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Capital Market Developments --ast **** - vf May 15, 1978 Prepared by the CAPITAL MARKETS SECTION in conjunction with the MORTGAGE and CONSUMER FINANCE SECTION DIVISION OF RESEARCH AND STATISTICS BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM. Washington, D.C. 20551 >• Index 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 more of the same issue t o o n e address, $ 1 3 . 5 0 per TABLES 1 - 6 S E C U R I T Y VOLUME AND YIELDS 7, 8 STOCK MARKET AND SECURITY CREDIT 9-16 MORTGAGE MARKET year or $ . 3 5 each. Elsewhere, $ 2 0 . 0 0 per year or $ . 5 0 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 S y s t e m in a form collectible at par in U.S. Currency. SYMBOLS e ESTIMATE p PRELIMINARY r REVISED n.3. NOT A V A I L A B L E DATA DO NOT EXIST Table 1 YIELDS, VOLUME AND RECEPTION C O R P O R A T E BOND MARKET VOLUME YIELDS WEEK ENDING 1978 - March 3 10 17 24 31 April 7 14 21 28 May 5 12 NEW ISSUE A a a UTILITY 1 RECENTLY OFFERED A a a UTILITY 2 GROSS OFFERINGS ( $ MILLIONS) 3 PER CENT S O L D BY END O F WEEK NEW I S S U E S 4 IN SYNDICATE ( $ MILLIONS) 8.61 8.83 8.70 8.65 8.64 8.64 8.75 126 494 265 441 631 90 85 87 67 85 40 74 70 215 93 8.88 8.88 8.93 8.92 8.82 8.84 8.84 8.91 300 558 813 192 87 98 82 96 23 10 145 8 8.90 8.93p 128 288 96 93 5 21 8.70 — — — 8.87p MUNICIPAL BOND MARKET VOLUME YIELDS WEEK ENDING 1978 - March MOODY'S NEW ISSUE Aaa BOND BUYER 2Q-BOND • INDEX GROSS OFFERINGS ( $ MILLIONS) 3 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) 253 210 244 282 349 5.63 5.58 5.58 5.59 5.69 624 786 941 1,115 879 73 88 87 89 75 5.40 5.40 5.40 5.45 5.76 5.74 5.79 5.89 346 785 739 1,264 84 91 89 88 189 186 185 248 5.45 5.55 5.98 5.99 739 1,213 79 87 281 191 3 10 17 24 31 5.15 5.10 5.10 5.10 5.10 April 7 14 21 28 May 5 12 . - 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. 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. HIGH GRADE BOND YIELDS 1 NEW I S S U E A a a UTILITY DATE RECENTLY O F F E R E D A a a UTILITY 2 MOODY'S S E A S O N E D CORPORATE A a a 3 U . S . GOVT. 2 0 - Y E A R C O N S T A N T MATURITY 4 B O N D BUYER 2 0 - B O N D INDEX 7.15 (12/12) 5.15 (2/7) (8/30) (1/4) 1974 - High Low 10.61 (10/4) 8.05 (2/15) 10.52 (10/11) 8.13 (1/4) 9.39 (10/11) 7.73 (1/4) 8.68 1975 - High Low 9.80 (5/2) 8.89 (2/7) 9.71 (5/25) 9.06 (2/28) 9.01 (5/2) 8.57 (2/28) 8.63 (9/19) 7.63 (2/21) 1976 - High Low 8.95 (5/28) 7.93 (12/10) 9.10 (1/2) 7.84 (12/31) 8.66 (5/28) 7.91 (12/31) 8.17 7.27 (5/28) (12/31) 7.29 (1/2) 5.95 (12/16) 1977 - High Low 8.36 (12/16) 7.90 (1/7) 8.48 (12/30) 7.95 (1/7) 8.28 (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 8.93 (4/21) 8.60 (3/24) 8.93 (5/12) 8.48 (1/6) 8.65 (5/12) 8.30 (1/6) 8.44 8.02 7 14 21 28 8.88 8.88 8.93 8.92 8.82 8.84 8.84 8.91 8.53 8.56 8.57 8.59 8.31 8.33 8.35 8.36 5.76 5.74 5.79 5.89 5 12 8.87p 8.90 8.93p 8 . 62r 8.65p 8.40r 8.44p 5.98 5.99 1978 - Apr. May 7.39 7.67 6.27 (10/3) (2/13) 5.99 (5/11) 5.58 (3/17) (5/12) (1/6) 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. http://fraser.stlouisfed.org/ # # Federal Reserve Bank of St. Louis # # # # # • # e 5 5 Table 3 LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS IN MILLIONS OF DOLLARS GROSS PROCEEDS STATE AND LOCAL CORPORATE PERIOD 3,402 3,442 4,063 2,451 2,885 3,365 3,507 4,186 6,439 3,409 4,566 5,786 2,218 3,575 3,115 4,289 3,469 4,177 3,216 3,357 4,817 3,113 4,118 4,013 2,734 2,821 2,814 4,221 5,331 6,531 4,511 3,074 6,503 3,807 3,332 3,646 3,524 3,336 2,342 12,732 13,455 11,935 16,083 13,876 14,132 11,390 14,088. 10,907 13,761 11,244 10,785 8,701 8,908 8,369 9,202 26,187 28,008 4,362 2,792 5,578 3,381 3,863 6,632 April May June 3,998 3,797 5,660 July August September October November December January February March 3,013 2,550e 3 , 7 OOe 9,263e 01 02 03 04 1st Half 3 Qtrs. Year 38,122 54,205 39,398 53,488 3,283 2,716 4,300e 10,299e 24,668 35,912 46,697 NOTES: 1 Securities and Exchange Commission estimates of gross pfpceeds. 2 3 Securities Industry Association estimates of principal amounts. E s t i m a t e d by F e d e r a l Reserve on th& b a s i s of a v a i l a b l e d a t a . , 17,609 25,978 35,180 Table 4 NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE AND ISSUER IN MILLIONS OF DOLLARS GROSS PROCEEDS 13Y TYPE OF ISSUER GROSS PROCEEDS BY TYPE OF ISSUE PERIOD MEMO COMMON MANUFACAND ISSUES INCLUDED PRIVATELY TURING PREFERRED PLACED FOREIGN CONVERTIBLE STOCK BONDS TOTAL PUBLICLY OFFERED 1 PUBLIC UTILITY COMMUNICATIONS OTHER ISSUERS 1976 - I II III IV 13,876 14,132 11,390 14,088 7,569 7,427 4,904 6,553 2,754 3,584 4,624 4,962 3,553 3,121 1,861 2,573 1,340 1,843 1,267 1,795 262 478 199 55 4,497 3,757 2,982 4,259 4,044 3,140 3,317 3,917 765 1,879 378 541 4,596 5,358 4,715 5,369 1977 - I II III IV 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 4,217 858 1,810 1,560 1,025 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 1977 - J a n u a r y February March April May June July August September October November December 4,362 2,792 5,578 3,998 3,797 5,660 4,289 3,469 4,177 4,221 5,331 6,531 2,786 1,102 2,610 1,961 1,600 2,045 2,360 1,947 1,908 2,114 2,211 1,542 974 780 1,773 1,446 949 2,580 972 965 1,569 979 1,200 3,820 602 910 1,195 591 1,248 1,035 695 557 700 1,128 1,920 1,169 300 433 125 600 350 850 935 150 475 300 425 300 0 6 0 50 2 56 25 262 208 1 22 16 1,129 757 1,145 1,381 643 1,416 1,349 1,068 833 731 782 2,541 989 470 1,588 984 1,670 1,471 903 497 1,501 1,437 1,729 1,080 50 557 808 334 309 41b 277 45 322 8 1,013 299 2,194 1,006 2,038 1,298 1,176 2,356 1,761 1,858 1,521 2,045 1,805 2,610 1978 - J a n u a r y 3,013 1,382 998 633 325 0 273 644 519 1,578 NOTES: 1 Other issuers are extractive, railroad and other transportation, reel estate and finance, and commercial and other. Source: Securities and Exchange Commission. e # # # # e # e e • T a b l e SA INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 May 1 t h r o u g h May 12, 1978 TYPE ISSUER CORPORATE Moran B r o s . C o n t i n e n t a l I l l i n o i s Corp. F i r s t American C o r p o r a t i o n P o r t l a n d G e n e r a l E l e c t r i c Co. Tucson Gas & E l e c . Co. I l l i n o i s Power Co. 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 P a c i f i c Power & L i g h t Co. San D i e g o Gas & E l e c . Co. Southern Railway I n c . Documation I n c . F i r s t F e d e r a l S&L A s s o c . G e n e r a l American Transp. Corp. G e n e r a l American T r a n s p . Corp. W i s c o n s i n E l e c t r i c Power Co. San D i e g o Gas & E l e c t , Co. Inforex Inc. Debt. Notes Com. s t k . Com. s t k . Com. s t k . Com. s t k . Com. s t k . Pfd. stk. Com. s t k . Equip, t r . Debt. Mtg.-backed Equip. t r . Equip. t r . 1 s t mtg. 1 s t mtg. Debt. AMOUNT (MILLIONS OF DOLLARS) 15.0 100.0 MATURITY 1998 1985 60.6 ( MOODY'S/S&PS RATINGS 11.50 8.50 11.63 8.55 B/B Aaa/AAA 24.7 40.0 37.5 9.16 9.16 Baa/BBB 22.6 15.0 40.0 45.0 15.0 80.0 50.0 20.0 — 1979-1993 1998 1986 1998 1979-1983 2008 2008 1998 Rights offering. Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings. OFFERING YIELD 36.3 65.6 40.3 NOTES: * 1 C O U P O N RATE 8.75 11.50 8.70 9.00 —— 8.88 9.75 10.63 8.00-8.75 11.50 8.70 9.03 8.10-8.70 8.90 9.75 10.63 Aa/AA+ B/B — /AAA A/A A/A Aa/AA Baa/BBB B/B i t 00 Table SB INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 May 1 t h r o u g h May 1 2 , 1978 ISSUER TYPE STATE AND LOCAL A u s t i n , Texas W i s c o n s i n , S t a t e of Rhode I s l a n d H l t h . & Educ. B l d g . C o r p . Rhode I s l a n d H l t h . & Educ. B l d g . C o r p . F a i r f a x C o . , Va. W a s h i n g t o n , S t a t e of W a s h i n g t o n , S t a t e of W a s h i n g t o n , S t a t e of I l l i n o i s Hsg. Dev Auth. I l l i n o i s Hsg. Dev. A u t h . I l l i n o i s Hsg. Dev. A u t h . C h i c a g o Sch. D i s t . , 111. F l o r i d a S t a t e Bd. of Educ. A r k a n s a s Hsg. Dev. Agy. A r k a n s a s Hsg. Dev. Agy. Milwaukee, Wise. M a r y l a n d Comm. Dev. Adm. San L u i s C o a s t a l Sch. D i s t . F a c . Corp., Cal. Macon Co. I n d u s t . B u i l d . A u t h . , Ga. Macon Co. I n d u s t . B u i l d . A u t h . , Ga. Mesa U n i f i e d S c h . D i s t . # 4 , A r i z o n a Rev. G.O. G.O. Rev. G.O. G.O. G.O. G.O. Rev. Rev. Rev. G.O. G.O. Rev. Rev. G.O. Rev. Rev. Rev. Rev. G.O. AMOUNT (MILLIONS OF DOLLARS) NET INTEREST COST 6.27 5.10 19.6 20.1 1997-2005 1979-2003 1978-1998 1998-2005 1979-1998 1979-2003 1979-2003 1979-2003 1980-1998 2003 2016 1980-1994 1979-2008 1979-1999 2009 1979-1993 1981-2020 14.8 4.0 15.3 15.0 1981-2000 1998 2008 1989-1994 6.47 78.0 94.5 8.2 9.9 17.1 15.6 7.0 10.0 12.9 6.7 31.5 60.0 70.0 9.5 5.5 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. MATURITY 5.25 5.50 5.51 5.51 6.68 6.68 6.68 6.05 5.71 5.02 5.60 OFFERING YIELD MOODY'S/S&P'S RATINGS 5.75-6.30 3.90-5.60 4.00-5.10 6.50-6.70 4.00-5.50 4.00-5.75 4.00—5.7 5 4.00-5.75 4.50-6.40 6.60 6.75 4.50-6.25 4.00-5.90 4.00-5.80 6.25 4.00-5.20 4.50-6.60 A-1/A+ Aaa/AAA Aaa/AAA Aaa/AAA Aaa/AA+ Aa/AA+ Aa/AA+ Aa/AA+ A-l/AA A-l/AA A-l/AA A/AAa/AA Aa/AA Aa/AA Aaa/AAA 5.00-6.50 5.45 5.66 5.25-5.60 A— 1 / — Aaa/AAA Aaa/AAA A-1/A+ Table 5B Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY May 1 t h r o u g h May 12, 1978 ISSUER TYPE STATE AND LOCAL Montgomery, A l a . Valdez, Alaska N.E. P e n n s y l v a n i a Hosp. A u t h . Baldwin-Whitehall Sch. Auth. B a l d w i n - W h i t e h a l l Sch. Auth. L e h i g h Co. A u t h . , P a . L e h i g h Co. A u t h * , P a . Oregon H o u s i n g F i n a n c e Agy. Oregon H o u s i n g F i n a n c e Agy. Kansas C i t y P u b l i c B l d g . Comm. Moon S c h o o l s Union S c h . D i s t . A u t h . , Pa. C a l i f o r n i a , S t a t e of Alachua Co., F l a . Alachua Co., F l a . E v e r e t t S c h . D i s t . # 2 , Wash. East Chicago, Ind. Mc A l l e n I n d . S c h . D i s t . , T e x a s M i n n e a p o l i s , Minn. Bowling G r e e n , Ky. B a l t i m o r e C o . , Md. Bensalem Tp. A u t h . , p a Bensalem Tp. A u t h . , P a . B e n s a l e m Tp. A u t h . , P a . Upper S t . C l a i r Tp. S c h . A u t h . , P a . Upper S t . C l a i r Tp. S c h . A u t h . , P a . Cassellberry, Fla. Rev. Rev. Rev. G.O. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. Rev. Rev. G.O. Rev. G.O. G.O. Rev. G.O. Rev. Rev. Rev. G.O. Rev. Rev. AMOUNT (MILLIONS OF DOLLARS) 18.0 22.5 21.7 8.4 12.1 8.6 14.2 39.0 16.9 12.1 15.4 90.9 11.0 6.1 17.0 52.0 12.4 12.8 16.3 30.0 6.1 17.1 11.1 10.0 20.0 8.1 MATURITY 1993 2008 1980-2006 1978-1997 2007 1979-1993 1993 1979-1998 2009 1983-1993 1994-2007 1979-1998 1991-2002 2007 1980-1998 2008 1979-1998 1979-1988 1992-2007 1980-2008 1993-1998 2007 2014 1978-2003 1989-2007 2007 NET INTEREST COST OFFERING YIELD 5.87 5.75 6.24 4.70-7.00 3.85-5.65 6.70 4.20-5.80 5.88 4.25-6.50 6.70 4.90-5.75 6.93 6.43 6.43 5.23 5.61 5.71 4.91 6.69 5.45 6.15-6.50 3.90-5.50 6.20-6.75 6.75 4.30-5.85 6.50 4.15-5.90 4.10-5.00 5.90-6.75 4.20-5.80 6.30-6.60 6.65 6.75 3.75-5.70 5.75-6.30 6.20 MOODY'S/S&P'S RATINGS Aa/— Aa/— A-1/A+ A-1/A+ A-1/A+ Aaa/AAA A/BBB A/BBB A-l/ — Aa/AAA/A+ Aaa/AAA Baa / — Aaa/AA Aaa/AAA Baa-l/A+ Table SB Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY May 1 t h r o u g h May 12, 1978 ISSUER TYPE STATE AND LOCAL Cassellberry, Fla. Rosemount I n d . S c h . D i s t . # 1 9 6 , Minn. P i a n o , Texas Rev. G.O. G.O. AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD 7.3 18.7 17.8 1994-2008 1981-1997 1980-2002 5.63 5.59 5.90-6.25 4.60-5.50 4.15-6.40 MOODYS/S&P'S RATINGS --/A/ — A/A 11 Table 6A FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of May 1 2 , 1978 ISSUER CORPORATE B e n e f i c i a l Corp. Ohio E d i s o n Co. T r a i l T r a i n Co. T o l e d o E d i s o n Co. Kansas Power & L i g h t Co. G e o r g i a Power Co. U t a h Power & L i g h t Co. U t a h Power & L i g h t Co. Oak I n d u s t r i e s I n c . K a n s a s C i t y Power & L i g h t Co. P a c i f i c Gas & E l e c . Co. W i s c o n s i n Power & L i g h t Co. World A i r w a y s I n c . Northwest P i p e l i n e Corp. P r i m e Computer I n c . P u b l i c S e r v i c e Co. of C o l o r a d o R e a l t y Refund T r u s t Systems E n g i n e e r i n g Labs. I n c . Aetna Business C r e d i t I n c . C o n t i n e n t a l Group I n c . *Northwest P i p e l i n e Corp. *Crocker N a t i o n a l Corp. C r y s t a l O i l Co. T r a n s c o n t i n e n t a l O i l Co. Monsanto Co. *Tyler Corp. *Household F i n a n c e Corp. P u b l i c S e r v i c e of New M e x i c o ^ N i a g a r a Mohawk Power New j e r s e y T e l e . Co. American T e l . & T e l e . Co. P a c i f i c Gas & E l e c t r i c Co. A r i z o n a P u b l i c S e r v i c e Co. P e n n s y l v a n i a E l e c t r i c Co. * C a r o l i n a Power & L i g h t Co. *New York S t a t e E l e c . & Gas Co. * F i r s t F e d e r a l S&L A s s o c . of Wise. *New York T e l e . Co. * C e n t r a l I l l i n o i s P u b l i c Svc. , TYPE Debt. 1 s t mtg. Equip, t r . Com. s t k . Com. s t k . 1 s t mtg. 1 s t mtg. Com. s t k . Debt. 1 s t mtg. Pfd. stk. 1st mtg. Equip. t r . Debt. Debt. 1 s t mtg. Debt. Debt. Notes Debt. Com. s t k . Com. s t k . Debt. Debt. Debt. Debt. Notes Com. s t k . Com. s t k . Debt. Debt. 1 s t mtg. Com. s t k . 1 s t mtg. 1 s t mtg. 1 s t mtg. Mtg.-backed Debt. Com. s t k . AMOUNT (IN MILLIONS OF DOLLARS) 150.0 120.0 20.3 48.0 37.5 100.0 50.0 40.0 30.0 30.0 125.0 35.0 68.0 70.0 15.0 50.0 20.0 15.0 30.0 125.0 35.0 50.0 30.0 20.0 200.0 80.0 100.0 30.0 40.0 100.0 100.0 200.0 60.0 60.0 100.0 50.0 35.0 150.0 22.0 NOTES: * Included in table for first time. 1 Includes only corporate and other security issues of $15 million and over; excludes exchanges, options APPROXIMATE DATE OF OFFERING May May May May May 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 June June June June 16 16 16 16 17 17 18 18 23 23 24 24 24 24 25 31 1 6 6 6 7 7 13 14 20 22 22 22 12 Table 6A Continued FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U S. TREASURY 1 As of Hay 1 2 , 1978 ISSUER CORPORATE TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING * B a l t i m o r e Gas & E l e c . Co. * L o u i s v i l l e Gas & E l e c . Co. Arrow E l e c t r o n i c s I n c . *Bango P u n t a Co. *Anglo Co. Norin Corp. P o s t a l F i n a n c e Co. U n i t e d I l l u m i n a t i n g Co. I n t e r p o o l Ltd. T e x a s I n t e r n a t i o n a l Co. 1 s t mtg. Pfd. stk. Debt. Conv. d e b t . Debt. Debt. Notes Com. s t k . Pfd. stk. Pfd. stk. 75.0 25.0 17.0 50.0 20.0 20.0 20.0 21.0 26.0 15.0 J u n e 27 J u n e 27 June June June Indef. Indef. Indef. Indef. Indef. OTHER *Sweden, Kingdom of *Australia *Australia *Nova S c o t i a Power Co. * O n t a r i o , P r o v i n c e of * I t o - Y a k a d o Co. * I t o - Y a k a d o Co. Debt. Notes Bonds Debt. Debt. Notes Conv. d e b t . 125.0 150.0 100.0 75.0 200.0 20.0 50.0 May 24 May 24 May 24 June 1 June June June 13 Table 6B FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of May 12, 1978 ISSUER STATE & LOCAL *Maryland D e p t . of T r a n s p o r t a t i o n M i s s i s s i p p i , S t a t e of *Hawaii C o . , H a w a i i *Tampa, F l a . Manatee C o . , F l a . J e f f e r s o n Co. C a p i t a l P r o j e c t s C o r p . , Ky. *Broward C o . , F l a . * S t . L o u i s , Mo. O r l a n d o U t i l i t i e s Comm., F l a . Brea Redev. Agy., C a l . Hempstead, N.Y. L i t t l e t o n Sch. D i s t . , #6, Colo. O h i o , S t a t e of Spokane S c h . D i s t . , # 8 1 , Wash. Kent Sch. D i s t . , # 4 1 5 , Wash. C l a r k Co. S c h . D i s t . , Nev. H a w a i i , S t a t e of Oakland C o . , M i c h . *Moffat Co., Colo. B i l l i n g s , Mont. *Wichita, Kansas *Burbank R e d e v . A g y . , C a l . H i l l s b o r o J o i n t Sch. D i s t . , Ore. *Montgomery C o . , Md. Muskegon C o . , M i c h . Shreveport, La. S u l l i v a n C o . , Tenn. ^ D e t r o i t , Mich. U n i v e r s i t y of I l l i n o i s Dade C o . , F l a . H a r r i s C o . , Texas P o r t l a n d , Ore. *Lake Worth U t i l i t y A u t h . , F l a . *Birmingham-Jefferson Civic C t r . , Ala. *North C a r o l i n a M e d i c a l Care Comm, *Tallahassee, Fla. Bessemer M e d i c a l C l i n i c B d . , A l a , TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING Rev. G.O. G.O. Rev. Rev. 155.0 446.0 37.3 94.6 72.9 May May May May May 15 15 15 15 15 Rev. Rev. Rev. Rev. Rev. G.O. G.O. G.O. G.O. G.O. G.O. G.O. G.O. Rev. Rev. G.O. G.O. G.O. G.O. G.O. G.O. G.O. G.O. Rev. G.O. G.O. Rev. Rev. 14.6 49.0 23.7 202.4 14.3 17.5 17.3 38.0 40.5 13.7 15.0 75.0 25.8 59.0 19.8 10.7 19.0 12.8 40.0 20.5 30.0 10.0 18.0 43.4 50.0 20.0 15.0 27.2 May May May May May May May May May May May May May May May May May May May May May May May May May May May May 15 15 15 15 16 16 16 16 16 17 18 18 18 19 19 23 23 23 23 23 23 23 24 24 25 25 31 Rev. Rev. Rev. Rev. 33.4 31.4 38.8 16.1 May May May May NOTES: 1 Includes state and local government issues of $10 million and over, foreign government, International Bank for Reconstruction issues of Federally sponsored agencies; excludes secondary offerings. * Included in the table for the first time. 14 Table 6B Continued FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of May 12, 1978 TYPE ISSUER STATE & LOCAL *Wins t o n - S a l e m , N.C. *West V i r g i n i a , S t a t e of *Iowa S t a t e U n i v e r s i t y ^ M a r y l a n d , S t a t e of 10.2 50.0 APPROXIMATE DATE OF OFFERING G.O. G 0• Rev. G.O. 12.0 115.0 June 6 June 6 June 7 J u n e 21 Rev. 121.5 May e POSTPONEMENT C l e v e l a n d Reg. Sewer D i s t . , Ohio AMOUNT (IN MILLIONS OF DOLLARS) 15 Table 7 STOCK PRICES AND VOLUME NYSE INDEX NASDAQ AMEX NASDAQ 96.53 (3/15) 54.87 (10/3) 24.9 (1/3) 7.5 (7/5) 4.4 (1/3) .9 ( 9 / 2 6 ) 7.5 (1/3) 2.8 (7/5) 51.24 (7/15) 37.16 (1/8) 881.81 (7/15) 632.04 (1/2) 96.86 (7/15) 62.20 (1/2) 88.00 (7/15) 60.70 (1/2) 35.2 (2/13) 8.7 (9/15) 4.2 (2/21) 1.1 (9/15) 8.1 (2/13) 2.5 (9/15) 57.51 (9/21) 48.04 (1/2) 1014.79 ( 9 / 2 1 ) 858.71 (1/2) 107.05 ( 7 / 1 2 ) 84.31 (1/2) 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) 57.69 (1/3) 49.78 (11/2) 999.75 (1/3) 800.85 (11/2) 109.61 (1/12) 105.05 (12/30) 93.66 (4/5) 35.3 (11/11) 10.6 (10/10) 4.2 (1/13) 1.4 (9/22) 11.2 (11/10) 5.1 (5/27) 54.85 (5/12) 48.37 (3/6) 844.33 (5/1) 742.12 (2/28) 142.57 ( 5 / 1 2 ) 119.73 (1/11) 119.40 (5/12) 99.09 (1/11) 63.5 (4/17) 7.6 (1/20) 6.2 (4/17) 1.3 (1/20) 15.9 (5/5) 2.8 (1/20) 3 10 17 24 31 48.67 49.48 50.25 49.86 49.85 747.31 758.58 768.71 756.50 757.36 123.09 125.35 127.33 128.01 128.94 101.95 103.42 104.94 105.39 106.20 20.2 21.6 25.1 24.0 21.3 2.5 2.9 3.1 2.8 3.1 7 14 21 28 50.41 51.94 52.64 53.90 769.58 795.13 812.80 837.32 131.81 134.69 135.43 136.36 108.23 111.29 113.32 115.18 24.0 32.0 45.5 40.6r 3.4 4.2 4.6 4 .4r 10.1 11.8 13.0 13.4r 5 12 53.97 54.85 829.09 840.70 139.89 142.57 117.27 119.40 39.2r 33.9 5 . 3r 5.0 14.6r 13.4 Low 1976-High Low 1977-High Low 1978-High Low ' NOTES: 1 Figures other than highs and lows are Fridays only. Highs and lows are for the year and are not necessarily for Fridays. 2 NYSE 102.01 ( 3 / 1 4 ) 58.26 (12/9) 1975-High May AMEX 891.66 (3/13) 577.60 (12/6) Low Apr. BJ INDUSTRIALS 53.37 (3/13) 32.89 (10/3) 1974-High Mar. TRADING VOLUME STOCK PRICES DATE Volume figures are weekly averages of daily figures (millions of shares). 3 12/31/66 - 50 4 on average price change until September 4, 1973 thereafter, based on market value of shares listed. http://fraser.stlouisfed.org/ ) Federal Reserve Bank of St. Louis 8.0 8.9 9.1 9.2 9.0 16 Table 8 SECURITY CREDIT REGULATED MARGIN CREDIT EXTENDED BY END OF PERIOD OUTSTANDING - February March April May June July August September October November December 1977 1978 - BROKERS ON MARGIN STOCK 8,480 8,690 8,880 9,070 9,230 9,460 9,560 9,590 9,560 9,610 9,740 1 BROKERS ON 2 CONVERTIBLE BONDS 197 199 196 196 198 204 200 196 191 5/ 246 250 2,319 2,312 2,350 2,345 2,551 2,568 2,587 2,581 2,579 2,604 2,568 844 810 807 801 873 875 885 881 882 872 873 2,565 851 877 824 246 9,590 9,780 9,920 January February March BANKS UNREGULATED NONMARGIN STOCK CREDIT AT BANKS 242 250 2,544 2,544 CHANGE IN OUTSTANDING 1977 - 1978 - February March April May June July August September October November December 210 210 2 -3 190 190 160 230 2 6 -4 -4 100 30 -30 50 130 4 -4 -4 -150 190r January February March 12 1 8 140 7 -7 38 -5 -34 -3 -6 72 -2 10 -4 1 -10 1 206 17 19 —6 -2 25 -36 -22 -3 26 -53 -21 NOTES: 1 Margin account debt as reported by the New York Stock Exchange, excluding credit for subscription issues and convertible bonds. 2 3 4 5 New York Stock Exchange data. 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. = " = = value. Data p r i o r t o November n o t strictly comparable due to changes . in . reporting. # # # # # # # # # Table 9 SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS IN MILLIONS OF DOLLARS REGULAR DEPOSITS DATE NET FLOW 2,165 11,070 12,670 10,647 1974 1975 1976 1977 1977-Aug. Sept. Oct. Nov. Dec. 1978-Jan. Feb. . Mar.2J 282 1,200 683 406 1,289 628 480 1,750 1 ANNUAL 3 GROWTH RATE 2.3 11.3 11.6 8.8 —— —— SHARE CAPITAL NET NEW MONEY NET FLOW -2,822 4,757 5,275 2,811 16,006 42,769 50,169 50,963 ANNUAL 3 GROWTH RATE 7.1 17.6 17.6 15.2 Sept. Oct. Nov. Dec. 1978-Jan. Feb. Mar. 2 / 1,187 1,131 1,257 515 519 11.1 10.5 11.6 4.7 4.7 723 374 487 6.5 3.4 4.4 NET NEW MONEY 4,668 29,276 34,369 31,972 NOT SEASONALLY ADJUSTED 2,818 2,745 2,297 7,115 —— 2,012 6.2 2,226 2,808 10.6 6.8 8.6 1,846 34,033 39,644 34,783 3,373 2,777 8,865 -59 171 350 11.7 61,610 5.6 15.8 15.9 13.5 2,877 2,073 2,554 1,666 18.6 18.2 12.2 18,171 53,839 62,839 NET NEW MONEY 2,270 1,516 883 5,961 2,396 1,729 5,542 57671 5,656 3,832 3,711 3,410 NET FLOW ANNUAL 3 GROWTH RATE 2,619 1,529 2,566 1,615 752 2,862 —— DEPOSITS 3,144 7,161 3,079 2,135 6,831 2,631 -12 -137 296 99 -131 SEASONALLY ADJUSTED 1977-Aug. TOTAL SAVINGS & LOAN ASSOCIATIONS MUTUAL SAVINGS BANKS 2,244 2,904 6,858 6,787 5,089 4,226 3,929 16.6 16.2 12.0 9.9 9.1 2,735 6.3 5.9 7.5 2,600 3,295 " 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 yowth 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. H.16 18 Table 10 MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS BILLIONS OF DOLLARS, SEASONALLY A D J U S T E D NET CHANGE OUTSTANDING COMMITMENTS PERIOD TOTAL ALL S A V I N G S MUTUAL & LOAN SAVINGS BKS ASSOCIATIONS (N Y. S T A T E ) TOTAL ALL S A V I N G S MUTUAL & LOAN S A V I N G S BKS ASSOCIATIONS (N Y. S T A T E ) 1972 25.2 20.3 4.9 7.48 6.28 1.20 1973 19.9 16.4 3.5 -5.31 -3.92 -1.39 1974 14.7 12.5 2.2 -5.20 -3.91 -1.29 1975 20.6 18.6 2.0 5.81 6.06 1976 - J a n Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 20.6 21.3 21.8 21.8 22.4 22.9 23.2 23.6 24.5 25.7 27.1 27.9 18.6 19.4 19.6 19.6 20.1 20.7 21.0 21.3 21.9 23.1 24.3 25.0 2.0 2.0 2.2 2.2 2.3 2.2 2.3 2.3 2.6 2.6 2.7 2.8 .35 .79 .33 .12 .50 .57 .30 .40 .89 1.21 1.35 .76 .35 .84 .16 .04 .46 .59 .27 .35 .62 1.21 1.24 .70 1977 - J a n Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 28.0 28.6 29.7 30.2 30.6 31.9 32.4 34.0 35.1 37.4 38.8 39.2 25.4 25.6 26.5 27.0 27.3 28.1 28.7 30.0 31.0 32.8 34.0 34.3 2.8 3.0 3.2 3.2 3.3 3.8 3.8 3.9 4.1 4.5 4.7 4.6 .45 .43 1.07 .49 .37 1.33 .54 1.50 1.24 1.95 1.41 .24 .38 .23 .90 .49 .30 .80 .57 1.32 1.07 1978 - J a n Feb Mar 38.6 37.6 36.9 34.2 33.3 32.7 4.4 4.3 4.2 - .35 -1.05 - .65 - .11 - .96 - .59 NOTES: Data revised due to re-estimation of seasonal - —— - .05 .17 .08 .04 - .02 .03 .05 .27 .11 .06 .07 .20 .17 — - 1.78 1.18 .34 .25 - .07 .53 .03 .18 .17 .37 .23 .10 - .24 - .09 — . 06 factors . 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 T a b l e 11 NET NEW MONEY BORROWINGS BY MAJOR HOUSING AGENCIES m MILLIONS OF DOLLARS PERIOD TOTAL INCLUDING SHORT-TERM DISCOUNT NOTES INTERMEDIATE AND LONG-TERM ISSUES TOTAL FHLMC FHLB FNMA FNMA &FHLB SHORT-TERM DISCOUNT NOTES 1 1975 - J u l y Aug. Sept. Oct. Nov. Dec. +236 -398 215 587 152 669 +300 -700 100 350 ^200 j600 0 -700 0 +150 0 0 0 0 0 0 200 0 +300 0 100 700 0 600 —64 302 115 -263 —48 69 1976 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. -197 -964 -851 124 -953 -107 -58 787 195 -37 -552 145 0 -604 -304 693 -607 -206 291 +190 190 310 -297 -219 0 -1,100 0 -600 0 0 0 0 0 -300 0 0 196 -4 -7 -7 —6 -9 +190 -10 —8 -9 -7 0 300 -300 700 0 -200 300 0 200 318 12 -212 -197 -360 -547 -569 -346 99 : -349 . 597 5 -347 -255 364 1977 - 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 1,078 188 -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 1978 - J a n . Feb. Mar. e 399 1,712 904 -12 1,388 0 0 1,400 0 -12 -12 0 0 0 0 411 324 904 NOTES: Based on data from Treasury Survey of Ownership. 1 Sales of FHLB discount notes began in May 1974. p Preliminary 0. 20 Table 12 NET CHANGE IN MORTGAGE HOLDINGS IN MILLIONS OF DOLLARS PERIOD 1970 1971 1972 1973 1974 1975 1976 1977 TOTAL INCLUDING FNMA-GNMA 21,930 41,406 57,587 58,372 42,739 43,497 62,783 96,814 2 FINANCIAL INSTITUTIONS TOTAL 17,020 39,018 55,561 55,072 36,517 38,658 64,903 95,924 COMMERCIAL BANKS 2,462 9,940 16,800 19,600 11,700 4,200 13,900 25,700 MSB's S & L's INSURANCE FNMA-GNMA COMPANIES 2,348 1,221 1,452 4,278 5,078 2,933 2,414 5,184 4,910 2,388 2,026 3,300 6,222 4,839 -2,120 890 5,224 5,726 5,256 4,876 4,754 4,748 252 220 744 614 426 1,655 - 86 -163 167 - 31 96 222 3,019 3,409 4,794 Seasonally Adjusted 406 304 329 497 -368 -239 - 69 - 92 93 75 1,956 3,938 5,377 5,642 2,172 2,236 4,074 6,474 10,254 23,919 31,932 25,552 17,567 29,289 44,515 58,566 Not S e a s o n a l l y Adius t e d 1977 - J u l y Aug. Sept. Oct. Nov. Dec. 8,339 9,502 9,127 8,349 7,940 9,096 8,425 9,665 8,930 8,380 7,844 8,874 2,300 3,000 2,300 2,300 2,100 1,700 649 719 660 690 564 771 1978 - J a n . Feb. Mar 5,466 5,654 5,137 5,157 1,300 1,100 2,400 412 344 1977 - J u l y Aug. Sept. Oct. Nov. Dec. 7,726 8,869 8,762 8,533 8,822 9,192 8,094 9,108 8,831 8,625 8,729 9,117 2,263 2,892 2,142 2,265 2,284 1,951 608 669 685 675 605 647 4,855 5,291 5,289 5,162 5,437 5,262 368 256 715 523 403 1,257 1978 - J a n . Feb. Mar 7,497 7,104 7,109 6,502 1,688 1,509 2,329 572 575 4,305 4,041 4,789 544 377 388 602 NOTES: S e a s o n a l l y a d j u s t e d d a t a r e v i s e d due t o r e - e s t i m a t i o n of s e a s o n a l f a c t o r s . 1 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 Assn. of Mutual Savings Banks, Federal Home Loan Bank Board, Institute of Life Insurance and, through August 1968, the Federal National Mortgage Association, and thereafter by FNMA and the Government National Mortgage Association. Data for mutual savings banks and for 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 83 per cent of the net increase estimated for all holders in 1974. 2 Beginning January 1972 data reflect activity in limited amount of conventional mortgages. 21 Table 13 NET INCREASE IN MORTGAGE DEBT OUTSTANDING IN BILLIONS OF D O L L A R S , S E A S O N A L L Y A D J U S T E D A N N U A L R A T E S RESIDENTIAL TOTAL QUARTER 1970 - 18.7 18.3 23.9 13.2 12.5 15.5 5.5 5.8 8.4 26.8 18.8 8.0 41.2 51.8 57.8 59.5 32.7 40.3 43.1 44.7 23.2 29.6 33.8 35.7 9.5 10.7 9.3 9.1 67.6 74.1 77.6 88.1 38.0 41.0 48.1 47.9 11.3 13.1 IV 49.3 54.1 59.1 63.6 I 80.6 87.4 80.7 70.4 56.0 59.9 56.2 48.5 47.8 46.9 43.7 40.6 13.0 12.5 7.9 69.9 70.9 54.5 46.7 48.7 47.2 35.1 29.7 39.2 40.3 28.4 25.4 44.0 55.0 62.3 67.7 29.7 39.8 45.3 50.8 28.9 39.8 44.9 51.9 78.6 77.3 94.0 98.6 59.7 58.0 73.8 78.0 58.3 58.1 70.0 75.5 108.3 132.2 140.3 140.1 84.2 102.6 106.6 109.2 80.3 96.1 98.9 99.7 IV I II III IV 1972 - I II III 1973 - II III IV 1974 - I II II IV 1975 - I II III IV 1976 - I II III IV 1977 1- t o 4 FAMILY 25.5 25.3 33.5 35.4 I II II 1971 - TOTAL MULTIFAMILY I II III IV (p) COMMERCIAL 5.7 6.9 MULTFAMILY & COMMERCIAL 11.2 7.4 12.7 17.0 15.4 6.7 9.3 16.2 20.0 12.1 11.6 21.4 20.7 14.8 16.5 14.9 26.1 15.7 21.0 29.6 25.9 36.7 8.2 19.1 21.7 19.4 16.4 27.3 34.7 31.9 24.3 9.5 6.9 6.7 4.3 17.5 18.7 13.6 27.0 25.6 20.3 15.5 0.8 0.0 9.0 10.3 12.9 -1.1 12.8 9.8 10.3 13.3 11.7 1.4 3.8 2.5 13.7 14.5 13.4 13.0 15.1 14.4 17.2 16.9 3.9 6.5 7.7 9.5 15.5 20.3 24.8 22.9 19.4 26.8 32.5 32.4 11.0 0.4 -0.1 8.6 11.2 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 Mortgagei 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 R e s i d e n t i a l m o r t g a g e d e b t i n c l u d e s n o n f a r m o n l y and i s sum of 1 - t o 4 - f a m i l y and multifamily mortgage d e b t . T a b l e 14 PRIVATE HOUSING PERMITS, STARTS, COMPLETIONS, AND MOBILE HOME SHIPMENTS NJ 1X3 IN T H O U S A N D S O F U N I T S , S E A S O N A L L Y A D J U S T E D A N N U A L R A T E S TOTAL 2 - O R MORE FAMILY TOTAL 1—FAMILY 1969 1970 1971 1972 1973 1974 1975 1976 1977 1,324 1,352 1,925 2,219 1,074 939 1,297 1,677 626 647 906 1,033 882 644 676 894 1,125 698 705 1,018 1,186 937 431 264 403 552 1,407 1,434 2,052 2,357 2,045 1,338 1,538 1,987 1977 - J u l y Aug. Sept. Oct. Nov. Dec. 1,639 1,772 1,695 1,850 1,893 1,811 1,089 1,156 1,135 1,216 1,257 1,210 550 616 560 634 636 601 1978 - J a n . Feb. Mar . 1,496 1,511 1,715 1,027 954 1,075 469 557 640 PERIOD 1,820 COMPLETIONS STARTS PERMITS 1 1—FAMILY 2-OR MORE TOTAL 1 —FAMILY HOME SHIPMENTS 892 1,162 1,451 656 621 901 1,048 914 450 268 376 375 1,399 1,418 1,706 1,972 2,014 1,692 1,297 1,362 1,652 808 802 1,014 1,143 1,174 932 867 1,026 1,254 592 617 692 828 840 760 430 336 398 413 401 497 576 567 329 216 246 277 2,072 2,038 2,012 2,139 2,096 2,203 1.453 1.454 1,508 1,532 1,544 1,574 619 584 504 607 552 629 1,671 1,677 1,875 1,665 1,769 1,641 1,253 1,269 1,458 1,249 1,280 1,299 419 409 417 416 489 342 251 270 300 319 318 324 1,548 1,574 2,074 1,156 1,100 1,439 392 474 635 1,759 1,677 1,296 1,218 463 459 322 269 1,160 i 1 MORE FAMILY FAMILY | i MOBILE 2-OR 811 813 1,151 1,309 1,132 888 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 t h e case of apartment buildings, all units are considered started at that 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 to seasonally adjusted annual rate by Census Bureau. 1 Permit data for 1969 and 1970 based on 13,000 areas with permit systems # # # # # # # # # # T a b l e 15 AVERAGE RATES AND YIELDS ON HOME MORTGAGES EXISTING HOMES NEW HOMES 1 1 PERIOD RATE (IN PER CENT) SPREAD (BASIS POINTS) RATE (IN PER CENT) SPREAD BETWEEN NEW A a a RETURNS ON NEW HOMES UTILITY CONVENTIONAL 1 BOND AND HUD(FHA) YIELD NEW HOME DISCOUNT SPREAD (PERCENTAGE MORTGAGES (IN PER CENT) (BASIS (BASIS POINTS) POINTS) POINTS) HUD(FHA) INSURED LOANS SECONDARY MARKET CONVENTIONAL LOANS PRIMARY MARKET 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 1977 - J u l y Aug. Sept. Oct. Nov. Dec. 9.00 9.00 9.00 9.00 9.05 9.10 83 99 86 72 82 N.A. 9.05 9.05 9.05 9.05 9.05 9.10 88 104 91 77 82 N.A. 8.74 8.74 8.72 8.78 8.78 8.91 57 73 58 50 55 N.A. 1.9 1.9 1.7 2.2 2.2 3.2 26 26 28 22 27 19 8.17 8.01 8.14 8.28 8.23 N.A. 1978 - J a n . Feb. Mar. 9.15 9.25 9.30 N.A. 54 47 9.20 9.25 9.30 N.A. 54 47 9.11 N.A. 9.29 N.A. N.A. 46 4.7 N.A. 4.1 4 N.A. 1 N.A. 8.71 8.83 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. t 24 T a b l e 16 FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS CONVENTIONAL GOVERNMENT-UNDERWRITTEN AMOUNT (IN MILLIONS OF DOLLARS) DATE OF AUCTION OFFERED AVERAGE YIELD AMOUNT (IN MILLIONS OF DOLLARS) OFFERED ACCEPTED 855 ( 1 2 / 2 7 ) 570 ( 1 2 / 2 7 ) 8 . 9 8 ( 1 2 / 2 1 ) 383 ( 5 / 2 ) 1977 - High 1977 - J u l y 11 25 ACCEPTED 278 ( 5 / 2 ) 71 ( 9 / 1 9 ) 9.21 (12/27 8.81 (1/10) 35 ( 9 / 7 ) 8 . 4 6 ( 1 / 1 0 ) 123 ( 7 / 2 5 ) 130.5 75.9 77.3 54.1 8.72 8.71 163.9 122.9 101.6 82.8 9.08 9.06 50 ( 9 / 7 ) Low AVERAGE YIELD Aug. 8 22 195.0 119.9 143.1 78.3 8.75 8.77 199.8 170.4 144.4 92.3 9.06 9.06 Sept 7 19 50.3 62.6 35.1 40.3 8.74 8.74 138.9 107 .5 113.9 70.5 9.06 9.05 Oct. 3 17 31 131.3 325.8 156.1 82.2 212.6 105.7 8.77 8.84 8.86 187.3 242.7 328.1 137.2 167.8 224.0 9.07 9.11 9.14 Nov. 14 28 110.6 99.8 69.5 83.2 8.86 8.85 308.6 229.0 202.8 183.5 9.16 9.16 D e c . 13 27 329.1 855.4 224.3 569.7 8.89 8.98 262.2 329.4 168.9 190.5 9.17 9.21 1978 - J a n . 9 23 10 1 1 . 0 768.8 605.3 356.6 9.13 9.21 403.6 546.3 192.8 256.8 9.28 9.37 Feb. 6 21 640.9 558.2 338.0 285.5 9.27 9.35 633.6 580.5 299.3 266.7 9.45 9.53 Mar. 6 20 358.8 L64.9 218.5 116.4 9.36 9.33 444.8 378.7 266.4 246.1 9.59 9.62 3 17 525.5 283.8 363.7 165.5 9.44 9.44 522.8 451.4 295.3 282.8 9.69 9.74 1 655.1 349.9 9.52 645.8 305.4 9.80 Apr. May NOTES: Average secondary market yields are gross before deduction of the fee of 38 basis points paid for mortgage servicing. They reflect the average accepted bid yield for home mortgages assuming a prepayment period of 12 years for 30-year loans, without special adjustment for Federal National Mortgage Association (FNMA) commitment fees and FNMA stock purchase and holding requirements on 4-month commitments. Mortgage amounts offered by bidders relate to total eligible bids received. H.16
@FedFRASER