Full text of H.16 Capital Market Developments : March 31, 1980

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

March 31, 1980

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




i f

t

CONTENTS
1. Yields, V o l u m e and R e c e p t i o n : C o r p o r a t e Bond Market
2. Yields, V o l u m e and R e c e p t i o n : Municipal Bond Market
3. High Grade Bond Yields
4. Long-Term C o r p o r a t e and S t a t e and Local G o v e r n m e n t Security Offerings and Placements
5. Treasury and Government-Sponsored Agency Marketable C o u p o n Offerings and Placements
6. New C o r p o r a t e Security Issues by T y p e of Issue
7. New C o r p o r a t e Security Issues by T y p e of Issuer
8.
9.
10.
11.

Public
Public
Public
Public

Offerings of
Offerings of
Offerings of
Offerings of

IntermediateIntermediateIntermediateIntermediate-

and
and
and
and

Long-Term
Long-Term
Long-Term
Long-Term

Securities:
Securities:
Securities:
Securities:

Corporate
State and Local
U.S. Treasury
Government-Sponsored Agencies

12. F o r t h c o m i n g Public Offerings of Intermediate- and Long-Term Securities: C o r p o r a t e
13. F o r t h c o m i n g Public Offerings of Intermediate- and Long-Term Securities: S t a t e and Local
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.

Stock Prices
Trading V o l u m e
Security Credit
Savings Flow at Selected N o n b a n k T h r i f t Institutions
Mortgage C o m m i t m e n t s 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 T y p e of Property
Average Rates and Yields on H o m e Mortgages and Pass-Through Securities
FNMA A u c t i o n s of C o m m i t m e n t s t o Purchase H o m e Mortgages
FHLMC A u c t i o n s of C o m m i t m e n t s t o Purchase H o m e Mortgages

25. Issues of Mortgage-Backed Securities

SYMBOLS
e
P
r
n.a.
—

estimate
preliminary
revised
not available
data d o n o t exist

SUBSCRIPTION RATES
Weekly $ 1 5 . 0 0 per year or $ . 4 0 each in t h e United States, its possessions, Canada, and Mexico; 10 or m o r e of t h e same issue t o one
address, $ 1 3 . 5 0 per year or $ . 3 5 each. Elsewhere, $ 2 0 . 0 0 per year or $ . 5 0 each. Address requests t o Publications Services, Division of
S u p p o r t Services, and m a k e p a y m e n t remittance payable t o t h e order of t h e Board of Governors of t h e Federal Reserve System in a
f o r m collectible at par in U.S. Currency.



1. YIELDS, VOLUME AND RECEPTION

Corporate Bond Market
Week ending
1979-Dec.

1980-Jan.

Feb.

Mar.

New issue
Aaa utility1
11.22
11.28

7
14
21
28

— —

Yields
Recently offered
Aaa utility2
11.16
11.37
11.35
11.39

Gross offerings3
($ millions)
425
668.
287
0

Volume
Percent sold by
end of week
96
94
86

New issues in syndicate4
($ millions)
15
13
53
53

4
11
18
25

11.51
11.61
12.08

11.44
11.54
11.69
12.11

0
690
580
793

90 .
100
99

53
71
0
5

1
8
15
22
29

12.96
13.27
13.92
14.11

12.35
12.80
13.17
14.11
13.83

311
458
320
114
580

74
100
97
100
100

80
0
10
0
0

13.98
13.95
13.85r
14.22p

13.94
13.72
13.80r
14.lip

348
392
810
230

82
87
96
98

63
50
31
5

— —

7
14
21
28

2. YIELDS, VOLUME AND RECEPTION

Municipal Bond Market

1979-Dec.

7
14
21
28

6.50
6.50
6.50
6.50

Yields
Bond Buyer
G O. bond
index
7.17
7.26
7.22
7.23

1980-Jan.

4
11
18
25

6.50
6.60
6.60
6.60

7.32
7.30
7.28
7.33

Feb.

1
8
15
22
29

6.80
7.00
7.00
7.60
8.00

Mar.

7

8.00
8.15
8.25
8.25

Week ending

Moody's new
issue Aaa

14
21
28
1
2
3
4

Volume
Bond Buyer
Rev. bond
index
7.97
8.14
8.10
8.11

Gross offerings
($ millions)

Percent sold by
end of week3

New issues in
syndicate4
($ millions)

1,234
934
841
235

92
. 80
93
95

106
237
159
152

8.18
8.21
8.15
8.20

1
647
643
842

83
90
92
90

123
95
85
127

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
81
39

8.94
9.08
9.20
9.44

9.71
9.91
9.99
10.19

493
487
714
337

96
95
85
97

32
35
122
45

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.




O. n i u n \ j n r w « -

1977-High
Low

8.36(12/16) 8.48(12/30)
7.95(1/7)
7.90(1/7)

U.S. govt.
Moody's
20-year constant
seasoned
maturity4
corporate Aaa3
8.28(12/30) 7.99(12/30)
7.26(1/7)
7.88(1/7)

':78-Hlgh
Low

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

9.27(12/29) 9.00(12/22)
8.01(1/6)
8.30(1/6)

New issue
Aaa utility1

Date

Recently offered
Aaa utility2

Bond Buyer
G.O. bond
index5

Bond Buyer
Rev. bond
index6

5.93(2/4)
5.45(11/17)

- -

6.67(12/22)
5.58(3/17)

- -

1979-High
Low

11.51(11/2)
9.40(8/17)

11.45(11/9)
9.39(6/29)

1 0 . 8 7 ( 1 2 / 2 8 ) :1 0 . 5 6 ( 1 1 / 9 )
8.79(7/6)
9.16(7/6)

7.38(10/26)
6.08(7/6)

1980-High
Low

14.22(3/28)
11.51(1/11)

14.11(3/28)
11.44(1/4)

13.00(3/14) 12.82(3/28)
10.30(1/4)
10.88(1/4)

9.44(3/28)
7.28(1/18)

8.24(11/23
7.23(9/21)
10.19(3/28)
8.15(1/18)

1979-Jan.
Feb.
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.
Sept.

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

Oct.
Nov.
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.
Feb.

11.73
13.57

11.77
13.35

11.09
12.38

10.65
12.21

7.35
8.16

8.21
8.91

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

11.49
11.95
12.19
12.74
12.88

11.30
11.72
12.00
12.79
12.59

7.52
7.71
7.75
8.46
8.72

8.30
8.47
8.53
9.14
9.49

13.00
13.00
12.83r
12.97p

12.61
12.36
12.29r
12.82p

8.94
9.08
9.20
9.44

9.71
9.91
9.99
10.19

1980-Jan.

4
11
18
25

Feb.

1
8
15
22
29

12.96
13.27
13.92
14.11

12.35
12.80
13.17
14.11
13.83

7
14
21
28

13.98
13,95
13.85r
14.22p

13.94
13.72
13.80r
14.lip

Mar.

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.




J

4. LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS
Gross proceeds, millions of dollars

January
February
March

3,326
2,770
4,569

Corporate
1979
3,770
3,170
4,401

April
May
June

3,397
4,227
5,539

4,692
4,167
6,247

3,824
5,525
4,369

3,444
3,042
4,724

July
August
September

4,414
3,379
4,236

4,095
4,083
4,308

3,920
6,407
2,323

3,396
4,256
2,472

October
November
December

3,799
3,207
4,401

4,561
3,834
3,774

3,231
4,320
3,690

4,217
4,160
3,567

47,264

51,102

48,512

43,365

Period

1978

Year

1980
4,300e
3,425e

1978
3,306
2,753
4,844

State and Local
1979
2,840
2,603
4,644

1980
3,000e
2,400e

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

Period

Combined
deficit(+)
or
surplus!—I1

Total 3

Federal Government
Means of financing combined deficit
Net cash borrowing from the publicZ
Public debt securities
Gov't,
agency
NonBills
Coupons marketable securities

:Y!/-1977
!Y - 1 9 7 8

61,410
52,870

56,762
53,683

-2,504
706

.9 7 9 - J a n .
Feb.
Mar.

3,696
6,032
13,722

3,312
—668
8,012

539
131
3,044

Apr.
May
June

-9,834
4,822
-11,237

-4,965
1,806
-1,458

July
8,167
Aug.
16,003
Sept. -15,558
Oct.
Nov.
Dec.

14,646
8,941
1,997

45,973
31,777

Other

Decreased)/ Sponsored
increase!—)
agency
in cash
borrowing4
operating
balance

14,314
22,644

—887
-1,431

5,250
3,206

-602
-4,019

7,327
23,509

2,552r
l,318r
2,907

414
-2,109
2,524

-208
-13
-435

-762
-1,558
-6,508

1,146
8,258
-798

1,736
2,154
2,196

-1,729
-654
-3,186

2,396
2,937
30

-5,493
-269
1,867

-158
-237
-91

-4,212
-669
3,049

-657
3,685
-12,828

2,218
1,037
2,181

4,831
3,268
4,250

48
551
889

3,529
2,700
2,570

1,312
-41
280

—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
3,408
7,544

2,085
1,463
3,614

357
704
57

-20
-80
-62

-1,287
8,984
1,124

13,716
4,869
-10,334

3,196
2,546
1,542

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 = C a l e n d a r Y e a r .




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

Period

Common and
preferred
stocks

Memo
Issues included
Convertible
Foreign
863
1,340
418
1,092
2,229
n.a.

1977
1978
1979

53,792
47,230
51,102

Publicly
offered
24,072
19,815
25,815

1979-QI
QII
QUI
QIV

11,341
15,106
12,486
12,169

4,522
9,154
6,387
5,752

4,570
3,890
2,607
2,810

2,249
2,062
3,492
3,607

19 7 9 - J a n .
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.
Nov.
Dec.

4,561
3,834
3,774

2,669
1,583
1,500

863
1,006
941

1,029
1,245
1,333

10
21
n.a.

50
24
113

Privately
placed
17,943
17,057
13,877

7. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUER
Gross proceeds, millions of dollars
Public utility
Manufacturing
Period
14,127
13,393
1977
12,232
10,813
1978
13,273
11,276
1979

11,777
10,358
11,410

47
32
770
n.a.

8
1,494
540
187

Communications
4,442
3,640
4,500

Other issuers1
21,827
20,549
22,048

2,096
3,058
3,661
2,461

3,059
3,648
2,422
4,144

1,399
778
931
1,392

4,785
7,621
5,473
4,169

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
503
1,147

94
336
501

2,222
2,079
1,172

Oct.
Nov.
Dec.

1,485
482
496

1,769
1,267
1,108

480
856
56

825
1,229
2,115

1979-QI
QII
QUI
QIV
19 79—Jan.
Feb.
Mar.

.

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

Date

Type

Amount
(millions Maturity
of dollars)
100.0
1987
——
77.5
150*0
2020
38.0
1989
——
59.0
——
31.5
——
33.7
——
126.5
——
47.6
——
36.0
50.0
2010
50.0
——
125.0
75.0
2010
26.5 1981-95
——
25.8
100.0
2010
50.0
1987
29.1
100.0
1987
40.0
1987
125.0
1987
125.0
2000
100.0
1985
60.0
2010
——
27.8
28.8
, 400.0
2005

Coupon
rate

Offering
yield

14.00
n.a.
14.13
14.00
n.a.
n.a.
n.a.
n.a.
n.a.
11.66
16.00
15.25
n.a.
14.13
13.25
n.a.
14.88
14.38
n.a.
14.75
14.50
14.88
15.38
13.70
14.75
n.a.
n.a.
8.88

14.00
n.a.
14.16
14.00
n.a.
n.a.
n.a.
n.a.
n.a.
11.66
16.00
15.25
n.a.
14.20
13.30
n.a.
14.95
14.38
n.a.
14.75
14.50
14.88
15.38
13.70
14.75
n.a.
n.a.
8.88

Moody's/S&P's
ratings

P u b l i c S e r v i c e Co. of I n d i a n a
Texas U t i l i t i e s Co.
S o u t h e r n New E n g l a n d T e l . Co.
Lachmar
A r i z o n a P u b l i c S e r v i c e Co.
Montana Power Co.
E a s t e r n Gas & F u e l A s s o c .
J . Ray McDermott & C o . , I n c .
I l l i n o i s Power Co.
I l l i n o i s Power Co.
San Diego 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 t r i c Co.
Crown Z e l l e r b a c h C o r p .
Texas E l e c t r i c S e r v i c e Co.
S o u t h e r n P a c i f i c Ry. Co.
M i l t o n B r a d l e y Co.
Duke Power Co.
Duke Power Co.
A l a s k a I n t e r s t a t e Co.
Gulf S t a t e s U t i l i t i e s Co.
Gen'l. Tel. Co., Southeast
Commonwealth E d i s o n Co.
Commonwealth E d i s o n Co.
P r i v a t e Export Funding Corp.
Utah Power & L i g h t Co.
K a n s a s C i t y Power & L i g h t Co.
San Diego Gas & E l e c t r i c Co.
D i g i t a l Equipment C o r p .
Panhandle E a s t e r n Pipe
L i n e Co.
P e n n s y l v a n i a Power & L i g h t Co
Kansas Gas & E l e c t r i c Co.

3/4
3/4
3/5
3/5
3/5
3/5
3/5
3/5
3/6
3/6
3/7
3/11
3/11
3/11
3/11
3/12
3/12
3/12
3/12
3/13
3/13
3/19
3/19
3/19
3/19
3/19
3/20
3/21

1 s t . mtg.
Com. s t k .
Debt.
Govt. g t d .
Com. s t k .
Com. s t k .
Com. s t k .
Com. s t k .
Com. s t k .
Pfd. stk.
1 s t . mtg.
Pfd. stk.
Conv. p f d .
1 s t . mtg.
Equip. t r .
Com. s t k .
1 s t . mtg.
1 s t . mtg.
Com. s t k .
1 s t . mtg.
Debt.
Debt.
Debt.
Notes
1 s t . mtg.
Com. s t k .
Com. s t k .
Conv. d e b t

3/25
3/25
3/26

Debt.
1 s t . mtg.
1 s t . mtg.

100.0
100.0
30.0

1995
2010
1987

15.13
15.63
16.25

15.30
15.70
16.25

Aaa/AAA
Aa/A+
Baa/BBB

Other
E x p o r t Development C o r p .

3/12

Notes

250.0

1987

14.00

14.00

Aaa/AAA

*
1

Rights offering.
Includes only corporate and other security offerings of $25 million and over; excludes options, exchanges, and secondary offerings.




Aa/AA
— /

Aa/AA
—

/

—

/

—

/
— /
—

/

—

— /

Aa/AA
Baa/BBB
Baa/BBB
—

/

—

Aaa/AAA
Aa/AA
—— j ——

A/A+
A/A+
— / —

A/A
A/A
Baa/A
Baa/A
Aaa/AAA
A/AAmmmm j

— —

/

A/A

8
9. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL 1

Issuer
I l l i n o i s Educ. F a c . A u t h .
P o l k Co. Hsg. F i n . A u t h . , F l .
P o l k Go. Hsg. F i n . A u t h . , F l .
P o l k Go. Hsg. F i n . A u t h . , F l .
P o l k Go. H s g . F i n . A u t h . , F l .
B o s t o n , Ma.
S a l t R i v e r A g r . I m p r o v . & Powei
D i s t . , Az.
S a l t R i v e r A g r . I m p r o v . & Powei
Dist.,Az.
S a l t R i v e r A g r . I m p r o v . & Powei
D i s t . , Az.
S a l t R i v e r A g r . I m p r o v . & Powei
D i s t . , Az.
L a n c a s t e r R e d e v . A g c y . , Ca.
L a n c a s t e r R e d e v . A g c y . , Ca.
L a n c a s t e r R e d e v . A g c y . , Ca.
C a n a d i a n Co. Home F i n . A u t h . ,
Ok.
C a n a d i a n Co. Home F i n . A u t h . ,
Ok.
C a n a d i a n Co. Home F i n . A u t h . ,
Ok.
Oregon, S t a t e of
South D a k o t a H s g . D e v e l . A u t h .
South Dakota Hsg. D e v e l . Auth.
South Dakota Hsg. D e v e l . Auth.
M a s s a c h u s e t t s Home Mtg. F i n .
Agcy.
Chicago P a r k D i s t . , 1 1 .
Massachusetts Indust. Fin.
Agcy.
New J e r s e y H e a l t h C a r e F i n .
Auth.
New J e r s e y H e a l t h C a r e F i n .
Auth.
New J e r s e y H e a l t h C a r e F i n .
Auth.
New J e r s e y H e a l t h c a r e F i n .
Auth.
Dade C o . , F l .
Dade C o . , F l .
Delaware S t a t e Hsg. Auth.
Delaware S t a t e Hsg. Auth.
Delaware S t a t e Hsg. Auth.
Delaware S t a t e Hsg. Auth.
M i s s o u r i H s g . D e v e l . Comm.
M i s s o u r i H s g . D e v e l . Comm.
Connecticut

Net
Offering
Moody's/S&P'
interest
yield
ratings
cost
n. a.
8.70
MIG-1/—
7 . 4 0 - 8 . 6 0 Aa/AA
n. a.
9.38
n. a.
Aa/AA
n. a.
9.75
Aa/AA
9.75
n.a. ,
Aa/AA
10.50— 9 . 1 5 - 1 0 . 4 0 ' Baa/A-

Date
1980
3/4
3/4
3/4
3/4
3/4
3/6

Amount
Maturity
Type 2 (millions
of $)
1983
35.0
Rev.
5 . 6 1982-1994
Rev.
2002
2.0
Rev.
2011
23.2
Rev.
2012
Rev.
4.2
2 5 . 0 1983-2000
G.O.

3/6

Rev.

19.9

3/6

Rev.

10.2

3/6

Rev.

19.2

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

Rev.
Rev.
Rev.
Rev.

75.7
5.9
4.9
28.2

3/10

Rev.

5.0

2011

n.a.

3/10

Rev.

1.6

1981-1990

n. a.

3/10
3/11
3/13
3/13
3/13

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

13.4
300.0
22.5
7.0
20.5

2010
1996-2008
1981-1993
2007
2011

n . a . , 10.00
9.13— 8 . 4 0 - 9 . 2 0
n.a.
8.00-9.40
n.a.
10.00
n.a.
10.00

3/14
3/11

Rev.
G.O.

90.0
50.0

1983
1981

n.a.
n.a.

9.25
9.75

A/A
MIG-1

3/14

Rev.

90.0

1983

9.83

9.50

A/A

3 / 1 8 , Rev.
i

1.8

1983-1990

n.a.

3 / 1 8 ' ! Rev.

.7

1992

n.a.

10.00

Baa-l/A-

3/18

Rev.

1.3

1995

n.a.

10.25

Baa-l/A-

3/18
3/18
3/18
3/19
3/19
3/19
3/19
3/19
3/19
3/19

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

23.5
22.0
28.0
12.3
3.0
31.3
3.7
15.0
18.2
75.0

2012
1981-1997
2005
1981-1990
2012
2011
2000
2011
1981-1997
1981-1990

1985-2001

9.22

7.40-8.85

Aa/A+

2005

9.22

9.00

Aa/A+

2010

9.22

9.13

Aa/A+

2020
1983-1995
2000
2012

9.22
10.48
10.48
10.48

9.25
8.00-9.80
10.13
10.38
10.00
8.00-8.75

d-EfflBo,




Aa/AA
Aa/AA
Aa/AA
Aaa/AA+
Aa/A-1
Aa/A-1
Aa/A-1

8.50-9.80 : Baa-l/A-

n. a . q , 11.00
9.934' , 9 . 0 0 - 9 . 6 0
9.93-f' , 1 0 . 0 0
10.45f' , 8.00-9.30
10.45-ir , 1 0 . 3 8
1 0 . 4 5 * , 10.38
10.4510.13
9.56
9.75
9.56
9.00-9.40
8.46
8.40(81)
8.25(82)
8.00(83-86

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.

Aa/A+
— /A
— /A
—/A

Baa-l/AA-l/A
A-l/A
Aa/AA+
Aa/A
Aa/AA+
Aa/AA-tAa/ - Aa/-Aa/AA

9. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL1
Issuer
San A n t o n i o , T x .
Texas C i t y I n d . Dev. C o r p . ,
Tx.
Texas C i t y I n d . D e v . C o r p . ,
Tx.
California
California

Date
1980
3/20

Amount
Type 2 (millions
Maturity
of $)
Rev.
75.0 1981-2005

Net
interest
cost
9.38

3/20

Rev.

29.3

3/20
3/20
3/20

Rev.
Rev.
Rev.

24.0
31.0
119.0

2010
2000
2005
1981-1996

Offering
yield

Moody's/S&P's
ratings

8.50-9.50

Aa/AA

9.17

9.13

Aa/AA

9.17
9.97
9.97

9.00
9.94
8.00(81 )
to 9 . 5 0 ( 8 9
9.10(90 1
to 9.50(96 )
10.75
10.75
8.50-10.25
8.10-9.90
10.00
10.00
9.50
10.00

Aa/AA
A/A
A/A

A-l/AA
A-l/AA
A-l/AA
A-l/A
A-l/A
A-l/A
MIG-1
MIG-1

8.25-9.50

A-1/A+

-

Creek Co. Home F i n . A u t h . , Ok
Creek Co. Home F i n . A u t h . , Ok
Creek Co. Home F i n . A u t h . , Ok
Shawnee C o u n t y , K s .
Shawnee C o u n t y , K s .
Shawnee C o u n t y , K s .
Cook C o u n t y , 1 1 .
Cook C o u n t y , 1 1 .
M i c h i g a n S t a t e H o u s i n g Dev.
Auth.
M i c h i g a n S t a t e H o u s i n g Dev.
Auth.
M i c h i g a n S t a t e H o u s i n g Dev.
Auth.
Michigan S t a t e Housing Dev.
Auth.
New J e r s e y H s g . F i n . A u t h .
New J e r s e y H s g . F i n . A u t h .
South C a r o l i n a P u b . S e r v .
Auth.
South C a r o l i n a P u b . S e r v .
Auth.
South C a r o l i n a P u b . S e r v .
Auth.
Postponed
Cameron Co. H s g . F i n . C o r p . ,
Tx.
Y o n k e r s , N.Y.
Iowa Board of R e g e n t s
D e n v e r , Co.
D a l l a s - F t . Worth R e g i o n s !
A i r p o r t & A u t h . , Tex.
New J e r s e y M o r t . F i n . A g c y .
P o r t Oakland, Ca.
O h i o , S t a t e of
Mecklenburg C o . , N.C.
Dupage C o u n t y , 1 1 .
Oceanside Redev. Agcy., Ca.
A u s t i n Hsg. F i n . Corp.

3/21
3.21
3/21
3/21
3/21
3/21
3/24
3/24

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

25.0
5.5
8.2
4.7
3.9
16.5
34.0
91.0

3/25

Rev.

3/26

2011
2012

>

1983-1995
2000
2010
1981
1981

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
10.60
10.60

3.5

1981-92

L0.55

Rev.

4.9

2000

L0.55

10.25

A-1/A+

3/25

Rev.

7.5

2010

L0.55

10.43

A-1/A+

3/25
3/26
3/26

Rev.
Rev.
Rev.

33.1
14.3
19.7

2023
1982
1982

L0.55
L0.60
10.60

10.50
10.09
10.08

A-1/A+
MIG—1/—
MIG—1/—

3/27

Rev.

22.1

1981-95

10.09

8.50-9.50

A-1/A+

3/27

Rev.

10.2

2002

L0.09

9.80

A-1/A+

3/27

Rev.

42.7

2010

L0.09

10.13

A-1/A+

3/11
3/12
3/13
3/18

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

50.0
12.2
14.3
44.0

3/19
3/80
3/18
3/25
3/25
3/26
3/27
3/27

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

112.0
150.0
35.0
65.0
32.0
49.0
35.6
100.0

——

1
——

——

—

/

——

——

j——

—

—

——" / ——

—

——
——
——/
——

——

—— I——

—

——
——

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.




——

——

—— / — —

10
10. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: U.S. TREASURY

Notes and Bonds
Payment
date

Length

Maturity
date

Amount (millions of dollars)
Coupon Auction
Net proceeds
Memo:
Gross proceeds
average rate
Foreign
1
Private -2 add-ons-*
percent) (percent)
Total
Private1
Total

Jan. 3
23

1/10
1/31

1 5 - y r 1-rao
2-yr

2/15/95
1/31/82

10-1/2
11-1/2

10.60
11.52

Feb. 5
6
7
20
26

2/15
2/15
2/28
2/28
3/3

8/15/83
3-1/2-yr
5/15/87
7-1/4-yr
2/15/05-10
30-yr
2/28/82
2-yr
5yr2-l/2mo 5/15/85

11-7/8
12
11-3/4
13-7/8
14-3/8

11.98)
12.02^
11.84/
13.98
14.39

Mar. 20
25

3/31
3/31

15
14-1/4

15.01
14.29

Apr.

4/8

Offering
date

1980

1
2
3

2

2-yr
4-yr
1 5 - y r 1-mo

3/31/82
3/31/84

1,502
4,484

1,502
4,051

1,502
609

1,502
609

0
0

9,402

7,624

2,450

2,450

0

4,472
2,500

4,073
2,500

652
2,500

652
2,500

0
0

5/15/95

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 cas




* *

-

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

Issuer

•

#

#

Amount (millions of dollars)
Net
Maturing
Gross
proceeds
issues
proceeds

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-yr.

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
10/11
10/11

10/23
10/23
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
10/18

10/25
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.11-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 1/2/80

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

1980

1980

FFCB

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

10/26/81
8/25/83

12.85
12.25

900
600

1,850

-350

FNMA

3/5
3/5

3/10
3/10

1 - y r . 11-mo
3-yr.ll-mo

2/10/82
2/10/84

15.25
14.10

1,000
500

1,000

500

FHLB

3/13
3/13

3/25
3/25

1 - y r . 4-mo
3 - y r . 7-mo

7/27/81
10/25/83

15.80
14.05

900
500

0

1,400

2-yr.10-mo
5-yr.
10-yr.

•

•

a

Yield
(percent)

1979

e

•

Length

Maturity
date

1979

#

aW

Offering Payment
date
date

FFCB
FHLB
FHLMC FNMA
-

Federal
Federal
Federal
Federal

Fanm Credit Bainks
Horne Loan Bariks
Horne Loan Mo rtgage Corporation
Nat ional Mortgiage Association




As of March 2 8 , 1980

12

12. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE 1
Approximate date
Amount
Type
Issuer
of offering
(millions of dollars)
Mar.
30.0
Com. s t k .
Geosource I n c .
Mar.
59.1
Com. s t k .
Reading & Bates Corp.
Mar.
80.5
Com. s t k .
Perkin-Elmer Corp.
Apr. 1
200.0
Debt.
S o u t h e r n C a l i f . E d i s o n Co.
Apr. 1
50.0
Pfd. stk.
P u b l i c S e r v . Co. of New Mexico
Apr. 2
1
5
0
.
0
Debt.
Ford Motor Co.
Apr. 2
1
5
0
.
0
Notes
Ford Motor Co.
Apr. 3
1
0
0
.
0
Conv. d e b t .
Hughes Tool Co.
Apr. 8
2
7
.
0
Equip, t r .
A t c h i s o n , Topeka & S a n t a F e R . R . Co.
A
pr. 8
7
5
.
0
Debt.
Chesapeake & Potomac T e l . Co.
A
pr. 9
1
2
5
.
0
s t . mtg.
C a r o l i n a Power & L i g h t Co.
A
pr. 9
1
0
0
.
0
1 s t . mtg.
Ohio E d i s o n Co.
A
p r . 10
3
0
.
0
D
e
b
t
.
G e n ' l T e l . Co. of W i s c o n s i n
A
p r . 15
5
0
.
0
D
e
b
t
.
G e n ' l T e l . Co. of C a l i f o r n i a
A
p r . 15
7
5
.
0
D
e
b
t
.
G e n ' l T e l . Co. of C a l i f o r n i a
A
p
r . 15
7
8
.
0
Com.
s
t
k
.
Houston I n d u s t r i e s Co.
A
p
r . 16
7
5
.
0
1
s
t
.
m
t
g
.
D e t r o i t E d i s o n Co.
A
p
r . 16
1
0
0
.
0
1
s
t
.
m
t
g
.
F l o r i d a Power C o r p .
A
p
r . 17
4
5
.
0
1
s
t
.
m
t
g
.
C e n t r a l Maine Power Co.
A p r . 22
75.0
Pfd. s t k .
P u b l i c S e r v i c e E l e c . & Gas Co.
A p r . 22
25.0
1 s t . mtg.
M i s s i s s i p p i Power Co.
A p r . 23
150.0
Debt.
*Philadelphia E l e c t r i c Corp.
A p r . 25
25.0
Pfd. s t k .
* P u b l i c S e r v i c e Co. of New H a m p s h i r e
A p r . 29
80.0
Com. s t k .
*Middle South U t i l i t i e s Co.
A p r . 29
250.0
Debt.
B e l l T e l . Co. of P e n n s y l v a n i a
Apr.
5
0
.
0
Conv. d e b t .
Oak I n d u s t r i e s I n c .
Apr.
4
0
.
0
Debt.
C r y s t a l O i l Co.
Apr.
1
0
0
.
0
Debt.
S u n s h i n e Mining Co.
Apr.
5
0
.
0
D
e
b
t
.
White Motor C r e d i t C o r p .
Apr.
60.0
Notes
Houston O i l & M i n e r a l s C o r p .
Apr.
80.0
Notes
Teachers Serv. Organization I n c .
May
4
5
.
0
P
f
d
.
s
t
k
.
* D e t r o i t E d i s o n Co.
May
56.0
Com. s t k .
* D e t r o i t E d i s o n Co.
Postponed
Grumman C o r p .

3onv. d e b t .

75.0

* 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.




Mar.

As o f March 2 8 , 1980

13

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

Issuer

West V i r g i n i a H a g . D e v e l . F u n d
C h e s t e r County Hosp. A u t h . P a .
Birmingham Med. C l i n i c B d . , A l .
* P a y n e Co. Home F i n . A u t h . , Ok.
* 0 h i o A i r Q u a l i t y Dev. A u t h .
K i n g C o . , Wa.
Cowley C o . , K s .
* C a r r o l l C o . , Ky.
Long B e a c h , C a .
Greater Chicago Metro. San. D i e t .
G r e a t e r Chicago Metro. San. D i s t .
* N o r t h C a r o l i n a Mun. Power A g c y .
Richmond, V a .
* P l a t t e R i v e r Power A u t h . , Co.
*Denver, Colo.
Montgomery C o . , Md.
W i s c o n s i n , S t a t e of
M i c h i g a n P u b . Power A g c y .

•
1

II.
II.

Approximate date
of offering

Rev.

50.0

M a r . 31

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

25.2

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

Included in table for first time.
Includes state and local government issues of $25 million and over; excludes secondary offerings.




Amount
(millions of dollars)

26.0
30.0
74.0
30.0
30.0
50.0
34.5
44.6
50.0
150.0
28.9
70.0
44.0
50.0
100.0
45.0

1

31
31
1
7
7
8
8
8
10
10
11
16
18
22
29

14
14. STOCK PRICES 1

Date
1977-High
Low

NYSE Index3
57.69 (1/2)
49.78 (11/2)

DJ Industrials
999.75 (1/3)
800.85 (11/2)

127.89 (12/30)
109.61 (1/12)

NASDAQ5
105.00 (12/30)
93.66 (4/5)

1978-High
Low

60.38 (9/12)
48.37 (3/6)

907.74 (9/8)
742.12 (2/28)

176.87 (9/15)
119.73 (1/11)

139.25 (9/13)
99.09 (1/11)

1979-High
Low

63.39 (10/5)
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)

1980-High
Low

67.77 (2/13)
55.30 (3/27)

903.84 (2/12)
759.98 (3/27)

303.48 (2/28)
215.69 (3/27)

165.25 (2/8)
124.09 (3/27)

60.96
60.07
58.24
56.82

820.56
811.69
785.15
777.65

277.50
262.03
252.78
228.89

146.19
144.44
138.80
129.25

1980-Mar.

7
14

21
28

AMEX4

#

15. TRADING VOLUME2

Date
1977-High
Low

10.6 (10/10)

1978-High
Low

66.4 (8/3)
7.6 (1/20)

11.0 (10/30)

1979-High
Low

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

13.2 (10/10)

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

1980-High
Low

67.7 (1/16)
32.2 (3/21)

15.0 (1/15)
3.4 (3/21)

36.1 (2/8)
13.7 (3/21)

1980-Mar.

NYSE
35.3 (11/11)

7
14.

21
28

1

46.6
38.3
37.1 r
46.0

AM EX
4.2 (1/12)
1.4 (9/22)
1.3 (1/20)

2.2 (1/22)

6.3
5.2
5.2r
7.1

Figures other than highs and lows are Friday figures only

3 ^ 3 7 / 6 5 ^
4 8/31/73 = 100
5 for
2/5/71
« 100
Digitized
FRASER

3re WeeklV aVera96S



°f

dai V , i 9 u r e s , m i l l i o n s

'

of shares). Highs and lows refer to single days.

NASDAQ

11.2 (11/10)
5 . 1 (5/27)
18.8 (5/18)

2.8 (1/20)

21.1
17.3
16. l r

18.2

15
16. SECURITY CREDIT?

Outstanding, dollar amounts in millions
End of period

•

1976

Margin credit extended
by brokers on:
Marginable
Convertible
stock
bonds
7,960
204

810

88

9,740

250

887

81

1978

10,830

205

955

67

1979

11,450

164

995

84

1979 - J a n .

10,750
10,790
10,870

199
195
181

950
950
965

79
71
79

Apr.

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 - J a n .

11,820
12,460

193
172

1,000
1,030

87
84

Feb.
Mar.

#

May
June
#

Feb.

#

e

#

#

1

Percent of debt
in accounts with
40 percent or more
customer equity

1977

e

e

Number of
margin accounts
(thousands)

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




16
17. SAVINGS FLOWS AT SELECTED NONBANK THRIFT INSTITUTIONS

Millions of dollars

1976

Mutual Savings Banks
(regular deposits)1
Net flow
Annual
growth
N.S.A.
Sea. adj.
rate3
12,670
11.6

50,169

17.5

1977

10,783

8.7

50,888

1978

8,426

6.3

1979

2,733

1978-Jan.
Feb.
Mar.

626
476
1,712

Apr.
-209
May
436
June I 1,304

Date

Savings and Loan Associations
Net flow
Annual
I
growth
N.S.A.
Sea. adj. I rate3

Memo:
Net New Money 2

Total
Annual
growth
rate3

At
insured
S&L's

62,854

15.9

34,369

5,283

15.0

60,982

13.3

32,004

2,874

44,153

11.3

52,292

10.1

23,460

-591

2.0

39,218

9.1

42,123

7.4

15,029

-6,955

928
483
580

8.4
4.3
5.2

2,740
2,293
7,143

2,780
2,946
3,155

8.6
9.1
9.6

3,708
3,429
3,735

8.6

2,877
2,073
2,592

-59
170
338

567
636
807

5.1
5.6
7.1

557
2,376
6,648

2,975
3,234
4,548

9.0
9.7
13.6

3,542
3,870
5,355

401
2.145
1,744

-553
97
-90

5.5
7.7
9.0

3,070
2,310
6,425

3,838
4,228
4,577

11.3
12.4
13.2

4,464
5,112
5,613

2,812
2,069
1,606

38
-75
-41

802

10.2
10.2
8.3

2,534
1,897
710

48
59
-405

Net

flow
(sea. a d j

7.9
8.5

8.0
8.7
11.9

At
MSB':

July
Aug.
Sept.

1,378

626
884
1,036

Oct.
Nov.
Dec.

510
275
1,317

518
490

6.9
4.4
4.2

2,641
2,155
5,795

3,956
4,269
3,429

11.3
9.6

4,758
4,787
3,919

1979-Jan.
Feb.
Mar.

683
1,971

584
705
798

6.0

5.0

4,735
2,876
8,334

4,987
3,733
3,909

13.9
10.3
10.7

5,571
4,438
4,707

11.7
9.2
9.7

4,377
2,580
3.146

-118
342
463

16

0.1

-1,147
2,037
6,854

1,667
3,006
4,515

4.5

341

2.3
2.9

8.1

12.1

1,683
3,286
4,856

3.4
6.7
9.8

-1,490
1,627
1,469

-1,192
-341
-649

2,015
1,199
4,770

2,844
3,192

2,620

7.5
8.4

6.8

2,853
3,700
2,754

5.7
7.4
5.5

1,455
717
-198

-714
-504

-1,000

8.6

341

260

218

6.7

12.1

9.9
11.2

12.2

Apr.
May
June

-832

July
Aug.
Sept.|

-318
-112
517

9
508
134

Oct.
Nov.
Dec.

-985
-199
839

-694
74
17

-5.8

0.6
0.1

1,863
1,157
4,525

3,321
3,527
2,030

9.1
5.2

2,627
3,601
2,047

5.2
7.1
4.0

1,314
732
-700

-1,420
-765
-986

-113
-100

-602
-73

-5.0
-0.6

2,065
1,560

2,191
2,551

5.6
6.5

1,589
2,478

3.1
4.8

1,167
1,019

-1,436
-525

1980-Jan.
Feb.pl

61

890

280

0.1
4.2

1.1

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

resources!''tS

withdraw

*ls

a n d interest

" Data

f o r S&L

'= are for insured associations only, which represent 96 percent of industry total

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

End of Period

Total

Thrift Institutions
All savings
Mutual
savings banks
and loan
(N.Y. state)
associations

Federal and Related Agencies
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.
Nov.
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.
Nov.
Dec.

36.0
33.1
31.6

32.3
29.5
28.1

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.
Feb.

30.8
29.9

27.5
27.1

3.3
2.8

12.2
n. a.

6.4
5.8

4.7
4.6

1.1
n.a.

•

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 nonresidential 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

3-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

-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

329

-25

0

-25

0

354

c/
O-Jan.—

Based on data from Treasury Survey of Ownership.



-300

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

Mortgage pools
FHLMC

FHLMCGNMAguaranteed 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

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

- 84
17
239

911
-459
932

364
326
73

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

9,633
11,168
10,677

7,370
8,253
8,284

2,477
2,304
2,742

185
356
348

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.

9,918
10,639
10,852

8,193
7,458
8,039

2,805
2,649
3,062

410
299
277

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.

11,696
10,926
8,408

8,684
7,111
4,995

2,931
2,665
2,574

237
334
-2

3,886
2,938
1,455

1,630
1,174
968

820
890
830

-114
286
-49

1,854
2,612
2,307

452
27
325

n. a.
n. a

n.a.
n.a.

2,136
2,380

206
n.a.

2,088
2,197

n.a.
n.a.

2,377
n.a.

35
n.a.

1980-Jan.
Feb.

1,170
n.a.

123
n.a.

Monthly data for commercial banks based on Federal Reserve estimates benchmarked to Call Report data on real estate loans outstanding as available.
Other data derived from mortgage debt outstanding as reported separately by National 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 , BY T Y P E O F P R O P E R T Y 1

Billions of dollars, seasonally adjusted annual rates
Quarter

Total

Total

62.9

Residential 2
1 - to 4
family
61.5

Multifamily

5.1

15.3

15.1

13.2

16.9

6.8

12.4

15.0

7.7

14.6

18.8

8.6

8.3

15.2

23.5

9.4

8.2

17.5

25.6

8.4

33.2

8.8
8.8

Q2

75.5

55.4

55.6

-0.2

Q3

92.7

72.7

69.0

3.7

Q4

98.1

78.0

75.4

2.6

1977-Q1

110.7

87.5

83.3

4.2

Q2

134.9

Q3

140.2

114.3

106.1

Farm

4.8

81.7

102.0

Multifamily
and
commercial
15.1

1.4

1976-Q1

110.3

Commercial

13.7

Q4

150.2

116.8

108.2

8.6

24.6

1978-Q1

135.3

105.6

97.4

8.2

20.9

29.0

106.6

9.9

20.7

30.6

9.8

26.7

38.6

11.6

25.5

35.8

11.2

Q2

147.0

116.5

Q3

154.3

116.0

104.1

11.9

Q4

160.4

123.7

113.3

10.4

1979-Q1

155.9

117.8

109.0

8.8

22.3

31.1

15.9

117.9

111.0

6.9

28.5

35.4

17.9

160.4

114.5

105.4

9.1

29.6

38.7

16.3

153.7

115.0

105.0

10.0

24.3

34.3

14.4

Q2
Q3
Q4p

164.3

not available, and interpolations and extrapolations, where required, estimated mainly by Federal Reserve.
Residential mortgage debt includes n on farm and is the sum of 1 - to 4-family and multifamily mortgage debt.




22
23. FNMA 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 amounts in millions
Conventional mortgages
Average yield
Accepted

Offered

FHA/VA mortgages
Accepted

1977-High
Low

855.4
50.3

569.7
35,1

8.98
8.46

415.9
122.9

278.0
70.5

9.21
8.81

1978-High
Low

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

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

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.

3
17

535.4
442.7

178.1
148.5

15.26
15.73

324.4
426.0

73.4
114.2

15.36
17.00

Date of
auction

Average yield

Offered

24. FHLMC AUCTIONS OF COMMITMENTS T O PURCHASE HOME M O R T G A G E S

Conventional mortgages, dollar amounts in millions
Date off
auctioni

Offered

Immediate delivery program
Average yield
Accepted

Offered

Future commitment program
Accepted
Average yield

1977-High
Low

303.0
76.7

132.6
49.8

9.02
8.63

262.8
66.4

131.0
35.3

9.03
8.63

1978-High
Low

359.7
71.2

191.7
53.6

10.42
9.12

247.1
69.7

84.4
18.2

10.54
9.20

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

1
8
15
22
29

66.4
57.2
72.7
52.9
55.7

43.3
37.1
50.9
28.8
29.7

13.05
13.25
13.48
14.10
14.44

7
14
21

72.3
44.9
33.0

30.7
35.4
31.5

15.34
16.16
16.22

1980-Feb.

Mar.

—
——

78.1

14.3

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




21
22. AVERAGE RATES AND YIELDS ON HOME MORTGAGES AND PASS-THROUGH SECURITIES
Primary market
Rates on
conventional
loans at
S&L's

Period

1976-High

1976-High

9.00
8.65

1977-High

10.38
8.98

1978-High

12.90
10.38

1979-High

1977-High
Low

1978-High
Low

1979-Nov.

Dc- c .

1980-Jan.

Feb.

Mar.

Period

9.10
8.70

Low

1979-High
Low

Secondary market
FHA/VA mortgages

Low

Low

Low

Low

2
9
16
23
30

12.80
12.85
12.80
12.80
12.90

13
20
27
Dec. 3

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
29

12.85
12.85
12.88
12.98
13.59

Feb.

4
11
19
25
Mar. 3

7
14
21

14.00
15.40
15.70

Mar. 10
17
24

Nov.

Yield in
FNMA
auction

D iscount
points
in FNMA
auction

9.20
8.39

4.93
1.96

9
8

8.44
7.57

9.31
8.80

8.98
8.46

5.18
1.50

8-1/2
8

8.39
7.56

9.21
8.81

9.02
8.63

10.60
9.13

7.13
1.88

9-1/2
8-1/2

9.68
8.43

10.92
9.28

10.42
9.12

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

11-1/2
11-1/2
11-1/2
11-1/2
11-1/2

11.73
11.51
11.69
11.36
11.29

11-1/2
11-1/2
11-1/2
11-1/2

11.18
11.49
11.39
11.39

11-1/2
11-1/2
11-1/2
11-1/2

11.70
11.70
12.07
12.28

11-1/2
12
12
12
13

12.53
12.74
13.72
13.65
13.58

13
13
13

13.57
13.84
14.17

5

7
14
21
28

Conventional mortgages

——

12.93

8.44

12.57

6.45

12.42

5.55

—

12.55

6.30
—

12.70
—

13.11

7.17
—

9.43

—

—

13.76

12.88

—

—

15.21

17.25
—

15.26

12.19
——

15.73

14.42

Ceiling
rate

Yield on
GNMA
securities

Yield in
FNMA
auction

13.97
—

13.35
12.98
——

12.99
13.10
——

13.29
13.67
——

14.57
—

15.36
17.00

Yield in

FHLMC
auction

—

13.56
13.22
13.00
12.89
12.69
12.50
12.51
12.47
12.52
12.63
12.69
12.76
12.90
13.05
13.25
13.48
14.10
14.44
15.34
16.16
16.22

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.




23
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.
Sept.

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

Oct.
Nov.
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.
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
74,106
76,401

530
186
361

14,838
14,916
15,180

488
300
470

2,987
3,353
3,641

0
0
70

1980-Jan.

2,611
1,354

78,849
n. a.

180
n. a.

15,274
n.a.

382
205

4,019
4,213

50
0

1978-Jan.
Feb.

Feb.

Feb.

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.