Full text of H.16 Capital Market Developments : March 30, 1981

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FEDERAL itESERVE SANK
March 3 0 , 1 9 8 1

«* "

«•' ¥

APR 0 6 1981
—

Capital
Market
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




R e s e a r c h L i o r a r y —

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 N on bank 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 $ 1 5 . 0 0 per year or $.40 each in the United States, its possessions, Canada, and Mexico; 10 or more of the same issue to one
address, $ 1 3 . 5 0 per year or $ . 3 5 each. Elsewhere, $ 2 0 . 0 0 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
form collectible at par in U.S. Currency.



1. YIELDS, VOLUME AND RECEPTION
C o r p o r a t e B o n d Market
Yields
Week e n d i n g

1981-Jan.

Feb.

Mar.

N e w issue
Aaa utility1

2
9
16
23
30

Gross o f f e r i n g s 3
( $ millions)

P e r c e n t sold b y
end of week

14.15
14.10
14.17
14.33
14.08

100
828
759
414
853

100
97
98
100
100

0
25
16
0
0

14.30
14.58
14.57
14.85

430
708
191
1,068

100
99
100
98

0
8
0
25

14.53
14.18
13.98r
14.69p

521
540
1,736
517

94
93
97
90

30
40
60
53

- -

14.05
14.07
14.29
14.06

6
13
20
27

— —

——
— -

14.90

6
13
20
27

Volume

Recently offered
Aaa u t i l i t y 2

14.55
14.42
——

15.06p

N e w issues in s y n d i c a t e 4
($ millions)

2. YIELDS, VOLUME AND RECEPTION
Municipal B o n d Market
Yields
Week e n d i n g

Moody's new
issue A a a

Bond Buyer
G O. bond
index

Volume
Bond Buyer
Rev. b o n d
index

Gross o f f e r i n g s
($ millions)

Percent sold by
e n d of w e e k 3

N e w issues in
syndicate4
($ millions)

1981-Jan.

2
9
16
23
30

9.00
8.80
8.80
9.00
9.30

9.76
9.49
9.57
9.68
9.91

10.81
10.41
10.34
10.72
11.07

287
419
423
518
859

98
71
94
94
93

23
127
56
65
69

Feb.

6
13
20
27

9.30
9.40
9.50
9.65

9.90
9.99
10.22
10.27

10.84
11.06
11.06
11.07

391
715
498
824

87
94
80
90

61
70
129
120

Mar.

6
13
20
27

9.80
9.80
9.20
9.20

10.40
10.34
9.81
10.09

11.10
11.03
10.67
10.80

585
976
968
635

82
97
98
76

153

1
2
3
4

80
28
233

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. HIGH GRADE BOND YIELDS
N e w issue
Aaa utility1

Date

Recently offered
Aaa u t i l i t y 2

9.30(11/10) 9.54(12/22)
8.61(3/24) 8.48(1/6)

1978-High
Low

Moody's
seasoned
corporate A a a 3

9.27(12/29)

8.30(1/6)

U.S. govt.
20-year constant
maturity4

Bond Buyer
G.O. bond
index5

B o n d Buyer
Rev. b o n d
index6

9.00(12/22) 6 . 6 7 ( 1 2 / 2 2 )
5.58(3/17)
8.01(1/6)

10.87(12/28) 10.56(11/9)
8.79(7/6)
9.16(7/6)

7.38(10.26)
6.08(7/6)

8.24(11/23)
7.23(9/21)

1979-High
Low

11.51(11/12) 11.45(11/9)
9.40(8/17) 9.39(6/29)

1980-High
Low

1 1 . 4 1 (12/19)
1 4 . 5 1 ( 1 2 / 1 2 ) 1 5 . 0 3 ( 1 2 / 1 2 ) 1 3 . 4 9 ( 1 2 / 1 9 ) 12.86(12/12) 1 0 . 5 6 ( 1 2 / 1 9 )
8.15(5/8)
7
.
1
1
(
5
/
9
)
9
.
5
9
(
6
/
2
0
)
10.53(6/20) 10.79(6/20) 10.34(6/20)

1981-High
Low

15.06(3/27) 14.85(2/27)
13.99(3/20)
14.05(1/9)

13.61(3/6)
12.59(1/9)

13.21(3/6)
11.98(1/9)

10.40(3/6)
9.49(1/9)
7.35

11.10(3/6)
10.34(1/16)

8.21

1980-Jan.
Feb.
Mar.

11.73
13.57
14.00

11.77
13.35
13.90

11.09
12.38
12.96

10.65
12.21
12.49

8.16
9.17

8.91
9.95

Apr.
May
June

12.90
11.53
10.95

12.91
11.64
10.99

12.04
10.99
10.58

11.42
10.44
9.89

8.63
7.59
7.63

9.66
8.50
8.47

July
Aug.
Sept.

11.60
12.32
12.74

11.41
12.31
12.72

11.07
11.64

12.02

10.32
11.07
11.47

8.13
8.67
8.94

8.87
9.57
9.84

Oct.
Nov.
Dec.

13.18
13.85
14.51

13.13
13.91
14.38

12.31
12.97
13.21

11.75
12.44
12.49

9.11
9.56

9.97
10.43

10.11

11.08

1981-Jan.
Feb.

14.12
14.90

14.17
14.58

12.81

9.66

13.35

12.29
12.98

10.10

10.64
11.01

12.83
12.59
12.76
12.91
12.98

12.05
11.98
12.27
12.48
12.48

9.76
9.49
9.57
9.68
9.91

10.81

14.05
14.07
14.29
14.06

14.15
14.10
14.17
14.33
14.08
14.30
14.58
14.57
14.85

13.07
13.41
13.51
13.45

12.72
13.15
12,97
13.10

9.90
9.99

10.84

10.22
10.27

11.07

14.53
14.18
13.98r
14.69p

13.61
13.31
13.06
13.29p

13.21
12.87
12.54r
13.08p

10.40
10.34
9.81
10.09

11.10
11.03
10.67
10.80

Jan.

2
9
16
23
30

Feb.

6
13
20
27

Mar.

;

6
13
20
27

— —

-

-

— —

14.90
14.55
14.42
15.06p

10.41
10.34
10.72
11.07

11.06
11.06

= = s =

3

restrictions sometime during the last four weeks.
Weekly average of daily closing figures.

5

^ M d a T f ' % e s . ^ e ' a ^ r a g e ^ a t l ^ ! of the 2 0 general obligation bonds used in this index falls midway between the five top groups as classified by

6

Thursday'%uTes.Vlie average rating of the 25 revenue bonds used in this index falls midway between the five top groups as classified by Moody s
I nvestors Service. Weekly Bond Buyer data.




e

5
4. LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS
Corporate

Period

State and Local 2

1

1981
5,573
4,200e

1979

1980

1981

2,840
2,603
4,644

3,057
2,400
2,430

2,575
2,800e

3,770
3,165
4,354

1980
6,190
4,427
4,454

April
May
June

4,692
4,160
6,238

5,677
9,074
9,645

3,444
3,042
4,724

4,946
4,708
6,061

July
August
September

4,103
4,211
4,593

8,026
5,437
5,025

3,396
4,256
2,472

4,900
3,799
4,246

October
November
December

4,601
3,868
3,778

5,728
3,827
5,376

4,217
4,160
3,567

4,408
2,917
3,854

51,533

72,886

43,365

47,726,

January
February
March

1979

'

Year
1
2

Securities and Exchange Commission estimates of gross proceeds.
Public Securities Association estimates of principal amounts.

5. TREASURY AND GOVERNMENT SPONSORED AGENCY BORROWING
Millions of dollars
Federal Government
Means of financing combined deficit
Net cash borrowing from the public2

Decreased)/
increase!—)
in cash
operating
balance

Combined
deficit(+)
or
surplus(-) 1

Total 3

Bills

CyI/ -1978
CY
-1979

52,870
41,397

53,683
37,360

706
10,899

31,777
28,041

22,644
-397

-1,431
-1,402

3,206
1,115

-4,019
366

1980—Jan•
Feb.
Mar.

5,170
10,458
15,350

5,201
11,802

2,066

2,878
1,900
13,358

2,050
3,307
3,517

278
-3,169
-5,066

-27
-40
-19

647
2,478
1,013

-678
5,914
2,535

Apr. - 8 , 0 3 7
16,318
May
June - 1 1 , 9 6 3

4,632
5,350
-4,615

4,515
91
-10,703

2,899
6,077
6,835

-2,602

—86

-2,393
3,200
-3,918

10,276
7,768
-3,430

July
Aug.
Sept

16,384
8,347
-4,434

9,737

6,260

2,602
3,245
7,026

456
219
-1,407

-76

11,111

6,807
7,815
526

—36

2,986
-701
-2,199

3,661
-2,063
-8,495

Oct.
Nov.
Dec.

17,146
10,698
7,869

4,758
9,231
13,668

2,477
6,412
7,382

2,422
3,267r
7,233

-63
-315
-1,023

-23
-30
-79

4,076
-3,985
-720

8 ,312
5,452
-5,079

Period

1
2

Public debt securities
Coupons

Nonmarketable

-941
-685

Gov't,
agency
securities

-32
-101

-28

Other

U S unified budget deficit or surplus plus off-budget entities deficit or surplus.
Change in outstanding amount of public debt securities and government agency securities less change in holdings of those securities by government
accounts.

i

=.««, =,««,. f * * , , ,
gage Corporation, Federal National Mortgage Association.

5

CY= Calendar Year




^

6. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE
Gross proceeds, millions of dollars
Bonds

Memo
Issues included
Convertible
Foreig'

Common and
preferred
stocks

Total

Publicly
offered

Privately
placed

1977
1978
1979
1980

53,792
47,230
51,533
72,886

24,072
19,815
25,814
41,545

17,943
17,057
14,394
10,978

11,777
10,358
11,325
20,363

1,340
1,349
1,008
n.a.

863
418
2,229
4,685

1980-QI
QII
QUI
QIV

15,071
24,395
18,488
14,931

5,861
18,186
11,618
5,880

4,624
2,213
2,163
1,978

4,586
3,9Q7
4,707
7,073

169
529
631
n.a.

908
967
1,510
1,300

8,026
5,437
5,025

5,354
3,843
2,421

1,298
370
495

1,374
1,224
2,109

100
191
340

208
805
497

Dec.

5,728
3,827
5,376

2,756
1,405
1,719

519
650
809

2,453
1,772
2,848

348
12
n.a.

687
398
215

1981-Jan.

5,573

2,928

445

2,20,0

n.a.

303

Period

1980-July
Aug.
Sept.
Oct.

Nov.

7. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUER
Gross proceeds, millions of dollars
Period

Manufacturing

Public utility

Communications

Other issuers1

13,393
10,813
11,357
20,048

14,127
12,232
13,324
15,734

4,522
3,640
4,522
7,225

21,827
20,549
22,332
29,877

1980-QI
QII
QUI
QIV

3,950
6,896
5,925
3,277

4,864
4,151
3,701
3,018

1,324
2,182
1,936
1,783

4,932
11,169
6,924
6,852

1980-July
Aug.
Sept.

3,032
1,838
1,055

1,065
1,434
1,202

787
626
523

3,141
1,539
2,244

Oct.
Nov.
Dec.

1,462
506
1,309

1,280
792
946

858
276
649

2,128
2,254
2,470

1981-Jan.

2,249

1,362

62

1,901

1977
1978
1979
1980

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
Amount
(millions
of dollars)

Issuer

Date

Burlington Northern, Inc.
P a c i f i c Power & L i g h t Co.
U n i t e d T e c h n o l o g i e s Corp.
Public Service E l e c t r i c &
Gas Co.
D a t a p r o d u c t s Corp.
TransWorld A i r l i n e s , I n c .
Amarex, I n c .
Fisher S c i e n t i f i c Inc.
F l o r i d a Power & L i g h t Co.
C e l a n e s e Corp.
Union C a r b i d e Corp.
Houston I n d u s t r i e s I n c .
Paradyne Corp.
Cetus Corp.
A t l a n t i c R i c h f i e l d Co.
N i a g a r a Mohawk Power C o r p .
Martin Marietta Corp.
Georgia Power Co.
M a n u f a c t u r e r s Hanover Corp.
P a c i f i c Gas & E l e c t r i c Co.
American T e l . & T e l e . Co.
G e n e r a l E l e c t r i c C r e d i t Corp.
G e n e r a l E l e c t r i c C r e d i t Corp.
Union P a c i f i c R.R. Co.
Northwest I n d u s t r i e s I n c .
Texas U t i l i t i e s Co.
U n i v e r s a l R e s o u r c e s Corp.
Times F i b e r Communications
Pengo I n d u s t r i e s Co.
D e l t a D r i l l i n g Co.
Montgomery Ward C r e d i t Corp.
I n d i a n a & Michigan E l e c t . Co.
T r a n s a m e r i c a F i n a n c i a l Corp.
Greyhound L e a s i n g & F i n . Corp.
S e c u r i t y P a c i f i c Corp.
G e n e r a l America T r a n s p . Corp.
U n i t e d I l l u m i n a t i n g Co.
Tenneco I n c .
P a c i f i c T e l . & T e l . Co.
P a c i f i c T e l . & T e l . Co.
Weyerhaeuser Co.
A r i z o n a Pub. Svc. Co.

3/3
3/3
3/3

Equip, t r .
1 s t . mtg.
Com. s t k .

26.3
100.0
268.1

3/3
3/3
3/3
3/3
3/4
3/4
3/6
3/6
3/6
3/6
3/6
3/10
3/10
3/10
3/11
3/16
3/17
3/17
3/17
3/17
3/17
3/18
3/18
3/18
3/18
3/18
3/18
3/18
3/18
3/19
3/19
3/20
3/20
3/24
3/25
3/25
3/25
3/26
3/27

Pfd. stk.
Com. s t k .
Com. s t k .
Com. s t k .
Conv.debt.
1 s t . mtg.
Conv.debt.
Conv.debt.
Com. s t k .
Com. s t k .
Com. s t k .
Debt.
1 s t . mtg.
Debt.
1 s t . mtg.
Notes
Pfd. s t k .
Notes
Notes
Notes
Equip, t r .
Debt.
Com. s t k .
Com. s t k .
Com. s t k .
Com. s t k .
Com. s t k .
Notes
1 s t . mtg.
Debt.
Notes
Conv.debt.
Equip, t r .
Com. s t k .
Debt.
Debt.
Notes
Conv. s t k .
Com. s t k .

50.0
33.0
50.6
31.0
25.0
125.0
100.0
150.0
75.8
31.6
115.0
250.0

OTHER
Denmark, Kingdom of

3/19 Motes

*
1

Type

50.0

175.0
100.0
100.0
137.5
600.0
150.0
100.0
25.5
125.0
88.9
28.5
35.1
25.5
35.0
50.0
120.0
200.0
75.0
100.0
75.0
27.3
200.0
150.0
150.0
150.0
83.7
100.0

Maturity

Coupon
rate

Offering
yield

1982-96
1991

14. 25
15. 63

14. 90
15. 70

——

—

—

13. 44

—

13. 44

—

—

—

—

—

—

—

—

—

2006
2011
2006
2006
——

——

2011
1991
2011
2011
1991
1991
1991
1990
1982-96
2011

8 . 50
15. 88
9. 75
10. 00
—

—

—

—

—

—

13. 63
15. 00
7. 00
16. 13
13. 63
1 4 . 76
1 3 . 25
13. 63
14. 00
13. 13
7. 00
—

28.5

8 . 50
15. 88
9. 75
10. on

13. 73
15. 00
13. 25
16. 20
13. 75
16. 24
13. 25
13. 75
14. 00
13. 15
13. 51
—

—

—

—

—

—

—

—

—

16.,00
14.,75
13.,80
14..88
9..75
13,.95

Aa/AA
Baa/BBB
J

A/A+
/
/
/
Ba/BB+
A/A+
Baa/BBB
A/A
/
f
— —- J — —

Aaa/AA+
A/AA/AABaa/BBB+
Aaa/AAA
A/A
Aaa/AAA
Aa/AA
A/AA+
Aaa/AAA
A/A
—/—
—/—
—/—
—/—
—/—

1986
1989
2011
1991
2006
2001
—
—
2021
1991
—

16.,00
14.,75
6.,50
14.,88
9.,75
13..88
14.,50
16.,13
15..00
9.,00

14.,73
16.,29
15..12
9, .00

Baa/BBB
A/A
Baa/A
A/AAA/A
—/—
A/A
A/A+
A/A+
A/AA-

1988

14.,00

14.,00

Aa/AAA

—

—

Rights offering.
Includes only corporate and other security offerings of $ 2 5 million and over; excludes options, exchanges, and secondary offerings.




Moody's/S&P'
ratings

Baa/BBB

9. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL1
Issuer

J a c k s o n v i l l e E l e c t . A u t h . , FL
New J e r s e y , S t a t e of
San A n t o n i o , TX
M i s s o u r i E n v i r o n . Improv.
Auth.
S e b r i n g U t i l . Comm., FL
S e b r i n g U t i l . Comm., FL
S e b r i n g U t i l . Comm., FL
S e b r i n g U t i l . Comm., FL
New York C i t y Hsg. D e v e l .
Corp.
Montgomery C o . , MD
F l o r i d a S t a t e Board of Ed.
A l l e g h e n y Co. I n d u s . Dev.
A u t h . , PA
F a r m i n g t o n , N.M.
L o u i s i a n a Pub. F a c . A u t h .
L o u i s i a n a Pub. F a c . A u t h .
San B e r n a r d i n o , CA
San B e r n a r d i n o , CA
P u e r t o Rico Telephone Auth.
Puerto Rico Telephone Auth.
Puerto Rico Telephone Auth.
H i l l s b o r o u g h Co. A v i a t i o n
A u t h . , FL
Cook C o . , 111.
Cook C o . , 111.
Mecklenburg C o . , N.C.
Dade C o . , FL
Washington P u b l i c Power Supply
Syst.
South C a r o l i n a , S t a t e of
V o l u s i a Co. Sch. D i s t . , FL
D u n c a n v i l l e Hosp. A u t h . , TX
New York S t a t e Dorm. A u t h .
New York S t a t e Dorm. A u t h .
New York S t a t e Dorm. A u t h .
South L o u i s i a n a P o r t . Comm.
South L o u i s i a n a P o r t . Comm.
N o r t h S l o p e Borough, AK
N o r t h S l o p e Borough, AK
Memphis, TN
Chicago P a r k D i s t . , IL
New York C i t y , NY
Iowa S t u d e n t Loan C o r p .
M a s s a c h u s e t t s S t a t e of
S a l t River P r o j . Agr. C u l t u r a l
Improv. & Power D i s t . , AZ
Connecticut Devel. Auth.
Connecticut Devel. Auth.
Connecticut Devel. Auth.
Connecticut Devel. Auth.
1
2
3

Date

Type2

Amount
(millions
of $ )

Maturity

Net
interest
cost

Moody's/S&P's
ratings

3/3
3/3
3/5

Rev.
G.O.
Rev.

80.0
150.0
75.0

1983
1983-2001
1982-2001

n.a.
9.28
9.96

MIG-1
9.00
7 . 4 0 - 9 . 8 5 Aaa/AAA
7 . 2 5 - 1 0 . 4 0 Aa/AA

3/6
3/6
3/6
3/6
3/6

Rev.
Rev.
Rev.
Rev.
Rev.

36.0
8.5
14.4
51.5
18.3

1984
1981-1992
1999
2009
2011

n.a.
n.a.
n.a.
n.a.
n.a.

9.00
8.25-10.50
11.25
11.00
11.45

3/6
3/10
3/10

Rev.
G.O.
G.O.

47.0
70.0

110.0

1984
1982-1996
1982-2011

n.a.
8.91
10.26

3/11
3/11
3/11
3/11
3/12
3/12
3/12
3/12
3/12

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

50.0
92.5
3.9
196.1
4.8
22.7
5.0
62.5
7.5

2011
1984
1982-1985
2013
1982-1996
2011
2002
2011
2012

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

12.00
8.22
7.75-8.50
9.20
7.75-10.50
11.50
11.00
11.25
11.15

3/12
3/16
3/16
3/17
3/17

Rev.
TAN's
TAN'S
G•0•
BAN's

80.3
50.0
56.0
45.0
75.0

1984-2011
1982
1982
1982-1998
1982

n.a.
n.a.
n.a.
8.67
n.a.

8 . 0 0 - 1 1 . 1 5 A/ —
7.50
7.75
7 . 0 0 - 9 . 0 0 Aaa/AAA
7.60

3/17

Rev.

200.0

1989-2011

11.77

1 0 . 5 0 - 1 1 . 6 5 A1/A+

3/17
3/18
3/18
3/18
3/18
3/18
3/19
3/19
3/19
3/19
3/24
3/24
3/25
3/25
3/25

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

65.9
60.0

39.0
36.0
25.0
40.0
75.0
40.0
125.0

20.0

1982-1991
1984
1984-2004
1988-1996
2001
2012
2001
2011
1985-1989
1990-1993
1983-1996
1982
1982-2000
1996
1982-2001

8.03
n.a.
n.a.
n.a.
n.a.
n.a.
11.44
11.44
n.a.
n.a.
n.a.
8.52
n.a.
n.a.
9.93

6.80— 8 . 1 5
8 , 75
8.00- 1 0 . 5 0
9.SO- 1 0 . 4 2
lO, 00
10 38
11 13
11 38
8.60- 9 . 8 0
9.50- 9 . 9 0
7.30- 9 . 2 0
8 , 20
7.90- 1 1 . 5 0
11 50
7.50- 1 0 . 2 5

Aaa/AAA
MIG-2
Al/A
Aaa/AAA
Aaa/AAA
Aaa/AAA
A/~
A/ —
A/A
A/AAA
Aa/AA
MIG-1
B/BBB
-/A
Al/AA-

3/25
3/26
3/26
3/26
3/26

Rev.
Rev.
Rev.
Rev.
Rev.

75.0
9.1
2.0
5.5
15.9

1987-2021
1982-1993
1995
1999
2007

10.59
n.a.
n.a.
n.a.
n.a.

8.25-10.50
7.40-9.60
10.00
10.40
10.70

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

26.1
10.4
11.8
63.6
5.0

Includes only state and local security offerings of $ 2 5 million and over; excludes secondary offerings.
For state and local government securities, G.O. denotes general obligation; Rev. denotes revenue obligations.
Canadian interest cost.




Offering
yield

A/A+
A/BBB
A/BBB
A/BBB
A/BBB

MIG-1
8.50
7 . 2 0 - 9 . 4 5 Aaa/AAA
7 . 3 0 - 1 0 . 3 8 Aa/AA
Baa/BBB
Aaa/AAA
Aa/AA
Aa/AA
Al/A
Al/A
A/A
A/A
A/A

(con' t . )
9. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL 1
Issuer

Brevard Co. HEFA, FL
Brevard Co. HEFA, FL
Brevard Co. HEFA, FL

Date

3/26
3/26
3/26

Type 2

Rev.
Rev.
Rev.

Amount
(millions
of $)
6.9
4.7
35.1

Maturity

Net
interest
cost

1984-1995
1999

n.a.
n. a.
n.a.

2011

1
2

Includes only state and local security offerings of $ 2 5 million and over; excludes secondary offerings.
For state and local government securities, G.O. denotes general obligation; Rev. denotes revenue obligations.

3

Canadian interest cost.




Offering
yield
8.00-10.50

11.00
11.31

Moody's/S&P's
ratings

A/A
A/A
A/A

10
10. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: U.S. TREASURY
Notes and Bonds
A m o u n t ( m i l l i o n s of dollars)
Offering
date

Payment
date

Length

Maturity
date

Auction
Coupon
average
rate
percent) (percent)

Net proceeds

Gross p r o c e e d s
Total

Private

1

1980
Nov. 5
6
7
25

11/17
11/17
11/17

Dec. 3
16
18
30

12/8

12/1

12/31
12/31
1/5

13-1/4
3 - y r 6-mc 5 / 1 5 / 8 4
13
11/15/90
10-yr
11/15/05-10 12-3/4
30-yr
13-7/8
11/30/82
2-yr

13.31
13.07
12.81
13.99

13-1/2
15-1/8
14
12-3/8

13.52
15.15
14.03
12.49

- y r 2-mc 2 / 1 5 / 8 6
12/31/8.2
-yr
12/31/84
-yr
1/15/88
-yr

4,315
2,663
2,160
4,966

I

3,815
2,443
2,001
4,601

Total

I

1

Private •

2

Memo:
Foreign
add-ons3

0
190

2,815

2,815

1,771

1,771

0
0

3,188

3,188

3,188

3,188

170

8,575

7,973

2,337

2,337

63

2,710

2,710

2,710

2,710

0

1 1 - 3 / 4 11.82
1 3 - 5 / 8 13.69

1.501
4,964p

1,501
4,503p

1,501
l,818p

1,501
l,818p

125

13.37
12.89

4.502
2,900
2,575
5,180p
3,254p

8,502p

3,339P

3,339p

130

4,754
3,254p

2,293p
3,254p

2,293p
3,254P

186
195

0

1981
Jan. 6
21

1/12

2/2

2 0 - y r l-irn 2 / 1 5 / 0 1
1/31/83
2-yr

3
4
5
24
26

2/17
2/17
2/17
3/2
3/4

3-yr
9-yr
>9-yr
2-yr
5-yr

Mar.18
24
26
31

3/31
3/31
4/2
4/6

2-yr
4-yr
20-yr
7-yr

Feb.

1
2
3

6-mo 8 / 1 5 / 8 4
9-mo 1 1 / 1 5 / 9 0
9-mo 1 1 / 1 5 / 1 0
2/28/83
2-mo 5 / 1 5 / 8 6
3/31/83
3/31/85
5/15/01
4/15/88

13-1/4
13
12-3/4
13-7/8
13-3/4

12.68

13.97
13.79

0

1 2 - 5 / 8 12.65
13-3/8 13.49
13-1/8 13.21

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

68

11. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: GOVERNMENT SPONSORED AGENCIES
Issuer

Offering Payment
date
date

Length

Maturity
date

Yield
(percent)

Amount (millions of dollars)
Gross
proceeds

Maturing
issues

Net
proceeds

FHLB

11/14
11/14

11/25
11/25

1-yr
4-yr

9-mo
8-mo

8/25/82
7/25/85

13.10
12,80

1,200
750

1,800

150

FFCB

11/26

12/1

2-yr

3-mo

9/1/83

13.75

521

0

521

FNMA

12/5

12/10

3-yr

1-mo

1/10/84

14.05

500

950

-450

FFCB

12/2480 1 / 5 / 8 1 3 - y r

8-mo

9/3/85

12.75

404

433

-29

1/10/86

13.00

1,000

0

1,000

1981

1981

FNMA

1/8

1/12

5-yr

FFCB

1/13
1/13

1/20
1/20

4-yr
8-yr

1-mo

3/4/85
1/23/89

13.20
13.05

785
638

858

565

FHLB

1/21

1/28

2-yr

6-mo

7/25/83

13.35

600

0

600

FHLB

2/11
2/11

2/25
2/25

3 - y r 4-mo
4 - y r 11-mo

6/25/84
1/27/86

14.00
13.85

1,000
700

1,500

200

FNMA

2/13

2/17

7-yr

2/10/88

14.40

300

0

300

FNMA

3/4

3/10

4-yr

3/11/85

14.25

500

1,150

-650

FHLB

3/11
3/11

3/25
3/25

1-yr
3-yr

6/25/82
9/25/84

14.10
13.85

1,100
700

1,000

800

FFCB

3/25
3/25

4/1
4/1

2 - y r 11-mo
4 - y r 11-mo

3/1/84
3/3/86

13.85
13.95

683
970

364

1,289

3-mo
6-mo

FFCB
— Federal Farm Credit Banks
FHLB
- Federal Home Loan Banks
FHLMC - Federal Home Loan Mortgage Corporation
FN MA
— Federal National Mortgage Association




12

As of March 27, 1981

12. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE1
Issuer

S o u t h w e s t e r n Power Co.
S o u t h e r n Ry. Co.
Amoco C r e d i t Corp.
Diamond Shamrock Corp.
Westinghouse C r e d i t Corp.
U n i t e d Gas P i p e l i n e
Borg Warner A c c e p t . Corp.
*Kansas Gas & E l e c t r i c Co.
^ P h i l a d e l p h i a E l e c . Co.
N o r t h e r n S t a t e s Power Co.
*American E l e c . Power Co.
Nucorp Energy I n c .
Gen T 1. T e l . Co. of C a l i f .
G e n ' l . T e l . Co. of C a l i f .
Montana Power Co.
*MCI Communications Corp.
*Kroger Co.
L o u i s i a n a Power & L i g h t Co.
A p p a l a c h i a n Power Co.
^ V i r g i n i a E l e c t r i c & Power Co.
C e n t r a l Maine Power Co.
Alabama Power Co.
^Middle South U t i l s .
*Southwestern Public Service
^ C i n c i n n a t i B e l l T e l . Co.
PHM C r e d i t Corp.
New England Power Co.
D e t r o i t E d i s o n Co.
New York S t a t e E l e c . & Gas. Corp.
*Philip Morris Inc.
^ G e n e r a l Motors A c c e p t . Corp.
^ G e n e r a l Motors A c c e p t . Corp.
*Oak I n d u s t r i e s I n c .
*Mellon N a t i o n a l Corp.
*Sun Co.
*Union Corp.
*Eaton Corp.
* F i r s t S e c u r i t y Corp.
*Cypress Mines Corp.
*Cypress Mines Corp.
^Citicorp
*Westvaco Corp.
* WeiIs Fargo & Co.
Union C a r b i d e Corp.
A s s o c i a t e s F i r s t C a p i t a l Corp.
A s s o c i a t e s Corp. of N. America
Avco F i n a n c i a l S e r v i c e s I n c .
OTHER
Hitachi Ltd.
U n i t e d Mexican S t a t e s
Oslo Norway

1

Type

1 s t . mtg.
Equip, t r .
Debt.
Debt.
Notes
Notes
Notes
Com. s t k .
Com. s t k .
1 s t . mtg.
Com. s t k .
Conv. d e b t .
Debt.
Notes
Com. s t k .
Debt.
Conv. d e b t .
1 s t . mtg.
•Pfd. s t k .
1 s t . mtg.
1 s t . mtg.
1 s t . mtg.
Com. s t k .
Com. s t k ( r t s )
Debt.
Bonds
Pfd. stk.
Pfd. stk.
Pfd. stk.
Notes
Debt.
Notes
Debt.
Notes
Conv. d e b t .
Debt.
Debt.
Conv. d e b t .
Notes
Debt.
Notes
Debt.
Notes
Debt.
Notes
Conv. d e b t .
Notes
Conv. d e b t .
Bonds
Bonds

Amount
( m i l l i o n s of dollars)

60.0
27.8
100.0
200.0
100.0
75.0
50.0
26.0
60.0
75.0
150.0
40.0
100.0
50.0
40.0
60.0
50.0
75.0
40.0
100.0
45.0
100.0
110.0
37.0
40.0
40.0
50.0
25.0
30.0
100.0
250.0
150.0
90.0
50.0
389.1
25.0
150.0
40.0
100.0
100.0
250.0
75.0
100.0
200.0
200.0
100.0
100.0
100.0
100.0
100.0

Approximate
of offering

Mar. 30
Mar. 31
Mar. 31
Mar.
Mar.
Mar.
Apr. 1
Apr. 2
Apr. 2
Apr. 7
Apr. 7
Apr. 7
Apr. 9
Apr. 9
Apr. 9
Apr. 9
Apr. 9
Apr. 14
Apr. 15
Apr. 21
Apr. 22
Apr. 23
Apr. 28
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Indef.
Indef.
Indef.
Indef.
Apr. 2
Apr.
Indef.

!nc!udes on 1^corporat^ancTother security issues of $ 2 5 million and over; excludes exchanges, options, and secondary offerings.




As of March 27, 1981

13

13. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL 1
Issuer

I l l i n o i s Health Fac. Auth.
J a c k s o n C o . , OR
Burbank Redev. A g c y . , CA
Washoe Co. A i r p o r t A u t h . , NV
Chicago, I l l i n o i s
Orange Co. Hsg. F i n . A u t h . , FL
^ P i t t s b u r g Redev. A g c y . , Ca
F l o r i d a Ed. F a c . A u t h .
J e f f e r s o n P a r i s h School B d . , LA
Washington, S t a t e of
C a l i f o r n i a Ed. F a c . A u t h .
G r e a t e r Chicago M e t r o . S a n i . D i s t . , IL
N o r t h C a r o l i n a Muni Power Agcy.
* G i l a Co. I n d u s . D e v e l . A u t h . , AZ
*Pima Co. I n d u s . Dev. A u t h . , AZ
Snohomish C o . , WA
Oregon, S t a t e of
New Hampshire, S t a t e of
N o r t h e r n M u n i c i p a l Power A g c y . , MN
C o n n e c t i c u t , S t a t e of
L o u i s i a n a , S t a t e of
Shelby Co. H e a l t h & Ed. F a c . B d . , TN
Denver, CO
^ B a l t i m o r e , MD
* Sacrament o Muni. U t i l . D i s t . , CA
Minnesota Hsg. F i n . Agcy.
POSTPONED
Kentucky T u r n p i k e A u t h .
J e f f e r s o n P a r i s h Sch. Board, LA
P l a t t e R i v e r Power A u t h . , CO

1

Type

Approximate date
of offering

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

29.0
35.0
50.0
43.5
77.0
130.0
31.3
25.0
45.0
121.9
53.2
84.0
100.0
90.0
250.0
35.0
250.0
87.3
275.0
100.0
179.1
91.4
29.0
35.0
50.0
30.0

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

Rev.
G.O.
Rev.

150.0
45.0
125.0

Mar. 6
Mar. 11
Mar. 26

Included in table for first time.
Includes state and local government issues of $ 2 5 million and over; excludes secondary offerings.




Amount
(millions of dollars)

31
31
31
31
31
31

6
7
7
7
8
9
14
14
17
21
23
23
30

14. STOCK PRICES1
NYSE Index3

Date

NASDAQ5

AMEX4

DJ Industrials

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 (1/11)

139.25 ( 9 / 1 3 )
99.09 ( 1 / 1 1 )

1979-High
Low

63.39 ( 1 0 / 5 )
53.88 (2/27)

897.61 (10/5)
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

81.02 ( 1 1 / 2 8 )
55.30 (3/27)

1000.17 ( 1 1 / 2 0 )
759.13 ( 4 / 2 1 )

370.75 ( 1 1 / 2 9 )
215.69 ( 3 / 2 7 )

208.15 (11/28)
124.09 (3/27)

1981-High
Low

79.14 ( 1 / 6 )
72.45 (2/20)

1004.69 ( 1 / 6 )
931.57 ( 2 / 1 3 )

357.27 ( 1 / 5 )
330.34 ( 2 / 2 0 )

204.17 ( 1 / 5 )
192.29 ( 2 / 2 0 )

1981-Feb.

Mar.

6
13
20
27

74.83
72.80
72.45
75.13

952.30
931.57
936.09
974.58

347.43
339.31
330.34
338.94

197.R7
1^3.89
192.29
198.01

6
13
20
27

74.46
76.32
77.09
77.59

964.62
985.77
992.80
994.78

336.66
344.41
352.39
357.87

199.89
202.17
206.29
208.82

15. T R A D I N G V O L U M E 2

Date
1978-High
Low

NYSE
66.4 (8/3)
7.6 (1/2)

AMEX
11.0 (10/30)
1 . 3 (1/20)

NASDAQ
18.8 (5/18)
2.8 (1/20)

1979-High
Low

81.6 (10/10)
18.0 (1/2)

13.2 (10/10)
2.2 (1/22)

25.8 (12/17)
7.2 (1/2)

1980-High
Low

84.1 (11/5)
16.1 (12/26)

15.0 (1/15)
2.5 (4/14)

60.4 (11/19)
10.7 (4/14)

1981-High
Low

92.9 (1/7)
28.9 (1/2)

15.8 (1/7)
3.6 (2/13)

53.2 (1/7)
19.7 (1/2)

1981-Feb.

6
13
20
27

45.2
37.0
40.5
48.6

5.2
4.3
4.8
5.0

30.9
29.5
28.0
26.6

Mar.

6
13
20
27

46.6
54.6
59.2r
60.2

4.9
5.3
6.2r
6.8

29.4
31.7
31.5r
32.7

1
2
3
4
5

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




16. SECURITY CREDIT?
Outstanding, dollar amounts in millions

End of period

1

Margin credit extended
by brokers on:
Marginable
stock

Convertible
bonds

Number of
margin accounts
(thousands)

Percent of debt
in accounts with
4 0 percent or more
customer equity

1976

7,960

204

810

88

1977

9,740

250

887

81

1978

10,830

205

955

67

1979

11,450

164

995

84

1979 - J a n .
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
980

77
78
79

July
Aug.
Sept.

11,840
12,060
12,000

178
176
177

970
995
11005

81
86
84

Oct.
Nov.
Dec.

11,310
10,920
11,450

173
161
167

985
1,000
1,020

73
83
84

1980 - J a n .
Feb.
Mar.

11,820
12,460
11,740

165
175
171

1,035
1,065
1,075

87
84
54

Apr.
May
June

11,140
11,270
11,200

168
167
165

1,055
1,055
1,065

72
81
83

July
Aug.
Sept.

11,320
11,800
12,520

198
204
208

1,075
1,095
1,105

88
89
87

Oct.
Nov.
Dec.

13,080
14,140
14,500

211
220
219

1,120
1,155
1,180

87
87
86

1981 - J a n .
Feb.

14,020
13,950

221
225

l,195r
1,205

80
80

Margin account debt as reported by the New York Stock Exchange.




17. SAVINGS FLOWS AT SELECTED NONBANK THRIFT INSTITUTIONS
Millions o f dollars
Mutual Savings Banks
(regular d e p o s i t s ) 1
Date

Net f l o w
N.S.A.

Sea. adj.

Savings and Loan A s s o c i a t i o n s
Net f l o w

Annual
growth
rate3

N.S.A.

Sea. adj.

Memo:
Net New Money 2

Total

Annual
growth
rate3

Net
flow
(sea. adj.)

Annual
growth
rate3

At
insured
S&L's

At
MSB's

1976

12,670

11.6

50,169

—

17.5

62,854

15.9

34,369

5,283

1977

10,783

8.7

50,888

- -

15.0

60,982

13.3

32,004

2,874

1978

8,426

6.3

44,153

-

11.3

52,292

10.1

23,460

-591

1979

4,000

2.1

39,051

9.1

42,226

7.4

15,029

-6,963

1980

7,380

5.1

40,955

8.7

48,330

7.9

10,667

-4,831

-

-337
-92
520

49
435
232

-0.4
4,0
1.9

2,006
1,199
4,744

2,906
3,487
2,444

7.7
9.2
6.4

2,854
3,972
2,676

5.9
8.0
5.1

1,455
717
-198

-733
-504
-1,072

Dsc.

-983
-325
1,006

-697
93
183

-5.8
-0.8
1.5

1,855
1,153
4,505

3,243
3,498
2,166

8.4
9.0
5.6

2,546
3,405
2,349

5.0
7.0
4.6

1,314
732
-700

-1,421
-765
-987

1980-Jan.
Feb.
Mar.

-927
141
930

-605
168
-222

-5.0
1.4
-1.9

2,059
1,622
4,390

2,080
2,614
-336

5.3
6.6
-0.8

1,475
2,782
-558

2.9
5.4
-1.1

1,167
1,079
-696

-1,436
-543
-679

Apr.
May
June

-449
881
1,770

402
1,106
1,200

3.4
9.2
9.9

325
3,011
5,269

3,391
4,056
2,762

8.6
10.2
6.9

3,793
5,162
3,962

7.4
10.0
7.6

-817
1,785
-169

-1,024
242
-176

July
Aug.
Sept.

992
610
1,377

1,339
1,228
971

11.0
10.0
7.8

2,216
2,507
5,588

3,089
4,574
3,216

7.6
11.2
7.8

4,428
5,802
4,787

8.4
11.0
7.8

961
1,285
6

246
1
-460

Oct.
Nov.
Dec.

402
312
1,341

713
605
485

5.7
4.8
3.9

3,870
2,507
7,591

5,442
5,116
4,936

13.2
12.2
11.7

6,155
5,721
5,421

11.4
10.5
9.9

2,550
1,461
2,055

-169
-227
-606

-339
115

-18
144

-0.1
1.1

1,987
2,220

2,066
3,298

4.8
7.7

2,048
3,442

3.7
6.2

599
785

-967
-385

1979-July
Aug.
Sept.
Oct.
Nov.

1981-Jan.
Feb.P

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 9 6 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.




17
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

1978

37.5

32.7

4.8

16.5

9.9

4.8

1.8

1979

31.5

28.1

3.4

12.6

6.9

4.7

1.0

1980

27.1

25.0

2.5

10.3

4.6

5.0

.9

1979-Jan.
Feb.
Mar.

37.0
36.5
36.0

32.2
31.8
31.4

4.8
4.7
4.6

15.4
14.1
13.0

8.9
7.7
6.7

4.8
4.8
4.8

1.7
1.6
1.5

Apr.
May
June

36.2
35.8
35.7

31.7
31.7
31.5

4.5
4.1
4.2

12.6
12.0
11.7

6.4
6.0
5.6

4.8
4.7
4.8

1.4
1.3
1.3

July
Aug.
Sept.

35.7
35.9
36.7

31.7
32.0
32.7

4.0
3.9
4.0

11.6
11.2
12.2

5.5
5.5
6.8

4.8
4.4
4.2

1.3
1.3
1.3

Oct.
Nov.

Dec.

35.9
33.0
31.5

32.3
29.4
28.1

3.6
3.6
. 3.4

14.1
13.5
12.6

8.2
7.7
6.9

4.6
4.7
4.7

1.3
1.1
1.0

1980-Jan.
Feb.
Mar.

30.7
29.9
26.5

27.5
27.1
24.0

3.2
2.8
2.5

11.9
11.2
10.5

6.2
5.7
5.2.

4.7
4.5
4.7

1.0
1.0
0.8

Apr.
May
June

22.8
21.1
22.4

20.7
19.3
20.7

2.1
1.8
1.7

9.2
9.3
10.3

4.2
3.5
3.6

4.4
5.0
5.7

0.6
0.8
1.0

July
Aug.
Sept.

26.0
28.4
29.9

23.7
26.7
28.0

1.8
1.8
1.9

10.6
10.6
10.8

3.9
4.4
5.1

5.5
5.1
4.8

1.2
1.1
0.9

Oct.
Dec.

29.5
29.5
28.9

27.7
27.8
27.3

1.8
1.7
1.6

10.4
10.3
9.3

4.9
4.4
3.5

4.8
5.2
5.2

0.7
0.7
0.6

1981-Jan.
Feb.

28.6
n.a.

27.1
26.1

1.5
n.a.

10.3
n.a.

3.3
2.8

6.3
6.2

0.7
n.a.

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
Intermediate- and long-term issues

FNMA and FHLB
short-term
discount notes

Total including
short-term
discount notes

Total

FHLB

-1,750

-1,131

-2,031

0

900

-619

1976
1977

2,732

1,444

496

-4

952

1,288

1978

19,030

13,578

6,302

576

6,700

5,452

1979-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

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
1,375

1,599
1,453
150

1,300
953
0

-1
0
150

300
500
0

698
338
1,225

1980-Jan.
Feb.
Mar.

328
927
3,580

-2

0
-350
1,400

-2

0
200
500

330
917

Apr.
May
June

2,205
1,366
-929

1,499
2,649

1,000

1,000

900
0

July
Aug.
Sept.

-979
-458
1,325

442
1,200
253

0
200
1,000

Oct.
Nov.
Dec.

3,607
313
3,390

Period

10
1,780

Based on data from Treasury Survey of Ownership.




1,300
900
250

1,600
150
700

FHLMC

160
-120
-1
-1
0

FNMA

0

1,100

1,800

500
1,750

706
-1,283
-1,929

450

1,000

0
-97

1,000
-650

-1,421
-1,658
1,072

0
0

-300
750

2,307
-587

-450

3,140

-8

19
2 0 . N E T C H A N G E IN M O R T G A G E H O L D I N G S A T S E L E C T E D I N S T I T U T I O N S
Millions o f dollars, s e a s o n a l l y a d j u s t e d
Major private financial i n s t i t u t i o n s
Period

Total

Total

Commercial
banks

MSB's

S&L's

Life insur.
companies

FNMA
and
GNMA

Mortgage p o o l s
FHLMC

FHLMCGNMAg u a r a n t e e d guaranteed

1978

126,411 103,221 35,376

6,314

52,153

9,378

8,735

-233

9,389

5,275

1979

122,121

8 8 , 8 7 7 31,504

3,886

43,064

12,607

8,147

973

20,854

3,270

1980

87,021

5 9 , 4 1 8 18,574

516

27,826

12,318

7,262

1,127

17,479

1,754

1979
Apr.
May
June

8,276
11,033
10,814

5,940
8,349
8,400

2,487
2,328
2,753

204
388
373

3,998
4,654
4,253

848
979
1,021

489
745
530

-3
19
-25

1,542
1,505
1,625

308
415
284

July
Aug.
Sept.

10,277
10,520
10,612

8,267
7,446
7,731

2,809
2,636
2,953

384
297
276

3,919
3,380
3,375

1,155
1,133
1,127

35
524
284

62
114
144

1,608
2,122
2,161

304
314
293

Oct.

11,581
10,297
8,549

8,501
6,818
4,996

2,844
2,594
2,521

248
265
21

3,808
2,827
1,469

1,601
1,132
985

764
866
903

-71
202
34

2,002
2,393
2,338

385
18
277

Jan.
Feb.
Mar.

9,962
8,537
7,423

6,234
6,484
5,077

2,474
2,402
1,826

197
290
6

2,126
2,557
1,828

1,437
1,235
1,405

1,182
631
1,286

68
144
29

2,374
1,198
834

104
80
199

Apr.
May
June

6,339
3,266
1,876

2,884
1,369
474

890
526
50

-49
148
-168

857
-438
-236

1,187
1,133
802

1,155
584
193

154
-130
30

2,006
1,205
1,084

140
238
189

July
Aug.
Sept.

6,348
7,773
7,906

4,011
5,651
6,175

1,886
1,123
1,115

-115
-113
-10

1,767
3,587
4,442

1,116
1,054
588

196
-8
-94

45
192
214

1,570
1,758
1,342

338
187
269

Oct.

11,053
7,968
8,570

8,304
6,609
6,146

2,750
2,090
2,135

180
117
33

4,511
3,631
3,101

863
771
718

689
542
906

115
50
216

1,881
873
1,354

64
-106
-52

n.a
n.a

n.a.
n.a.

1,365
1,564

226
n.a.

3,066
2,680

n.a.
n.a.

n.a.
n.a.

—48
n.a.

1,114
n.a.

Nov.

Dec.
1980

Nov.

Dec.
1981
Jan.
Feb.

107
n.a.

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 8 9 percent of the net increase estimated for all holders in 1978.




2 1 . N E T 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 , B Y T Y P E O F P R O P E R T Y 1
Billions of dollars, seasonally adjusted annual rates
Residential
Quarter

Total

Total

1 - t o 4family

Multifamily

Commercial

Multifamily
and
commercial

Farm

10.8

16.4

4.8

3.8

11.3

15.1

4.4

3.7

13.2

j 16.8

6.4

2.6

12.4

;15 . 0

7.3

4.3

14.5

18.7

6.7

8.4

14.9

23.3

8.2
8.6

17.4

25.6

25.5

34.1

8.1
6.8
6.8

23.0

31.6

6.7

23.9

35.0

21.9

31.1

8.0
8.0

21.1

|29.3

7.5

23.9

130.5

111.2

114.3

6.6
6.2

27 . 6

33.8

|l2.7

119.6

110.6

9.0

27.7

36.7

11.1

116.2

107.0

9.2

22.0

110.1

148.2

31.1

1980-Q1

1150.5

1103.7

95.5

Q2

73.0

43.0

36.2

Q3

1123.8

92.6

Q4

151.3

4115.2

1976-Q1

84.0

68.4

62.8

5.6

Q2

75.1

59.4

55.6

Q3

92.1

72.6

68.9

Q4

97.7

78.1

75.5

1977-Q1

1108.9

87.8

83.5

Q2

134.2

111 1 . 3

102.8

Q3

139.1

115.0

106.7

Q4

|l50.6

118.3

109.7

1978-Ql

1131.4

101.8

Q2

144.1

112.2

101.2

Q3

150.4

120.5

111.3

04

159.7

131.0

122.9

8.1

1979-Q1

151.7

116.5

109.9

Q2

160.8

120.5

03

158.5

04

93.2

8.6
111. 1
9.2

8.2
6.8

29.7

38.0

117.1

16.0

I22.8

14.0

82.7

9.9

20.7

130.6

10.5

104.0

111.2

21.6

32.9

14.4

not available, and interpolations and extrapolations, where required, estimated mainly by Federal Reserve.




21
2 2 . A V E R A G E R A T E S A N D Y I E L D S O N 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
S e c o n d a r y market

Primary market

Conventional mortgages

F H A / V A mortgages
Period

Rates o n
conventional
loans at
S&L's

Period

Yield in
FNMA
auction

Discount
points
in F N M A
auction

Ceiling
rate

Yield o n
GNMA
securities

Yield in
FNMA
auction

Yield in
FHLMC
auction

1979-High
Low

12.90
10.38

1979-High
Low

13.29
10.42

12.54
4.16

11-1/2
9-1/2

11.77
9.51

13.97
10.92

13.56
10.40

1980-High
Low

16.35
12.18

1980-High
Low

15.57
12.42

15.40
.93

14
11-1/2

14.17
10.73

15.35
12.76

14.56
11.60

3
10
17
24
31

13.60
13.73
13.78
13.85
14.00

Oct.

13
13
13
13
13

12.70
12.59
12.98
13.35
13.42

7
14
21
28

14.08
14.18
14.28
14.28

Nov.

13
13
13-1/2
13-1/2

13.61
13.67
13.57
13.75

5
12
19
26

14.43
14.83
14.95
14.95

Dec.

13-1/2
13-1/2
13-1/2
13-1/2

13.79
14.01
13.24
13.31

15.65

2
9
16
23

Jan.

13-1/2
13-1/2
13-1/2
13-1/2
13-1/2

13.18
13.50
13.62
13.71
13.76

15.04

30

14.95
14.80
14.85
14.85
15.07

6
13
20
27

15.00
15.03
15.20
15.30

Feb.

13-1/2
13-1/2
13-1/2
13-1/2

14.08
14.41
14.26
14.31

6
13
20

15.40
15.40
15.40

iar.

14
14
14

14.17
13.96
14.23

Oct.

Nov.

Dec.

Nov.

Dec.

6
13
20
27
3
10
17
24
1
8
15
22
29

14.57
——

8.69
——

15.30

12.39

15.57

13.68
——

15.49

10.65

15.50

10.67

14.92

7.79

——

14.47
14.92
15.25
—

15.35
—

15.43
——

13.80
13.70
13.86
14.22
14.22
14.25
14.34
14.38
14.56
14.70
14.86
14.86
14.36

1981
Jan.

Feb.

Mar.

Feb.

4ar.

5
12
19
26
3
10
17
23
2
9
16
23

14.89

7.63

—

——

14.84

7.33

—

14.88

7.56

——

15.59

11.11

15.88

12.51

—

——

15.39

——

7.45

—

14.85
—

14.83
——

15.26
—

15.38
——

15.19

14.16
14.43
14.51
14.60
14.72
15.04
15.10
15.13
15.31
15.18
14.93
15.08

Column 2 is average of contract interest rates on commitments for level-payment conventional first mortgages with 8 0 percent loan-to-value ratios and 30
year maturities 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 GNMA-guaranteed 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 6 0 days) delivery.

Beginning July 7 , 1 9 8 0 , the FNMA auction results for FHA/VA mortgages do not include graduated payment mortgages.



2 3 . F N M A A U C T I O N S O F C O M M I T M E N T S T O P U R C H A S E HOME M O R T G A G E S
Dollar a m o u n t s in millions
C o n v e n t i o n a l mortgag es

F H A / V A mortgages

D a t e of
auction

Accepted

Offered

Average yield

Accepted

Offered

Average yiel<

1979-High
Low

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

1980-High
Low

644.2
92.7

354.6
51.9

15.93
12.28

426.0
28.7

133.0
20.0

17.51
12.81

1980-Dec.

8
22

92.7
145.4

51.9
58.9

15.50
14.92

56.1
28.7

34.1
20.0

15.65
15.43

1981-Jan.

5
19

146.9
63.8

57.9
35.1

14.89
14.84

12.4
19.6

11.1
19.2

15.04
14.85

Feb.

2
17

73.9
80.3

40.4
47.3

14.88
15.59

33.1
75.5

27.8
51.3

14.83
15.26

Mar.

3

53.4

35.4

15.88

56.9

31.7

15.38

2 4 . FHLMC A U C T I O N S O F C O M M I T M E N T S T O P U R C H A S E HOME M O R T G A G E S
Conventional mortgages, dollar a m o u n t s in millions
Date of
auction

Offered

Immediate delivery program
Average yield
Accepted

Offered

Future c o m m i t m e n t pre>gram
Average yiel
Accepted

1979-High
Low

298.0
38.7

150.5
17.9

13.56
10.40

166.6
38.7

37.8
13.7

13.89
10.43

1980-High
Low

401.4
4.9

200.3
2.5

16.22
11.60

129.5
38.1

31.2
11.6

17.36
12.13

4.9
27.8

2.5
21.2

14.86
14.36

1980-Dec. 23
30
1981-Jan.

6
13
20
26

105.9
141.6
98.0
74.3

65.9
30.0
34.0
26.0

14.16
14.43
14.51
14.60

Feb.

3
10
17
24

66.5
74.1
40.7
61.3

22.3
20.3
15.8
17 .3

14.72
15.04
15.10
15.13

3
10
17
24

71.3
57.2
68.1
n.a.

23.0
18.4
31.6
n.a.

15.31
15.18
14.93
15.08

Mar.

—

——

73.6,

18.4

15.16

15.1

15.38

14.3

15.43

——

30.3
—

—

——

56.7
——

—

—

Offerings in the FNMA auctions of 4-month purchase commitments relate to total bids submitted, and average yields to FNMA on accepted bids; arei,
(before deduction of 37% basis points for mortgage servicing) assuming prepayment in 12 years for 30-year mortgages, without a d j u s t m e n t s f o r N
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'A basis points for mortgage servicing. Prior to June 2 4 , 1 9 8 0 , the FHLMC's future commitment program involve,
6-month commitments; subsequently, 8-month commitments have been auctioned.
Source: FNMA and FHLMC




23
2 5 . I S S U E S OF M O R T G A G E - B A C K E D S E C U R I T I E S
M i l l i o n s of dollars, n o t s e a s o n a l l y adjusted
Pass-through securities
Period

G N M A guaranteed
N e w issues

Outstanding
(end of period)

N e w issues

Outstanding
(end o f period)

1977

17,440

44,896

4,131

6,610

1978

15,358

54,347

6,212

1979

24,940

76,401

1980

21,950

1979-Jan.
Feb.

Mar i
Apr.

May
June
July
Aug.
SepC.
Oct.
Nov.
Dec.

1980-Jan.
Feb.

Mar.
Apr.

May
June
July
Aug.

Sept.
Oct.
Nov.

Dec.
1981-Jan.
Feb.

93,874

Public o f f e r i n
of m o r t g a g e
backed bond
Outstanding
by savings an
(end o f period)
loan a s s o c .

Privately insured

FHLMC-guaranteed

N e w issues

242

238

1,115

11,892

1,011

1,141

465

4,546

15,180

2,575

3,641

1,110

2,527

16,853

5,133

8,724

290

,

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

1,489
1,673
1,860

60,274
61,551
63,001

364
572
382

12,790
13,296
13,562

151
201
142

1,619
1,821
1,915

0
0
400

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

2,639
3,250
1,895

71,457
74,106
76,401

530
186
361

14,838
14,916
15,180

470
383
300

2,987
3,353
3,641

0
0
70

2,611
1,354
1,125

78,849
79,900
80,843

180
207
106

15,274
15,397
15,454

405
205
342

4,227
4,421
4,771

50
0
0

1,778
1,127
1,320

82,419
83,385
84,282

199
391
232

15,613
15,949
16,120

510
495
413

5,269
5,760
6,168

0
0
190

1,874
2,215
1,807

85,634
88,031
89,452

288
320
27 5

16,370
16,658
16,852

485
466
355

6,603
6,995
7,338

50
0
0

2,255
1,613
1,569

91,425
92,574
93,874

187
94
48

16,950
16,912
16,853

402
628
427

7,708
8,342
8,724

0
0
0

1,302
1,306

95,061
96,292

168
n.a.

16,952
n.a.

529
251.

8,233
9,480

n.a
n. a

GNMA-guaranteed securities are issued by private institutions and represent undivided interests in pools cf Government-underwritten home mortgages
formed by these institutions. FHLMC-guaranteed securities include Participation Certificates and Guaranteed Morrcpge O: l o c a t e s issued by FHLMC
against pools of conventional residential mortgages formed by FHLMC. Privately-insured pass-through securities ere Issued by private institutions agains
pools of conventional residential mortgages and are underwritten by major private mortgage insurance companies.
Source: GNMA, FHLMC, HUD, and Federal Reserve.