65.37 69.78 17.4 18.1 16.9 16.4 29.1 2.8 2.0 1.8 1.9 3.0 5.4 5.5 4.9 . 4.6 7.0 75.08 71.12 73.26 73.79 73.00 25.7 22.2 23.2r 18.8 2.8 2.4 3.Or 2.1 6.4 6.Or 6.Or 5.1 138.35 (4/11) 117.09 (1/3) 135.15 (12/8) 113.65 (1/3) 1973 - High Low 65.48 (1/11) 49.12 (12/13) 1051.50 (1/11) 788.31 (12/5) 130.47 (1/11) 85.26 (12/20) 136.84 (1/11) 26.0 (9/20) 89.12 (12/13) 9.0 (8/20) 1974 - High Low 53.37 (3/13) 32.89 (10/3) 891.66 (3/13) 577.60 (12/6) 102.01 (3/14) 59.13 (^2/6) 96.53 (3/15) 54.87 (10/3) 34.45 35.39 35.23 35.36 577.60 592.77 598.48 602.16 59.13 60.11 59.73 59.35 37.35 38.57 37.86 33.84 40.91 634.54 658.79 644.63 666.61 703.69 41.08 43.21 43.70 43.07 711.91 734.20 749.77 739.05 3 10 17 24 31 Feb. 1 7 14 21 28 76.79 77.73 77.27 NOTES: 1 Figures other than highs and lows are Fridays only. Highs and lows are for the year and are not necessarily for Fridays. 2 Volume figures are weekly averages of daily figures (millions of shares). 3 12/31/65 = 60 4 Based on average price change until September 4, 1973 thereafter, based on market value of shares listed. NASDAQ 5.5 (1/12) 1.4 (8/20) 1036.27 (12/11) 889.15 (1/26) 1975 Jan. | 14.4 (12/29) 5.0 (10/9) 65.14 (12/11) 56.23 (1/3) 6 13 20 27 AMEX 10.3 (12/29) 1.8 (9/8) 27.6 (12/29) 8.1 (7/3) 1972 - High Lpw 1974 Dec. | Table 8 17 SECURITY CREDIT R E G U L A T E D MARGIN CREDIT EXTENDED BY END OF PERIOD BROKERS O N 1 MARGIN STOCK BROKERS O N % CONVERTIBLE BONDS BANKS 31 IIMDC^tll ATCI% UNREGULA T E D ilAyilAB^III NONMARGIN S T O C K CREDIT A T BANKS OUTSTANDING 5,730 204 1,005 Oct. 5,690 203 1,181 1,878 Nov. 5,460 197 1,103 1,917 Dec. 5,050 189 1,131 1,866 1,845 1973 - Sept. 1974 - 1,909 Jan. 5,130 182 1,020 Feb. 5,230 183 1,039 1,843 1,869 Mar. 5,330 180 1,008 Apr. 5,370 179 1,009 1,868 May 5,180 172 1,020 1,858 June 5,080 172 1,037 2,072 July 4,760 158 1,023 2,091 Aug. 4,510 156 Sept. 4,020 148 Oct. 3,930 145 Nov. 3,960 139 916 n.a. Dec. 3,840 953 924: 2,119 2,060. 2,024 n.a. C H A N G E IN O U T S T A N D I N G 1973 - -6 -31 -43 Oct. -40 -1 176 -31 Nov. -230 -6 -78 39 Dec. -410 —8 28 -51 Sept. -100 1974 - Jan. 80 -111 -21 Feb. 100 1 19 -2 Mar. 100 -3 -31 Apr. 26 40 1 -1 May -190 11 -10 17: 214 June -100 — July -320 -14 -14 Aug. -250 -3 -70 Sept. -490 -7 -29 -59: -8 -36 Oct. -90 -3 Nov. -30 -120 -6 Dec. 19 28: 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 4 Table 9 x SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS IN M I L L I O N S O F D O L L A R S MUTUAL SAVINGS BANKS REGULAR DEPOSITS NET FLOW 1 ANNUAL 3 GROWTH RATE SAVINGS & LOAN ASSOCIATIONS NET 2 NEW MONEY SHARE CAPITAL NET FLOW ANNUAL 3 GROWTH RATE NET NEW MONEY TOTAL 2 DEPOSITS NET FLOW ANNUAL 3 GROWTH RATE NET NEW MONEY 1971 9,621 13.5 5,378 27,793 19.0 20,653 37,414 17.2 26,331 1972 10,067 12.4 5,451 32,567 18.7 23,884 42,634 16.7 29,335 1973 4,815 5.3 -442 20,237 9.8 10,507 25,052 8.4 10,062 2,101 3.0 -2,818 16,014 7.0 4,647 18,115 5.8 1,829 1974 £/ 1973 - November 440 265 1,260 December 1,057 —— -42 2,914 —— 257 -- 46 2,177 — 1974 - January 1974 - December 1975 - January 236 1,223 990 —— -33 3,391 — 455 -- 225 3,306 -- 449 November r/ £/ 1,431 1,166 1,700 406 3,971 —— 2,018 2,434 — 364 2,064 1,091 1,672 571 4,381 — 1,327 538 3,107 3,761 — 3,332 SEASONALLY ADJUSTED 1974 12 0.1 __ 544 2.8 •» — 556 2.0 — September 172 2.1 -- 818 4.1 -- 990 3.6 -- October 260 3.2 -- 1,277 6.4 -- 1,537 5.5 — November 535 6.6 -- 1,752 8.8 —— 2,287 8.1 368 4.5 — 2,480 12.3 — 2,848 10.1 -— 352 4.3 2,493 12.3 2,845 10.0 - August December 1975 - January r/ j>/ 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. Souroe:National Association of Mutual Savings Banks and Federal Home Loan Bhnk Board. 19 MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS BILLIONS OF DOLLARS, SEASONALLY A D J U S T E D OUTSTANDING C O M M I T M E N T S PERIOD TOTAL ALL S A V I N G S MUTUAL & LOAN S A V I N G S BK£5 , ASSOCIATIONS (N.Y. STATE) N E T CHANGE TOTAL ALL SAVINGS MUTUAL & LOAN S A V I N G S BKS ASSOCIATIONS (N.Y. STATE) 1971 - Dec. 17.5 13.8 3.7 .41 1972 - Dec. 24.7 19.8 4.9 .36 .34 .02 1973 - Jan. Feb. Mar. Apr. May 25.7 26.2 25.7 25.1 24.2 23.9 23.0 22.1 20.8 19.9 19.4 19.5 20.6 21.3 20.9 20.5 19.7 19.5 18.7 17.9 16.8 16.0 15.7 15.9 5.1 4.9 4.8 4.6 4.5 4.4 4.3 4.2 4.0 3.9 3.7 3.6 .94 .49 - .54 - .57 - .88 - .31 - .85 -1.01 -1.16 -1.04 - .37 - .02 .81 .63 - .37 - .38 - .76 - .25 - .76 - .87 -1.03 - .87 - .21 .15 .13 -.14 -.17 -.19 -.12 -.06 -.09 -.14 -.13 -.17 -.16 -.17 19.3 19.6 19.8 20.0 18.8 18.1 17.2 16.6 16.1 14.7 14.3 14.2 15 .9 16.4 16.7 16.9 15.9 15.3 14.4 13.8 13.4 12.3 12.0 12.0 3.4 3.2 3.1 3.0 2.9 2.8 2.8 2.8 2.7 2.4 2.3 2.2 - .08 July Aug. Sept. Oct. Nov. Dec. 1974 - Jan. Feb. Mar. Apr. May July -Aug. Sept. Oct. Nov. Dec. • 21 .19 .10 - .99 - .78 - ,89 - .66 - .52 -1.36 - .42 - .51 .20 .03 .43 .33 .22 - .95 - .69 - .83 - .67 - .40 -1.06 - .32 - .41 .21 - .11 -.22 -.14 -.12 - .04 -.09 -.06 .01 -.12 -.30 -.10 -.10 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 endrof-period outstanding levels as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding. Table 11 20 NET NEW MONEY BORROWINGS BY MAJOR HOUSING AGENCIES IN MILLIONS OF DOLLARS TOTAL INCLUDING SHORT-TERM DISCOUNT NOTES PERIOD INTERMEDIATE AND LONG-TERM ISSUES TOTAL FHLB +1,475 +1,693 +1,910 +1,946 +11 +598 +1,528 +1,349 +1,850 +1,950 -150 +256 +998 +1,349 +1,500 +1,300 -756 -657 +450 -4 +992 +2,250 +1,499 +200 +2,750 +1,599 -800 -657 — -- -- p -671 -695 +424 +508 +1,442 +2,699 +1,804 +878 +2,768 +1,665 -89 +595 1975 - Jan. p -12 1973 - July Aug. Sept. Oct. Nov. Dec. 1974 - Jan. Feb. Mar. Apr. May July Aug. Sept. Oct. Nov. Dec. +93 +1,000 FHLMC — +530 +350 +650 — -4 +992 +1,500 +1,000 +400 +1,700 +1,499 -217 +500 FNMA —— -150 Notes: " Based on data from the Treasury Survey of Ownership. If Sales of FHLB discount notes began in May 1974. jd/ Preliminary. J FNMA & FHLB —— +256 +44 — +450 -—— +750 +499 -200 -~ -- +1,050 +100 +310 +500 SHORT-TERM DISCOUNT NOTES]/ -53 +344 +60 -4 +161 +342 +85 -38 -26 +512 +450 +449 +305 +678 +18 +66 -182 -405 -12 Table 12 NET CHANGE IN MORTGAGE HOLDINGS 1 21 IN MILLIONS OF DOLLARS FINANCIAL INSTITUTIONS TOTAL INCLUDING FNMA-GNMA INSURANCE COMPANIES COMMERCIAL BANKS Not Seasonally Adjusted 1974 - Apr May July Aug Sept. Oct. 88?: 1974 - Apr May June July Aug Sept. Oct. Nov. Dec. 21,736 41,647 57,637 59,732 16,827 39,259 55,611 56,432 2,462 9,940 16,800 19,600 1,845 3,938 5,377 5,642 10,254 23,919 31,982 26,912 2,348 1,221 1,452 4,278 5,396 5,502 4,955 4,231 4,869 2,874 4,992 4,802 4.363 3.364 4,026 2,066 1,700 1,600 1,500 900 1,000 700 im Iffi 285 303 248 260 183 65 45 79 2,509 2,618 2,137 1,735 1,578 911 565 498 281 478 469 422 390 545 475 5,537 5,317 4,095 3,679 3,130 2,580 2,599 2,266 4,977 4,489 3,431 2,889 2,543 1,928 1,945 1,817 IS • Seasonally 1,667 1,412 1,281 796 741 458 488 501 798 592 adjusted " 328 2,389 289 2,429 131 1,499 217 1,382 1,260 135 944 % 828 59 808 480 593 359 520 494 407 412 533 449 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 f o r « 0 j e r cent of the net increase estimated for all holders in 1 9 7 3 . 2 Beginning January 1972 datareflect activity in limited amount of conventional mortgages. '22- T a b l e 13 NET INCREASE IN MORTGAGE DEBT OUTSTANDING1 IN BILLIONS O F D O L L A R S , S E A S O N A L L Y A D J U S T E D A N N U A L R A T E S 5l RESIDENTIAL 1- t o 4 FAMILY MULTIFAMILY COMMERCIAL MULTIFAMILY & COMMERCIAL QUARTER TOTAL TOTAL FARM 1968 - I II III IV 28.1 26.4 25.5 29.6 19.4 18.2 17.2 20.4 16.3 15.0 13.6 16.5 3.1 3.2 3.5 3.9 6.4 6.0 6.5 7.4 9.5 9.2 10.1 11.3 2.3 2.2 1.8 1.9 1969 - I II III IV 32.0 29.1 25.8 25.2 23.8 21.5 18.7 18.5 19.4 16.8 14.0 13.1 4.4 4.6 4.7 5.4 6.0 5.4 5.3 5.3 10.4 10.1 10.0 10.7 2.2 2.2 1.7 1.4 1970 I II III IV 20.7 22.9 28.5 31.8 14.4 16.8 21.3 22.8 9.4 11.6 15.0 16.2 5.0 5.2 6.3 6.6 4.8 4.6 5.1 6.8 9.8 9.8 11.5 13.4 1.5 1.5 2.1 2.2 1971 - I II III IV 37.3 47.7 52.3 54.2 27.4 35.5 38.5 41.2 19.4 26.2 28.6 31.3 8.0 9.4 9.9 9.9 7.7 9.8 11.5 10.5 15.7 19.2 21.4 20.4 2.2 2.4 2.3 2.5 1972 - I II III IV 62.8 64.9 65.1 68.3 46.1 47.0 47.1 49.5 37.7 37.4 38.0 40.0 8.4 9.6 9.1 9.5 14.1 15.3 15.3 16.3 22.5 24.9 24.4 25.8 2.6 2.6 2.6 2.5 1973 - I II III IV 83.4 75.6 71.3 57.9 63.1 53.9 51.4 38.3 53.1 44.0 41.8 31.7 10.0 9.9 9.6 6.5 16.3 17.8 16.3 15.0 26.3 27.8 25.9 21.5 4.1 3.8 3.6 4.6 1974 - I II III 58.5 65.3 49.8 39.5 44.0 33.7 32.1 37.1 27.7 7.4 6.8 6.6 15.4 17.3 10.4 22.7 24.1 17.0 3.6 4.0 5.1 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 debywmbmed. PRIVATE HOUSING PERMITS, STARTS, COMPLETIONS, AND MOBILE HOME SHIPMENTS IN THOUSANDS OF UNITS, SEASONALLY ADJUSTED ANNUAL RATES PERMITS PERIOD MOBILE 2 - O R MORE HOME FAMILY SHIPMENTS TOTAL 1—FAMILY 656 621 901 1,048 914 450 1,399 1,418 1,706 1,972 2,005 808 802 1,014 1,143 1,166 592 617 692 828 838 413 401 497 576 580 920 826 845 792 802 676 394 329 3.13 314 215 198 1,674 1,505 1,505 1,633 1,648 1,582 935 899 882 922 888 836 739 607 624 712 761 746 380 370 316 248 218 216 743 244 1—FAMILY 1—FAMILY 1969 1970 1971 1972 1973 1974 1,324 1,352 1,952 2,219 1,820 1,052 626 647 928 1,033 882 726 698 705 1,025 1,186 937 419 1,467 1,434 2,052 2,357 2,045 1,338 811 813 1,151 1,309 1,132 888 1974 - July Aug. Sept. Oct. Nov. Dec. 1,017 900 823 782 730 822 632 618 577 533 511 486 385 282 246 249 219 336 1,314 1,156 1,157 1,106 1,017 874 661 495 166 987 1975 - Jan. COMPLETIONS STARTS 2 - O R MORE FAMILY TOTAL TOTAL 2 - O R MORE FAMILY NOTES: Private 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 w units in the structure are ready for use. Private mobile home shipments are Mobil Home Manufacturers Assoc. data converted to seasonally adjusted annual rate by Census Bureau. FRASER 1/ 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 HUD(FHA) INSURED LOANS SECONDARY MARKET CONVENTIONAL LOANS PRIMARY MARKET NEW HOMES EXISTING HOMES 1 1 PERIOD RATE (IN PER CENT) SPREAD (BASIS POINTS) RATE (IN PER CENT) SPREAD (BASIS POINTS) YIELD (IN PER CENT) SPREAD BETWEEN ON RETURNS NEW A a a NEW H O M E S CONVENTIONAL UTILITY 1 AND HUD(FHA) BOND SPREAD DISCOUNT NEW HOME YIELD (BASIS (PERCENTAGE M O R T G A G E S (IN PER CENT) POINTS) POINTS) (BASIS POINTS) 1972 - High Low 7 .70 \ 7.55 61 15 7 .75 7 .60 66 20 7.57 7 .45 48 05 4.7 3.7 14 06 7 .45 7 .09 1973 - High Low 8.95 7 .70 107 31 8.95 7.75 107 37 9.18 7 .55 130 14 9.4 2.2 21 -23 8.36 7.38 1974 - Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec . 8.65 8.55 8.60 8.90 9.15 9.25 9.40 9.60 9.80 9.70 9.55 9.45 40 45i - 4 - 8 6 -25 -70 -39 -66 -33 -13 8.65 8.60 8.60 8.90 9.15 9.25 9.40 9.60 9.80 9.70 9.60 9.45 40 50 - 4 - 8 6 -25 -70 -39 -66 -33 - 8 8.54 8.66 9.17 9.46 9.46 9.85 10.30 10.38 10.13 44 2 19 37 - 4 -25 31 - 8 10 2.3 3.2 5.1 5 .3 5 .3 6.3 5.8 6.3 4.6 1 - 6 -27 -31 -21 -45 -70 -58 -43 8.25 8.10 8.64 8.98 9.09 9.50 10.10 9.99 10.46 10.03 9.68 -- -- -- 9.51 n .a. -- —- 3.8 NOTES: 1 Gross yield spread is average mortgage return before deducting servicing costs, minus average yield on new issues of high-grade utility bonds with 5-year call protection. Rates on conventional first mortgages (excluding additional fees and charges) are based on unweighted HUD (FHA) field office opinions on prevailing contract interest rates in the market areas of the insuring offices, rounded to the nearest 5 basis points. For secondary market data, weighted HUD office opinions on the average bid price for HUD (FHA) loans with minimum downpayment, prepaid in 15 years, for immediate delivery, are used. Table 16 FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS CONVENTIONAL GOVERNMENT-UNDERWRITTEN AMOUNT (IN MILLIONS OF DOLLARS) DATE OF AUCTION OFFERED 1973 - .551 High 25 Low | (9/3) (10/15, AVERAGE YIELD 289 (9/3) 17 AMOUNT (IN M I L L I O N S O F D O L L A R S ) OFFERED ACCEPTED 9.37 (10/15)7.69 (9/17) (1/8) 25 j AVERAGE YIELD ACCEPTED 171 (8/20) 88 (4/16) 9.68 (9/17) 9 (10/1) 7 (10/1) 7.84 (1/2) 11/26) 1974 - Aug. Sept. Oct. Nov. Dec. Jan. Feb. 12 207.9 97.7 10.12 45.8 19.4 10.16 26 309.6 93.0 10.38 59.0 24.9 10.42 9 176.1 98.6 10.59 46.5 30.9 10.71 23 57.2 38.2 10.56 22.1 19.0 10.66 7 46.6 29.7 10.32 26.1 23.3 10.46 21 34.5 26.0 10.11 14.1 12.2 10.27 4 47.8 24.7 9.93 2 0 .4 12.1 10.11 18 25.7 17.6 9.81 20.6 6.8 9.92 2 52.5 23.3 9.61 24.0 12.0 9.80 16 49.6 43.3 9.52 20.1 18.5 9.72 30 35.7 31.8 9.47 17.2 10.1 9.59 13 25.3 21.2 9.37 17.9 14.9 27 41.4 28.6 9.12 11.1 10.6 9.50 9.39 9*1 9 9 .b 2 4° M 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 . .""^ole bids received.
@FedFRASER