Full text of H.16 Capital Market Developments : March 3, 1980
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March 3, 1980 % ffiel V > Developments Prepared by the Capital Markets Section in conjunction with the Mortgage and Consumer Finance Section and the Government Finance Section Division of Research and Statistics Board of Governors of the Federal Reserve System Washington, D C. 20551 CONTENTS 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. Yields, Volume and Reception: Corporate Bond Market Yields, Volume and Reception: Municipal Bond Market High Grade Bond Yields Long-Term Corporate and State and Local Government Security Offerings and Placements Treasury and Government-Sponsored Agency Marketable Coupon Offerings and Placements New Corporate Security Issues by Type of Issue New Corporate Security Issues by Type of Issuer Public Offerings of Intermediate- and Long-Term Securities: Corporate Public Offerings of Intermediate- and Long-Term Securities: State and Local Public Offerings of Intermediate- and Long-Term Securities: U.S. Treasury Public Offerings of Intermediate- and Long-Term Securities: Government-Sponsored Agencies Forthcoming Public Offerings of Intermediate- and Long-Term Securities: Corporate Forthcoming Public Offerings of Intermediate- and Long-Term Securities: State and Local Stock Prices Trading Volume Security Credit Savings Flow at Selected Nonbank Thrift Institutions Mortgage Commitments Outstanding at Selected Institutions Net New Money Borrowings by Major Housing Credit Agencies Net Change in Mortgage Holdings at Selected Institutions Net Change in Mortgage Debt Outstanding, By Type of Property Average Rates and Yields on Home Mortgages and Pass-Through Securities FNMA Auctions of Commitments to Purchase Home Mortgages FHLMC Auctions of Commitments to Purchase Home Mortgages Issues of Mortgage-Backed Securities SYMBOLS e P r n.a. — estimate preliminary revised not available data do not exist 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 $.50 each. Address requests to Publications Services, Division of Support Services, and make payment remittance payable to the order of the Board of Governors of the Federal Reserve System in a collectible at par in U.S. Currency. Digitized for form FRASER 1. Y I E L D S , V O L U M E A N D R E C E P T I O N Corporate Bond Market Yields Week ending 1979-Dec. N e w issue Aaa utility 1 7 11.16 11.37 11.35 11.39 425 668 287 0 96 94 86 - 11.44 11.54 11.69 12.11 0 690 580 793 90 100 99 53 71 0 5 12.35 12.80 13.17 14.llr 14.OOp 311 458 320 114 580 74 100 97 100 100 80 0 10 0 0 - — 4 11 18 25 Feb. Percent sold b y end of week 11.22 11.28 14 21 28 1980-Jan. Volume Gross o f f e r i n g s 3 ($ millions) R e c e n t l y offered Aaa u t i l i t y 2 — — 11.51 11.61 12.08 1 — — 8 15 22 29 12.96 13.27 13.92r 14.25p N e w issues in s y n d i c a t e 4 ($ millions) 15 13 53 53 — 2. Y I E L D S , V O L U M E A N D R E C E P T I O N Municipal Bond Market Yields Week ending Moody's n e w issue Aaa Volume Bond Buyer G O. bond index Bond Buyer Rev. bond index Gross offerings ($ millions) Percent sold by end of w e e k 3 New issues in syndicate4 ($ millions) 1979-Dec. 7 14 21 28 6.50 6.50 6.50 6.50 7.17 7.26 7.22 7.23 7.97 8.14 8.10 8.11 1,234 934 841 235 92 80 93 95 106 237 159 152 1980-Jan. 4 11 18 25 6.50 6.60 6.60 6.60 7.32 7.30 7.28 7.33 8.18 8.21 8.15 8.20 1 647 643 842 83 90 92 90 123 95 85 127 Feb. 1 8 15 22 29 6.80 7.00 7.00 7.60 8.00 7.52 7.71 7.75 8.46 8.72 8.30 8.47 8.53 9.14 9.49 578 549 525 526 694 87 84 83 96 98 157 120 110 81r 39 1 2 3 4 Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection. Federal Reserve series of implied free-market yield on Aaa-rated utility bond with 5-year call protection, released from price restrictions sometime during the last four weeks. Estimated by F.R. on the basis of available data. 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. 3. H I G H G R A D E B O N D Y I E L D S N e w issue Aaa utility 1 Date 1976-High Low 1977-High Low 1978-High Low 1979-High Low 1980-High Low 1979-Jan. Recently offered Aaa u t i l i t y 2 Moody's seasoned corporate A a a 3 U.S. govt. 20-year c o n s t a n t maturity4 Bond Buyer G.O. b o n d index5 8.95(5/28) 9.10(1/2) 7.93(12/10] 7.84(12/31) 8.66(5/28) 8.17(5/28) 7 . 9 1 ( 1 2 / 3 1 )i 7 . 2 3 ( 1 2 / 3 1 ) 7.29(1/2) 5.83(12/30) 8.36(12/16) 8.48(12/30) 7.90(1/7) 7.95(1/7) 8 . 2 8 ( 1 2 / 3 0 )' 7 . 9 9 ( 1 2 / 3 0 ) 7.88(1/7) 7.26(1/7) 5.93(2/4) 5.45(11/17) 9.30(11/10) 9.54(12/22) 8.61(3/24) 8.48(1/6) 9.27(12/29) 9.00(12/22) 8.30(1/6) 8.01(1/6) 6.67(12/22) 5.58(3/17) Bond Buyer Rev. bond index6 — — 11.51(11/2) 11.45(11/9) 9.40(8/17) 9.39(6/29) 10.87(12/28) 10.56(11/9) 9.16(7/6) 8.79(7/6) 7.38(10.26) 6.08(7/6) 8.24(11/23) 7.23(9/21) 14.25(2/29) 14.11(2/22) 11.51(1/11) 11.44(1/4) 12.92(2/29) 12.89(2/29) 10.88(1/4) 10.30(1/4) 8.72(2/29) 7.28(1/18) 9.49(2/29) 8.15(1/18) Mar. 9.54 9.53 9.62 9.51 9.56 9.62 9.25 9.26 9.37 8.98 9.03 9.08 6.47 6.31 6.33 Apr. May June 9.70 9.83 9.50 9.74 9.84 9.50 9.38 9.50 9.29 9.21 9.21 8.91 6.29 6.25 6.13 July Aug. 9.58 9.48 9.93 9.53 9.49 9.87 9.20 9.23 9.44 8.92 8.97 9.21 6.13 6.20 6.52 Dec. 10.97 11.42 11.25 10.91 11.36 11.32 10.13 10.76 10.74 9.99 10.37 10.18 7.08 7.30 7.22 7.80 8.11 8.08 1980-Jan. 11.73 11.77 11.09 10.65 7.35 8.21 11.51 11.61 12.08 11.44 11.54 11.69 12.11 10.88 10.91 10.99 11.22 10.30 10.35 10.52 10.86 7.32 7.30 7.28 7.33 8.18 8.21 8.15 8.20 12.96 13.27 13.92r 14.25p 12.35 12.80 13.17 14.llr 14.OOp 11.49 11.95 12.19 12.74r 12.92p 11.30 11.72 12.00 12.79r 12.89p 7.52 7.71 7.75 8.46 8.72 8.30 8.47 8.53 9.14 9.49 Feb. Sept. Oct. Nov. 1980-Jan. Feb. 4 11 18 25 1 8 15 22 29 1 2 - - - - Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection. 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 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 general obligation bonds used in this index falls midway between the five top groups as classified by Moody's Investors Service. Weekly Bond Buyer data. 6 Thursday figures. The average rating of the 25 revenue bonds used in this index falls midway between the five top groups as classified by Moody's Investors Service. Weekly Bond Buyer data. 5 4. LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS Gross proceeds, millions of dollars State and Local Corporate Period 1978 3,306 2,753 4,844 1979 2,839 2,603 4,644 4,692 4,167 6,247 3,824 5,525 4,369 3,444 3,039 4,717 4,414 3,379 4,236 4,095 4,083 4,308 3,920 6,407 2,323 3,396 4,251 2,472 3,799 3,207 4,401 4,561 3,834 4,350e 3,231 4,320 3,690 4,223 4,093 3,300e 47,264 51,678e 48,512 43,021e January February March 1978 3,326 2,770 4,569 1979 3,770 3,170 4,401 April May June 3,397 4,227 5,539 July August September October November December Year 1980 4,100e 1980 3,000e 1 Securities and Exchange Commission estimates of gross proceeds. 2 Public Securities Association estimates of principal amounts, e Estimated by Federal Reserve on the basis of available data. 5. TREASURY AND GOVERNMENT SPONSORED AGENCY BORROWING Millions of dollars Federal Government Means of financing combined deficit Net cash borrowing from the public2 Public debt securities Gov't, agency NonBills Coupons securities marketable Decreased)/ Sponsored agency increase)—) borrow! ng4 in cash operating balance Combined deficit(+) or surplus(-) 1 Total 3 CY- / -1977 CY -1978 61,410 52,870 56,762 53,683 -2,504 706 45,973 31,777 14,314 22,644 -887 -1,431 5,250 3,206 -602 -4,019 7,327 23,509 1979-Jan. Feb. Mar. 3,696 6,032 13,722 3,312 -668 8,012 539 131 3,044 2,551 1,320 2,906 414 -2,109 2,525 -208 -13 -435 -762 -1,558 -6,508 1,146 8,258 -798 1,736 2,154 2,196 Apr. - 9 , 8 3 4 4,822 May June - 1 1 , 2 3 7 -4,965 1,806 -1,458 -1,729 -654 -3,186 2,396 2,937 -18 -5,494 -312 1,853 -158 -237 -91 -4,212 -669 3,049 -657 3,685 -12,828 2,218 1,037 2,181 8,167 July Aug. 16,003 Sept, - 1 5 , 5 5 8 4,831 3,268 4,250 48 551 889 3,518 2,701 2,568 1,305 -50 176 -68 -17 -14 -619 6,155 2,582 3,955 6,580 -17,226 3,094 821 910 2,217 5,548 11,207 314 2,085 -1,216 -20 1,054 4,072 12,330 13,716 4,869 -10,333 3,196 2,546 Period Oct. Nov. Dec. 14,646 8,941 1,997 Other 1 U.S. unified budget deficit or surplus plus off-budget entities deficit or surplus. 2 Change in outstanding amount of public debt securities and government agency securities less change in holdings of those securities by government accounts. 3 Also includes changes in matured and noninterest-bearing public debt. 4 Change in outstanding amount of marketable securities issued by Federal Farm Credit Banks, Federal Home Loan Banks, Federal Home Loan Mortgage Corporation, Federal National Mortgage Association. 5 CY = Calendar Year. 6. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE Gross proceeds, millions of dollars Bonds Period Total Publicly offered Privately placed Common and preferred stocks Memo Issues included Convertible Foreign 1976 1977 1978 53,488 53,792 47,230 26,453 24,072 19,815 15,927 17,943 17,057 11,108 11,777 10,358 1,592 1,340 1,092 994 863 418 1978-QI QII QUI QIV 10,665 13,163 12,029 11,373 4,748 5,422 5,159 4,486 3,886 4,788 4,526 3,857 2,031 2,953 2,344 3,030 413 341 181 157 4 158 127 129 1979-Jan. Feb. Mar. 3,770 3,170 4,401 1,282 1,336 1,904 1,824 921 1,825 664 913 672 16 10 21 3 5 0 Apr. May June 4,692 4,167 6,247 2,984 1,999 4,171 1,129 1,576 1,185 579 592 891 23 1 8 759 350 385 July Aug. Sept. 4,095 4,083 4,308 2,247 1,973 2,167 867 886 854 981 1,224 1,287 257 90 423 153 159 228 Oct. 4,561 3,834 2,669 1,583 863 1,006 1,029 1,245 10 n.a. Nov. 50 24 7. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUER Gross proceeds, millions of dollars Period Manufacturing Public utility Communications Other issuers1 15,495 13,393 10,813 14,418 14,127 12,232 3,563 4,442 3,640 20,011 21,827 20,549 1978-QI QII QUI QIV 2,555 3,148 2,699 2,411 2,433 3,728 3,049 3,022 854 424 1,143 1,219 4,822 5,863 5,142 4,722 1979-Jan. Feb. Mar. 934 399 763 817 1,186 1,056 259 558 582 1,759 1,026 2,000 Apr. May June 572 1,293 1,193 1,410 865 1,373 261 109 409 2,450 1,899 3,272 July Aug. Sept. 1,006 1,166 1,489 772 563 1,147 94 336 501 2,222 2,079 1,172 Oct. 1,485 482 1,769 1,267 480 856 825 1,229 1976 1977 1978 Nov. 1 Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other. Source: Securities and Exchange Commission and Federal Reserve Board. 7 8. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE 1 Issuer International Tel. & T e l . Corp Ohio B e l l Tel. Co. Southern C a l i f o r n i a Edison Co. Ohio Edison Co. Duke Power Co. Montgomery Ward Credit Corp. Texas Instruments Inc. Shearson Loeb Rhoades Inc. Carolina Power & Light Co. Central I l l i n o i s Pub. Serv. Co Long Island Lighting Co. A. E. Staley Manufacturing Co. Sanders Associates I n c . Appalachian Power Co. Gulf Power Co. Taft Broadcasting Co. A l l i e d Chemical Corp. National Medical Enterprises Inc. Public Service of Colorado Public Service of Colorado P a c i f i c Tel. & T e l . Co. P a c i f i c Tel. & T e l . Co. Todd Shipyards Corp. Florida Power 6c Light Co. Global Marine I n c . Commonwealth Edison Co. * 1 Date 1980 ~2J5~ 2/5 2/5 2/5 2/6 2/8 2/11 2/12 2/13 2/13 2/14 2/14 2/20 2/20 2/21 2/22 2/22 Type Debt. Debt. Com. s t k . Com. s t k . Pfd. s t k . Notes Debt. Conv. debt Com. s t k . 1 s t . mtg. 1 s t . mtg. Com. s t k . Com. s t k . 1 s t . mtg. 1 s t . mtg. Com. s t k . Com. s t k . 2/25 Com. s t k . 2/26 Com. s t k . 2/26 1st mtg. 2/27 debt 2/27 notes 2/27 conv. debt, 2/28 1st mtg. 2/28 Com. s t k . 2/28 Com. s t k . Amount (millions of dollars) 150.0 175.0 161.9 87.8 50.0 100.0 200.0 30.0 90.0 25.0 50.0 69.0 33.4 40.0 50.0 26.0 Maturity 2005 2020 1987 2005 2005 2010 2010 1987 2010 224.5 67.4 31.6 75.0 100.0 200.0 25.0 125.0 68.9 147.0 1987 2020 1988 2000 2010 Coupon rate Offering yield Moody's/S&P's ratings TTT5T 12.63 n.a. n.a. 11.00 13.63 12.70 9.00 n.a. 13.63 14.25 n.a. n.a. 14.75 15.00 n.a. n.a. T T W "A/A Aaa/AAA n.a. n.a. 15.00 15.50 15.13 10.50 15.25 n.a. n.a. 12.70 n.a. n.a. 11.00 13.63 12.70 9.00 n.a. 13.63 14.25 n.a. n.a. 14.75 15.00 n.a. n.a. n.a. n.a. 15.00 15.55 15.13 10.50 15.25 n.a. n.a. Rights offering. Includes only corporate and other security offerings of $25 million and over; excludes options, exchanges, and secondary offerings. A/-- A/A Aa/AA --/BB Aa/AA A/ABaa/BBBA/A+ A/A A/A A/A B/B A/A+ 9. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL 1 Issuer Chicago, IL Chicago, IL Pima Co. I n d u s t . D e v e l . A u t h . , AZ Pima Co. I n d u s t . D e v e l . A u t h . , AZ Pima Co. I n d u s t . D e v e l . A u t h . , AZ Corpus C h r i s t i Hsg. F i n . Corp. TX Corpus C h r i s t i Hsg. F i n . Corp. TX Corpus C h r i s t i Hsg. F i n . Corp. TX Corpus C h r i s t i Hsg. F i n . Corp. TX Los Angeles Dept. of Water & Power, CA Los Angeles Dept. of Water & Power, CA G a i n e s v i l l e , FL G a i n e s v i l l e , FL G a i n e s v i l l e , FL San Diego, CA San D i e g o , CA San Diego, CA San D i e g o , CA Massachusetts Hsg. F i n . Agcy. Massachusetts Hsg. F i n . Agcy. Massachusetts Hsg. F i n . Agcy. Massachusetts Hsg. F i n . Agcy. New York S t a t e Mtg. Agcy. New York S t a t e Mtg. Agcy. New York S t a t e Mtg. Agcy. New York S t a t e Mtg. Agcy. Colorado Hsg. F i n . Agcy. Colorado Hsg. F i n . Agcy. Delaware, S t a t e of Houston Ind. Sch. D i s t . , TX Connecticut H l t h . & Educ. Fac. Auth. Connecticut H l t h . & Educ. Fac. Auth. Connecticut H l t h . & Educ. Fac. Auth. West V i r g i n i a , S t a t e of Ohio, S t a t e of New York, S t a t e of Duval Co. Hsg. F i n . A u t h . , FL Duval Co. Hsg. F i n . A u t h . , FL Duval Co. Hsg. F i n . A u t h . , FL Duval Co. Hsg. F i n . A u t h . , FL Net interest cost Date Type 2 1980 2/1 2/1 Amount (millions of$) G.O. G.O. 44.8 63.9 1981 1981 n.a. n.a. 7.85 8.00 2/4 Rev. 13.5 1982-1998 n.a. 6.50-8.25 Aa/AA 2/4 Rev. 4.0 2011 n.a. 8.25 Aa/AA 2/4 Rev. 22.5 2012 n.a. 8.63 Aa/AA 2/6 Rev. 15.3 8.43 6.30-8.00 Aa/AA 2/6 Rev. 7.5 2003 8.43 8.25 Aa/AA 2/6 Rev. 20.9 2011 8.43 8.60 Aa/AA 2/6 Rev. 6.3 2012 8.43 8.60 Aa/AA 2/6 Rev. 25.0 1986-2000 2/6 2/7 2/7 2/7 2/12 2/12 2/12 2/12 2/12 2/12 2/12 2/12 2/13 2/13 2/13 2/13 2/14 2/14 2/14 2/14 Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. G.O. 50.0 15.6 12.2 37.2 3.5 3.8 16.8 4.9 8.8 5.1 48.1 14.2 30.9 17.7 17.0 59.4 67.4 32.6 35.0 40.0 2020 1990-2000 2005 2014 1984-1993 1999 2011 2013 1983-1995 1999 2017 2023 1981-1991 1995 1998 2009 1981-2001 2011 1981-2000 1981-1995 7.96^ / 6 . 5 0 - 7 . 5 0 O/ 7.96= y 8 . 0 0 8.09% , 7 . 0 0 - 7 . 7 0 8.09^ , 8.00 8.09-2 ' 8 . 1 7 n.a. 7.10-8.10 n.a. n.a. 8.88 n.a. 8.89 8.96 6.80-8.50 8.96 9.00 8.96 9.25 8.96 9.24 9.15 6.75-8.30 9.15 8.82 9.15 9.03 9.15 9.25 n.a. 6.50-8.60 n.a. 8.35 7.35 6 . 5 0 - 7 . 7 0 6.86 6.30-7.00 2/20 Rev. 9.3 1985-2000 8.72 7.00-8.50 Aaa/AAA 2/20 Rev. 6.6 2005 8.72 8.63 Aaa/AAA 2/20 2/20 2/20 2/21 2/22 2/22 2/22 2/22 Rev. G.O. G.O. G.O. Rev. Rev. Rev. Rev. 10.1 50.0 35.0 100.6 19.8 10.4 56.8 13.0 8.72 7.98 7.31 8.78 n.a. n. a. n.a. n. a. 8.78 7.00-8.20 6.90-7.00 7.40-9.25 7.50-8.60 9.00 9.50 9.50 Aaa/AAA A-1/AA+ Aa/AAA A/AAAa/AA Aa/AA Aa/AA Aa/AA Maturity 1981-1999 2010 1981-2005 1982-1988 1981-2010 1980-1995 1999 2010 2011 — — 1 Includes only state and local security offerings of $25 million and over; excludes secondary offerings. 2 For state and local government securities, G.O. denotes general obligation; Rev. denotes revenue obligations. 3 Canadian interest cost. Offering yield Moody's/S&P's ratings MIG-2/— MIG-2/— Aa/AA Aa/AA A-l/AA A-l/AA A-1/ A 1 -1 / \ +• A- i i M A-l/A-iA-1/A+ A-l/A+ A-1/A+ A-1/A+ A-1/A+ A-1/A+ A-1/A+ A-1/A+ A-1/A+ Aa/AAAa/AAA/AA- Aaa/AAA 9. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL1 Issuer * # Pennsylvania, S t a t e of V i r g i n i a Hsg. Devel. Auth. Nebraska Mtge. F i n . Fund Nebraska Mtge. F i n . Fund Nebraska Mtge. F i n . Fund Nebraska Mtge. Fin. Fund Date 1980 2/27 2/28 2/28 2/28 2/28 2/28 Type 2 G.O. Rev. Rev. Rev. Rev. Rev. Amount (millions of $) 83.0 72.5 36.1 10.8 83.6 19.5 Maturity 1980-1999 1983 1981-1999 2011 2011 2012 Net interest cost 9.16 9.33 n.a. n.a. n.a. n.a. # . # e # e e e 1 2 3 Includes only state and local security offerings of $25 million and over; excludes secondary offerings. For state and local government securities, G.O. denotes general obligation; Rev. denotes revenue obligations. Canadian interest cost. (con't.) Offering yield 7.50-9.30 9.00 7.50-9.40 9.50 9.88 9.88 Moody's/S&P's ratings A/A+ MTG-1/— Aa/AA Aa/AA Aa/AA Aa/AA 10 10. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: U.S. TREASURY Notes and Bonds Offering date Maturity date Coupon Auction average rate (percent) (percent) 2/15/95 1/31/82 10-1/2 11-1/2 Amount (millions of dollars) Gross proceeds Payment date Length Jan. 3 23 1/10 1/31 15-yr 1-mo 2-yr Feb. 5 6 7 20 26 2/15 2/15 2/28 2/28 3/3 3-1/2-yr 8 / 1 5 / 8 3 1 1 - 7 / 8 11.98) 12.02 9,031 5 / 1 5 / 8 7 12 7-1/4-yr 30-yr 2/15/05-10 1 1 - 3 / 4 1 1 . 8 4 2/28/82 1 3 - 7 / 8 13.98 4 , 4 0 4 2-yr 5yr2-l/2mo 5 / 1 5 / 8 5 1 4 - 3 / 8 14.39 2 , 5 0 0 Total Privatel Net proceeds Total Private 1 .2 Memo: Foreign add-ons 3 1980 1 2 3 10.60 11.52 1,501 4,278 1,501 3,845 1,501 403 1,501 403 7,253 2,079 2,609 4,005 2,500 584 2,500 584 2,500 Excludes amounts sold to Government investment accounts and the Federal Reserve. Also excludes add-ons to foreign accounts. May be larger than the total if the Government accounts and/or the Federal Reserve do not fully roll-over their maturing holdings. Additional amounts of securities issued to foreign and international monetary authorities at the average auction price for new cash. 0 0 0 0 11. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: GOVERNMENT SPONSORED AGENCIES Issuer e Maturity date Yield (percent) Amount (millions of dollars) Gross proceeds Maturing issues Net proceeds 1979 FHLB 8/15 8/15 8/27 8/27 2 - y r . 9-mo 4 - y r . 6-mo 5/25/82 2/27/84 9.15 9.05 900 900 1,400 400 FNMA 8/30 9/10 3 - y r . 6-mo 3/10/83 9.50 700 1,000 -300 FFCB 9/19 10/1 4 - y r . 9-mo 6/4/84 9.70 749 201 548 FNMA 9/26 10/10 3-yr.ll-mo 9/10/84 9.75 700 400 300 FFCB 10/11 10/23 10/11 10/23 10/11 10/23 3 - y r . 6-mo 7-yr. 10-yr. 4/20/83 10/20/86 10/23/89 10.90 10.75 10.60 542 630 414 1,069 517 FHLB 10/18 10/25 10/18 10/25 2-yr.10-mo 4 - y r . 7-mo 8/25/82 5/25/84 11.25 11.00 750 550 0 1,300 FNMA 11/8 11/13 4-yr.ll-mo 10/10/84 11.70 500 0 500 FHLB 11/15 11/15 11/15 11/26 11/26 11/26 1 - y r . 9-mo 3 - y r . 6-mo 7-yr. 8/25/81 5/25/83 11/26/86 12.30 11.60 11.30 1,000 1,000 600 1,700 900 FHLMC 11/15 12/3 2 9 - y r . 9-mo 9/15/09 12.48 150 0 150 FNMA 12/5 12/10 3 - y r . 6-mo 7/11/83 10.85 1,000 1,000 0 FFCB 12/19 1 / 2 / 8 0 5-yr. 12/3/84 10.65 433 531 -98 10/20/82 1/21/85 1/22/90 10.95 10.90 10.95 755 818 438 900 1,111 2/11/85 11.70 500 300 200 10/26/81 8/25/83 12.85 12.25 900 600 1,850 -350 # • 1980 1980 1/16 1/16 1/16 1/21 1/21 1/21 FNMA 1/31 2/11 5-yr. FHLB 2/15 2/15 2/25 2/25 1 - y r . 8-mo 3 - y r . 6-mo FFCB • Length 1979 e e Offering Payment date date - 2-yr.10-mo 5-yr. 10-yr. e # # FFCB — Federal FHLB — Federal FHLMC — Federal FNMA — Federal Farm Credit Banks Home Loan Banks Home Loan Mortgage Corporation National Mortgage Association 12 As of February 29, 1980 12. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE 1 Issuer Arizona Public S e r v i c e Co. Texas U t i l i t i e s Go. Gulf S t a t e s U t i l i t i e s Go. Public S e r v i c e of Indiana *Larchmar Montana Power Co. ^ I l l i n o i s Power Co. Duke Power Co. Texas E l e c t r i c S e r v i c e Co. ^Southern P a c i f i c Ry. Co. Kansas City Power & Light Co. General T e l . Co. of the Southwest Southern New England T e l . Co. Utah Power & Light Co. Iowa Power & Light Co. San Diego Gas & E l e c t r i c Co. San Diego Gas & E l e c t r i c Co. AVX Corp. Pennsylvania Power & Light Co. Kansas Gas & E l e c . Co. *Pandhandle Eastern P i p e l i n e Sunshine Mining Co. *Crown Zellerbach Corp. *Tom Brown I n c . *E-Systerns I n c . ^ I l l i n o i s Power Co. P a c i f i c Telephone & Telegraph Co. Reliance Group I n c . J . Ray McDermott Thermo E l e c t i o n Corp. Air F l o r i d a Systems I n c . Storer Broadcasting Co. Milton Bradley Co. Weatherford I n t e r n a t i o n a l I n c . Eastern Gas & Fuel Assoc. Color T i l e I n c . Alaska I n t e r s t a t e Co. Geosource I n c . *Houston Oil & Minerals Corp. *Teachers Serv. Organization I n c . *Rowan Cos. *Citicorp** *Southem C a l i f . Edison Co. *Cheaspeake & Potomac T e l . Co. Type Amount (millions of dollars) Approximate date of offering Com. s t k . Com. s t k . 1 s t mtg. 1 s t mtg. Govt. g t d . Com. s t k . Com. s t k . 1 s t mtg. 1 s t mtg. Equip, t r . Com. s t k . debt • debt. 1 s t mtg. 1 s t mtg. 1 s t mtg. Com. s t k . Com. s t k . 1 s t mtg. 1 s t mtg. debt. debt. Conv. p f d . Com. s t k . Com. s t k . Pfd. s t k . Com. s t k . Com. s t k . Com. s t k . Com. s t k . Conv.pfd. Com. s t k . Com. s t k . Com. s t k . Com. s t k . Com. s t k . Com. s t k . Com. s t k . notes notes conv. debt. notes debt* debt* 66.0 85.0 100.0 100.0 47.5 31.9 49.9 150.0 75.0 26.5 42.0 40.0 150.0 60.0 30.0 65.0 28.0 43.5 125.0 30.0 100.0 100.0 100.0 28.3 25.2 36.0 128.8 127.5 128.0 50.0 25.0 58.8 28.5 25.0 34.7 44.5 57.9 41.7 60.0 80.0 75.0 250.0 200.0 75.0 Mar. 3 Mar. 4 Mar. 4 Mar. 4 Mar. 5 Mar. 5 Mar. 6 Mar. 10 Mar. 11 Mar. 11 Mar. 12 Mar. 13 Mar. 18 Mar. 19 Mar. 19 Mar. 20 Mar. 20 Mar. 24 Mar. 25 Mar. 26 Mar. 26 Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. M&r. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Apr. 'I Apr. 8 debt. 200.0 Mar. 5 50.0 Mar. 13 OTHER Export Development Corp. POSTPONED South Carolina E l e c . & Gas Co. 1 s t mtg. * Included in table for first time. 1 Includes only corporate and other security issues of $25 million and over; excludes exchanges, options, and secondary offerings ** f l o a t i n g r a t e n o t e s . As of February 29, 1980 13 13. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL Issuer *Polk Co. Hag. F i n . Auth., FL •Lancaster Redev. Agcy., GA I l l i n o i s Educ. Fac. Auth. Boston, MA S a l t River Agr. Improv. & Power D i s t . , AZ Oregon, State of ^Chicago Park D i s t . , IL C a l i f o r n i a , S t a t e of West V i r g i n i a Hsg. D e v e l . Fund Massachusetts Home Mtg. F i n . Agcy. Cowley Co., KS Denver, CO San Antonio, IX Ohio, State of South Carolina Pub. Serv. Auth. Michigan Pub, Power Agcy. POSTPONED King Co., WA Santa Clara Water D i s t . , CA MLdland, ME C a l i f o r n i a Hsg. F i n . Agcy. (BANs) Michigan Pub. Power Agcy. * 1 Type Approximate date of offering Rev. Rev. Rev. G.O. Rev. G.O. G.O. Rev. Rev. Rev. Rev. G.O. Rev. G.O. Rev. Rev. 35.0 39.0 35.0 25.0 150.0 300.0 50.0 200.0 100.0 75.0 30.0 44.0 75.0 65.0 105.0 45.0 Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. 4 4 4 6 6 11 11 11 13 14 17 18 20 25 27 G.O. Rev. Rev. Rev. Rev. 30.0 31.0 26.0 35.0 45.0 Feb. Feb. Feb. Feb. Feb. 25 26 26 27 I nctuded in table for first time. Includes state and local government issues of $25 million and over; excludes secondary offerings. Amount (millions of dollars) 1 14. STOCK PRICES1 Date 1977-High Low NYSE Index3 57.69 ( 1 / 2 ) 4 9 . 7 8 (11/2) DJ Industrials 999.75 ( 1 / 3 ) 800.85 ( 1 1 / 2 ) AMEX4 127.89 (12/30) 109.61 ( 1 / 1 2 ) NASDAQ5 105.05 (12/30) 93.66 ( 4 / 5 ) 1978-High Low 60.38 (9/12) 48.37 ( 3 / 6 ) 907.74 ( 9 / 8 ) 742.12 ( 2 / 2 8 ) 176.87 ( 9 / 1 5 ) 119.73 ( 1 / 1 1 ) 139.25 (9/13) 99.09 (1/11) 1979-High Low 63.39 ( 1 0 / 5 ) 53.88 (2/27) 897.61 ( 1 0 / 5 ) 796.67 ( 1 1 / 8 ) 247.07 ( 1 2 / 3 1 ) 152.03 ( 1 / 2 ) 152.29 ( 1 0 / 5 ) 117.84 ( 1 / 2 ) 1980-High Low 67.77 ( 2 / 1 3 ) 60.34 ( 1 / 3 ) 903.84 ( 2 / 1 2 ) 820.31 ( 1 / 3 ) 303.48 ( 2 / 2 9 ) 239.66 ( 1 / 3 ) 165,25 ( 2 / 8 ) 145.97 ( 1 / 3 ) 1980-Jan. Feb. 4 • 11 18 25 61.17 63.33 63.94 65.27 828.84 858.53 867.15 876.11 243.55 255.76 264.46 266.79 148.02 153.87 156.14 159.70 1 8 15 22 29 66.08 67.57 66.14 55.80 64.95 881.48 895.73 884.98 868.77 863.14 277.57 288.79 281.35 296.59 303.14 162.30 165.25 162.56 160.08 158.03 15. TRADING VOLUME 2 Date 1977-High Low NYSE 3 5 . 3 (11/11) 10.6 ( 1 0 / 1 0 ) AMEX 4.2 (1/12) 1.4 (9/22) NASDAQ 11.2 (11/10) 5.1 (5/27) 1978-High Low 66.4 (8/3) 7.6 (1/20) 11.0 (10/30) 1.3 (1/20) 18.8 (5/18) 2.8 (1/20) 1979-High Low 8 1 . 6 (10/10) 18.0 (1/2) 13.2 ( 1 0 / 1 0 ) 2.2 (1/22) 2 5 . 8 (12/17) 7.2 (1/2) 1980-High Low 67.7 ( 1 / 1 6 ) 39.1 (1/4) 15.0 (1/15) 5.2 (2/26) 36.1 (2/8) 19.2 (2/26) 1980-Jan. 4 11 18 25 40.4 54.4 54.9 51.1 Feb. 1 8 15 22 29 54.6 50.5 53.8 45.9r 41.5 7.3 7.7 12.7 9.1 8.6 8.1 7.3 6.7r 5.7 1 Figures other than highs and lows are Friday figures only. 2 Volume figures are weekly averages of daily figures (millions of shares). Highs and lows refer to single days. 3 12/31/65-50 4 8/31/73-100 5 2/5/71 - 100 24.9 25.8 32.0 29.8 31.5 33.4 30.6 22.8 21.0 # As of February 29, 1980 13. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE-AND LONG-TERM SECURITIES: STATE AND LOCAL 1 Issuer *Polk Go. Hag. F i n . Auth., FL *Lancaster Redev. Agcy., CA I l l i n o i s Educ. Fac. Auth. Boston, MA S a l t River Agr. Improv. & Power D i s t . , AZ Oregon, State of *Chicago Park D i s t . , IL C a l i f o r n i a , S t a t e of West V i r g i n i a Hsg. D e v e l . Fund Massachusetts Home Mtg. F i n . Agcy. Gowley Co., KS Denver, CO San Antonio, TX Ohio, S t a t e of South Carolina Pub. Serv. Auth. Michigan Pub, Power Agcy. POSTPONED King Co., WA Santa Clara Water D i s t . , CA Midland, MI C a l i f o r n i a Hsg. F i n . Agcy. (BANs) Michigan Pub. Power Agcy. * 1 Type Approximate date of offering Rev. Rev. Rev. G.O. Rev. G.O. G.O. Rev. Rev. Rev. Rev. G.O. Rev. G.O. Rev. Rev. 35.0 39.0 35.0 25.0 150.0 300.0 50.0 200.0 100.0 75.0 30.0 44.0 75.0 65.0 105.0 45.0 Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. 4 4 4 6 6 11 11 11 13 14 17 18 20 25 27 G.O. Rev. Rev. Rev. Rev. 30.0 31.0 26.0 35.0 45.0 Feb. Feb. Feb. Feb. Feb. 25 26 26 27 Included in table for first time. Includes state and local government issues of $25 million and over; excludes secondary offerings. Amount (millions of dollars) 14 14. STOCK PRICES 1 1977-High Low 1978-High Low 1979-High Low 1980-High Low NASDAQ5 NYSE Index3 DJ Industrials AMEX4 57.69 ( 1 / 2 ) 4 9 . 78 (11/2) 999.75 ( 1 / 3 ) 800 85 (11/2) 127.89 (12/30) 109.61 ( 1 / 1 2 ) 105.05 (12/30) 93.66 (4/5) 60.38 (9/12) 48.37 ( 3 / 6 ) 907 .74 ( 9 / 8 ) 742 12 (2/28) 176.87 ( 9 / 1 5 ) 119.73 ( 1 / 1 1 ) 139.25 (9/13) 99.09 (1/11) 63,39 ( 1 0 / 5 ) 53.88 (2/27) 897.61 (10/5) 796 .67 (11/8) 247.07 (12/31) 152.03 ( 1 / 2 ) 152.29 (10/5) 117.84 ( 1 / 2 ) 67.77 ( 2 / 1 3 ) 60.34 ( 1 / 3 ) 903.84 ( 2 / 1 2 ) 820 .31 ( 1 / 3 ) 303.48 ( 2 / 2 9 ) 239.66 ( 1 / 3 ) 165,25 ( 2 / 8 ) 145.97 ( 1 / 3 ) Date 1980-Jan. 4 11 18 25 61.17 63.33 63.94 65.27 828.84 858.53 867.15 876.11 243.55 255.76 264.46 266.79 148.02 153.87 156.14 159.70 Feb. 1 8 15 22 29 66.08 67.57 66.14 55.80 64.95 881.48 895.73 884.98 868.77 863.14 277.57 288.79 281.35 296.59 303.14 162.30 165.25 162.56 160.08 158.03 15. T R A D I N G V O L l JME2 NYSE Date 1977-High Low 1978-High Low 1979-High Low 1980-High Low 11.2 (11/10) 5.1 (5/27) 66.4 ( 8 / 3 ) 7.6 (1/20) 11.0 (10/30) 1.3 (1/20) 18.8 ( 5 / 1 8 ) 2.8 (1/20) 81.6 (10/10) 18.0 ( 1 / 2 ) 13.2 (10/10) 2.2 (1/22) 2 5 . 8 (12/17) 7.2 (1/2) 67.7 (1/16) 39.1 (1/4) 15.0 ( 1 / 1 5 ) 5.2 (2/26) 36.1 (2/8) 19.2 ( 2 / 2 6 ) 4 11 18 25 40.4 54.4 54.9 51.1 Feb. 1 8 15 22 29 54.6 50.5 53.8 45.9r 41.5 7. 3 7..7 12. 7 9.1 8. 6 8.1 7..3 6., 7r 5,.7 Figures other than highs and lows are Friday figures only. Volume figures are weekly averages of daily figures (millions of shares). Highs and lows refer to single days. 12/31/65 = 50 8/31/73 = 100 2/5/71 = 100 NASDAQ 4.2 (1/12) 1.4 (9/22) 1980-Jan. 1 2 3 4 5 AMEX 3 5 . 3 (11/11) 10.6 (10/10) 24.9 25.8 32.0 29.8 31.5 33.4 30.6 22.8 21.0 16. SECURITY CREDIT? Outstanding, dollar amounts in millions End of period 1976 Number of margin accounts (thousands) Percent of debt in accounts with 40 percent or more customer equity 810 88 1977 9,740 250 887 81 1978 10,830 205 955 67 9,590 9,780 9,920 246 242 246 890 890 900 75 75 79 Apr. MayJune 10,260 10,660 11,090 248 245 242 915 930 945 85 85 84 July Aug. Sept. 11,190 11,740 12,400 247 243 225 955 965 990 87 88 85 Oct. Nov. Dec. 12,090 11,000 10,830 216 209 205 960 955 955 53 68 67 1979 - Jan. Feb. Mar. 10,750 10,790 10,870 199 195 181 950 950 965 79 71 79 Apr. May June 11,220 11,130 11,590 194 183 172 960 970 975 77 78 79 July Aug. Sept. 11,840 12,060 12,000 178 176 177 960 975 985 81 86 84 Oct. Nov. Dec. 11,310 10,920 11,450 173 159 164 985 980 995 73 83 84 1980 - Jan. 11,820 193 1,000 87 1978 — Jan. Feb. Mar. 1 Margin credit extended by brokers on: Marginable Convertible stock bonds 7,960 204 Margin account debt as reported by the New York Stock Exchange. 16 17. SAVINGS FLOWS AT SELECTED NONBANK THRIFT INSTITUTIONS Millions of dollars Mutual Savings Banks (regular deposits) 1 Date Net flow Savings and Loan Associations Net flow Annual growth rate 3 N.S.A. 11.5 50,169 8.8 Memo: Net New Money2 Total Annual growth rate 3 Net flow (sea. adj.) Annual growth rate 3 At insured S&L's At MSB's - - 17.4 62,409 15.7 34,369 5,283 50,888 - - 15.1 61,583 13.4 32,004 2,874 6.4 44,153 - - 11.4 52,794 10.1 23,460 -591 850 489 533 7.7 4.4 4.8 2,665 2,293 7,143 2,645 2,731 3,112 8.2 8.4 9.5 3,495 3,220 3,645 8.0 7.4 8.3 2,877 2,073 2,592 -59 170 338 -209 436 1,304 494 559 723 4.4 5.0 6.4 557 2,376 6,648 2,334 3,092 4,654 7.1 9.3 13.9 2,828 3,651 5,377 6.4 8.2 12.0 401 2,145 1,744 -553 97 -90 July Aug. Sept. 341 260 1,378 668 1,054 1,116 5.9 9.2 9.7 3,070 2,310 6,425 3,828 4,575 5,763 11.3 13.4 16.7 4,496 5,629 6,879 9.9 12.3 14.9 2,812 2,069 1,606 38 -75 -41 Oct. Nov. Dec. 510 275 1,317 1,096 353 537 9.4 3.0 4.6 2,641 2,155 5,795 3,490 4,393 3,705 10.0 12.4 10.4 4,586 4,746 4,242 9.9 10.1 8.9 2,534 1,897 710 48 -59 -405 1979-Jan. Feb. Mar. 218 683 1,971 404 712 728 3.4 6.0 6.1 4,735 2,876 8,334 4,573 3,411 3,820 12.7 9.4 10.4 4,977 4,123 4,548 10.4 8.6 9.4 4,377 2,580 3,146 -118 342 463 Apr. May June -832 61 890 -74 190 273 -0.6 1.6 2.3 -1,147 2,037 6,854 893 2,791 4,726 2.4 7.5 12.7 819 2,981 4,999 1.7 6.1 10.2 -1,490 1,627 1,469 -1,192 -341 -649 July Aug. Sept. -318 -112 517 12 707 244 0.1 5.9 2.0 2,015 1,199 4,770 2,820 3,618 4,037 7.5 9.5 10.6 2,832 4,325 4,281 5.7 8.7 8.5 1,455 717 -198 -714 -504 -1,000 Oct. Nov. -985 -199 800 -381 -113 23 -3.2 -1.0 0.2 1,863 1,157 4,492 2,795 3,652 2,199 7.2 9.4 5.6 2,414 3,539 2,222 4.8 7.0 4.3 1,314 732 -734 -1,420 -765 -950 M.S. A Sea. adj. 1976 12,670 — 1977 10,783 1978 8,426 - - 1978-Jan. Feb. Mar. 626 476 1,712 Apr. May June Dec.p 1 Sea. adj. 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 percent of industry total resources. 3 Annual growth rate for monthly data is the annualized monthly percentage increase in deposits. Source: National Association of Mutual Savings Banks and Federal Home Loan Bank Board. 18. MORTGAGE COMMITMENTS OUTSTANDING AT SELECTED INSTITUTIONS Billions of dollars, seasonally adjusted Federal and Related Agencies Thrift Institutions End of Period Total All savings and loan associations Mutual savings banks (N.Y. state) Total FNMA GNMA FHLMC 1976 27.3 24.6 2.7 8.1 3.8 3.8 0.5 1977 39.2 34.7 4.5 11.3 5.4 4.5 1.4 1978 38.3 33.4 4.9 17.4 10.6 4.9 1.9 1978-Jan. Feb. Mar. 37.7 37.4 37.0 33.3 33.1 32.7 4.4 4.3 4 3 12.3 13.5 13.9 6.5 7.3 7.5 4.5 4.8 5.0 1.3 1.4 1.4 Apr. May June 36.7 36.5 36.5 32.4 32.2 31.9 4.3 4.3 4.6 14.0 14.9 14.6 8.0 9.0 8.7 4.8 4.6 4.4 1.2 1.3 1.5 July Aug. Sept. 36.5 36.7 36.7 31.9 32.1 32.3 4.6 4.6 4.4 15.2 15.0 15.9 9.0 8.8 9.4 4.5 4.3 4.5 1.7 1.9 2.0 Oct. Dec. 38.2 38.2 37.6 33.4 33.3 32.7 4.8 4.9 4.9 17.2 17.3 17.3 10.7 10.9 10.6 4.6 4.7 4.8 1.9 1.7 1.9 1979-Jan. Feb. Mar. 37.1 36.6 36.1 32.2 31.8 31.5 4.9 4.8 4.6 15.7 14.3 13.2 9.2 7.8 6.7 4.8 4.9 5.0 1.7 1.6 1.5 Apr. May June 36.1 35.8 35.6 31.7 31.7 31.5 4.4 4.1 4.1 12.6 11.9 11.3 6.3 6.0 5.4 4.9 4.7 4.7 1.4 1.2 1.2 July Aug. Sept. 35.7 35.9 36.7 31.7 32.0 32.7 4.0 3.9 4.0 11.2 10.9 11.9 5.2 5.3 6.6 4.7 4.3 4.0 1.3 1.3 1.3 Oct. Dec. 36.0 33.1 31,6 32.3 29.5 2aa 3.7 3.6 3.5 14.4 13.8 13.3 8.4 8.0 7.4 4.6 4.7 4.8 1.4 1.1 1.1 1980-Jan. 30,6 27.3 3.3 n.a. 6,4 4.7 n.a. Nov. Nov. Based on data from Federal Home Loan Bank Board, Savings Banks Association of New York State, and federal and related agencies, seasonally adjusted by Federal Reserve. Both thrift institutions series include a minor amount of non-residential commitments; S&L commitments also include loans in process. Subtotals may not add to total because of rounding. 18 19. NET NEW MONEY BORROWINGS BY MAJOR HOUSING CREDIT AGENCIES Millions of dollars Period Total including short-term discount notes Intermediate- and long-term issues Total FHLB FHLMC FNMA FNMA and FHLB short-term discount notes 1976 -1,750 -1,131 -2,031 0 900 -619 1977 2,732 1,444 496 -4 952 1,288 1978 19,030 13,578 6,302 576 6,700 5,452 $-Jan. Feb. Mar. 563 1,731 912 82 1,399 -1 0 1,399 -1 82 0 0 0 0 0 481 332 913 Apr. May June 701 3,338 1,504 470 1,496 1,300 -1 1,498 0 -129 -2 300 600 0 1,000 231 1,842 204 July Aug. Sept. 1,626 1,550 1,627 1,900 1,000 1,076 700 1,000 0 0 0 126 1,200 0 950 -274 550 551 Oct. Nov. Dec. 1,799 1,429 2,250 1,695 1,113 2,048 -5 1,114 598 0 -1 200 1,700 0 1,250 104 316 202 )-Jan. Feb. Mar. 967 1,457 912 0 1,033 1,372 0 834 0 0 199 -128 0 0 1,500 967 424 -460 Apr. May June 1,027 304 1,363 997 215 1,299 0 222 0 -3 -7 199 1,000 0 1,100 30 89 64 July Aug. Sept. 1,625 360 398 1,916 613 -154 700 415 0 216 198 146 1,000 0 -300 -291 -253 552 Oct. Nov•~/ Dec.- 2,297 1,791 1,486 1,599 1,453 186 1,300 953 0 -1 0 186 300 500 0 698 338 1,300 Based on data from Treasury Survey of Ownership. 20. NET CHANGE IN MORTGAGE HOLDINGS AT SELECTED INSTITUTIONS Millions of dollars, seasonally adjusted Period Total Total Major private financial institutions Commercial Life insur. MSB's S&L's companies banks FNMA and GNMA FHLMC Mortgage pools GNMA- FHLMCguaranteed guaranteed 1976 75,733 65,184 13,800 4,074 44,896 2,414 -2,120 -178 12,314 1,073 1977 114,298 96,137 26,200 6,595 58,158 5,184 890 -993 14,325 3,939 1978 126,615 103,399 35,400 6,378 52,219 9,402 8,696 -212 9,451 5,281 — 84 17 239 911 -459 932 364 326 73 1978-Jan. Feb. Mar. 10,392 8,687 10,314 8,851 8,316 8,565 3,073 2,567 2,691 587 554 625 4,699 4,717 4,691 492 478 558 350 487 505 Apr. May June 9,319 11,469 10,701 7,896 8,602 8,797 2,370 3,009 3,246 520 583 468 4,395 4,281 4,332 611 729 751 660 1,420 870 - 88 -198 -731 468 1,103 786 383 542 979 July Aug. Sept. 10,352 11,183 10,366 8,308 9,094 8,404 3,349 3,274 3,074 594 544 498 3,695 4,239 4,134 670 1,037 698 538 915 808 -300 516 18 808 843 761 998 -815 375 Oct. Nov. Dec. 11,375 11,617 10,629 8,682 9,175 8,540 2,974 3,014 2,733 456 626 263 4,447 4,649 3,877 805 886 1,667 898 604 654 268 178 - 49 1,017 1,235 994 510 425 490 1979-Jan. Feb. Mar. 10,315 10,153 10,272 7,917 7,722 7,237 2,694 2,489 2,413 575 486 395 4,015 3,804 3,359 633 943 1,070 820 846 1,125 231 74 338 1,205 1,083 1,266 142 428 36 Apr. May June 9,633r 11,168 10,677r 7,370r 8,253 8,284r 2,477 2,304 2,742 185r 356 348 r 3,832 4,616 4,204 876 977 990 466 1,016 610 — 60 - 45 - 84 1,540 1,469 1,610 317 475 257 July Aug. Sept. 9,918r 10,639r 10,852r 8,193r 7,458r 8,039r 2,805 2,649 3,062 410r 299r 277r 3,804 3,501 3,542 1,174 1,009 1,158 -220 515 191 79 156 162 1,597 2,129 2,152 269 381 308 Oct. Nov. Dec. 12,186 10,329 n.a. 8,684 7,156 n.a. 2,931 2,665 2,574 237 334 -2 3,886 2,983 1,455 1,630 1,174 n.a. 820 890 830 -114 286 -49 2,344 1,970 2,949 452 27 325 n.a. n.a. 2,136 n.a. 2,031 n.a. n.a. n,a. n.a. n.a. 1980-Jan. Monthly data for commercial banks based on Federal Reserve estimates bench marked to Call Report data on real estate loans outstanding as available. Other data derived from mortgage debt outstanding as reported separately by National Association of Mutual Savings Banks, Federal Home Loan Bank Board, American Council of Life Insurance, the Federal National Mortgage Association, the Government National Mortgage Association, and the Federal Home Loan Mortgage Corporation. Data for mutual savings banks and 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 89 percent of the net increase estimated for all holders in 1978. 2 1 . NET C H A N G E IN M O R T G A G E D E B T O U T S T A N D I N G , BY TYPE OF P R O P E R T Y 1 Billions of dollars, seasonally adjusted annual rates Residential2 Quarter Total Total 1 - to 4family Multifamily Commercial Multifamily and commercial Farm 1976-Q1 Q2 Q3 Q4 81.7 75.5 92.7 98.1 62.9 55.4 72.7 78.0 61.5 55.6 69.0 75.4 1.4 —0.2 3.7 2.6 13.7 15.3 13.2 12.4 15.0 15.1 16.9 15.0 5.1 4.8 6.8 7.7 1977-Q1 Q2 Q3 Q4 110.7 134.9 140.2 150.2 87.5 110.3 114.3 116.8 83.3 102.0 106.1 108.2 4.2 8.3 8.2 8.6 14.6 15.2 17.5 24.6 18.8 23.5 25.6 33.2 8.6 9.4 8.4 8.8 1978-Q1 Q2 Q3 Q4 135.4 147.0 154.1 160.4 105.7 116.4 115.6 124.1 97.3 106.5 103.8 113.6 8.3 9.9 11.8 10.5 20.9 20.8 26.9 25.3 29.2 30.7 38.7 35.8 8.8 9.8 11.6 11.0 1979-Q1 Q2 Q3p 158.3 162.5 158.3 119.0 116.1 114.0 110.1 109.2 100.9 8.9 6.9 13.1 23.0 28.5 28.6 31.9 35.4 41.7 16.2 17.9 15.7 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 Residential mortgage debt includes nonfarm and is the sum of 1- to 4-family and multifamily mortgage debt. 2 2 . A V E R A G E R A T E S A N D Y I E L D S ON HOME M O R T G A G E S A N D P A S S - T H R O U G H S E C U R I T I E S Primary market Secondary market Conventional mortgages F H A / V A mortgages Period Rates o n conventional loans at S&L's 1976-High Period 9.10 8.70 1976-High 9.00 8.65 1977-High 10.38 8.98 1978-High 12.90 10.38 1979-High Low 1979-Sept. 7 14 21 28 11.20 11.30 11.35 11.35 Sept.10 17 24 Oct. 1 5 12 19 26 11.35 11.45 11.75 12.00 Oct. 2 9 16 23 30 12.80 12.85 12.80 12.80 12.90 Nov. 7 14 21 28 12.90 12.90 12.90 12.90 Dec. 10 17 26 31 4 11 18 25 12.85 12.90 12.87 12.89 Jan. 1 8 15 22 12.85 12.85 Feb. Low 1977-High Low 1978-High Low 1979-High Oct. Nov. Dec. 1980-Jan. Feb. 12.88 13.03 Low Low Low Low 9 15 22 29 5 13 20 27 Dec. 3 7 14 21 28 4 11 19 25 Yield in FNMA auction Discount points in F N M A auction 9.20 8.39 4.93 1.96 8.98 8.46 Yield o n GNMA securities Yield in FNMA auction 9 8 8.44 7.57 9.31 8.80 5.18 1.50 8-1/2 8 8.39 7.56 9.21 8.81 10.60 9.13 7.13 1.88 9-1/2 8-1/2 9.68 8.43 10.92r 9.28 13.29 10.42 12.54 4.16 11-1/2 9-1/2 11.77 9.51 11.25 7.91 11.66 7.25 10 10 10 10-1/2 10.36 10.38 10.36 10.65 12.60 12.54 13.29 10.43 10-1/2 10-1/2 10-1/2 11-1/2 11.02 11.21 11.77 11.58 12.93 8.44 12.57 6.45 -1/2 -1/2 -1/2 -1/2 11.73 11.51 11.69 11.36 11.29 -1/2 -1/2 -1/2 -1/2 11.18 11.49 11.39 11.39 12.98 -1/2 -1/2 -1/2 -1/2 11.70 11.70 12.07 12.28 13.10 11-1/2 12 12 12 12.53 12.74 13.72 13,65 12.42 5.55 12.55 6.30 12.70 7.17 13.11 9.43 13.76 12.88 15.21 17.25 Ceiling rate -1/2 13.97 10.92 11.83 11.99 12.75 13.80 13.97 13.35 12.99 13.29 13.67 14.57 Column 2 is average of contract interest rates on commitments for conventional first mortgages with 80 percent loan-to-value ratios made by a sample of insured S&Ls. Columns 4 and 8 are average gross yield to FNMA before deduction of the fee of 37% basis points paid for mortgage servicing. They reflect the average accepted bid yield for first mortgages for optional delivery within 4 months, assuming prepayment in 12 years for 30-year loans, without adjustments for FNMA commitment fees and FNMA stock retention requirements. Column 7 is a 1-day quote on average net yields to investors on GNMAguaranteed mortgage-backed securities for immediate delivery, assuming prepayment in 12 years on pools of 30-year FHA/VA mortgages carrying a coupon rate 50 basis points below the current FHA/VA ceiling rates shown in Column 6. Column 9 is the average net yield to FHLMC on accepted bids in its weekly auction of commitments to buy conventional home mortgages for immediate (within 60 days) delivery. 22 23. FNMA AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES Dollar amounts in millions Date of auction Offered 1977-High FHA/VA mortgages Accepted Average yield Offered Conventional mortgages Accepted Average yield 855.4 50.3 569.7 35.1 8.98 8.46 415.9 122.9 278.0 70.5 9.21 8.81 1,249.4 130.3 605.3 80.1 10.60 9.13 716.9 74.7 362.5 47.5 10.92 9.28 1,034.9 36.5 448.3 19.4 13.29 10.42 454.0 19.4 172.2 17.9 13.97 10.92 1979-Dec. 10 26 305.3 343.9 118.6 130.7 12.42 12.55 206.9 206.3 72.6 79.8 12.98 12.99 1980-Jan. 7 21 199.0 317.0 99.6 132.2 12.70 13.11 220.2 222.9 133.0 114.2 13.10 13.29 Feb. 4 19 525.2 644.2 240.0 323.7 13.76 15.21 161.4 250.7 73.0 74.8 13.67 14.57 Mar. 4 Low 1978-High Low 1979-High Low 24. FHLMC AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES Conventional mortgages, dollar amounts in millions Date of auction 1977-High Offered Future commitment program Accepted Average yield 132.6 49.8 9.02 8.63 262.8 66.4 131.0 35.3 9.03 8.63 359.7 71.2 191.7 53.6 10.42 9.12 247.1 69.7 84.4 18.2 10.54 9.20 298.0 38.7 150.5 17.9 13.56 10.40 166.6 38.7 37.8 13.7 13.89 10.43 4 11 18 25 91.7 82.0 81.7 75.2 59.0 50.1 43.8 34.7 12.63 12.68 12.76 12.90 1 8 15 22 66.9 57.2 72.7 64.9 43.3 37.1 50.9 40.8 13.05 13.25 13.48 14.10 1978-High Low 1979-High Low Feb. Immediate delivery program Accepted Average yield 303.0 76.7 Low 1980-Jan. Offered —— —— —— —— 50.7 15.9 —— —— — mm —— 78.1 14.3 —— 13.33 — 15.11 Offerings in the FNMA auctions of 4-month purchase commitments relate to total bids submitted, and average yields to FNMA on accepted bids are gross (before deduction of 37% basis points for mortgage servicing) assuming prepayment in 12 years for 30-year mortgages, without adjustments for FNMA commitment fees or stock related requirements. Offerings in the FHLMC auctions relate to total bids submitted, and average yields to FHLMC on accepted bids are net, excluding 37% basis points for mortgage servicing. Source: FNMA and FHLMC 25. ISSUES OF MORTGAGE-BACKED SECURITIES Millions of dollars, not seasonally adjusted Period GNMA-guaranteed New issues Outstanding (end of period) Pass-through securities F H LMC-guaranteed New issues Outstanding (end of period) Public offerings of mortgagebacked bonds Outstanding by savings and . (end of period) loan assoc. Privately insured New issues 1976 13,764 30,571 1,396 2,671 n.a. n.a. 75 1977 17,440 44,896 4,131 6,610 242 238 1,115 1978 15,358 54,347 6,212 11,892 1,011 1,141 465 Mar. 1,327 929 1,315 45,890 45,325 46,357 504 470 120 7,033 7,431 7,471 0 10 119 236 243 358 0 0 50 Apr. May June 823 1,255 999 46,463 47,387 48,033 466 651 1,093 7,861 8,434 9,422 201 135 23 557 689 703 290 75 0 July Aug. 997 1,648 1,203 48,663 50,051 50,844 299 725 394 10,371 10,224 10,512 72 35 33 764 797 822 0 50 0 Dec. 1,762 1,721 1,381 52,095 53,358 54,347 369 581 540 10,987 11,463 11,892 57 36 275 872 897 1,161 0 0 0 1979-Jan. Feb. Mar. 1,703 1,361 1,464 55,627 56,575 57,955 317 494 118 12,093 12,462 12,466 60 136 84 1,325 1,411 1,482 0 0 0 Apr. May June 1,489 1,673 1,860 60,274 61,551 63,001 364 572 382 12,790 13,296 13,562 51 201 142 1,619 1,821 1,915 0 0 400 July Aug. Sept. 2,032 2,934 2,640 64,401 67,135 69,358 321 554 347 13,781 14,200 14,421 204 190 254 2,105 2,257 2,516 225 350 65 Oct. Nov. Dec. 2,639 3,250 1,895 71,457 73,464 76,401 530 186 361 14,838 14,916 15,180 488 300 470 2,987 3,353 3,641 n.a. n.a. n.a. 1980-Jan. 2,611 n.a. n.a. n.a. 382 4,019 n.a. 1978-Jan. Feb. Sept. Oct. Nov. GNMA-guaranteed securities are issued by private institutions and represent undivided interests in pools of Government-underwritten home mortgages formed by these institutions. FHLMC-guaranteed securities include Participation Certificates and Guaranteed Mortgage Certificates issued by FHLMC against pools of conventional Residential mortgages formed by FHLMC. Privately-insured pass-through securities are issued by private institutions against pools of conventional residential mortgages underwritten by major private mortgage insurance companies. Source: GNMA, FHLMC, HUD, and Federal Reserve.
@FedFRASER