Full text of H.16 Capital Market Developments : March 9, 1981

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

March 9, 1981

Capital
Market
Developments
tw\R 1 6 ^

Research Library

Prepared by
the Capital Markets Section
in conjunction with
the Mortgage and Consumer Finance Section
and the Government Finance Section
Division of Research and Statistics
Board of Governors of the Federal Reserve System
Washington, D C. 20551




CONTENTS
1.
2.
3.
4.
5.

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

6.
7.
8.
9.
10.
11.
12.
13.

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

14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.

Stock Prices
Trading Volume
Security Credit
Savings Flow at Selected Nonbank Thrift Institutions
Mortgage Commitments Outstanding at Selected Institutions
Net New Money Borrowings by Major Housing Credit Agencies
Net Change in Mortgage Holdings at Selected Institutions
Net Change in Mortgage Debt Outstanding, By Type of Property
Average Rates and Yields on Home Mortgages and Pass-Through Securities
FNMA Auctions of Commitments t o Purchase Home Mortgages
FHLMC Auctions of Commitments t o Purchase Home Mortgages
Issues of Mortgage-Backed Securities

SYMBOLS
e
P
r
n.a.
—

estimate
preliminary
revised
not available
data do not exist

SUBSCRIPTION RATES
Weekly $15.00 per year or $.40 each in the United States, its possessions, Canada, and Mexico; 10 or more of the same issue t o one
address, $13.50 per year or $ . 3 5 each. Elsewhere, $20.00 per year or $.50 each. Address requests to Publications Services, Division o
Support Services, and make payment remittance payable t o the order of the Board of Governors of t h e Federal Reserve System
form collectible at par in U.S. Currency.




1. YIELDS, VOLUME AND RECEPTION
Corporate Bond Market
Yields
Recently offered
New issue
Aaa utility^
Aaa utility 1

Week ending
1981-Jan.

Feb.

— *

2
9
16
23
30

14.05
14.07
14.29
14.06
__

Volume
Gross offerings 3
($ millions)

Percent sold by
end of week

New issues in syndicate 4
($ millions)

14.15
14.10
14.17
14.33
14.08

100
828
759
414
853

100
97
98
103
100

0
25
16
0
0

14.30
14.58
14.57

430
708
191

100
99
100

0
8
0

6
13
20
27

14.90r

14.85r

1,068

98

25

6

14.75p

14.77p

521

94

30

Mar.

wm mm
—• mm

2. YIELDS, VOLUME AND RECEPTION
Municipal Bond Market
Volume

Yields
Week ending

Moody's new
issue Aaa

Bond Buyer
G.O. bond
index

Bond Buyer
Rev. bond
index

Gross offerings
($ millions)

Percent sold by
end of w e e k 3

New issues in
syndicate 4
($ 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

9.80

10.40

11.10

585

82

153

1 Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection.
2 Federal Reserve series of implied free-market yield on Aaa-rated utility bond with 5-year call protection, released from price restrictions sometime
during the last four weeks.
3 Estimated by F.R. on the basis of available data.
4 Corporate Market: Salomon Brothers Bond Market Roundup; Municipal Market: Weekly Bond Buyer. Data are adjusted by Federal Reserve when
necessary to make coverage of this series consistent with the gross offerings series.




3. HIGH GRADE BOND YIELDS

New issue
Aaa utility1

Date

Recently offered
Aaa utility2

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

1978-High
Low

Bond Buyer
U.S. govt.
Moody's
G.O.bond
seasoned 3 20-year constant
4
index5
maturity
corporate Aaa
9.27(12/29) 9.00(12/22) 6.67(12/22)
5.58(3/17)
8.01(1/6)
8.30(1/6)
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)

Bond Buyer
Rev. bond
index6
- -

—

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 4 . 5 1 ( 1 2 / 1 2 ) 15.03(12/12) 13.49(12/19) 1 2 . 8 6 (1 2 / 1 2 ) 1 0 . 5 6 ( 1 2 / 1 9 ) 11.41(1/30)
8.15(5/8)
9.59(6/20) 7.11(5/9)
10.53(6/20) 10.79(6/20) 10.34(6/20)

1981-High
Low

14.90(2/27) 14.85(2/27)
14.05(1/9) 14.08(1/30)

13.64(3/6)
12.59(1/9)

13.26(3/6)
11.98(1/9)

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

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

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

7.35
8.16
9.17

8.21
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
10.11

9.97
10.43
11.08

1981-Jan.
Feb.

14.12
14.90

14.17
14.58

12.81
13.35

12.29
12.98

9.66
10.10

10.64
11.01

14.05
14.07
14.29
14.06

14.15
14.10
14.17
14.33
14.08

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
10.41
10.34
10.72
11.07

13.07
13.41
13.51
13.45r

12.72
13.15
12.97
13.10r

9.90
9.99
10.22
10.27

10.84
11.06
11.06
11.07

13.64p

13.26p

10.40

11.10

1981-Jan.

2
9
16
23
30

Feb.

6
13
20
27

14.90r

14.30
14.58
14.57
14.85r

6

14.75p

14.77p

Mar.

1
2
3
4
5
6

mm •

——

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.
Weekly average of daily closing figures.
Weekly average of daily figures. U.S. Treasury data.
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.
Thursday figures. The average rating of the 25 revenue bonds used in this index falls midway between the five t o p groups as classified by Moody s
I nvestors Service. Weekly Bond Buyer data.




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

Period

2

1979

1980

1981

2,840
2,603
4,644

3,057
2,400
2,430

2,700e
2,800e

5,677
9,067
9,511

3,444
3,042
4,724

4,946
4,708
6,061

4,103
4,162
4,587

7,941
5,371
4,922

3,396
4,256
2,472

4,900
3,799
4,246

4,601
3,831
3,801

5,728
3,827
5,150e

4,217
4,160
3,567

4,408
2,900
3,400e

51,464

72,209e

43,365

47,255e

1979

1980

January
February
March

3,770
3,165
4,354

6,210
4,452
4,353

April
May
June

4,692
4,160
6,238

July
August
September
October
November
December
Year

State and Local

1

1981 ,
5,350e
4,200e

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

5. TREASURY AND GOVERNMENT-SPONSORED AGENCY BORROWING

Millions of dollars
e

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

Combined
deficit(+)
or
surplus(-) 1

Total 3

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

23,509
23,631

1980—Jan.
Feb.
Mar.

5,170
10,458
15,350

5,201
2,066
11,802

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

2,261
1,542
4,764

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
-941
-685

-86
-32
-101

-2,393
3,200
-3,918

-10,276
7,768
-3,430

3,632
1,957
-529

July 16,384
8,347
Aug.
Sept, - 4 , 4 3 4

9,737
11,111
6,260

6,807
7,815
526

2,602
3,245
7,026

456
219
-1,407

-76
-28
—36

2,986
-701
-2,199

3,661
-2,063
-8,495

575
-835
2,432

17,146
10,698
7,869

4,758
9,231

2,477
6,412

2,422
3,219

-63
-315

-23
-30

4,076
-3,985

8 ,312
5,452

5,116
412

Period

#

Federal Government
Means of financing combined deficit
Net cash borrowing from the public2
Public debt securities
Gov't,
agency
NonCoupons
Bills
securities
marketable

<

#

Oct.
Nov.
Dec.
5

Other

securities less change in holdings o, those securities by go
accounts.

i
gage Corporation, Federal National Mortgage Association.
5 CY= Calendar Year




*«* = « . « . . « . . . l »

» - . u .

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

Total

Privately
placed

Publicly
offered

Memo
Issues included
Convertible
Foreign

Common and
preferred
stocks

1977
1978
1979

53,792
47,230
51,464

24,072
19,815
25,814

17,943
17,057
14,325

11,777
10,358
11,325

1,340
1,349
1,008

863
418
2,229

1980-QI
QII
QUI

15,015
24,255
18,234

5,861
18,186
11,618

4,600
2,072
1,909

4,554
3,997
4,707

169
529
631

908
967
1,510

1980-Jan.
Feb.
Mar.

6,210
4,452
4,353

2,450
1,426
1,985

2,384
1,430
786

1,376
1,596
1,582

47
122
0

32
76
800

Apr.
May
June

5,677
9,067
9,511

3,828
6,810
7,548

947
525
600

902
1,732
1,363

89
432
8

383
375
209

July
Aug.
Sept.

7,941
5,371
4,922

5,354
3,843
2,421

1,213
304
392

1,374
1,224
2,109

100
191
340

208
805
497

Oct.

5,728
3,827

2,756
1,405

519
650

2,453
1,772

348
n.a.

687
398

Nov.

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

Other issuers1

Manufacturing

Public utility

13,393
10,813
11,346

14,127
12,232
13,289

4,442
3,640
4,522

21,827
20,549
22,309

1980-QI
QII
QUI

3,907
6,838
5,819

4,966
4,135
3,652

1,278
2,182
1,936

.4,864
11,101
6,823

1980-Jan.
Feb.
Mar.

1,276
1,340
1,291

1,873
1,262
1,831

483
572
223

2,578
1,276
1,010

Apr.
May
June

1,778
2,615
2,445

891
1,338
1,906

651
1,196
335

2,358
3,917
4,826

July
Aug.
Sept.

3,016
1,792
1,011

1,030
1,434
1,188

787
626
523

3,106
1,519
2,198

Oct.

1,462
506

1,280
792

858
276

2,128
2,254

Period

1977
1978
1979

Nov.

1 Other issuers ere extractive, reilroed end other transported on, reel estete end finence, end commerciel end other.
Source: Securities end Exchenge Commission end Federal Reserve Boerd.




8. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE 1
Issuer

Burlington Northern, Inc.
P a c i f i c Power & L i g h t Co.
United 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.

*
1

Date

Type

Amount
(millions
of dollars)

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

Pfd. stk.
Com. s t k .
Com. s t k .
Com. s t k .
Conv, d e b t .
1 s t . mtg.
Conv. d e b t .
Conv, d e b t .
Com. s t k .
Com. 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

Moody's/S&P's
ratings

Maturity

Coupon
rate

Offering
yield

1982-96
1991

14.25
15.63

14.90
15.70

Aa/AA ,
Baa/BBB

13.44

13.44

A/A+

8.50
15.88
9.75
10.00

8.50
15.88
9.75
10.00

Ba/BB+
A/A+
Baa/BBB
A/A
—/—

2006
2011
2006
2006

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




8
9. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL 1
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 Antonio, TX
M i s s o u r i E n v i r o n . Improv.
Auth.
Sebring U t i l . Comm., FL
Sebring U t i l . Comm., FL
Sebring U t i l . Comm., FL
Sebring U t i l . Comm., FL

Type2

Date

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

9.00
MIG-1
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.

A/A+
9.00
8 . 2 5 - 1 0 . 5 0 A/BBB
11.25
A/BBB
11.00
A/BBB
A/BBB
11.45

I

1

Includes only state and local security offerings of $25 million and over; excludes secondary offerings.

3

Canadian interest cost.

2 For state and local government securities, G.O. denotes general obligation; Rev. denotes revenue obligations.




Offering
yield

9
10. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: U.S. TREASURY
Notes and Bonds
Offering
date

Payment
date

Length

Maturity
date

Coupon Auction
average
rate
percent) (percent)

_ _
.
Amount (millions of dollars)
Net proceeds
Gross proceeds
Total

Private 1

Total

Private 1 - 2

Memo:
Foreign
add-ons 3

1980
3,815
2,443
2,001
4,601

815

2,815

190

1,771

1,771

0
0

13.52 3,188
15.15
>8,575
14.03
12.49 2,710

3,188

3,188

3,188

170

7,973

2,337

2,337

63

2,710

2,710

2,710

0

1,501
4,503p

1,501
1,818p

1,501
l,818p

125

3,339p

3,339p

130

2,293p
3,254p

2,293p
3,254p

186
195

11/17
11/17
11/17
12/1

13-1/4 13.31
3 - y r 6-mc 5 / 1 5 / 8 4
13.07
13
1
1
/1
5
/9
0
10-yr
12.81
12-3/4
1
1
/
1
5
/
0
5
1
0
30-yr
13-7/8 13.99
11/30/82
2-yr

Dec. 3
16
18
30

12/8
12/31
12/31
1/5

5 - y r 2-mc
2-yr
4-yr
7-yr

2/15/86
12/31/8.2
12/31/84
1/15/88

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

0

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

Nov. 5
6
7
25

0

1981
Jan.

6

21
Feb. 3
4
5
24
26

1/12
2/2

|20-yr 1-mo 2 / 1 5 / 0 1
1/31/83
2-yr

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

3-yr
9-yr
29-yr
| 2-yr
5-yr




6-mo 8 / 1 5 / 8 4
9-mo 1 1 /1 5 /9 0
9-mo 11/15/10
2/28/83
2-mo 5 / 1 5 / 8 6

11-3/4 11.82
1 3 -5 / 8 13.69
1 3 -1 / 4
13
12-3/4
13-7/8
13-3/4

13.37
12.89
12.68
13.97
13.79

1.501
4,964p

4.502
•8,502p
2,900
2,575
5,180p 4,754
3,254p 3,254p

0

0
0

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

Offering Payment
date
date

Maturity
date

Length

Yield
(percent)

Amount (millions of dollars)
Gross
proceeds

Maturing
issues

Net
proceeds

4 - y r 11-mo

6/10/85

9.95

1,000

550

450

5-mo
5-mo

12/01/83
12/01/86
7/23/90

9.30
10.00
10.40

841
1,002
600

1,175

1,268

8/19/83

9.70

1,000

0

1,000

3/25/85
3/25/87

10.80
11.10

1,200
600

1,600

200

9/04/84

11.75

486

0

486

4-mo

1/11/82

10.90

400

1,050

-650

1-yr

8-mo

6/10/82

12.25

500

800

-300

10/20
10/20
10/20

2-yr
4-yr
7-yr

1-mo
9-mo
9-mo

12/01/82
7/22/85
7/20/88

11.60
11.60
11.70

786
434
604

975

849

10/16
10/16

10/27
10/27

2-yr
3-yr

11.85
11.75

1,200
600

200

1,600

4-mo

10/25/82
2/27/84

FNMA

10/29

11/3

5-yr

11/12/85

13.00

750

0

750

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

W / 8 0 L/5/81

3-yr

8-mo

9/3/85

12.75

404

433

-29

FNMA

7/2

7/10

FFCB

7/9
7/9
7/9

7/21 3-yr
7/21 6-yr
7 / 2 1 LO-yr

FNMA

7/25

8/1

3-yr

FHLB

8/13
8/13

8/25
8/25

4-yr
6-yr

FFCB

8/27

9/2

4-yr

FNMA

9/4

9/10

1-yr

FNMA

10/1

10/10

FCB

10/8
10/8
10/8

FHLB

7-mo
7-mo

1981

1981

FNMA

1/8

1/12

5-yr

1/10/86

13.00

1,000

0

1,000

FFCB

1/13
1/13

1/20
1/20

4-yr
8-yr

1-mo 3 / 4 / 8 5
1/23/89

13.20
13.05

785
638

858

565

FHLB

1/21

1/28

2-yr

FHLB

2/11
2/11

2/25
2/25

FNMA

2/13

2/17

6-mo

7/25/83

13.35

600

0

600

: 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

2/10/88

14.40

300

0

300

7-yr

FFCB
— Federal Farm Credit Banks
FHLB
— Federal Home Loan Banks
FHLMC — Federal Home Loan Mortgage Corporation
FNMA
— Federal National Mortgage Association




11

As of March 6, 1981
12. F O R T H C O M I N G PUBLIC O F F E R I N G S O F I N T E R M E D I A T E - A N D LONG-TERM S E C U R I T I E S : C O R P O R A T E 1
Issuer

Type

Amount
(millions of dollars)

Approximate date
of offering

Niagara Mohawk Power Corp.
Georgia Power Co.
Montgomery Ward C r e d i t Corp.
Manufacturers Hanover Corp.
^Greyhound Leasing & F i n . Corp.
^Martin M a r i e t t a Corp.
^Martin M a r i e t t a Corp.
Indiana & Michigan E l e c t . Co.
^ P a c i f i c Gas & E l e c t r i c Co.
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.
^Southwestern Power Co.
*Texas U t i l i t i e s Co.
Chemical N.Y. C o r p o r a t i o n
New England Power Co.
Appalachian Power Co.
D e t r o i t Edison Co.
New York S t a t e E l e c . & Gas. 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 t l a n t i c R i c h f i e l d Co.
General American Transp. Corp.
General E l e c t r i c C r e d i t Corp.
General E l e c t r i c C r e d i t Corp.
A s s o c i a t e s Corp. of N. America
PHM C r e d i t Corp.
Avco F i n a n c i a l S e r v i c e s I n c .
Union Carbide Corp.
*Kansas City Gas & E l e c t r i c Co.

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

50.0
100.0
50.0
100.0
75.0
150.0
50.0
120.0
125.0
150.0
150.0

80.0
100.0
50.0
40.0
25.0
30.0
200.0
250.0
75.0
150.0
100.0
100.0
40.0
100.0
200.0
28.0

Mar. 10
Mar. 11
Mar. 12
Mar. 12
Mar. 12
Mar. 12
Mar. 12
Mar. 18
Mar. 19
Mar. 25
Mar. 25
Mar. 30
Mar. 31
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Indef.
Apr. 2

OTHER
*Hitachi Ltd.
Denmark, Kingdom of
*Oslo Norway
United Mexican S t a t e s

Conv. d e b t .
Notes
Bonds
Bonds

100.0
100.0
100.0
500.0

Mar. 25
Mar.
Indef.
Indef.

60.0

* 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.




As of March 6, 1981

12

A N D LOCAL 1
1 3 . F O R T H C O M I N G PUBLIC O F F E R I N G S O F I N T E R M E D I A T E A N D L O N G - T E R M S E C U R I T I E S : S T A T E
Approximate date
Amount
Type
of offering
(millions of dollars)
Issuer

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
F l o r i d a S t a t e Board of Ed.
Montgomery Co., MD
Burbank Redev. Agcy., CA
*Allegheny Co. I n d u s . Dev. A u t h . , PA
* J e f f e r s o n P a r i s h Sch. Board, LA
*Farmington, N.M.
San B e r n a r d i n o , CA
Brevard Co. HEFA, FL
P u e r t o Rico Telephone Auth.
Jackson Co., OR
L o u i s i a n a Pub. F a c . Auth.
*New York C i t y Hsg. Devel. Corp.
Mechlenburg C o . , N.C.
South C a r o l i n a , S t a t e of
South L o u i s i a n a P o r t . Com.
P l a t t e River Power A u t h . , CO
North C a r o l i n a Muni. Power Agcy.
Oregon, S t a t e of
POSTPONED
Orange Co. Hsg F i n . A u t h . , FL
Phoenix, AZ
L o u i s i a n a , S t a t e of
Kentucky Turnpike Auth

1

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

Inclu^fstLte 1 ^nd^ocalgownment issues of $25 million and over; excludes secondary offerings.




35.0
200.0
47.0
45.0
65.9
25.0
125.0
100.0
250.0

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

96.6
27.0
144.8
150.0

Feb. 16
Feb. 17
Feb. 24
• Mar. 6

80.0
110.0

70.0
50.0

50.0

45.0
92.5
27.5
45.6

50.0

9
10
10
10
11
11
11
11
12
13
13
13
13
17
17
18
26
2
7

13
14. STOCK PRICES 1
NYSE I n d e x 3

Date

NASDAQ5

AMEX4

DJ Industrials

1978-Hlgh
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-Hlgh
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

81.02 (11/28)
55.30 (3/27)

1000.17 (11/20)
759.13 (4/21)

370.75 (11/29)
215.69 (3/27)

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 (2/13)

357.27 (1/5)
330.34 (2/20)

204.17 (1/5)
192.29 (2/20)

1981-Feb.

6
13
20
27
6

Mar.

74.83
72.80
72.45
75.13

952.30
931.57
936.09
974.58

347.43
339.31
330.34
338.94

197.87
193.89
192.29
193.01

74.46

964.62

336.66

199.89

-

15. TRADING V O L U M E 2
NYSE

Date

AMEX

NASDAQ

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

1978-Hlgh
Low

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

11.0 (10/30)
1.3 (1/20)

1979-Hlgh
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
47.4

5.2
4.3
4.8
4.9

30.9
29.5
28.0
26.1

Mar.

6

46.7

4.9

29.Op

1 Figure! other than highs and lows are Friday figures only.
2 Volume figures are weekly averages of daily figures (millions of shares). Highs and lows refer to single days.
3 12/31/66-60
4 8/31/73-100
6 2/6/71 - 100




14
16. SECURITY CREDIT?
Outstanding, dollar amounts in millions

cna OT period

1

Margin credit extended
by brokers on:
Marginable
stock

Convertible
bonds

Number of
margin accounts
(thousands)

Percent of debt
in accounts with
40 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 - Jan.
Feb.
Mar.

10,750
10,790
10,870

199
195
181

950
950
965

79
71
79

Apr.
MayJune

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
1*005

81
86
84

Oct.
Nov.
Dec.

11,310
10,920
11,450

173
161
167

985
1,000
1,020

73
83
84

1980 - Jan.
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 - Jan.

14,020

221

1,185

80

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




15
17. SAVINGS FLOWS AT SELECTED NONBANK THRIFT INSTITUTIONS
Millions of dollars
Mutual Savings Banks
(regular deposits) 1
Date

Net flow
N.S.A.

Sea. adj.

Savings and Loan Associations
Net flow

Annual
growth
rate 3

N.S.A.

11.5

50,169

8.7

50,888

Memo:
Net New Money 2

Total

At
insured
S&L's

At
MSB's

15.9

34,369

5,283

60,982 .

13.3

32,004

2,874

Annual
growth
rate 3

Net
flow
(sea. adj.)

Annual
growth
rate 3

—

17.5

62,854

—

15.0

Sea. adj.

1976

12,670

1977

10,783

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

-4,331

•

•*

- -

-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

Oct.
Nov.
Dec.

-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

-450

-129

-1.0

1,899

1,978

4.6

1,849

3.3

547

-1,000

1979-July
Aug.
Sept.

1981-Jan. 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 New deposits net of both withdrawals and interest. Data for S&L's are for insured associations only, which represent 96 percent of industry total
resources.

3 Annual growth rate for monthly data is the annualized monthly percentage increase in deposits.
Source: National Association of Mutual Savings Banks and Federal Home Loan Bdnk Board.




18. MORTGAGE COMMITMENTS OUTSTANDING AT SELECTED INSTITUTIONS
Billions of dollars, seasonally adjusted
Federal and Related Agencies

Thrift Institutions
End of Period

Total

All savings
and loan
associations

Mutual
savings banks
(N.Y. state)

Total

FNMA

GNMA

FHLMC

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
10.1

3.9
4.4
4.4

5.5
5.1
4.8

1.2
1.1
0.9

Oct.
Nov.
Dec.

29.5
29.5
28.7

27.7
27.8
27.1

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.

28.3

26.8

1.5

a.a.

3.3

6.3

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 non-residentiel commitments; S&L commitments also include loens in
process. Subtotals may not add to total because of rounding.




17
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

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

1979-Jan.
Feb.
Mar.

967
1,457
912

0

0

0

0

1,033
1,372

834

199

0

0

•128

1,500

Apr.
May
June

1,027
304
1,363

997
215
1,299

0

-3
-7
199

1,000

July
Aug.
Sept.

1,625
360
398

1,916
613
-154

700
415

1,000

0

216
198
146

Oct.
Nov.
Dec.

2,297
1,791
1,375

1,599
1,453
150

1,300
953

-1
0

300
500

0

150

0

1980-Jan.
Feb.
Mar.

328
927
3,580

-2

0

-2

Apr.
May
June

Period

FHLMC

222
0

160

FNMA

0

1,100
0

-300

0

967
424
-460
30
89
64
-291
-253
552
698
338
1,225
330
917

200
500

1,800

500
1,750

706
-1,283
-1,929

450

10
1,780

-350
1,400

2,205
1,366
-929

1,499
2,649

1,000
0

-1
-1
0

July
Aug.
Sept.

-979
-458
1,325

442

0

-8

0

1,000

253

1,000

-97

-650

-1,421
-1,658
1,072

Oct.
Nov.

3,607
313

1,300
900

1,600
150

0
0

-300
750

2,307
-587

1,000
1,200

Based on data from Treasury Survey of Ownership.




900

200

-120

1,000

18
20. NET CHANGE IN MORTGAGE HOLDINGS AT SELECTED INSTITUTIONS
Millions of dollars, seasonally adjusted

Period

Total

Total

Major private financial institutions
Life insur.
Commercial MSB's
S&L's companies
banks

FNMA
and
GNMA

FHLMC

Mortgage pools
GNMA- FHLMCguaranteed guaranteed

1978

1126,411 ]103,221 :35,376

6,314

52,153

9,378

8,735

-233

9,389

5,275

1979

1122,121

88,877 .31,504

3,886

•43,064

12,607

8,147

973

20,854

3,270

1980

87,021

59,418 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.
Nov.
Dec.

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.
Nov.
Dec.

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
727

689
542
906

115
50
216

1,881
873
1,354

64
—106
-52

n.a.

1,365

n . a ..

2,877

n.a.

n.a.

n.a.

n.a.

n.a

1980

1981
Jan.

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 89 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 a d j u s t e d a n n u a l rates
Residential
Quarter

1976-Q1
Q2
Q3

Q4
1977-Q1
Q2
Q3

Q4
1978-Q1
Q2
Q3

Q4
1979-Q1
Q2
Q3

Q4
1980-Q1
Q2
Q3

Q4

1

Total

Total

1 - t o 4family

Multifamily

Commercial

Multifamily
and
commercial

Farm

84.0
75.1
92.1
97.7

68.4
59.4
72.6
78.1

62.8
55.6
68.9
75.5

5.6
3.8
3.7
2.6

10.8
11.3
13.2
12.4

16.4
15.1
16.8
15.0

4.8
4.4
6.4
7.3

108.9
134.2
139.1
150.5

87.8
111.3
115.0
118.1

83.5
102.8
106.7
109.7

4.3
8.4
8.2
8.5

14.5
14.9
17.4
25.5

18.7
23.3
25.6
34.0

6.7
8.1
6.8
6.8

131.6
144.1
150.8
159.7

101.9
112.2
121.0
131.0

93.1
101.1
111.3
122.9

8.8
11.1
9.7
8.1

23.0
23.9
21.9
21.1

31.8
35.0
31.6
29.3

6.7
8.0
8.0
7.5

153.7
161.1
158.6
152.1

117.8
120.8
119.8
120.1

111.1
114.2
110.5
110.8

6.8
6.6
9.3
9.3

24.6
27.6
27.7
22.0

31.3
34.2
37.0
31.3

11.3
12.7
11.1
10.1

149.6
72.1
123.7
152.1

104.2
42.2
92.6
116.4

98.4
35.4
82.7
104.6

5.9
6.8
9.9
11.8

28.3
15.9
20.7
21.3

34.2
22.7
30.6
33.1

17.1
14.0
10.5
14.4

Derived from data on mortgage debt outstanding from Federal Deposit Insurance Corporation, Federal Home Loan Bank Board, Institute of Life
Insurance, National Association of Mutual Savings Banks, Departments of Commerce and Agriculture, Federal National Mortgage Association, Federal
Housing Administration, Veterans Administration and Comptroller of the Currency. Separation of nonfarm mortgage debt by type of property where
not available, and interpolations and extrapolations, where required, estimated mainly by Federal Reserve.




20
2 2 . A V E R A G E R A T E S A N D Y I E L D S ON HOME M O R T G A G E S A N D P A S S - T H R O U G H S E C U R I T I E S
Secondary market

Primary m a r k e t

Conventional mortgages

F H A / V A mortgages
Pates o n
conventional
loans at
S&L's

Period

1978-High
Low

1979-High
Low

1980-High
Low

10.38
8.98

1978-High

12.90
10.38

1979-High

16.35
12.18

1980-High

Low

Low

Low

Aug.

22
29

12.80
12.95

25
Sept. 2

Sept.

5
12
19
26

13.03
13.08
13.25
13.43

Sept.

3
10
17
24
31

13.60
13.73
13.78
13.85
14.00

Oct.

7
14
21
28

14.08
14.18
14.28
14.28

Nov.
Dec.

1

5
12
19
26

14.43
14.83
14.95
14.95

Dec.

2
9
16
23
30

14.95
14.80
14.85
14.85
15.07

Jan.

6
13
20
27

15.00
15.03
15.20
15.30

Feb.

Oct.

Nov.

Dec.

Nov.

Discount
points
in F N M A
auction

Ceiling
rate

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

15.93
12.28

15.40
.93

14
11-1/2

14.17
10.73

17,51
12,81

14.56
11.60

14.41

13.42

12
12

12.48
12.57

14.19

13.36
13.35

14.60

14.33

15.30

12.37

12
12
13
13

12.59
12.74
12.93
13.35

13
13
13
13
13

12.70
12.59
12.98
13.35
13.42

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

13.61
13.67
13.57
13.75

15.25

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

13.79
14.01
13.24
13.31

15.65

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

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

14.08
14.41
14.26
14.31

Yield in
FNMA
auction

Period

8
15
22
29
6
13
20
27
3

14.57

8.69

15.30

12.39

15.57

13.68

15.49

10.65

8
15
22
29

15.50

10.67

14.92

7.79

5
12
19
26
3

14.89

7.63

14.84

7.33

14.88

7.56

15.59

11.11

15.88

12.51

10
17
24

Yield o n
GNMA
securities

Yield in
FNMA
auction

14.29
14.86
14.47
14.92

15.35

15.43

Yield in
FHLMC
auction

13.32
13.44
13.82
13.94
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.

Feb.

Mar.

10
17
23
2

14.85
14.83
15.26
15.38

14.16
14.43
14.51
14.60
14.72
15.04
15.10
15.13
15.31

Column 2 is average of contract interest rates on commitments for level-payment conventional first mortgages with 80 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 60 days) delivery.
Beginning July 7,1980, the FNMA auction results for FHA/VA mortgages do not include graduated payment mortgages.




23. FNMA AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES
Dollar a m o u n t s in millions
C o n v e n t i o n a l mortgages

F H A / V A mortgages

D a t e of
auction

Offered

Accepted

Average yield

Offered

Accepted

Average yield

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

12.81

17.51

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

24. FHLMC AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES
Conventional mortgages, dollar a m o u n t s in millions
Date of
auction

I m m e d i a t e delivery program
Average yield
Accepted

F u t u r e c o m m i t m e n t program

1979-High
Low

298.0
38.7

150.5
17.9

13.56
10.40

166.6
38.7

37.8
13.7

Average yield
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

2
9
16
23
30

57.9
39.2
24.9
4.9
27.8

35.9
33.3
18.9
2.5
21.2

14.56
14.70
14.86
14.86
14.36

24.3

15.35

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

3
10
17
24

66.5
74.1
40.7
61.3

22.3
20.3
15.817.3

14.72
15.04
15.10
15.13

3

n.a.

n.a.

15.31

1980-Dec.

1981-Jan.

Feb.

Mar.

Offered

Offered

Accepted

——

53.3

——

—

—

——

—

——

——

—

18.4

15.16

——

—

——

——

——

30.3

15.1

—

73.6

15.38

——

Offering* in the FNMA auctions of 4-month purchase commitments relate to total bids submitted, and average yields to FNMA on accepted bidii are gross
(before deduction of 37% basis points for mortgage servicing) assuming prepayment in 12 yeers for 30-year mortgages, without adjustments for FNMA
commitment fees or stock related requirements. Offerings in the FHLMC euctions relate to total bids submitted, and averege yields to FHLMC on
accepted bids are net, excluding 37% basis points for mortgage servicing. Prior to June 24,1980, the FH LM.C's future commitment program involved
6-month commitments; subsequently, 8-month commitments have been auctioned.
Source: FNMA and FHLMC




22
25. ISSUES OF MORTGAGE-BACKED SECURITIES
Millions of dollars, n o t seasonally a d j u s t e d
Pass-through securities
Period

GNMA-guaranteed
N e w issues

Outstanding
(end of period)

FHLMC-guaranteed
N e w issues

Outstanding
(end of period)

Public offerings
of mortgagebacked b o n d s
Outstanding
by savings and
(end of period)
loan assoc.

Privately insured
N e w issues

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

1979

24,940

76,401

4,546

15,180

2,575

3,641

1,110

1980

21,950

2,527

16,853

5,133

8,724

290

93,874

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

151
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.

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

Feb.

Mar.

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

Apr.
May
June

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

July
Aug.
Sept.

1,874
2,215
1,807

85,634
88,031
89,452

288
320
275

16,370
16,658
16,852

485
466
355

6,603
6,995
7,338

50
0
0

Oct.

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
n.a.

n.a.
' n.a.

n.a.
n.a.

n.a.
n.a.

n.a.
n.a.

1979-Jan.
Feb.

Nov.
Dec.

1980-Jan.

Nov.

Dec.
1981-Jan.
Feb.

n.a.
n

-a-,|

it

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 ore issued by private institutions against
pools of conventional residential mortgages and are underwritten by major private mortgage insurance companies.
Source: GNMA, FHLMC, HUD, and Federal Reserve.