Full text of H.16 Capital Market Developments : May 14, 1979
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56 <8> Marl<et Developments May 14, 1979 Prepared by the C A P I T A L MARKETS SECTION in conjunction with the MORTGAGE and CONSUMER FINANCE SECTION DIVISION OF RESEARCH AND STATISTICS BOARD OF GOVERNORS F E D E R A L R E S E R V E SYSTEM Washington, D C. 20551 # *1 ' Index ' SUBSCRIPTION RATES: Weekly $15.00 per year or $.40 each in the United States, its possessions, Canada, and Mexico; 10 or more of the same issue to one address, $13.50 per year or $.35 each. Elsewhere, $20.00 per year or $.50 each. Address requests to Publications Services, Division of Administrative 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. TABLES 1- 6 7, 8 SECURITY VOLUME AND YIELDS STOCK MARKET AND SECURITY CREDIT 9 - 1 6 MORTGAGE MARKET SYMBOLS e ESTIMATE p > PRELIMINARY REVISED n.a. NOT AVAILABLE DATA DO NOT EXIST Table 1 YIELDS, VOLUME AND RECEPTION CORPORATE BOND MARKET WEEK ENDING 1979 - Apr. May 2 13 20 27 4 11 YIELDS NEW ISSUE 1 A a a UTILITY VOLUME RECENTLY OFFERED A a a UTILITY 9.59 9.68 9.66 9.87 9.61 9.68 9.70 9.88 9.93r 9.94p —— 2 3 GROSS OFFERINGS ( $ MILLIONS) PER C E N T SOLD BY END O F WEEK NEW I S S U E S IN SYNDICATE ( $ MILLIONS) 615 300 727 1,233 98 100 87 90 13 0 91 122 124 274 80 89 25 30 4 MUNICIPAL BOND MARKET YIELDS WEEK ENDING 1979 - Apr. May VOLUME MOODY'S NEW ISSUE Aaa BOND BUYER 2Q-BOND INDEX 6 13 20 27 5.85 5.85 5.75 5.75 6.25 6.33 6.30 6.26 657 756 557 653 92 76 88 85 163 279 151 172 4 11 5.80 5.85 6.27 6.30 432 711 77 81 173 174 3 GROSS OFFERINGS ( $ MILLIONS) PER C E N T S O L D BY END O F WEEK NEW I S S U E S 4 IN SYNDICATE ( $ MILLIONS) NOTES: 1 Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection. 2 Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection, released from price restrictions sometime during the last four weeks. 3 Estimated by F.R. on the basis of available data. 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. 4 Table 2 HIGH GRADE BOND YIELDS 1 NEW ISSUE A a a UTILITY DATE RECENTLY OFFERED Aaa UTILITY 2 MOODY'S SEASONED CORPORATE Aaa 3 U.S. GOVT. 20-YEAR CONSTANT MATURITY 4 B O N D BUYER 2 0 - 8 0 N D INDEX 1975 - High Low 9.80 (5/2) 8.89 (2/7) 9.71 (5/25) 9.06 (2/28) 9 . 0 1 (5/2) 8.57 (2/28) 8 . 6 3 (9/19) 7 . 6 3 (2/21) 7.67 ( 1 0 / 3 ) 6.27 ( 2 / 1 3 ) 1976 - High Low 8.95 (5/28) 7 . 9 3 (12/10) 9.10 (1/2) 7.84 ( 1 2 / 3 1 ) 8.66 (5/28) 7 . 9 1 (12/31) 8.17 (5/28) 7.27 (12/31) 7.29 ( 1 / 2 ) 5 . 9 5 (12/16) 1977 - High Low 8 . 3 6 (12/16) 7.90(1/7) 8 . 4 8 (12/30) 7.95 (1/7) 8 . 2 8 (12/30) 7.88 ( 1 / 7 ) 7.99 (12/30) 7.26 ( 1 / 7 ) 5.93 (2/4) 5.45 (11/17) 1978 - High Low 9 . 2 9 (12/15) 8.60 (3/24) 9 . 5 4 (12/22) 8.48 (1/6) 9.27 (12/29) 8.30 (1/6) 9 . 0 0 (12/22) 8.02 (1/6) 1979 - High Low 9.87 (5/4) 9.42 ( 2 / 9 ) 9.91 (5/4) 9.40 (2/2) 9.50 (5/4) 9.19 ( 2 / 2 ) 9.26 ( 5 / 4 ) 8.89 (2/2) 6.67 5.58 6.42 6.22 1979 - F e b r u a r y March April 9.53 9.62 9.70 9.56 9.62 9.74 9.26 9.37 9.38 9.03 9.08 9.12 6.31 6.33 6.29 1979 - A p r i l 6 13 20 27 9.59 9.68 9.66 9.87 9.61 9.68 9.70 9.88 9.31 9.37 9.39 9.44 9.05 9.11 9.12 9.20 6.25 6.33 6.30 6.26 4 11 __ 9.93r 9,94p 9.51r 9.53p 9,28r 9.31p 6.27 6.30 May 7 5 (12/22) (3/17) (3/2) (2/2) NOTES: 1 Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection. 2 Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection released from price restrictions sometime during the last 4 weeks. 3 Weekly average of daily closing figures. 4 5 Weekly average of daily figures. U S. Treasury data. Thursday figures. The average rating of the 20 bonds used in this index falls midway between the four top groups as classified by Moody's Investors Service. Weekly Bond Buyer data. e e # # e # # # # . # *• Table 3 LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS IN MILLIONS OF DOLLARS GROSS PROCEEDS 1 CORPORATE PERIOD 2 STATE AND LOCAL 1979 1978 1977 1979 1978 1977 January February March 3,668 2,800e 3,600e 3,013 2,657 4,442 4,362 2,792 5,578 2,802 2,585 4,487 3,306 2,753 4,844 3,402 3,442 4,063 April May June 4,150e 3,285 4,035 5,215 3,998 3,797 5,660 3,000e 3,824 5,525 4,369 3,409 4,566 5,786 July August September 4,226 3,311 3,832 4,289 3,469 4,177 3,920 6,407 2,323 3,113 4,118 4,013 October November December 3,685 3,207 4,401 4,221 5,331 6,531 3,231 4,320 3,807 3,332 3,690 3,646 10,112 12,535 12,732 13,455 11,369 11,293 11,935 16,083 10,903 13,718 12,650 11,241 10,907 13,761 11,244 10,785 22,647 34,016 45,309 26,187 38,122 54,205 24,621 37,271 48,512 24,668 35,-912 46,697 Q1 02 03 04 1st Half 3 Qtrs. Year 10,068e 9,874 • NOTES: 1 Securities and Exchange Commission estimates of gross proceeds. 2 Securities Industry Association estimates of principal amounts. Table 4 ON NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE AND ISSUER IN MILLIONS OF DOLLARS GROSS PROCEEDS BY TYPE OF ISSUE PERIOD 1977-1 BONDS TOTAL PUBLICLY OFFERED COMMON AND PRIVATELY PREFERRED PLACED STOCK GROSS PROCEEDS BY TYPE OF ISSUER 1 MEMO I S S U E S INCLUDED FOREIGN CONVERTIBLE MANUFACTURING PUBLIC UTILITY COMMUNICATIONS OTHER ISSUERS 12,732 13,455 11,935 16,083 6,498 5,606 6,215 5,867 3,527 4,975 3,506 5,999 2,707 2,874 2,214 4,217 268 346 272 275 6 108 495 39 3,031 3,440 3,250 4,054 3,047 4,125 2,901 4,246 1,415 1,059 644 1,320 5,238 4,830 5,140 6,460 10,112 12,535 11,369 11,293 4,748 5,421 5,284 4,486 3,383 4,196 3,868 3,792 1,981 2,918 2,217 3,015 233 260 120 189 4 158 115 129 2,218 2,898 2,534 2,408 2,367 3,672 3,012 3,034 844 384 1,120 1,207 4,684 5,581 4,701 4,641 1978-January February March April May June July August September October November December 3,013 2,657 4,442 3,285 4,935 5,215 4,226 3,311 3,832 3,685 3,207 4,401 1,382 1,464 1,902 1,958 1,719 1,744 2,177 1,497 1,610 1,651 1,608 1,227 998 667 1,718 853 1,277 2,066 1,541 1,032 1,295 865 873 2,054 633 526 822 474 1,039 1,405 508 782 927 1,169 726 1,120 233 0 0 12 106 142 80 40 0 10 30 149 0 0 4 20 2 136 16 6 93 101 22 6 273 716 1,229 549 878 1,471 842 721 971 495 840 1,073 644 465 1,258 743 1,685 1,244 799 875 1,338 1,619 761 654 519 34 291 35 349 353 552 215 290 457 460 1,578 1,441 1,665 1,960 1,470 2,151 2,231 1,162 1,308 1,279 1,148 2,214 1979-January 3,668 1,282 1,722 664 n. a. n.a. 907 890 259 1,612 II III IV 1978-1 II III IV NOTES: 1 Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other. Source: Securities and Exchange Commission. • # # # e # # e # Table 5A INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY A p r i l 30 through May 11, 1979 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) 1 MATURITY COUPON RATE OFFERING YIELD MOODY'S/S&P'S RATINGS CORPORATE Allegheny A i r l i n e s , I n c . Transamerica Corp. S t . Louis Southwestern Ry. T r u n k l i n e Gas Co. Documation I n c . J o h n s - M a n v i l l e Corp. P u b l i c S e r v i c e Co. of I n d i a n a T r a i l e r T r a i n Co. Kansas C i t y Power & Light Co. Brae Corp. Com. s t k . Debt. Equip t r . Debt. Debt. Notes 1 s t mtg. Equip. t r . Com. s t k . Com. s t k . 20.0 100.0 24.0 75.0 25.0 100.0 50.0 24.0 40.8 19.0 2004 1980-1994 1991 1999 1985 1985 1980-1994 NOTES: * 1 Rights offering. Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings. 10.63 9.75 10.63 12.00 9.70 9.50 10.38 10.70 10.50-9.75 10.65 12.00 9.70 9.55 10.38-10.00 Baa/BBB Aaa/AAA Baa/BBB+ B/B A/AA Aa/AA A/A 00 Table 5B INTERMEDIATE AND LONG-TERM * PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 A p r i l 30 through May 11, 1979 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY G.0. Rev. G • 0. Rev. Rev. Rev. Rev. Rev. G.0. G.0. G.0. G.0. Rev. Rev. G.0. Rev. Rev. Rev. Rev. Rev. Rev. G.0. G.0. G.0. 16.6 12.4 14.0 15.3 3.7 12.5 12.0 33.0 26.5 10.4 11.3 45.0 6.2 6.2 13.0 9.6 20.8 4.6 27.2 12.9 109.9 22.0 18.5 10.0 1980-2009 1981-1999 1981-2001 1981-1999 2002 1980-1993 1999 2009 1982 1982 1980-1999 1980-1999 1981-1999 2002 1980-1999 1982-1987 1994 1997 1986-2000 2004 2020 1980-1999 1980-2009 1980-1989 NET INTEREST COST OFFERING YIELD MOODY'S/S&P'S RATINGS STATE AND LOCAL Nassau Co., N.Y. C a r t e r County, Ky. Clayton Co. School D i s t . , Ga. Pike County, Ky. Pike County, Ky. D e t r o i t , Mich. D e t r o i t , Mich. D e t r o i t , Mich. Oakland Co., Mich. Genessee C t y . , Mich. New York Job Dev. Auth. Montgomery County, Md. Lewis County, Ky. Lewis County, Ky. Delta Cty. Sch. D i s t . #50, Colo. V i r g i n i a Educ. Loan Auth. V i r g i n i a Educ. Loan Auth. V i r g i n i a Educ. Loan Auth. N. C a r o l i n a Mun. Power Agcy. No.1 N. C a r o l i n a Mun. Power Agcy. No.1 N. C a r o l i n a Mun. Power Agcy. No.1 New Hampshire New Hampshire Minneapolis, Minn. | 6.60 6.93 5.80 6.89 6.89 7.08 7.08 7.08 5.73 5.76 6.15 5.56 7.12 7.12 —— 5.73 5.73 5.48 5.40-6.75 5.50-7.10 5.20-6.10 5.50-7.10 7.20 5.50-6.50 6.90 7.10 —— 5.50 5.25-6.50 5.10-5.90 5.70-7.25 7.38 5.30-6.20 5.50-5.90 6.43 6.63 5.75-6.90 7.10 7.38 5.15-6.10 5.15-5.80 5.20-5.40 A—1/— — / AA— A-1/A+ ~/AA—/AA— A/AA/AA/AMIG1/— MIG1/— A/AA Aaa/AAA —/A —/A —/— —/A —/A —/A Con.A/A+ Con.A/A+ Con.A/A+ Aaa/— Aaa/— Aaa/AAA NOTES: 1 Includes only state and local security offerings of $10 million and over; excludes secondary offerings. 2 For State and local government securities, G O. denotes general obligation; Rev. denotes revenue obligations. * G r e a t e r than 12 months. http://fraser.stlouisfed.org/ Federal sReserve Bankeof St. Louis e # # # # # # # s e e s # e # e # # Table 5B Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY A p r i l 30 through May 11, 1979 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST STATE AND LOCAL Minneapolis, Minn. King County, Wash. Anchorage, Alaska Long Beach Redev. Agcy. C a l . Long Beach Redev. Agcy, C a l . N. J e r s e y Health Care Fac. F i n . Auth. N. J e r s e y Health Care F a c . F i n . Auth. Allegheny Co. I n d u s t . Dev. A u t h , , Pa, Gary, I n d i a n a I l l i n o i s Hsg. Dev. Auth. I l l i n o i s Hsg. Dev. Auth. I l l i n o i s Hsg. Dev. Auth. Macomb C t y . , Mich. Michigan S t a t e B u i l d i n g Auth. G•0• G.O. G.O. Rev. G.O. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. Rev. 5.6 38.8 11.4 6,8 4,9 11.6 11.6 24.0 60.0 14.5 21.9 12.6 15.0 89.5 1980-1999 1981-2019 1981-1998 1982-2006 2008 1982-1996 2011 2009 2009 1980-2004 2016 2021 1980-1982 1982-1999 OFFERING YIELD 5.70 6.41 6.28 6.48 6.96 5.20-5.90 5.30-6.50 5.40-6.40 5.50-6.70 7.00 5.60—6.75 7.00 6.75 6.85 5.20-7.00 7.16 7.10 6.37 5.50-6.50 — MOODY'S/S&P'S RATINGS Aaa/AAA Aa/AA A/A A-l/A Baa / — Con.A/Prov Con.A/Prov Aa/AAAa/AAA-l/AA A-l/AA A-l/AA MIG1/— Con.A/prov Table 6A FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of May 11, 1979 TYPE ISSUER AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING CORPORATE West Texas U t i l i t i e s Co. Smith.International Inc. Appalachian Pwr. Co. Appalachian Pwr. Co. P u b l i c S e r v i c e of New Mexico P u b l i c Service of New Hampshire I t e l Corp. Columbia Gas System I n c . Montana Dakota U t i l i t i e s Co. General T e l . Co. of C a l . Carolina Pwr. & L g t . Co. Delmarva Pwr. & L g t . Co. I n t e g r a t e d Resources I n c . F o r e s t O i l Corp. *Fi%st Bank System Montgomery Ward C r e d i t Corp. Humana I n c . Utah Pwr. & L g t . Co. Commercial C r e d i t Co. Allis-Chalmus C r e d i t Corp. O r i o l e Homes Corp. Beef and Bison Breeders I n c . P a c i f i c Gas & E l e c . Co. P u b l i c S e r v i c e of Oklahoma *Duke Power Co. *Duke Power Co. *South C a r o l i n a E l e c . & Gas Co. *Public S e r v i c e E l e c . & Gas Co. ^Arkansas Pwr. & L g t . Co. C&P T e l . Co. of W. V i r g i n i a 1 s t mtg. Debt. Com. s t k . 1 s t mtg. Com. s t k . Com. s t k . Com. s t k . Debt. 1 s t mtg. Debt. 1 s t mtg. Com. s t k . Debt. Debt. Floating-rate notes Med-term n o t e s Com. s t k . Com, s t k . Notes Debt. Debt. Com. s t k . / w . w a r r a n t s 1 s t mtg. 1 s t mtg. Pfd. stk. 1 s t mtg. 1 s t mtg. 1 s t mtg. Pfd. stk. Debt. 25.0 75.0 40.0 70.0 55.0 25.0 38.0 75.0 25.0 75.0 125.0 25.8 20.0 60.0 100.0 50.0 40.0 40.0 100.0 50.0 17.0 45.0 200.0 75.0 50.0 150.0 50.0 100.0 40.0 50.0 May May May May May May May May May May May May May May May May May May May May May May June June June June June June June June 14 15 15 15 15 16 16 16 17 17 22 23 24 24 24 OTHER *European Investment Bank *European Investment Bank Notes Bonds 150.0 100.0 May May 23 23 NOTES: * Included in table for first time. 1 Includes only corporate and other security issues of $15 million and over; excludes exchanges, options 6 11 12 12 13 19 21 26 11 Table 6B FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U S. TREASURY ' A.- of May 11, 1979 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING STATE & LOCAL *Desha Cty. R e s i d , Hsg. Fac. Bd,Ark Washington, S t a t e of Klein Ind. Sch. D i s t . , Tex, Wichita, Kansas Phoenix, A r i z . Phoenix, A r i z . J e f f e r s o n Co. Sch. D i s t . , Colo. F a i r f i e l d Redev. Agy., Cal. Garland, Tex. Garland, Tex. Davis Co. Sch. D i s t . , Utah V i r g i n i a Hsg. Dev. Auth. F t . Lauderdale, F l a . West V i r g i n i a , S t a t e of ^Missouri Hsg. Dev. Comm. Valdez, Alaska P o r t l a n d , Ore. F r a n k l i n County, Ohio ^ F a i r f a x County, Va. New York S t a t e Energy Research & Dev. Auth. Albuquerque, N.M. M i s s i s s i p p i , S t a t e of North East I n d . Sch. D i s t . , Tex. F l o r i d a S t a t e Board of Education Essex C t y . , N . J . Municipal A s s i s t a n c e Corp., N.Y.C. H a s t i n g s , Neb. Y s l e t a I n d . Sch. D i s t . , Tex. D a l l a s , Texas New J e r s e y Health Care F i n . Auth. Ohio P u b l i c Fac. Comm. ^ I l l i n o i s , S t a t e of C a l i f o r n i a , S t a t e of *New J e r s e y Puerto Rico Telephone Auth. *Norman, Okla. L o u i s i a n a , S t a t e of Milwaukee, Wise. NOTES: 1 Includes state and local government issues of $10 million and over * Included in the table for the first time. Rev. G.O. G.O. G.O, Rev. G.O. G.O. Rev. Rev. G.O. G.O. Rev. Rev. G.O. Rev. G.O. Rev. Rev. G.O. 10.0 43.6 17.0 10.5 10.0 10.0 13.0 14.5 4.2 9.2 12.0 93.0 26.0 100.0 66.8 48.0 38.0 38.5 10.0 May May May May May May May May May May May May May May May May May May May 14 14 14 15 15 15 15 15 15 15 15 15 15 15 16 16 16 21 21 Rev. Rev. G.O. G.O. G.O. G.O. Rev. Rev. G.O. Rev. Rev. Rev. G.O. G.O. G.O. Rev. G.O. G.O. G.O. 14.5 12.8 10.0 15.0 125.0 16.1 125.0 35.0 10.0 40.0 43.0 65.0 100.0 60.0 100.0 110.0 12.0 116.5 21.7 May May May May May May May May May May May June June June June June June June June 21 21 22 22 22 24 24 25 29 30 5 5 5 6 7 12 12 12 Table 6B Continued FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' As of May 11, 1979 ISSUER STATE 4 LOCAL *Nebraska P u b l i c Power D i s t . North C a r o l i n a , S t a t e of Denham S p r i n g s - L i v i n g s t o n Hsg. & Mtg. F i n . A u t h . , La. F o r t Worth, Tex. F o r t Worth, Tex. TYPE AMOUNT (IN MILLIONS OF DOLLARS) Rev. G.O. 61.0 60.0 June June 12 12 Rev. G.O. Rev. 35.0 39.0 6.5 June June June 12 13 13 APPROXIMATE DATE OF OFFERING Table 7 STOCK PRICES AND VOLUME TRADING VOLUME STOCK PRICES DATE NYSE INDEX AMEX B J INDUSTRIALS NYSE NASDAQ AMEX NASDAQ 8 . 1 (2/13) 2 . 5 (9/15) 1975-High Low 51.24 (7/15) 37.16 ( 1 / 8 ) 881.81 (7/15) 632.04 (1/2) 96.86 62.20 88.00 (7/15) 60.70 (1/2) 35.2 (2/13) 8 . 7 (9/15) 4 . 2 (2/21) 1.1 (9/15) 1976-High Low 57.51 (9/21) 48.04 ( 1 / 2 ) 1014.79 (9/21) 858.71 (1/2) 107.05 84.31 92.52 (7/15) 78.06 (1/2) 44.5 (2/20) 10.3 ( 1 / 2 ) 8 . 6 (2/20) 1.1 ( 1 / 2 ) 11.1 (2/20) 3 . 5 (1/2) 1977-High Low 57.69 ( 1 / 2 ) 49.78 ( H / 2 ) 999.75 (1/3) 800.85 ( H / 2 ) 127.89 109.61 105.05 (12/30) 93.66 ( 4 / 5 ) 3 5 . 3 (11/11) 10.6 (10/10) 4 . 2 (1/12) 1.4 (9/22) 11.2 (11/10) 5 . 1 (5/27) 1978-High Low 60.38 (9/12) 48.37 ( 3 / 6 ) 907.74 (9/8) 742.12 (2/28) 176.87 119.73 139.25 (9/13) 99.09 (1/11) 66.4 (8/3) 7.6 (1/20) 11.0 (10/30) 1.3 (1/20) 18.8 (5/18) 2.8 (1/20) 1979-High Low 58.18 (4/10) 53.88 ( 2 / 2 7 ) 878.72 (4/10) 807.00 (2/27) 184.25 152.03 134.78 (4/25) 117.84 (1/2) 41.9 ( 4 / 4 ) 18.3 (1/2) 7.8 (5/1) 2 . 2 (1/22) 18.3 (4/4) 7.2 ( 1 / 2 ) 6 13 20 27 58.04 57.53 57.09 57.40 875.69 869.89 856.98 856.64 181.74 180.32 180.82 183.65 133.75 133.54 133.67 134.37 34.7 29.7 29.4 31.0 4.5 4.0 3.8 4.1 16.5 15.2 13.5 14.1 4 11 56.76 55.48 847.54 830.56 182.55 176.41 133.72 129.69 29.7 29.0 5.4 3.6 13.4 13.0 1979 Apr. May NOTES: Figures other than highs and lows are Fridays only. Highs and lows are for the year and are not necessarily for Fridays. 1 2 Volume figures are weekly averages of daily figures (millions of shares). 3 4 12/31/66 - 50 Based on average price change until September 4, 1973 thereafter, based on market value of shares listed. 14 Table 8 SECURITY CREDIT REGULATED MARGIN CREDIT EXTENDED BY END OF PERIOD B R O K E R S ON MARGIN STOCK 1 B R O K E R S ON 2 CONVERTIBLE BONDS 3 BANKS UNREGULATED NONMARGIN STOCK CREDIT AT BANKS OUTSTANDING 1978 - F e b r u a r y March November December 9.780 9,920 10,260 10,660 11,090 11,190 11,740 12,400 12,090 11,000 10,830 242 246 248 245 242 247 243 225 216 209 205 1979 - J a n u a r y February March 10,750 10,790 10,870 204 195 185 190 140 340 400 430 100 550 660 -310 -1,090 -170 -4 4 2 -3 -3 5 -4 -18 -9 -7 -4 -80 40 80 -1 9 -13 April May June July August September October . 877 2,544 855 2,544 914 2,560 series discontinued CHANGE IN OUTSTANDING 1978 - F e b r u a r y March April May June July August September October November December 1979 - J a n u a r y February March 26 -21 -22 -59 16 series discontinued NOTES: 1 2 Margin account debt as reported by the New York Stock Exchange, excluding credit for subscription issues and convertible bonds. New York Stock Exchange data. 3 June data for banks are universe totals; all other data for banks represent estimates for all commercial banks based on reports by a reporting sample, which accounted for 60 per cent of security credit outstanding at banks on June 30. 4 Nonmargin stocks are those not listed on a national securities exchange and not included on the Board of Governors of the Federal Reserve System's list of OTC margin stocks. At banks, loans to purchase or carry nonmargin stocks are unregulated; at brokers such stocks have no value. # # e # e # » # Table 9 SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS IN MILLIONS OF DOLLARS M U T U A L SAVINGS BANKS DATE 1974 1975 1976 1977 REGULAR DEPOSITS NET FLOW 2,165 11,070 12,670 10,647 1978-August September October November December 260 1,378 510 275 1,236 1979-January February March^- 266 667 2,000 1978-August September October November December 1978-January February Marctv^- 1 ANNUAL 3 GROWTH RATE 2.3 11.3 11.6 8.9 - - 1,054 1,116 1,096 353 456 9.2 9.7 9.4 3.0 3.9 452 696 757 3.8 5.9 6.4 SAVINGS & LOAN ASSOCIATIONS NET NEW MONEY 2 SHARE CAPITAL NET NEW MONEY TOTAL 2 DEPOSITS ANNUAL 3 GROWTH RATE 7.1 4,668 17.6 29,276 17.6 34,369 15.2 32,004 18,171 53,839 62,839 61,610 -75 -41 48 -59 -391 NOT SEASONALLY ADJUSTED 2,312 2,069 6,433 1,606 2,645 2,534 2,157 1,897 5,802 710 2,572 7,811 3,155 2,432 7,038 -121 338 500 4,743 2,881 8,322 -2,822 4,757 5,275 2,874 NET FLOW 16,006 42,769 50,169 50,963 — — — — - - - - — — — - 4,377 2,580 3,118 - — — — - - * — • «•» 5,016 4,112 4,564 10.5 8.5 9.4 12.7 9.4 10.4 — — — — - - 4,256 2,918 3,618 — — 4,564 3,416 3,807 — — 1,994 1,565 2,582 1,838 298 : 12.3 14.9 9.9 10.1 8.8 2 1,846 34,033 39,644 34,783 —* — 5,632 6,873 4,606 4,752 4,166 — — - 5,009 3,548 10,322 ANNUAL 3 GROWTH RATE 5.6 15.8 15.9 13.5 4/ SEASONALLY ADJUSTED4,578 13.4 5,757 16.7 3,510 10.0 4,399 12.4 3,710 10.4 — — - NET FLOW NET NEW MONEY —i mm mm — ^ — — mm mm — — NOTES: 1 Regular deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of total deposits. 2 New deposits net of both withdrawals and interest. Data for S&L's are for insured associations only, which represent 96 per cent of industry total resources. 3 Annual growth rate for monthly data is the annualized monthly percentage increase in deposits. 4 S e a s o n a l l y a d j u s t e d s e r i e s have been r e v i s e d due t o r e c a l c u l a t i o n of s e a s o n a l f a c t o r s . Source: N a t i o n a l A s s o c i a t i o n of Mutual Savings Banks and F e d e r a l Home Loan B$nk Board. H.16 — | t Ln 16 Table 10 MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS BILLIONS OF DOLLARS, SEASONALLY ADJUSTED OUTSTANDING C O M M I T M E N T S PERIOD TOTAL ALL S A V I N G S MUTUAL & LOAN SAVINGS B K S ASSOCIATIONS (N Y. S T A T E ) NET CHANGE TOTAL ALL SAVINGS MUTUAL & LOAN SAVINGS BKS ASSOCIATIONS (N Y. STATE) 1974 14.5 12.3 2.2 -5.36 -4.03 -1.33 1975 20.0 18.0 2.0 5.47 5.72 -.25 1976 27.3 24.6 2.7 7.30 6.60 .70 1977 38-2 33.7 4.5 10.89 9.08 1.81 1978 38.3 33.4 4.9 ,06 -.32 .38 1978 — J an. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 38.0 37.3 36.9 36.5 36.2 36.1 36.0 36.4 36.7 38.8 39.1 38.3 33.6 33.0 32.7 32.3 31.9 31.5 31.5 31.9 32.3 33.9 34.0 33.4 4.4 4.3 4.3 4.3 4.3 4.6 4.6 4.6 4.4 4.8 4.9 4.9 -.32 -.70 -.38 — .39 -.34 .02 -.05 .35 -.34 1.96 .22 -.65 —. 08 -.61 -.34 -.42 -.39 -.32 -.03 .36 .42 1.63 .10 -.64 -.24 -.09 -.04 -.03 .05 .34 -.02 -.01 — .08 .33 .12 -.01 1979 - J a n . Feb. Mar. 37.5 36. 6 36.0 32.6 31. 8 31.4 4.8 4.8 4.6 —. 88 - . 93 -.59 —. 81 -.83 -.39 -.04 -.07 -.20 NOTES: Based on data from Federal Home Loan Bank Board and Savings Banks Association of New York State. Both series include a minor amount of nonresidential commitments; S&L commitments also include loans in process. Net changes are derived directly from unrounded end of period outstanding levels as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding. H.16 17 Table 11 NET NEW MONEY BORROWINGS BY MAJOR HOUSING AGENCIES IN MILLIONS OF DOLLARS PERIOD TOTAL INCLUDING SHORT-TERM DISCOUNT NOTES 19 7 7 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 12 -862 289 344 532 605 531 347 195 247 466 1,078 1978-Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 399 1,712 887 848 3,091 1,492 1,605 1,811 1,683 1,680 1,108 3,023 : 534 1,933 1,478 1,050 1979-Jan. Feb. Mar. Apr , NOTES: Based on data from Treasury Survey of Ownership. Sales of FHLB discount notes began in May 1974. INTERMEDIATE AND LONG-TERM ISSUES FNMA FNMA &FHLB SHORT-TERM DISCOUNT NOTES 1 TOTAL FHLB FHLMC 188 -592 -354 746 297 203 553 301 -291 211 500 0 0 -200 0 -6 105 0 0 304 0 0 300 0 -189 -393 -4 0 200 3 -47 -3 9 11 200 0 -1 1 -350 752 -8 200 600 0 -300 200 0 0 -176 -270 643 -402 235 402 -22 46 486 -36 -34 1,078 -12 1,388 -17 600 1,483 1,276 1,881 1,182 1,131 1,630 885 2,183 0 1,400 0 0 1,500 0 700 1,200 0 0 900 750 -12 -12 -17 0 -17 276 -19 -18 181 -70 -15 183 0 0 0 600 0 1,000 1,200 0 950 1,700 0 1,250 411 324 904 248 1,608 216 -276 629 552 50 223 840 0 1,325 1,479 1,000 0 837 0 0 -116 488 -21 0 0 0 1,500 1,000 650 608 -1 50 - 18 Table 12 NET CHANGE IN MORTGAGE HOLDINGS IN MILLIONS OF DOLLARS PERIOD 1970 1971 1972 1973 1974 1975 1976 1977 1978 TOTAL INCLUDING FNMA-GNMA 2 FINANCIAL INSTITUTIONS TOTAL 21,930 17,020 41,406 39,018 57,587 55,561 58,372 55,072 42,739 36,517 43,497 38,658 62,783 . 64,903 96,814 95,924 109,736 101,040 COMMERCIAL BANKS 2,462 9,940 16,800 19,600 11,700 4,200 13,900 27,900 33,800 MSB's S & L's 1,946 3,938 5,377 5,642 2,172 2,236 4,074 6,565 6,378 10,254 23,919 31,932 25,552 17,567 29,289 44,515 58,158 51,695 INSURANCE FNMA-GNMA COMPANIES 2,348 1,221 1,452 4,278 5,078 2,933 2,414 5,184 9,167 4,910 2,388 2,026 3,300 6,222 4,839 -2,120 890 8,696 Not S e a s o n a l l y A d j u s t e d 1978 - J u l Aug Sep Oct Nov Dec 9,356 11,261 9,591 9,644 9,508 8,918 8,628 10,263 8,607 8,761 9,023 8,216 3,400 3,900 3,000 3,200 3,300 2,500 681 636 550 500 594 452 3,991 4,721 4,294 4,265 4,184 3,438 556 1,006 763 796 945 1,826 728 998 984 883 485 702 1979 - Jan Feb Mar. 6,642 5,931 5,844 5,060 2,400 1,600 2,100 377 275 2,602 2,445 3,442 465 740 798 871 1,000 Seasonally Adjusted 1978 - J u l Aug Sep Oct Nov Dec 8,786 10,395 9,190 9,933 10,240 8,714 8,248 9,480 8,382 9,035 9,636 8,060 3,290 3,618 2,955 3,299 3,278 2,769 604 552 531 464 632 317 3,647 4,214 4,188 4,450 4,762 3,818 707 1,096 708 822 964 1,156 538 915 808 898 604 654 1979 - Jan Feb Mar 8,679 7,801 7,859 6,955 2,799 2,133 2,044 544 493 3,925 3,451 591 878 820 846 1,125 NOTES: 1 Beginning January 1972 data reflect activity in limited amount of conventional mortgages. T a b l e 13 NET INCREASE IN MORTGAGE DEBT OUTSTANDING IN BILLIONS OF DOLLARS, S E A S O N A L L Y ADJUSTED A N N U A L R A T E S 2 QUARTER TOTAL 3 RESIDENTIAL TOTAL 1- t o 4 FAMILY MULTIFAMILY COMMERCIAL MULTFAMILY & COMMERCIAL FARM 1972 - I II III IV 67,9 73.9 77.2 88.8 49,8 53.9 58.6 64.1 38.5 40.7 47.7 48.4 11,3 13,2 11.0 15,7 14.7 16,5 14,9 21,1 26.0 29.6 25,9 36.8 3.5 3,5 3,7 3,6 1973 - I II III IV 82.0 86.7 79.8 71.1 57.5 59,2 55,4 48,9 49.4 46,1 42,9 41.1 8.1 13,1 12,5 7.9 18,8 21,7 19,4 16.7 27,0 34,8 31.9 24,5 5,6 5,8 5.0 5,5 , 1974 - I II III IV 71.1 69.6 53.6 47.7 50,4 45.9 34.1 30.4 40,8 39.0 27,4 26.1 9,5 7,0 6,7 4.3 17.2 18,8 13.7 11.4 26.7 25.7 20.3 15.7 3,6 4,0 5.8 5,9 1975 - I II III IV 45.8 53.0 61.3 68.7 32,0 38,1 45.1 50.4 31.1 38.7 45,2 50.5 0.9 "-0.6 —0,1 *-0.1 8.6 10,1 12.1 14.2 9.4 9.4 12.1 14.1 5.3 4.9 4.0 4,1 1976 - I II III IV 80.9 74.5 93.1 99.6 62.5 55.0 72.7 78.9 61.0 55.2 68.9 76.5 1.5 -0.2 3,8 2.4 13.3 14.8 13.5 13.0 14.8 14,5 17.2 15.5 5.2 4.7 6.9 7.7 1977 - I II III IV 108.5 133.8 140.1 153.6 85.9 110.0 113.7 119.4 81.6 101.8 106,2 110.2 4.2 8.3 7.5 9.2 14.0 14.5 17.8 25.6 18.2 22.8 25.3 34.8 8.6 9.2 8.6 8.7 1978 - I II I I I (r) IV (p) 133.7 145.3 152.4 152,6 105.4 114.0 112.5 120.5 96.2 104.8 101.4 109.7 9.2 9.2 11,1 10.8 19.3 21.7 28.1 21.1 28.5 30.9 39.2 31.9 9.0 9.6 11.8 11.0 ' NOTES: 1 Derived from data on mortgage debt outstanding from Federal Deposit Insurance Corporation, Federal Home Loan Bank Board, Institute of Life Insurance, National Association of Mutual Savings Banks, Departments of Commerce and Agriculture, Federal National Mortgage Association, Federal Housing Administration, Veterans Administration and Comptroller of the Currency. Separation of nonfarm mortgage debt by type of property, where not available, and interpolations and extrapolations, where required, estimated mainly by Federal Reserve. 2 May differ somewhat from related flow of funds series mainly because of more aggregative type of seasonal adjustment. Residential mortgage debt includes nonfarm only and is sum of 1-to 4- family and multifamily mortgage debt. Digitized3for FRASER Table 14 PRIVATE HOUSING PERMITS, STARTS, COMPLETIONS, AND MOBILE HOME SHIPMENTS IN THOUSANDS OF UNITS, SEASONALLY ADJUSTED ANNUAL RATES PERMITS 1 PERIOD 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1978 - J u l y Aug. Sept. Oct. Nov. Dec. 1979 - J a n . Feb. Mar. TOTAL 1—FAMILY COMPLETIONS STARTS 2 - O R MORE FAMILY TOTAL 1,407 1,434 2,052 2,357 2,045 1,338 1,160 1,538 1,987 2,020 1—FAMILY 2 - O R MORE FAMILY MOBILE HOME SHIPMENTS 2 - O R MORE FAMILY TOTAL 811 813 1,151 1,309 1,132 888 892 1,162 1,451 1,433 656 621 901 1,048 914 450 268 376 375 587 1,399 1,418 1,706 1,972 2,014 1,692 1,297 1,362 1,652 1,866 808 802 1,014 1,143 1,174 932 867 1,026 1,254 1,366 592 617 692 828 840 760 430 336 398 499 413 401 497 576 567 329 216 246 277 275 1—FAMILY 1,324 1,352 1,925 2,219 1,820 1,074 939 1,297 1,677 1,658 626 647 906 1,033 882 644 676 894 1,125 1,078 698 705 1,018 1,186 937 431 264 403 552 581 1,632 1,563 1,731 1,727 1,724 1,664 1,035 1,020 1,092 1,135 1,114 1,149 597 543 639 592 610 515 2,104 2,004 2,024 2,054 2,107 2,074 1,455 1,431 1,432 1,436 1,502 1,539 646 573 592 618 605 535 1,928 1,948 1,900 1,883 1,885 1,888 1,320 1,363 1,370 1,414 1,375 1,416 608 584 530 468 510 472 232 283 272 286 280 303 1,324 1,321 1,579 841 787 978 483 534 601 1,679 1,384 1,793 1,139 B46 1,263 540 438 530 1,805 1,892 1,321 1,367 484 525 311 272 268 ; NOTES: Private building permits (for 14,000 areas with permit systems, excluding farm), starts, and completions are Census Bureau data. A dwelling unit is started when excavation begins. In the case of apartment buildings, all units are considered started at t h a t time; however, all such units are considered completed when more than half of the units in the structure are ready for use. Private mobile home shipments are Mobile Home Manufacturers Association data converted t o seasonally adjusted annual rate by Census Bureau. 1 Permit data for 1969 and 1970 based on 13,000 areas with permit systems http://fraser.stlouisfed.org/ # # # Federal Reserve Bank of St. eLouis e e e e # e # e e # # # e • • T a b l e 15 AVERAGE RATES AND YIELDS ON HOME MORTGAGES EXISTING HOMES NEW HOMES 1 1 PERIOD SPREAD BETWEEN RETURNS ON NEW Aaa NEW HOMES CONVENTIONAL UTILITY 1 AND HUD(FHA) BOND NEW HOME DISCOUNT YIELD SPREAD (BASIS (PERCENTAGE MORTGAGES (IN PER CENT) (BASIS POINTS) POINTS) POINTS) HUD(FHA) INSURED LOANS SECONDARY MARKET CONVENTIONAL LOANS PRIMARY MARKET RATE (IN PER CENT) SPREAD (BASIS POINTS) RATE (IN PER CENT) SPREAD (BASIS POINTS) YIELD (IN PER CENT) 1976 - High Low 9.05 8.90 91 5 9.10 8.95 95 10 9.06 8.25 59 8 4 .3 2 .0 65 - 4 8.72 8.05 1977 - High Low 9.10 8.80 99 52 9.20 8.85 98 63 9.11 8.40 73 22 4 ,7 1.7 40 4 8.31 8.01 1978 - J a n . Feb . Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 9.15 9.25 9.30 9.40 9.60 9.75 9.80 9.80 9.80 9.95 10.10 10.30 NA 54 47 48 58 59 ' 72 100 74 72 NA NA 9.20 9.25 9.30 9.45 9.60 9.75 9.80 9.80 9.85 9.95 10.15 10.30 NA 54 47 53 58 59 72 100 79 72 NA NA 9.11 NA 9.29 9.37 9.67 NA 9.92 9.78 9.78 9.93 9.99 10.16 NA NA 46 45 65 NA 84 98 72 55 NA NA 4.7 NA 4.1 4.7 5.0 NA 3.1 2.1 2.1 2.1 3.6 4.8 4 NA 1 3 - 7 NA -12 2 2 2 11 14 NA 8.71 8.83 8.92 9.02 9.16 9.08 8.80 9.06 9.23 NA NA 1979 - J a n . Feb. Mar. 10.30 10.35 10.35 NA 76 75 10.30 10.35 10.40 NA 76 80 10.17 10.17 10.19 NA 58 59 4.9 4.9 5,0 13 18 NA 9.59 9,60 NOTES: 1 Gross yield spread is average mortgage return before deducting servicing costs, minus average yield on new issues of high-grade utility bonds with 5-year call protection. Rates on conventional first mortgages (excluding additional fees and charges) are based on unweighted HUD (FHA) field office opinions on prevailing contract interest rates in the market areas of the insuring offices, rounded to the nearest 5 basis points. For secondary market data, weighted HUD office opinions on the average bid price for HUD (FHA) loans with minimum downpayment, prepaid in 15 years, for immediate delivery, are used. M * 22 Table 16 FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS GOVERNMENT-UNDERWRITTEN DATE OF AUCTION AMOUNT (IN MILLIONS OF DOLLARS) OFFERED 1978 - High 1979 AVERAGE YIELD ACCEPTED CONVENTIONAL AMOUNT (IN MILLIONS OF DOLLARS) OFFERED ACCEPTED AVERAGE YIELD 1011(1/9) 605(1/9) Low 130(8/7) 80(8/7) J u l y 10 24 503.3 253.4 327.4 144.1 10.02 10.00 169.8 146.2 90.5 88.4 10.17 10.21 Aug. 7 21 130.3 368.8 80.1 197.1 9.82 9.80 74.7 150.0 47.5 81.0 10.15 10.07 Sept. 5 18 351.2 366.7 154.7 181.2 9.78 9.79 199.4 285.3 126.3 157.4 10.02 10.01 Oct. 2 16 30 682.4 425.4 857.0 278.6 176.2 377.6 9.91 9.98 10.20 395.5 336.1 425.2 166.9 148.8 179.9 10.10 10.18 10.31 Nov. 13 27 452.8 335.2 182.4 139.4 10.27 10.33 488.2 373.2 199.5 187.3 10.49 10.64 Dec. 11 27 283.4 343.6 144.4 175.2 10.40 10.60 262.2 155.2 141.5 79.4 10.77 10.92 Jan. 8 23 211.0 93.9 101.1 54.3 10.67 10.73 71.2 42.3 36.0 22.1 11.02 11.13 Feb. 6 20 42.4 168.2 37.9 123.3 10.61 10.47 19.4 43.6 17.9 27,5 11.07 11.02 Mar. 5 19 265.0 243.3 141.8 142.6 10.43 10.42 47.0 97.9 33.8 79.7 10.96 10.92 Apr. 2 16 30 260.7 326.9 735.1 139.2 191.5 307.8 10.44 10.51 10.82 167.8 252,9 241.2 98.6 157,7 107.3 1 0 . 6 9 ( 1 2 / 2 7 ) 717(5/15) 363(5/15) 9.13(1/9) 75(8/7) 48(8/7) 10.92(12/27) 9.28(1/9) 10.92 11,01 11.17 NOTES: Vie !? 3 , 6 9r0$$ b e f r e d e d U C t i 0 n ° °f the fee 0f 3 8 P° ints P aid f o r mortgage servicing. They reflect the average ac- >