Full text of H.16 Capital Market Developments : May 18, 1981

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iy\X
w^aaich

Capital
Market
Developments

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




CONTENTS

1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.

Yields, Volume and Reception: Corporate Bond Market
*^
Yields, Volume and Reception: Municipal Bond Market
High Grade Bond Yields
Long-Term Corporate and State and Local Government Security Offerings and Placements^
Treasury and Government-Sponsored Agency Marketable Coupon Offerings and Placements
New Corporate Security Issues by Type of Issue
New Corporate Security Issues by Type of Issuer
Public Offerings of Intermediate- and Long-Term Securities: Corporate
Public Offerings of Intermediate- and Long-Term Securities: State and Local
Public Offerings of Intermediate- and Long-Term Securities: U.S. Treasury
Public Offerings of Intermediate- and Long-Term Securities: Government-Sponsored Agencies
Forthcoming Public Offerings of Intermediate- and Long-Term Securities: Corporate
Forthcoming Public Offerings of Intermediate- and Long-Term Securities: State and Local
Stock Prices
Trading Volume
Security Credit
Savings Flow at Selected 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 to Purchase Home Mortgages
FHLMC Auctions of Commitments to Purchase Home Mortgages
Issues of Mortgage-Backed Securities

SYMBOLS

e
P
r
n.a.
—

estimate
preliminary
revised
not available
data do not exist

SUBSCRIPTION RATES

Weekly $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
Support Services, and make payment remittance payable to the order of the Board of Governors of the Federal Reserve System in a
form collectible at par in U.S. Currency.




3
1. YIELDS. VOLUME AND RECEPTION

Corporate Bond Market
Yields
New issue
Recently offered
Aaa utility2
Aaa utility1

Week ending
981-Mar.

Apr.

May

6
13
20
27

14.55
14.42

3
10
17
24

14.87

1
8
15

Gross offerings3
($ millions)

Volume
Percent sold by
end of week

New issues in syndicate4
($ millions)

14.53
14.18
13.98
14.71

521
540
1,736
517

94
93
97
90

30
40
60
53

15.85

14.89
15.19
15.36
15.78

980
1,089
505
1,150

98
100
95
99

19
0
25
16

16.12
15.94r
15.83p

16.26
15.62r
15.73p

655
410
1,110

100
100
99

0
0
10

15.07

2. YIELDS, VOLUME AND RECEPTION

Municipal Bond Market
Week ending

1981-Mar.

1

8
15

3
4

Percent sold by
end of week3

New issues in
syndicate4
($ millions)

10.09

153
80
28
233

9.50
9.80
9.80

10.21
10.45
10.70
10.80

10.92
11.17
11.30
11.48

865
1,233
1,371
630

83
95
95
84

268
171
172
165

10.00
10.00

10.94
10.90
10.83

11.71

963
547
919

95
94
96

126
83
84

3

May

11.10

Gross offerings
($ millions)

82
97
98
76

10.40
10.34

17
24

Bond Buyer
Rev. bond
index

585
976
968
635

9.80
9.80
9.20
9.20

10

Volume

11.03
10.67
10.80

6
13
20
27

Apr.

1
2

Moody's new
issue Aaa

Yields
Bond Buyer
G.O. bond
index

10.00

9.80

9.81

11.68

11.65

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




3. HIGH GRADE BOND YIELDS

New issue
Aaa utility1

Date

9.30(11/10)
8.61( 3/24)

1978-High

Low
1979-High

Low
1980-High

Low

9.54(12/22)
8.48(
1/6)

9.27(12/29)
8.30(
1/6)

U.S. govt.
20-year constant
maturity 4

Bond Buyer
G.O. bond
index 5

Bond Buyer
Rev. bond
index6

9.00(12/22) 6 . 6 7 ( 1 2 / 2 2 )
8 . 0 1 ( 1/6) 5 . 5 8 ( 3 / 1 7 )
8.24(11/23)
7.23( 9/21)

1 4 . 5 1 ( 1 2 / 1 2 ) 1 5 . 0 3 ( 1 2 / 1 2 ) 1 3 . 4 9 ( 1 2 / 1 9 ) 12.86(12/12) 1 0 . 5 6 ( 1 2 / 1 9 )
10.53( 6/20) 1 0 . 7 9 ( 6 / 2 0 ) 1 0 . 3 4 ( 6 / 2 0 ) 9 . 5 9 ( 6 / 2 0 ) 7 . 1 1 ( 5 / 9 )

11.41(12/19)
8.15( 5/8)

14.05(

Low

Moody's
seasoned
corporate Aaa 3

11.51(11/12) 11.45( 11/9) 10.87(12/28) 10.56( 11/9) 7.38(10/26)
7/6)
8.79(
7/6) 6.08(
7/6)
9.39( 6/29) 9.16(
9.40( 8/17)

16.12(

1981-High

Recently offered
Aaa utility 2

5/1) 16.26( 5/1) 14.54(5/15 ) 14.15(
1/9) 13.99( 3/20) 12.59( 1/9) 11.98(

5/8)il0.94 (
1/9) 9.49 (

5/1)
1/9)

11.71(

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.

13.13
13.91
14.38

12.31
12.97
13.21

11.75
12.44
12.49

9.11
9.56

9.97
10.43

Dec.

13.18
13.85
14.51

10.11

11.08

1981-Jan.
Feb.
Mar.

14.12
14.90
14.71

14.17
14.58
14.41

12.81

12.29
12.98
12.94

9.66

13.35
13.33

10.10
10.16

10.64
11.01
10.90

Apr.

15.68

15.48

13.88

13.46p

10.62

11.32

3
10
17
24

14.87

14.89
15.19
15.36
15.78

13.41
13.72
13.89
14.02

13.05
13.38
13.52
13.51

10.21
10.45
10.70
10.80

10.92
11.17
11.30
11.48

1

16.12

16.26

15.94r
15.83p

15.62r
15.73p

14.26
14.50r
14.54p

13.75
14.15r
14.12p

10.94
10.90
10.83

11.71

8

1980-Apr.
May
June

Nov.

1981-Apr.

May

15

1
2
3
4
5
6

15.85

11 .68
11.65

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 top groups as classified by Moody's
I nvestors Service. Weekly Bond Buyer data.




5/1)

10.34( 1/16)

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

Gross proceeds, millions of dollars
State and Local
1980
3,078
2,424
2,435

January
February
March

1979
3,770
3,165
4,354

Corporate
1980
6,190
4,427
4,454

April
May
June

4,692
4,160
6,238

5,677
9,074
9,645

July
August
September

4,103
4,211
4,593

8,026
5,437
5,025

3,396
4,256
2,472

4,872
3,946
4,523

October
November
December

4,601
3,868
3,778

5,728
3,827
5,376

4,217
4,160
3,567

4,474
2,916
3,854

51,553

72,886

43,365

48,366

Period

Year
1
2
e

1981
5,573
4,157
6,lOOe

1979
2,840
2,603
4,644

6,600e

3,444
3,042
4,724

4,962
4,746
6,136

1981
2,575
2,800e
3,600e
4,500e

Securities and Exchange Commission estimates of gross proceeds.
Public Securities Association estimates of principal amounts,
Estimated by Fede ral Reserve on the basis of available data.

5. TREASURY AND GOVERNMENT SPONSORED AGENCY BORROWING

Millions of dollars

Period

Combined
deficit(+)
or
surplus!—

Totals

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

Other

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

CY™-' - 1 9 7 9
CY
-1980

41,397
50,670

37,360
79,201

10,899
43,458

28,041
50,480

-397
-14,298

-1,402
-577

1,115
484

366
3,621

23,631
24,705

1980—Apr.
W

-8,037
16,318
-11,963

4,632
5,3.50
-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

m-

Sept.

16,384
8,347
-4,434

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

Oct.
Nov.
Dec.

17,146
10,698
7,869

4,758
9,231
13,668

2,477
6,412
7,382

2,422
3,267
7,233

-63
-315
-1,023

-23
-30
-79

4,076
-3,985
-720

8,312
5,452
-5,079

5,116
412
3,378

1981--Jan.
Feb.
Mar.

8,339
17,063
13,048

6,772
13,916

4,320
8,548

4,159
5,849

-1,480
-489

-35
-55

3,179
-664

-1,612
3,811

1,408

-

-..;;' Vsr. .

:

1
2
3
4

!

U.S. unified budget deficit or surplus plus off-budget entities deficit or surplus.
Change in outstanding amount of public debt securities and government agency securities less change in holdings of those securities by government
accounts.
Also includes changes in matured and noninterest-bearing public debt.
Change in outstanding amount of marketable securities issued by Federal Farm Credit Banks, Federal Home Loan Banks, Federai Home Loan Mortgage Corporation, Federal National Mortgage Association.




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

Bonds
Period

Total

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

Memo
Issues included
Convertible
Foreign
863
1,340
418
1,349
1,008
2,229
4,685
1,495

Com mo - ...id
preferred
stocks
11,777
10,358
11,325
20,363

1977
1978
1979
1980

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

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

1980-QI
QII
QUI
oiv

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

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

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

4,586
3,QQ7
4,707
7,073

169
529
631
166

908
967
1,510
1,300

8,026
5,437
5,025

5,354
3,843
2,421

1,298
370
495

1,374
1,224
2,109

100
191
340

208
805
497

Oct.
Nov.
Dec.

5,728
3,827
5,376

2,756
1,405
1,719

519
650
809

2,453
1,772
2,848

348
12
138

687
398
215

1981-Jan.
Feb.

5,573
4,157

2,928
2,408

445
426

2,200
1,323

n.a.
n.a.

303
575

1980-July .
Aug.
Sept.

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

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

Other issuers1
21,827
20,549
22,332
29,877

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

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

1980-QI
QII
QUI
QIV

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

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

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

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

1980-July
Aug.
Sept.

3,032
1,838
1,055

1,065
1,434
1,202

787
626
523

3,141
1,539
2,244

Oct.
Nov.
Dec.

1,462
506
1,309

1,280
792
..
946

858
276
649

2,128
2,254
2,470

1981-Jan.
Feb.

2,249
1,344

1,362
853

62
303

1,901
1,660

1977
1978
1979
1980

1 Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other.
Source: Securities and Exchange Commission and Federal Reserve Board.







IS OF INTERMEDIATE- AND LONG-TERM SECURITIES: U.S. TREASURY

Length

Maturity
date

Coupon Auction
average
rate
(percent) (percent)

Amount (millions ol
Net pro
Gross proceeds
Total

3 - y r 6-mo 5 / 1 5 / 8 4
11/15/90
10-yr
30-yr
11/15/10
11/30/82
2-yr

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

13.31
13.07
12.81
13.99

4,315
2,663

5 - y r 2-mo 2 / 1 5 / 8 6
12/31/82
2-yr
12/31/84
4-yr
1/15/88
7-yr

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

2 0 - y r 1-mo
2-yr
3- y r
9i - y r
29 - y r
2-yr
5-yr

3-yr
10-yr
30-yr

Total

oreigi
Id-on

0
190
0
0

8,259

2,815

4,966

4,601

1,771

13.52
15.15
14.03
12.49

3,188
4,955
3,620
2,710

3,188

3,188

7,973

2,337

2,710

2,710

170
0
63
0

1 1 - 3 / 4 11.82
13-5/8 13.69

1,501
5,191

1,501
4,730

1,501
2,045

0
125

8,801

3,638

0
130
0

5,012
3,460

2,551
3,460

186

4,900
3,533

2,084
983

68

2,160

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

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

13.37
12.89
12,68
13.97
13.79

4,662
3,038
2,576
5,438
3,460

3/31/83
3/31/85
5/15/01
4/15/88

12-5/8
13-3/8
13-1/8
13-1/4

1 2 . 75
13.49
13.21
13.34

5,600
3,792

4/30/83

14-1/2

14.51

2-yr
4-yr
2 0 - y r 1- •mo
7-yr
2-yr

2/15/01
1/31/83

Private1

I

5/15/84 15-3/4 15.81
5/15/91
14-1/2 14.56
5/15/06-11 13-7/8 13.99

Government investment accounts and the Federal Reserve. Also excludes add-ons to foreign ac<
al if the Government accounts and/or the Federal Reserve do not fully roll-over their maturing I
:urities issued to foreign and international monetary authorities at the average auction price for

195

0
0
215

10
11. P U B L I C 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 : G O V E R N M E N T S P O N S O R E D A G E N C I E S

Offering Payment
date
date

Issuer

Length

Maturity
date

Yield
(percent)

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

FHLB

11/14
11/14

11/25
11/25

1-yr
4-yr

9-mo •
8-mo

8/25/82
7/25/85

13.10
12.80

1,200
750

1,800

150

FFCB

11/26

12/1

2-yr

3-mo

9/1/83

13.75

521

0

521

FNMA

12/5

12/10

3-yr

1-mo

1/10/84

14.05

500

950

-450

FFCB

12/2W 1/5/81 3-yr

8-mo

9/3/85

12.75

404

433

-29

1/10/86

13.00

1,000

0

1,000

1981

1981

FNMA

1/8

1/12

5-yr

FFCB

1/13
1/13

1/20
1/20

4-yr
8-yr

1-mo

3/4/85
1/23/89

13.20
13.05

785
638

858

565

FHLB

1/21

1/28

2-yr

6-mo

7/25/83

13.35

600

0

600

FHLB

2/11
2/11

2/25
2/25

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

6/25/84
1/27/86

14.00
13.85

1,000
700

1,500

200

FNMA

2/13

2/17

7-yr

2/10/88

14.40

300

0

300

FNMA

3/4

3/10

4-yr

3/11/85

14.25

500

1,150

-650

FHLB

3/11
3/11

3/25
3/25

1-yr
3-yr

6/25/82
9/25/84

14.10
13.85

1,100
700

1,000

800

FFCB

3/25
3/25

4/1
4/1

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

3/1/84
3/3/86

13.85
13.95

683
970

364

1,289

FNMA

4/1

4/10

4-yr

4/10/85

13.75

500

1,300

-800

FFCB

4/15
4/15
4/15

4/20
4/20
4/20

2 - y r 8-mo
4 - y r 8-mo
10-yr

12/1/83
12/2/85
4/22/91

14.10
14.30
14.10

588
769
544

924

977

FHLB

4/22

4/29

1/25/83

14.50

1,200

0

1,200

FFGB
FHLB
FH LMC
FNMA

—
—
—
-

Federal
Federal
Federal
Federal

3-mo
6-mo

1 - y r 9-mo

Farm Credit Banks
Home Loan Banks
Home Loan Mortgage Corporation
National Mortgage Association




11

As of May 1 5 , 1981
12. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE 1
Issuer
Commonwealth E d i s o n Co.
Commonwealth E d i s o n Co.
S o u t h e r n C a l i f . E d i s o n Co.
W a s h i n g t o n Gas L i g h t Co.
P u g e t Sound Power & L i g h t Co.
W e s t e r n Union T e l e g r a p h Co.
N a t T 1 R u r a l U t i l . F i n . Coup C o r p .
C r y s t a l O i l Co.
N o r t h w e s t E n e r g y Co.
ITT F i n a n c i a l C o r p .
P h i l l i p s P e t r o l e u m Co.
Ford Motor C r e d i t Co.
Borg Warner A c c e p t . C o r p .
S o u t h w e s t e r n P u b l i c S e r v i c e . Co.
B a r c l a y s N. Amer. C a p i t a l C o r p .
^Western P a c i f i c I n d . I n c .
W e l l s F a r g o & Co.
Amoco C r e d i t C o r p .
Westinghouse C r e d i t Corp.
U n i t e d Gas P i p e l i n e
G e n ' l . T e l . Co. of C a l i f .
D a l l a s Power & L i g h t Co.
New E n g l a n d Power Co.
D e t r o i t E d i s o n Co.
B e n e f i c i a l Corp.
Cable American Corp.
Mellon N a t i o n a l Corp.
*Wendy 1 s I n t e r n a t ' l . Co.
^ P a c i f i c Power & L i g h t Co.
S o u t h e r n Co.
Northern Indiana Public Service
C y p r e s s Mines C o r p .
C y p r e s s Mines C o r p .

Type
Notes
1 s t . mtg.
1 s t . mtg.
Com. s t k .
1 s t . mtg.
Notes
Notes
Conv. d e b t .
Debt.
Notes
Debt.
Notes
Notes
Com. s t k ( r t s )
Debt.
Debt.
Notes
Debt.
Notes
Notes
Debt.
Pfd. stk.
Pfd. stk.
Pfd. stk.
Notes
Notes
Notes
Com. s t k .
Com. s t k .
Com. s t k .
Com. s t k .
Notes
Debt.

OTHER
C a n a d i a n N a t i o n a l R a i l w a y Co.
M o n t r e a l , P r o v i n c e of
U n i t e d Mexican S t a t e s
Pembroke C a p i t o l L t d .
Pembroke C a p i t o l L t d .
O s l o Norway

Debt.
Debt.
Bonds
Debt.
Notes
Bonds

POSTPONED
Delmarva Power & L i g h t Co.

Com. s t k .

Amount
millions of dollars)

Approximate date
of offering

100.0
100.0

May 19
May 19
May 19
May 20
May 27
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May .
May
May
May
May
May
May
June 2
June 9
June 9
June
Indef.
Indef.

150.0
100.0
100.0
200.0
100.0
100.0

May
May
May
May
May
Indef.

125.0
75.0

200.0
35.0
50.0
75.0

100.0
31.2

100.0
75.0
350.0

200.0
50.0
37.0
125.0
50.0

100.0
100.0
100.0
75.0

100.0
30.0
50.0
25.0

100.0
50.0
50.0
30.0
70.0
125.0
48.0

28.0

May

* Included in table for first time.
,
.
*
,
1 Includes only corporate and other security issues of $ 2 5 million and over; excludes exchanges, options, and secondary offerings.




12

As of May 1 5 , 1981

13. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL 1
Approximate date
Amount
Type
Issuer
of offering
(millions of dollars)
P h i l a d e l p h i a Hosp. A u t h . , PA
N a s h v i l l e & D a v i d s o n Co. M e t r o . G o v ' t . , TN
* M e t r o . G o v ' t , of N a s h v i l l e , TN
F r a n k l i n C o . , OH
M i s s o u r i Board of P u b l i c B l d g .
I l l i n o i s , State
^ M i c h i g a n S t a t e Hsg. Dev. A u t h .
P l a t t e R i v e r Power A u t h . , Co.
S h e l b y Co. H e a l t h & Ed. F a c . Bd. TN
Sedgwick C o . , KS
San F r a n c i s c o , CA
N o r t h T e x a s H i g h e r Ed. A u t h .
* S o u t h D a k o t a H e a l t h & Ed. F a c . A u t h .
Manatee Co. H . F . A . , FL
* F a r m i n g t o n , N.M.
J a c k s o n C o . , OR
^ M i c h i g a n , S t a t e of
^ M i n n e a p o l i s Comm. Dev. Agcy.
W i s c o n s i n , S t a t e of
B u t l e r C o . , OH
N o r t h C a r o l i n a , S t a t e of
^ C h i c a g o P u b . B l d g . Comm., IL
^ T e n n e s s e e S c h o o l Bond A u t h .
POSTPONED
W a s h i n g t o n P u b . Power S u p p l y S y s t .
Georgia, S t a t e
"Manatee Co. H . F . A . , FL

#
1

Rev.
G.O.
G.O.
G.O.
G.O.
G.O.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
G.O.
Rev.
Rev.
G.O.
Rev.
G.O.
Rev.
BAN's
Rev.
G.O.
Rev.

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




95.0
36.5

May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
June
June
June

18
19
19
19
19
19
20
21
22
22
22
22
22
22
26
22
27
27
27
29
9
9
10

200.0
150.4
43.1

May
May
May

8
12
22

55.5
30.5
30.5
34.3
43.4
150.0
43.0
125.0
91.4

40.0
50.0
35.0
37.0
43.1

38.0
47.0
50.0

120.0
75.0

26.0

60.0

13
14. STOCK PRICES

1

NYSE Index 3

Date

247.07 (12/31)!
152.03 ( 1/2)

152.29 (10/5)
117.84 ( 1/2)

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)

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

1024.05 ( 4/27)
931.57 ( 2/13)

370.90 ( 5/15)
330.34 ( 2/20)

219.56 ( 4/24)
192.29 ( 2/20)

3
10
17
24

78.14
77.78
77.76
78.05

1007.11
1000.27
1005.58
1020.35

369.13
368.50
365.42
361.08

212.65
215.15
216.64
219.56

1
8
15

76.75
76.13
76.54

995.58
976.40
985.95

356.24
362.18
370.90

216.68
214.84
216.51

63.39 (10/5)
53.88 (2/27)

1980-High
Low
1981-High
Low

May

NASDAQ6

1

897.61 (10/5)
796.67 (11/8)

1979-High
Low

1981-Apr.

AMEX4

DJ Industrials

15. TRADING VOLUME2

Date
1979-High
Low

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

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

NASDAQ
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
28.9

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

53.2 (
19.7 (

1981-Apr.

May

1
2
3
4
5

(
(

1/7)
1/2)

3
10
17
24

48.1
50.7
51.8
59.2

6.2
5.8
6.4
7.0

32.7
35.4
35.6
37.1

1
8
15

54.4
44.2r
40.9

5.7
5.Or
5.4

35.1
32.0
32.4

Figures other than highs arid lows are Friday figures only.
Volume figures are weekly averages of daily figures (millions of shares). Highs and lows refer to single days.
12/31/65 = 50
8/31/73 = 100
2/5/71 = 100




1/7)
1/2)

14
16. SECURITY CREDIT1
Outstanding, dollar amounts in millions
End of period

1

Margin credit extended
by brokers on:
Convertible
Marginable
bonds
stock

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

885

81

1978

10,830

205

955

67

1979

11,450

167

1,020

84

1979 - J a n .
Feb.
Mar.

10,750
10.790
10,870

199
195

181

950
950
965

79
71
79 -

Apr.
May
June

11,220

194
183
172

960
970
980

77
78
79

July
Aug.
Sept.

11,840

178
176
177

970
995
1,005

81
86
84

Oct.
Nov.
Dec.

11,310
10,920
11,450

173

985

167

1,000
1,020

73
83
84

1980 - J a n .
Feb.
Mar.

11,820
12,460
11,740

165
175
171

1,035
1,065
1,075

87
84
54

Apr.
May
June

11,140
11,270
11,200

168
167
165

1,055
1,055
1,065

72

July
Aug.
Sept.

11,320

198
204
208

1,075
1,095
1,105

88

Oct.
Nov.
Dec.

13,080
14,140
14,500

211
220

1,120

87
87
86

1981 - J a n .
Feb.
Mar.

14,020
13,950
14,020

221
220

Apr.

14,630

11,130
11,590

12,060
12,000

11,800
12,520

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




161

219

1,155
1,180

81
83

89
87

80
80

222

1,195
1,205
1,235

238

1,260

79

84

15
17. SAVINGS FLOWS AT SELECTED NONBANK THRIFT INSTITUTIONS

Millions of dollars

Date

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

Net flow
N.S.A.

Sea. adj.

Annual
growth
rate 3

Memo:
Net New Money 2

Total

Savings and Loan Associations

Net
flow
(sea. adj.)

Annual
growth
rate 3

At
insured
S&L's

At
MSB's

1976

12,670

11.6

50,169

17.5

62,854

15.9

34,369

5,283

1977

10,783

8.7

50,888

15.0

60,982

13.3

3],004

2,874

1978

8,426

—

6.3

44,153

11.3

52,292

10.1

23,460

-591

1979

2,900

—

2.1

39,051

9.1

42,226

7.4

15,029

-6,963

1980

7,380

5.1

40,955

8.7

48,330

7.9

10,667

-4,831

-337
-92
520

-76
344
76

-0.6
2.9
0.6

2,006
1,199
4,744.

2,799
2,795
2,822

7.4
7.4
7.4

2,723
3,139
2,898

5.5
6.3
5.8

1,455
717
—198

-733
-504
-1,072

Oct.
Nov.
Dec.

-983
-325
1,006

-372
-245
266

-3.1
-2.0
2.2

1,855
1,153
4,505

2,810
3,009
2,666

7.3
7.8
6.8

2,438
2,764
2,932

4.8
5.5
5.8

1,314
732
-700

-1,421
-765
-987

1980-Jan.
Feb.
Mar.

-927
141
930

-399
189
-115

-3.3
1.6
-1.0

2,059
1,622
4,390

2,206
2,734
-101

5.6
6.9
—0.3

1,807
2,923
-216

3.5
5.7
—0.4

1,167
1,079
-696

-1,436
-543
-679

Apr.
May
June

-449
881
1,770

481
1,001
1,991

4.0
8.3
8.2

325
3,011
5,269

4,235
3,078
3,118

10.7
7.7
7.8

4,716
4,079
4,109

9.2
7.9
7.9

-817
1,785
-169

-1,024
242
-176

July
Aug.
Sept.

992
610
1,377

1,274
1,017
914

10.5
8.3
7.4

2,216
2,507
5,588

3,083
4,130
3,513

7.6
10.1
8.6

4,359
5,147
4,427

8.3
9.7
8.3

961
1,285
6

246
1
-460

Oct.
Nov.
Dec.

402
312
1,246

1,078
401
502

8.7
3.2
4.8

3,870
2,507
7,591

4,909
4,698
5,693

11.9
10.8
13.5

5,987
4,899
6,195

11.1
9.0
11.3

2,550
1,461
2,055

-169
-227
-638

-304
295
1,075

194
349
-17

1.5
2.8
-0.1

1,987
2,304
3,623

1,983
3,546
-1,221

4.7
8.3
-2.8

2,177
3,895
-1,238

3.9
7.0
-2.2

599
879
-2,264

-979
-385
-700

1979-July
Aug.
Sept.

1981-Jan.
Feb.
Mar . P

1

Regular deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of
total deposits.
2 New deposits net of both withdrawals and interest. Data for S&L's are for insured associations only, which represent 96 percent of^ndustry total
resources.
3 Annual growth rate for monthly data is the annualized monthly percentage increase in deposits.
Source: National Association of Mutual Savings Banks and Federal Home Loan Bank Board.




18. MORTGAGE COMMITMENTS OUTSTANDING AT SELECTED INSTITUTIONS

Billions of dollars, seasonally adjusted
Thrift Institutions
All savings
Mutual
End of Period
savings banks
and loan
Total
(N.Y. state)
associations

Federal and Related Agencies
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

28.9

27.3

1.6

9.3

3.5

5.2

0.6

1979-Jan.
Feb.
Mar.

37.0
36.5
36.1

32.2
31.8
31.5

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
33.1
31.5

32.3
29.5
28.1

3.6
3.6
3.4

14.1
13.5
12.6

8.2
7.7
6.9

4.6
4.7
4.7

1.3
1.1
1.0

1980-Jan.
Feb.
Mar.

30.7
29.9
26.5

27.5
27.1
24.0

3.2
2.8
2.5

11.9
11.2
10.5

6.2
5.7
5.2

4.7
4.5
4.7

1.0
• 1.0
0.8

Apr.
May
June

22.8
21.1
22.4

20.7
19.3
20.7

2.1
1.8
1.7

9.2
9.3
10.3

4.2
3.5
3.6

4.4
5.0
5.7

0.6
0.8
1.0

July
Aug.
Sept.

26.0
28.4
29.9

23.7
26.7
28.0

1.8
1.8
1.9

10.6
10.6
10.8

3.9
4.4
5.1

5.5
5.1
4.8

1.2
1.1
0.9

Oct.
Nov.
Dec.

29.5
29.5
28.9

27.7
27.8
27.3

1.8
1.7
1.6

10.4
10.3
9.3

4.9
4.4
3.5

4.8
5.2
5.2

0.7
0.7
0.6

1981-Jan.
Feb.
Mar.
Apr.

28.6
27.6
24.7
n.a.

27.1
26.2
23.3
n.a.

1.5
1.4
1.4
n.a.

10.3
9.6
9.1
n.a.

3.3
2.8
2.3
2.1

6.3
6.2
6.0
n.a.

0.7
0.6
0.8
n.a.

.

Based on data from Federal Home Loan Bank Board, Savings Banks Association of New York State, and federal and related agencies, seasonally adjus4
* by Federal Preserve. Both thrift institutions series include a minor amount of non-residential commitments; S&L commitments also include loans in
process. Subtotals may not add to total because of rounding.




17
19. NET NEW MONEY BORROWINGS BY MAJOR HOUSING CREDIT AGENCIES

Millions of dollars
FNMA

and FHLB
short-term
discount notes

0

900

-619

496

-4

952

1,288

13,578

6,302

576

6,700

5,452

967
1,457
912

0
1,033
1,372

0
834
0

0
199
-128

0
0
1,500

967
424
-460

Apr.
May
June

1,027
304
1,363

997
215
1,299

0
222
0

-3
-7
199

1,000
0
1,100

30
89
64

July
Aug.
Sept.

1,625
360
398

1,916
613
-154

700
415
0

216
198
146

1,000
0
-300

-291
-253
552

Oct.
Nov.
Dec.

2,297
1,791
1,375

1,599
1,453
150

1,300
953
0

-1
0
150

300
500
0

698
338
1,225

1980-Jan.
Feb.
Mar.

328
927
3,580

-2
10
1,780

0
-350
1,400

-2
160
-120

0
200
500

330
917
1,800

Apr.
May
June

2,205
1,366
-929

1,499
2,649
1,000

1,000
900
0

-1
-1
0

500
1,750
1,000

706
-1,283
*1,929

July
Aug.
Sept.

-979
-458
1,325

442
1,200
253

0
200
1,000

-8
0
-97

450
1,000
-650

-1,421
-1,658
1,072

Oct.
Nov.
Dec. r

3,607
313
3,390

1,300
900

1,600
150

0
0

-300
750

2,307
-587

250

700

0

-450

3,140

207
-18

1,582
496

600
200

-18
-4

1,000
300

-1,375
-514

Total

FHLB

1976

-1,750

-1,131

-2,031

1977

2,732

1,444

1978

19,030

1979-Jan.
Feb.
Mar.

Period

•
•

e

e

e

#

e

e

1981-Jan.
Feb.
e
•

#

Based on data from Treasury Survey of Ownership.




1FNMA

Intermediate- and long-term issues

Total including
short-term
discount notes

FHLMC

18
20. NET CHANGE IN MORTGAGE HOLDINGS AT SELECTED INSTITUTIONS

Millions of dollars, seasonally adjusted
Major private financial institutions
Total
Life insur.
Period
Commercial
S&L's companies
MSB's
Total
banks

FNMA
and
GNMA

FHLMC

Mortgag e pools
GNMA- FHLMCguaranteed iguaranteed

35,376

6,314

52,153

9,378

8,735

-233

9,389

5,275

122,121

88,877 31,504

3,886

43,064

12,607

8,147

973

20,854

3,270

87,021

59,418 18,574

516

27,826

12,318

7,262

1,127

17,479

1,754

1978

1 2 6 , 4 1 1 103,221

1979
1980

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 i
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

S 11,053
7,968
8,430

8,304
6,609
5,006

2,750
2,090
2,135

180
117
52

4,511
3,631
3,101

863
771
718

689
542
906

115
50
216

1,881
873
1,354

64
-106
-52

5,337
5 , 3 9 6;
n.a.
n.a.

1,365
1,564
2,090
2,879

121
125
n.a.
n.a.

785
960
n.a.
n.a.

160
74
-133
n.a.

-48
188
-35
n.a.

1,114
1,381
972
n.a.

107
18
216
n.a.

1980

Oct.
Nov.
Dec.
1981
Jan.
Feb.
Mar.
Apr.

6 , 6 7 0i
7,057
n.a.
n.a.

3,066
2,747
1,662
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.




19
21. NET CHANGE IN MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY 1
Billions of dollars, seasonally adjusted annual rates
Quarter

1

Total

Total

Residential
1 * to 4family

Multifamily

Commercial

Multifamily
and
commercial

Farm

4.8
4.4
6.4
7.3

1976-Q1
Q2
Q3
Q4

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

1977-01
02
03
04

108.9
134.2
139.1
150.6

87.8
111.3
115.0
118.3

83.5
102.8
106.7
109.7

4.3
8.4
8.2
8.6

14.5
14.9
17.4
25.5

18.7
23.3
25.6
34.1

6.7
8.1
6.8
6.8

19 7.8-01
02
03
04

131.4
144.1
150.4
159.7

101.8
112.2
120.5
131.0

93.2
101.?
111.3
122.Q

8.6
11.1
9.2
8.1

23.0
23.9
21.9
21.1

31.6
35.0
31.1
29.3

6.7
8.0
8.0
7.5

1979-01 .
02
03
04

151.7
160.8
158.5
148.2

116.5
120.5
119.6
116.2

109.9
114.3
110.6
107.0

6.6
6.2
.9.0
9.2

23.9
27.6
27.7
22.0

30.5
33.8
36.7
31.1

11.2
12.7
11.1
10.1

1980-Q1
02
Q3
Q4

150.5
73.0
123.8
151.3

103.7
43.0
92.6
115.2

95.5
36.2
82.7
104.0

8.2
6.8
9.9
11.2

29.7
16.0
20.7
21.6

38.0
22.8
30.6
32.9

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.




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 PASS-THROUGH SECURITIES
Secondary market

Primary market

Conventional mortgages

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

Period

1979-High

1980-High

Low

16.35

1980-High
Low

12.18

Low
1981-High

16.12

7

14.08

Nov.

13.29

Discount
points
in F N M A
auction

12.54

10.42

4.16

Ceiling
rate

11-1/2
9-1/2

14.17

17.51

16.22

10.73

12.81

11.60

15.46
13.18

•16.42

16.77

14.83

14.16

13

13.61

15.25

13

13.67

—

13-1/2

10

15.57

13.68

17

28

14.28

Dec.
Dec.

——

15.49

1
8

9.51

14

15-1/2

24

13.56
10.40

11-1/2

7.33

14.28

13.97
10.92

.93
12.51

14.18

11.77

15.40

17.21

14

Yield in
FHLMC
auction

Yield in
FNMA
auction

15.93

14.84

21

Yield o n
GNMA
securities

12.28

Low

1981 High

14.80

Low

Dec.

1979-High

10.38

Low

Nov.

12.90

Yield in
FNMA
auction

Period

15.50

5

14.43

12

14.83

15

19

14.95

14.92

26

14.95

22
20

5

14.89

—

——

'

14.25
14.34

10.65

13-1/2

13.57

15.35

14.38

—

13-1/2

13.75

™

14.56

15.65

14.70

13-1/2

13.79

13-1/2

14.01

13-1/2
13-1/2

13.24
13.31

15.43

14.86

—

14.36

7.63

13-1/2

13.18

15.04

14.16

13.50
13.62

—

7.33

13-1/2
13-1/2

14.43
14.51

——

13-1/2

13.71

—

14.60

7.56

13-1/2

13.76

14.83

14.72

——

13-1/2

14.08

13-1/2

14.41

15.26

15.10

13-1/2

14.26

—

15.13

13-1/2

14.31

15.38

15.31

10.67
7.79
—

14.86

1981
Jan.

Feb.

14.95
14.80
14.85

12
19

23

14.85

26

30

15.07

Feb.

3

6

15.00

Feb.

10

Apr.

May

14.84
14.88
——

15.59

11.11

15.03

17

20

15.20

23

27

15.30

Mar.

2

6

15.40

Mar.

9

——

14

14.17

13

15.40

16

15.39

7.45

14

13.96

20

15.40
15.40

23
30

15.74

9.23

14
14

14.23

27

14

14.69

14-1/2

14.64

14-1/2

14.61

14-1/2

14.81

——

14-1/2

15.46

8.58

15-1/2

15.37

13

Mar.

Jan.

2
9
16

Apr.

6

3

15.40

10

15.50

13

17

15.65

20

24

15.77

27

1
8

15.82
16.12

May

4
11

——

15.88
——

——

12.51

——

——

16.47
16.61
——

17.21

10.14
10.81

14.18

14.85

——

——

15.19

15.04

15.18
14.93
15.08

15.42
——

15.57

15.11
15.35
15.44
15.51

15.75
——

16.42

15.69
16.35
16.77

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 GNM A-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 60days) delivery.
Beginning July 7, 1980, the FNMA auction results for FHA/VA mortgages do not include graduated payment mortgages.




21
23. FNMA AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES

Dollar amounts in millions
Date of
auction

Offered

FH A/VA mortgages
Accepted
Average yield

Offered

Conventional mortgages
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
63.8

354.6
35.1

15.93
12.28

426.0
12.4

133.0
19.6

17.51
12.76

1981-High
Low

146.9
35.8

99.6
34.1

17.21
14.84

114.6
12.4

72.2
11.1

16.42
14.83

3
16
30

58.4
51.1
35.8

35.4
34.1
35.2

15.88
15.39
15.74

56.9
47.4
44.9

31.7
29.8
36.1

15.38
15.19
15.42

Apr.

13
27

74.8
64.3

61.2
53.3

16.47
16.61

49.5
77.4

37.7
54.3

15.57
15.75

May

11

109.9

99.6

17.21

114.6

72.2

16.42

1981-Mar.
-

..

24. FHLMC AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES

Conventional mortgages, dollar amounts in millions
Immediate delivery program
Date of
auction
Average yield
Offered
Accepted
1980-High
Low

401.4
4.9

1981-High
Low
1981-Feb.

Mar.

Apr.

May

Offered

Future commitment program
Average yield
Accepted

200.3
2.5

16.22
11.60

255.2
34.1

26.9
10.5

17.15
12.89

141.6
40.7

65.9
15.2

16.77
14.16

73.6
30.3

18.4
5.0

17.12
15.16

3
10
17
24

66.5
74.1
40.7
61.3

22.3
20.3
15.8
17.3

14.72
15.04
15.10
15.13

15.1

15.38

3i
10
17
24
31

71.3
57.2
68.1
80.4
99.6

23.0
18.4
31,6
29.7
33.1

15.31
15.18
14.93
15.08
15.11

7
14
21
27

77.6
88.6
77.1
86.0

24.7
23.8
26.9
30.8

15.35
15.44
15.51
15.69

4
11

44.15
n. a.

15 .2
n.a.

16.35
16.77

'

——

30.3

—

——

•'

«•—.

56.7

14.3

15.43
——

——

——

62.6
—

5.0

15.87

—

—

—

——

—

——

69.1

17.5

17.12

;n t he FNMA auctions of 4-month purchase commitments relate to total bids submitted, and average yields to FNMA on accepted bids are gross
(before deduction of 37% basis points for mortgage servicing) assuming prepayment in 12 years for 30-year mortgages, without adjustments for FNMA
commitment fees or stock related requirements. Offerings in the FHLMC auctions relate to total bids submitted, and average yields to FHLMC on
accepted bids are net, excluding 37% basis points for mortgage servicing. Prior to June 24,1980, the FHLMC's future commitment program involved
6-month commitments; subsequently, 8-month commitments have been auctioned.
Source: FNMA and FHLMC

offerjngs




25. ISSUES OF MORTGAGE-BACKED SECURITIES

Millions of dollars, not seasonally adjusted
Period

G NM A guaranteed

Pass-through securities
F H CMC-guaranteed

Public offerings
of mortgagebacked bonds
Outstanding by savings and
(end of period)
loan assoc.

Privately insured

New issues

Outstanding
(end of period)

New issues

Outstanding
(end of period)

New 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

93,874

2,527

16,853

5,133

8,724

290

1979-Jan.
Feb.
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.
Nov.
Dec.

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

1980-Jan.
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.
Nov.
Dec.

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

1981-Jan.
Feb.
Mar.

1,302
1,306
1,046

95,061
96,292
97,184

168
94
127

16,952
17,010
17,067

529
251
460

8,233
9,489
9,900

0
0
0

GNMA-guaranteed securities are issued by private institutions and represent undivided interests in pools of Government-underwritten home mortgages
formed by these institutions. FHLMC-guaranteed securities include Participation Certificates and Guaranteed Mortgage Certificates issued by FHLMC
against pools of conventional residential mortgages formed by FHLMC. Privately-insured pass-through securities are issued by private institutions against
pools of conventional residential mortgages and are underwritten by major private mortgage insurance companies.
Source: GNMA, FHLMC, HUD, and Federal Reserve.