Full text of H.16 Capital Market Developments : May 2, 1977

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. Capital
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May 2, 1977

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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

s
§

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

TABLES
1 - 6

SECURITY VOLUME AND YIELDS

7, 8

STOCK MARKET AND SECURITY
CREDIT

year or $.35 each. Elsewhere, $20.00 per year or $.50
each. Address requests to Publications Services, Divi-

9 - 1 6 MORTGAGE MARKET

sion 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.

SYMBOLS




e

ESTIMATE

p

PRELIMINARY

r

REVISED

ll.a. NOT A V A I L A B L E
DATA DO NOT EXIST

Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
VOLUME

YIELDS
WEEK ENDING

N E W ISSUE 1
A a a UTILITY

1977 - February

March

April

RECENTLY
OFFERED
Aaa UTILITY

2

3
GROSS
OFFERINGS
($ MILLIONS)

PER C E N T
SOLD BY END
OF WEEK

NEW ISSUES
IN S Y N D I C A T E
($ MILLIONS)

8.18
8.28

8.14
8.12
8.17
8.26

303
213
217
306

90
95
98
84

70
55
17
147

4
11
18
25

8.30
8.23
8.22

8.27
8.32
8.27
8.28

25
544
698
812

96
89
81
95

63
111
163
51

1
8
15
22
29

8.26
8.26
8.25
8.2lr
8 .30p

8.28
8.25
8.16
8.21r
8 24

448
298
804
521
90

88
94
100
70
96

125
39
0
231
34

4
11
18
25

8.15

4

MUNICIPAL BOND MARKET
VOLUME

YIELDS
WEEK ENDING

MOODY'S
N E W ISSUE
Aaa

BOND BUYER
2Q-BOND
INDEX

GROSS
OFFERINGS
($ MILLIONS)

3

PER C E N T
S O L D BY END
OF WEEK

NEW ISSUES 4
IN S Y N D I C A T E
($ MILLIONS)

4
11
18
25

5.17
5.17
5.15
5.20

5.93
5.86
5.83
5.92

427
860
971
706

86
87
86
74

139
204
228
333

March

4
11
18
25

5.20
5.23
5.20
5.20

5.92
5.92
5.90
5.88

648
770
776
680

93
91
88
86

155
137
163
180

April

1
8
15
22
29

5.20
5.17
5.17
5.20
5 17

5.85
5.79
5.70
5.73
5 68

1,103
823
1,055
409
908

85
83
91
85
87

175
232
144
125
192

1977 - February

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.




Table 2

HIGH GRADE BOND YIELDS
1

NEW ISSUE
Aaa UTILITY

DATE

RECENTLY OFFERED
Aaa UTILITY

2

MOODY'S SEASONED
CORPORATE Aaa

3

U.S. GOVT. 20-YEAR
CONSTANT MATURITY

4

BOND BUYER
20-B0ND INDEX

8.32 (8/10)
7.28 (1/5)

7.77 (8/24)
7.11 (1/5)

7.79 (8/10)
6.42 (1/5)

5.59 (8/3)
4.99 (10/11)

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 (8/30)
7.39 (1/4)

7.15 (12/12)
5.16 (2/7)

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)

7.67 (10/3)
6.27 (2/13)

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 (5/28)
7.27 (12/31)

7.29 (1/2)
5.95 (12/16)

1977 - High
Low

8.30 (4/29)
7.90 (1/7)

8.32 (3/18)
7.95 (1/7)

8.12 (3/11)
7.88 (1/7)

7.76 (3/25)
7.26 (1/7)

5.93 (2/4)
5.68 (4/28)

1973 - High
Low

8.52 (8/10)
7.29 (1/21)

1974 - High
Low

|

1977 - Mar.

4
11
18
25

8.30
8.23
8.22

8.27
8.32
8.27
8.28

8.10
8.12
8.09
8.09

7.75
7.76
7.72
7.71

5.92
5.92
5.90
5.88

Apr.

1
8
15
22
29

8.26
8.26
8.25
8.2lr
8.30p

8.28
8.25
8.16
8.21r
8.24p

8.10
8.10
8.05
7.99
8. OOp

7.74
7.71
7.65
7.62r
7.68p

5.85
5.79
5.70
5.73
5.68

— —

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

Weekly average of daily figures. U.S. Treasury data.

5

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.




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

1976 T

1975

1977

3,381
3,863
6,635

5,367
4,528
5,378

3,400e
3,300e
4,000e

April
May
June

3,507
4,186
6,404

July
August
September
October
November
December

1977

J

1976

Z

1975

2,451
2,885
3,365

2,361
2,387
2,135

4,294
5,798
5,596

2,463
3,575
3,115

2,406
2,900
3,064

3,216
3,365
4,832

4,327
2,405
2,836

2,734
2,821
2,814

3,580
2,783
2,159

4,427
3,458
6,334

4,705
4,076
4,307

3,524
3,336
2,298

2,323
2,381
2,052

04

13,879
14,097
11,413
14,219

15,273
15,688
9,568
13,088

8,701
9,153
8,369
9,158

6,883
8,370
8,522
6,756

1st Half
3 Qtrs.
Year

7,976
39,389
53,608

30,961
40,529
53,617

17,854
26,223
35,381

15,253
23,775
30,531

January
February
March

4,000e
2,450e
3,950e

10,400e

01

02
03

10,700e

NOTES:
1

Securities and Exchange Commission estimates of gross proceeds.

2

Securities Industry Association estimates of principal amounts.


Estimated by


Federal Reserve on the basis of available data.

Table 4

NEW CORPORATE SECURITY ISSUES
BY TYPE OF ISSUE AND ISSUER
IN MILLIONS OF DOLLARS

GROSS PROCEEDS BY TYPE OF ISSUE
PERIOD

1976 - I
II
III
IV
1976 - January
February
March
April
May
June
July
August
September
October
November
December

GROSS PROCEEDS BY TYPE OF ISSUER

1

BONDS
TOTAL

PUBLICLY
OFFERED

MEMO
COMMON
MANUFACAND
ISSUES
INCLUDED
PRIVATELY
PREFERRED
TURING
PLACED
FOREIGN CONVERTIBLE
STOCK

PUBLIC
UTILITY

OTHER
ISSUERS

COMMUNICATIONS

13,879
14,097
11,413
13,819

7,569
7,427
4,904
6,553

2,757
3,549
4,648
4,708

3,553
3,121
1,861
2,558

1,340
1,843
1,267
1,795

262
478
199
55

4,500
3,723
2,999
4,175

4,044
3,140
3,317
3,887

765
1,879
394
539

4,569
5,358
4,705
5,218

3,381
3,863
6,635
3,507
4,186
6,404
3,216
3,365
4,832
4,427
3,058
6,334

2,189
2,142
3,238
2,350
1,937
3,140
1,239
1,565
2, 100
2,729
1,256
2,568

613
794
1,350
629
1,051
1,869
1,348
1,122
2,178
750
1,112
2,846

579
927
2,047
528
1,198
1,395
629
678
554
948
690
920

605
335
400
428
350
1,005
500
367
400
235
1,310
250

123
15
124
37
15
426
100
7
92
21
31
3

1,073
1,179
2,248
568
1,709
1,446
1,198
1,031
770
1,348
521
2,306

1,097
789
2,158
644
1,148
1,348
932
920
1,465
1,414
1,327
1,146

16
171
578
450
20
1,409
26
221
147
155
190
194

1,197
1,722
1,650
1,847
1,309
2,202
1,061
1,195
2,449
1,511
1,019
2,688

NOTES:
1

Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other.

Source:
Securities and Exchange Commission.

http://fraser.stlouisfed.org/
•
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Federal Reserve
Bank of St. Louis

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T a b l e 5A

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
April 4 through April 29, 1977
TYPE

ISSUER

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

CORPORATE

Texas International Co,
Elizabethtown Water Co.
Wells Fargo & Co.
R.J. Reynolds Industries Inc.
EI Paso Co.
El Paso Co.
El Paso Co.
Portland General Electric Co.
Eastern Airlines Inc.
Shell Oil Co.
Ohio Power Co.
Southern Bell Tel. & Tele. Co.
Indiana & Michigan Elect. Co.
Indiana & Michigan Elect. Co.
Indiana & Michigan Elect. Co,
Colonial Option Income Fund Inc.
Wells Fargo & Co.
R.J. Reynold Industries Inc.
Duquesne Light Co.
Missouri Pacific Railroad
Pacific Gas & Electric Co.
South Carolina Elect. & Gas Co.
Kentucky Utilities Co.
El Paso Electric Co.

Debt.
Debt.
Debt.
Debt.
Gtd. bds.
Gtd. bds.
Gtd, bds.
Com. stk.
Conv. debt.
Debt.
1st

nitgc

Debt.
Gtd. bds.
Gtd. bds.
Gtd. bds.
Com. stk.
Com. stk.
Com. stk.
Pfd. stk.
Equip, tr.
1st mtg.
1st mtg.
1st mtg.
1st mtg.

30/
30.0

50.0
150.0
5.1

7.5
25.2
60.0
50.0
300.0
40.0
275.0
4.7
6.8
18.8
60.0
54.3
57.4
30.0
15.0
200.0
50.0
30.0
25.0

1997
2007
2002
2007
1982
1987
2002
"

—

2002
2007
2007
2017
1983
1988
21
- -

11.50
8.70
8.60
8.00
6.88
7.50
8.10

B/B
A
Aa/AAAa/AA
NR/NR
NR/NR
NR/NR

10.00
8.0
8.85
8.17
6.85
7.50
8.05

B/B
Aaa/AAA
Baa/BBB +
Aaa/AAA
NR/NR
NR/NR
NR/NR

—

10.00
8.0
9.00
8.13
6.85
7.50
8.05
- -

- -

—

~

-

—
—
—

1977-1992
2009
1982
2007
2007

NOTES:
*

Rights offering.

1

Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings,




11.50
8.63
8.60
8.00
6.88
7.50
8.10

MOODY S/S&P S
RATINGS

8.40
7.63
8.50
7.00
8.50
8.50

8.40
5.60-7.75
8.50
7.09
8.35
8.48

A/A
Aa/AA
Aa/AAA/A
Aa/ AA
A/AA-

oo

Table 5A Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
April 4 through April 29, 1977

ISSUED

AMOUNT
(MILLIONS
OF
DOLLARS)

TYPE

MATURITY

COUPON RATE

OFFERING
YIELD

9.25
8.88
8.38
7.88
8.13
8.63

9.25
8.90
8.35
7.88
8.20
8.72

W

9.36

8.51

Baa/BBB

7.00
7.65
8.25

7.00
7.65
8.32

Aaa/AAA
Aaa/AAA
Aaa/AAA

MOODY'S/S&P'S
RATINGS

CORPORATE

U.V. Industries Inc.
U.V. Industries Inc.
Duquesne Light Co.
Allstate Financial Corp.
Allstate Financial Corp.
Long Island Lighting Co.
Cummins Engine Co.
Puget Sound Power & Light Co.

Notes
Debt.
1st mtg.
Sr. notes
Sub. notes
1st mtg.
Com* stk.
Pfd. stk.

50.0
50.0
100.0
75.0
25.0
75.0
36.8
27.5

1987
1997
2007
1987
1987
2007

OTHER
World Bank
World Bank
World Bank

Notes
Notes
Bonds

200.0
200-0
200.0

1982
1987
2002


http://fraser.stlouisfed.org/
s
e St. Louis
Federal Reserve
Bank of

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Ba/BBBaa/BBB
Aa/AA
A/AA

#

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#

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#

#

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Table 5B

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
April 4 through April 29, 1977
ISSUER

TYPE

AMOUNT
(MILLIONS OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S/S&P
RATINGS

STATE AND LOCAL

Jackson, Tenn.
Rev.
Jackson, Tenn.
Rev.
Jackson, Tenn.
Rev.
Jackson, Tenn.
Rev.
Beaver Co. Hosp. Auth., Pa.
Rev.
Beaver Co. Hosp. Auth., Pa.
Rev.
Beaver Co. Hosp. Auth., Pa.
Rev.
Beaver Co. Hosp. Auth., Pa.
Rev.
Beaver Co. Hosp. Auth., Pa.
Rev.
Illinois Health Fac. Auth.
Rev.
Illinois Health Fac. Auth.
Rev.
Illinois Health Fac. Auth.
Rev.
Coconino Co. Poll. Ctrl. Corp., Ariz. Rev.
Navajo Co. Poll. Ctrl. Corp., Ariz.
Rev.
Hawaii, State of
G.O.
Minnesota, State of
G.O.
Dade Co., Fla.
Rev.
Dade Co., Fla.
Rev.
Oregon, State of
G.O.
Paramount Redev. Agy., Calif.
G.O.
Paramount Redev. Agy., Calif.
G.O.
Maine Health Fac. Auth.
Rev.
Maine Health Fac. Auth.
Rev.
Los Angeles Dept. of Airports, Calif. Rev.

10.2
6 .5
13.3
8.0
3.3
2.5
3.1
5.2
40.2
15.5
4.0
8.7
13.0
30.0
75.0
112.0
27.6
28.2
54.0
6.5
8.5
2.0
10.0
25.9

1980-1997
2003
2011
1977-2004
1981-1985
1988
1991
1995
2010
1978-1991
1995
1977-1985
2007
2007
1980-1997
1978-1997
1978-2001
2011
1991-1996
1978-1992
2002
1980-1987
2009
1986-2005

6.26
6.26
6.26
4.83
7.57
7.57
7.57
7.57
7.57
6 .36
6.36
6.36
— —

5.13
4.69
6.07
6.07
5.10
6.21
6.21
— —

5.83

4.00-6.00
6.22
6.34
2.75-5 .50
5.30-6.20
6.50
7.00
7.25
7.50
3.80-6.50
6.64
2.70-4.60
6.49
6.49
3.70-5.75
2.75-5.10
3.30-6.10
6.20
4.85-5.15
3.40-6.00
6.25
4.30-5.80
6.54
4.80-6 .00

A/BBB+
A/BBB+
A/BBB+
Aaa/AAA
Baa-l/ABaa-l/ABaa—1/A™
Baa-l/ABaa—1/A—
A/A+
A/A+
Aaa/AAA
—/A—
—/A—
Aa/AA
Aaa/AAA
A/A
A/A
Aaa/AA
A/BBB
A/BBB
—/AA
—/AA
A-l/A

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.




vo

M
O

Table 5B Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
April 4 through April 29 , 1977
ISSUER

AMOUNT
(MILLIONS
OF
DOLLARS)

TYPE

NET INTEREST
COST

MATURITY

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

STATE AND LOCAL

Waynesboro Indust. Dev. Auth ., Va.
Nebraska Public Power Dist.
Henry Co. Hosp. Assoc., Ind.
Indiana Co. Hosp. Auth., Ind
Indiana Co. Hosp. Auth., Ind
Indiana Co. Hosp. Auth., Ind
Puerto Rico, Commonwealth of
Puerto Rico, Commonwealth of
Miami, Fla.
Austin, Texas
Little Rock, Ark.
Dallas, Texas
Los Angeles Dept. of Water & Power,
Calif.
Los Angeles Dept. of Water & Power,
Calif.
Los Angeles Dept. of Water & Power,
Calif.
Los Angeles Dept. of Water & Power,
Calif.
Los Angeles Dept. of Water & Power,
Calif.
Pinellas Co., Fla.
Penellas Co., Fla.
Montgomery Co., Md.
Michigan State Hsg. Dev. Auth.


http://fraser.stlouisfed.org/
e
#
Federal Reserve
Bank of St. Louis

*

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

13.0
50.0
10.0
3.2
6.6
1.6
110.0
190.0
28.0
80.0
10.0
32.0

2007
1978-2007
1980-1999
1980-1992
2006
1996
1987
2002
1979-1997
1982-2002
1979-1996
1978-1997

5.82
5.50
6.97
6.97
6.97
7.89
7.89
4.92
5.46
4.87
4.67

Rev.

50.0

1980-1982

4.00

Rev.

23.8

1985-2000

5.65

Rev.

23.8

Rev.

22.8

1982-2000

5.66

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

27.2
28.6
5.3
35.0
13.8

2017
1977-2005
1977-1990
1978-1997
1980-1998

5.66

t#

#

2014

#

5.45
3 . 20—6.05
3 .75-5 .95
4 . 60—6.50
7.00
6.75
6.50
8.00
3 .30-5 .80
4 .00-5 .75
3 .20-5 .20
2 .70-5 .25

MIGI/AA
4 .45-5,.55

5.65

#

Aaa/AAA
A-l/A
A-l/A
A/—
A/ —
A/—
Baa-l/A
Baa-l/A
A-1/A+
A-1/A+
Aa/AA
Aaa/AA

5.80

Aa/AA

4,,00—5..55
5.80
2..90-4..90
2..90-5..40
4..00—6..15

— —

4.77

#

Aa/AA

#

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

#

#

#

#

#

#

#

#

#

#

Table SB Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
April 4 through April 29, 1977

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

STATE AND LOCAL

Michigan State Hsg. Dev. Auth.
Chicago Park Dist., 111.
Jefferson Co. Sch. Dist., Ala.
Jefferson Co. Sch. Dist., Ala.
Jefferson Co. Sch. Dist., Ala.
Oshkosh, Wise.
Connecticut, State of
Kentucky Housing Corp.
Tucson Comm. Center Auth., Ariz.
Indiana Co. Hosp. Auth., Ind.
Carroll Co., Ky.
Carroll Co., Ky.
Cedar Rapids, Iowa
Santa Margarita Water Dist., Cal.
Montgomery Medical Clinic Bd., Ala.
Montgomery Medical Clinic Bd., Ala.
Montgomery Medical Clinic Bd., Ala.
Montgomery Medical Clinic Bd., Ala.
Los Angeles Co. Flood Ctrl. Dist.,
Cal.
New Jersey Hlth. Care Fac. Fin. Auth.
New Jersey Hlth. Care Fac. Fin. Auth.
Sunnyvale Redev. Agy., Calif.
Sunnyvale Redev. Agy., Calif.
Farmers Branch Hosp. Auth., Texas
Farmers Branch Hosp. Auth., Texas



Rev.
G.O.
G.O.
G.O.
G.O.
G.O.
G.O.
G.O,
Rev.
Rev.
Rev.
Rev.
G. 0.
G.O.
Rev.
Rev.
Rev.
Rev.

51.2
15 .0
5.4
9.5
10.0
26,9
63.1
31.7
11.5
7.5
23.0
2.4
11.2
20.0
9.6
8.2
3.8
7-8

2021
1979-1992
1978-1992
1978-1993
1978-1994
1978-1994
1978-1997
1979
1986-1991
1978-1986
2004
2005
1979-1986
1979-2003
1977-1987
1979-1992
1997
2007

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

13.0
5.4
7.0
11.2
16.8
9.0
6.2

1978-2007
1980-1992
2009
1981-2007
2007
1977-1988
1982-1995

4.86
4.93
4.99
5.05
4.51
5.03
3.80
5.27

—

4.02
6.00

4.98
6.69
6.69
5.93
6.77
4.31
6.82

.

6.75
3.50-5.20
3.00-5.25
3.00-5.30
3.00-5.35
2.90-5.25
3.00-5.50
3.50
4.75-5.30
— —

6.16
6.16
3.10-4.10
3.90-6.25
2.80-4.60
4.25-6.50
6.75
7.00
2.75-5.30
4.50-6.40
6.75
4.00-6.04
6.64
2.75-4.70
4.80-6.50

A—1/A+
Aa/AA
A-1/A+
A-1/A+
A-1/A+
Aa/AA
A-l/AA
MIGI/—
A-l/AA
Aaa/ —
Aa/ AA
Aa/AA
Aa/—
— •

/ —

A/ —
A/ —
A/ —
A/—
Aaa/ —
A/A
A/A
A-l/A
—/AA
Aaa/—
A/

Table 5B Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
April 4 through April 29, 1977

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

STATE AND LOCAL

Farmers Branch Hosp. Auth., Texas
Farmers Branch Hosp. Auth., Texas
Maine State Housing Auth.
Maine State Housing Auth.
Maine State Housing Auth.
Rutgers State University, N.J.
Rutgers State University, N.J.
West Virginia Board of Regents
West Virginia Board of Regents
Minneapolis, Minn,
Baltimore, Md.
Baltimore, Md.
San Antonio, Texas
Houston, Texas
Peqannock, Lincoln Park Serv. Auth.,
N.J.
Peqannock, Lincoln Park Serv. Auth.,
N.J.
Big Beaver Falls Sch. Dist., Pa.
Big Beaver Falls Sch. Dist., Pa.
Big Beaver Falls Sch. Dist., Pa.
Big Beaver Falls Sch. Dist., Pa.
New Jersey Hsg. Finance Agy.
New Jersey Hsg. Finance Agy.
Cass Co., Texas
Oakland Co., Mich.
St. Petersburg, Fla.




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

1.4
8.0
20.1
9.5
4.4
5.5
5.7
18.4
12.4
12.5
30.0
5.0
21.1
35.0

1997
2005
1979-1997
2009
2019
1979-2003
2013
1979-1995
2004
1978-1987
1978-1993
1978-2006
1980-1992
1984-2003

Rev.

5.3

1986-1999

Rev.
G.O.
G.0.
G.O.
G.O.
Rev.
Rev.
Rev.
G.O.
Rev.

14.2
6.0
3.8
3.8
3.8
13.0
61.4
16.7
23.6
9.0

2015
1977-1986
1998
2006
1977-1995
1978-2000
2026
2012
1977-1980
1977-1986

NET INTEREST
COST

6.82
6.82
5.95
5.95
5.95
5.80
5.80
- -

- -

4.09
5.19
5.43
4.73
5.64

— —
— —
— —
— —

— —
- -

5 . 7 4

3.25
—

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

6.65
6,88
3.50-5.90
6.25
6.28
3.50-5.75
5.88
3.50-5.75
6.04
2.90-4.40
3.15-5.55
3.15-5.75
3.30-4.75
4.35-5.75

A/
A/
A-l/AA
A-l/AA
A-l/AA
A/AA
A/AA
A/AA

4.60-5.60

A/AAA

5.90
2.65-4.60
5.88
6.00
2.75-5.75
3.20-6.00
6.38
5.70

A/AAA
Aaa/—
—/AAA
— /AAA
— /AAA
A-l/AA
A-l/AA
Aa/AAMIGI/ —
Aaa/AAA

- -

•

2.50-4.50

A/AA

Aaa/AAA
A-l/A
A-l/A
Aa/AA
A-l/A

Table SB Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
April 4 Through April 29, 1977

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

STATE AND LOCAL

St. Petersburg, Fla.
Illinois Health Fac. Auth.
Illinois Health Fac. Auth.
Illinois Health Fac. Auth.
Albany, N.Y.
Suffolk Co., N.Y.
Suffolk Co., N.Y.
Suffolk Co., N.Y.
Wisconsin, State of
Salem Sch. Dist., #24J., Oregon
Kalamazoo Hosp. Fin. Auth., Mich.
Kalamazoo Hosp. Fin. Auth., Mich.
Erie Co. Hospital Auth., Pa.
Erie Co. Hospital Auth., Pa.
Erie Co. Hospital Auth.^ Pa.
Erie Co. Hospital Auth., Pa.
Augusta-Richmond Coliseum Auth., Ga.




Rev.
R e v.
Rev.
Rev.
G.O.
G.O.
G.O.
G.O.
G.O.
G.O.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.

20.0
12.9
13.9
9.3
17.6
11.3
14.3
1.3
128.0
10.5
12.0
16.3
12.3
28.0
3.3
26.5
14.0

1977-1995
1977-1985
1978-1994
2005
1978-2002
1978-2004
1978-2005
1978-2005
1978-2002
1978-1997
1978-1993
2003
1980-1992
2005
2006
1977-1986
1982-2010

— —
— —
— —
— —

6.88
5.95
5.95
5.95
4.64
4.76
— —
— -

6.77
6.77
6.77
4.30
- -

2.75-5.70
2.60-4.45
3.70-6.50
6.74
4.00-7.00
3.40-6.25
3.40-6.25
3.40-6.25
2.75 5.25
2.30-5.20
3.60-6.50
6.75
4.60-6.50
6.90
5.75
2.60-4.50
5.75-6.10

A-1/A+
Aaa/AAA
A/A+
A/A+
Baa-1/-A/A
A/A
A/A
Aaa/AAA
Aa/A+
A-1/A+
A-1/A+
A-1/A+
A-1/A+
A-1/A+
Aaa/AAA

h-1
U)

14
Table 6A

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
As of April 29, 1977
ISSUER
CORPORATE

*Union Pacific Railroad
Southwestern Elec. Power Co.
Texas Utils. Co.
Boston Edison Co.
Boston Edison Co.
Freuhauf Finance Co.
Pacific Power & Light Co.
Pacific Power & Light Co.
Jersey Cent. Power & Light Co.
Equitable Gas Co.
*Bankamerica Corp.
Toledo Edison Co.
Genl. Tel. Co. of the Southwest
Connecticut Light & Power Co.
^Commercial Alliance Corp.
Central Hudson Gas & Elec. Corp.
Kansas City Power & Light Co.
Bell Telephone Co. of Pa.
*Santa Fe Natural Resources Inc.
Indiana & Michigan Elec. Co.
Georgia Power Co.
*Castle & Cooke Inc.
*Castle & Cooke Inc.
Consumer Power Co.
*ITEL Corp.
Cleveland Elec. Illuminating Co,
^Consumers Power Co.
Central Illinois Public Svc.
AMFAC Mortgage Corp.
^Michigan Bell Tel. Co.
^Minnesota Power & Light Co.
American Elec. Power Co.
Central Louisiana Elec. Co.
Republic Steel Corp.
OTHER
European Investment Bank
Saskatchewan, Province of

TYPE

Equip, tr.
Pfd. stk.
Com. stk.
1st mtg.
Com. stk.
Notes
Com. stk.
Pfd. stk.
1st mtg.
Pfd. stk.
Debt.
Com. stk.
Debt.
1st mtg.
Notes
Pfd. stk.
Com. stk.
Debt.
Debt.
Pfd. stk.
1st mtg.
Notes
Debt.
Com. stk.
Com. stk.
Com. stk.
1st mtg.
Com. stk.
Med-term notes
Debt.
Com. stk.
Com. stk. (rts)
Com. stk.
SF debt.

Bonds
Debt.

AMOUNT
(IN MILLIONS
OF DOLLARS)

16.5
30.0
99.0
60.0
50.0
75.0
56.0
45.0
60.0
17.5
200.0
50.0
65.0
45.0
20.0
15.0
32.0
100.0
75.0
40.0
30.0
25.0
50.0
60.0
30.0
75.0
85.0
40.0
25.0
150.0
40.0
200.0
28.0
125.0

75.0
125.0

NOTES:
*
1

Included in table for first time.
Includes only corporate and other security issues of $15 million and over; excludes exchanges, options




APPROXIMATE
DATE OF OFFERING

May
3
May
3
3
May
4
May
4
May
9
May
May 10
May 10
May 10
May 10
May 11
May 11
May 11
May 12
May 16
May 17
May 17
May 17
May 17
May 17
May 18
May 18
May 18
May 18
May 23
May 24
May 24
May 24
May
June 1
June 2
June
Indef.
Indef.

May
May

5
11

15
Table 6B

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY

1

As of April 29, 1977

ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

Maricopa Co., Ariz.
Maricopa Co., Ariz.
Albuquerque, N.M.
Aurora, Colo.
Anne Arundel Co., Md.
Omaha Public Power Dist., Neb.
Louisiana, State of
Pennsylvania State Public Sch.
Bldg. Auth.
Mecklenburg Co., N.C.
Valdez, Alaska
Milwaukee, Wise.
*Gwinnett Co. Water & Sewerage
Auth., Ga.
*Gwinnett Co. Water & Sewerage
Auth., Ga.
Washington, State of
Alabama, State of
Maine Municipal Bond Bank
Delaware Co. Reg. Water Ctrl.
Auth. Pa.
Delaware Co. Reg. Water Ctrl.
Auth. Pa.
Maiden, Mass.
*Illinois Indust. Poll. Ctrl. Fin.
Auth.
Klein Ind. Sch. Dist., Texas
Florida, State of
Lower Colorado River Auth., Texas
Long Beach Parking Auth., Cal.
*Anchorage, Alaska
Port of Portland, Oregon
Dalton, Ga.
Alburquergue, N.M.
Katy Ind. Sch. Dist., Texas
*Calcasieu Par. Sch. Dist. #13, La.
Camden Co., N.J.
North Carolina, State of
Tulsa, Okla.

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

74.7
50.8
17.7
19.5
25.0
170.0

May
May
May
May
May
May
May

2
2
2
2
3
3
3

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

11.8
13.7
250.0

16.1

May
May
May
May

3
3
3
3

Rev.

43.5

May

4

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

21.0
25.0

May
May
May
May

4
4
4
4

Rev.

9.7

May

5

Rev.
G.O.

19.0

May
May

5
5

Rev.
G.O.
G.O.
Rev.
Rev.
G .0.
G.O.
Rev.
G.O.
G.O.
G.O.
G.O.
G.O.
G.O.

50.0

May
May
May
May
May
May
May
May
May
May
May
May
May
May

6

100.0

93.5

20.0

10.0
12.0

50.0
70.0

10.0

14.9
84.0
125.0
10.5
19.0
11.2
15.2
55.0

22.0

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.




9
10
10
10
10
11
12
16
16
17
17
18
18

16
Table 6B Continued

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY

1

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

*New Jersey, State of
*Platte River Power Auth., Colo.
Pittsburgh Sch. Dist., Pa.
Pittsburgh Sch. Dist., Pa.
Louisiana Mun. Power Comm.
*Beaver Co. Indust. Dev. Auth., Pa.

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

50.0
67.0
23.8
11.1
75.0
21.1

May 25
May 26
May
May
May
May

POSTPONEMENT
Bayshore Reg. Sewerage Auth., N.J.
Bayshore Reg. Sewerage Auth., N.J.

Rev.
Rev.

14.7
13.2

May
May

ISSUER
STATE & LOCAL




4
4

•

t

•

•

t

e

#

e

#

TRADING VOLUME

2

Table 7

STOCK PRICES AND VOLUME
1

STOCK PRICES

DATE
NYSE INDEX

3

BJ INDUSTRIALS

AMEX

4

NASDAQ

NYSE

136.84 (1/11) 26.0 (9/20)
89.12 (12/13) 9.0 (8/20)

AMEX

NASDAQ

5.5 (1/12)
1.4 (8/20)

11.3 (1/11)
3.5 (8/27)

1973 - High
Low

65.58 (1/11)
49.12 (12/13)

1051.50 (1/11)
788.31 (12/5)

130.47 (1/11)
85.26 (12/20)

1974 - High
Low

53.37 (3/13)
32.89 (10/3)

891.66 (3/13)
577.60 (12/6)

102.01 (3/14)
58.26 (12/9)

96.53 (3/15)
54.87 (10/3)

24.9 (1/3)
7.5 (7/5)

4.4 (1/3)
.9 (9/26)

7.5 (1/3)
2.8 (7/5)

1975 - High
Low

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)

1976 - High
Low

57.51 (9/21)
48.04 (1/2)

1014.79 (9/21)
858.71 (1/2)

107.05 (7/12)
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)

Mar.

4
11
18
25

54.98
54.72
55.36
53.92

953.46
947.72
961.02
928.86

111.47
111.64
112.46
111.98

96.07
96.07
96.44
95.28

17.7
17.1
18.7
18.6

2.3
2.7
2.7
2.9

7.1
7.0
7.6
7.0

Apr.

1
8
15
22
29

53.94
53.46
54.94
53.69
53.66

927.36
918.88
947.76
927.07
926.90

111.97
110.43
112.50
111.75
112.17

94.54
94.03
96.26
95.12
95.48

17.2r
16.4
19.8r
20.1
16.5

2.3
2.3
2.6
2.9
2.4

6.3
6.1
7.5
7.6
6.5

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

Volume figures are weekly averages of daily figures (millions of shares).

3
4

12/31/65 - 50
Based on everage price change until September 4, 1973 thereafter, based on market value of shares listed.




«

18
Table 8

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

BROKERS ON
MARGIN
STOCK

1

BROKERS O N
CONVERTIBLE
BONDS

3

2

BANKS

UNREGULATED NONMARGIN
STOCK CREDIT
AT BANKS

OUTSTANDING

1976 - January
FebruaryMarch
April
May
June
July
August
September
October
November
December

5,420
5,950
6,410
6,690
6,940
7,080
7,340
7,450
7,530
7,350
7,610
7,960

146
153
162
163
161
166
172
167
174
169
178
204

1977 - January
February
March

8,270
8,480
8,690

196
198
n.a.

984
1,038
1,057
1,077
1,007
880
898
1,061
859
1,068
839
829
820
n.a.
n.a.

2,276
2,332
2,355
2,325
2,357
2,368
2,317
2,368
2,830
2,774
3,351
3,684
3,693
n.a.
n.a.

CHANGE IN OUTSTANDING

1976 - January
February
March
April
May
June
July
August
September
October
November
December

30
530
460
280
250
140
260
110
80
80
350

-1
7
9
1
-2
5
6
-5
7
5
9
26

1977 - January
February
March

310
210
210

—8
2
n.a.

— —

24
54
19
20
-69
127
-130
163
202
209
229
-10
-9
n.a.
n.a.

-5
56
22
-30
32
11
-51
-51
462
-56
577
333
9
n.a.
n.a.

NOTES:
1

Margin account debt as reported by the New York Stock Exchange, excluding credit for subscription issues and convertible bonds.

2

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.




4

#

#

#

#

#

#

#

#

#

#

Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

MUTUAL SAVINGS BANKS
REGULAR DEPOSITS

DATE

NET
FLOW

ANNUAL
GROWTH
RATE

1

3

S A V I N G S & LOAN A S S O C I A T I O N S

NET
NEW
MONEY

2

SHARE CAPITAL
NET
FLOW

ANNUAL 3
GROWTH
RATE

NET
NEW
MONEY

TOTAL
2

DEPOSITS
NET
FLOW

ANNUAL 3
GROWTH
RATE

NET
NEW
MONEY

1972

10 ,067

12 .4

5 ,451

32 ,567

1 8 .6

23,, 8 8 4

42,, 6 3 4

1 6 .6

29,, 3 3 5

1973

4 ,815

5 .4

-442

2 0 ,237

9 .9

10,,507

25 ,052

8 .5

10 ,062

1974

2 ,909

2 .2

-2 ,822

16 ,006

7 .0

4.,668

1 8 ,915

5 .5

1 ,846

1975

11 ,070

1 1 .3

4 ,757

4 2 ,769

1 7 .3

29,,276

53,,839

1 5 .8

34,,033

1976

11 ,546

1 1 .6

5 ,275

50 ,287

1 7 .7

34,,369

61,,833

1 6 .0

39,, 6 4 4

333

1976

- July

910

3.,289

308

- •

47

3 ,509
2 ,154

—.

Aug.

- •

1 :,967

4.,419
2,,462

1 ,307

- •

75

5 ,572

-•

1:,944

6.,879

582

3 ,452

- •

3,,224

4,,288

- •

539

2 ,581

--

2j,381

3,,360

-.

-•

367

6 ,277

--

2j,279

8,,034

—

5 ,218

4..944

—

645
585

3 ,406

3,,186

6,,131
4,,253

Sept.

1977

Oct.

836

Nov.
Dec.

779
1 ,757

- Jan.

913

F e b .£/

847

—

2

3,, 6 2 2
2,, 0 1 4
-.

2,,019
3 j,826
2.,920
2.,646
5,,449
3,;,771

S E A S O N IALLY A D J U S T E D - 7
1976

- July

1 ,556

16,.3

•

4 ,902

19,,0

mm mm

6,,458

18..3

mm mm

Aug.

1 ,244

12,.8

- -

4 ,999

19,.1

— —

6j,243

17,.4

•

Sept.

1 ,326

13,.5

- -

5 ,525

2 0 ..8

— —

6,,851

18,.8

— •»

Oct.

1 ,396

14,.1

— —

5 ,016

18,.5

— —

6,,412

17,.3

mm mm

Nov.

852
1 ,086

8,.5
10,.7

— —

4 ,047

14,.7

mmm,

4,,899

1 3 ..1

mm mm

- -

4 ,423

15.,9

5,,509

1 4 .,5

- -

965
589

9 .,5

4 ,285

1 5 .,2

3;;250

2 ,932

ie

13, 7
9 .1

- -

5. 7

Dec.
1977

-- J a n .
F e b .£/

•

3

— -

5,,521

•

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.

Source: National Association of Mutual Savings Banks and Federal Home Loan Bank Board.




H.16

0
Table 10

MORTGAGE COMMITMENTS AT
SELECTED THRIFT INSTITUTIONS

•

BILLIONS OF DOLLARS, SEASONALLY ADJUSTED

OUTSTANDING COMMITMENTS
PERIOD
TOTAL

MUTUAL
ALL SAVINGS
SAVINGS BKS
& LOAN
ASSOCIATIONS ( N Y. S T A T E )

NET CHANGE
TOTAL

MUTUAL
ALL SAVINGS
SAVINGS BKS
& LOAN
ASSOCIATIONS (N Y. S T A T E )

1972 - Dec.

25.2

20.3

4.9

.45

.43

.02

1973 - Dec.

19.9

16.4

3.5

.04

.21

-.17

1974 - Dec.

14.6

12.4

2.2

.09

-.09

1975 - Jan.
Feb.
Mar.
Apr.
MayJune
July
Aug.
Sept.
Oct.
Nov.
Dec.

14.8
14.6
15.2
16.1
16.7
17.0
17.9
18.9
19.7
20.1
20.2
20.6

12.7
12.7
13.2
14.1
14.6
14.9
15.8
16.7
17.6
18.0
18.2
18.6

2.1
1.9
2.0
2.0
2.1
2.1
2.1
2.2
2.1
2.1
2.0
2.0

-.03
-.01
.50
1.18
.55
.25
.92
1.21
.90
.01
.35
.04

.18
.06
.41
.95
.53
.29
.84
.98
.86
.37
.22
.35

-.11
-.24
.11
.01
.04
.04
-.03
.09
-.09
.02
-.03
-.02

1976 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

20.8
21.3
21.7
21.8
22.3
22.6
23.1
23.7
24.6
26.1
27.3
28.2

18.8
19.3
19.5
19.6
20.0
20.4
20.8
21.3
22.0
23.5
24.6
25.5

2.0
2.0
2.2
2.2
2.3
2.2
2.3
2.4
2.6
2.6
2.7
2.7

.06
.61
.48
.38
.48
.27
.50
.87
1.05
1.20
1.26
.92

.20
.58
.16
.10
.32
.53
.33
.50
.78
1.46
1.09
.92

.02
-.06
.19
.05
.05
-.02
.03
.12
.19
.06
.09

1977 - Jan.
Feb.

27.9
28.5

25.1
25.5

2.8
3.0

-.35
.61

-.45
.43

.10
.18

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
as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding.
Digitizedlevels
for FRASER



H.16

0

Table 11

NET NEW MONEY BORROWINGS
BY MAJOR HOUSING AGENCIES
IN MILLIONS OF DOLLARS

PERIOD

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

INTERMEDIATE AND LONG-TERM ISSUES
TOTAL

FHLB

1974 - Sept.
Oct.
Nov.
Dec.

+2,768
+1,665
-89
+507

+2,750
+1,599
+93
+961

+1,700
+1,499
-217
+470

1975 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

-242
-659
+440
0
-1,568
+330
+236
-398
215
587
152
669

-5
-254
+689
+69
-1,279
+600
+300
-700
100
850
200
600

-4
-554
-11
-30
-1,279
0
0
-700
0
+150
0
0

1976 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.

-197
-1,160
447
131
-946
-101
-49
397
257

0
—800
-100
700
—600
-200
300
-200
200

0
—1,100
0
0
-600
0
0
0
0

NOTES:
Based on data from Treasury Survey of Ownership.


Sales
of FHLB discount notes began in May 1974.
http://fraser.stlouisfed.org/
p
Preliminary
Federal Reserve Bank of St. Louis

FHLMC

FNMA

FNMA & FHLB
SHORT-TERM
DISCOUNT
NOTES 1

+1,050
+100
+310
+491

+18
+66
-182
-454

+300
0
-1
0
0
0
0
0
0
200
0

-1
0
+700
+100
0
+600
+300
0
100
700
0
600

-237
-405
-249
-69
-289
-270
—64
302
115
-263
—48
69

0
200
0
0
0
0
0
-200
0

0
300
-300
700
0
-200
300
0
200

-197
-360
-547
-569
-346
99
-349
597
57

—
— —

—• —

11
Table 12

NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS OF DOLLARS

PERIOD

TOTAL
INCLUDING
FNMA-GNMA

2

FINANCIAL INSTITUTIONS

TOTAL

COMMERCIAL
BANKS

MSB's

S & Ls

INSURANCE FNMA-GNMA
COMPANIES

•

Not Seasonally Adjusted
41,406
57,587
58,372
42,732
43,608
61,041

39,018
55,561
55,072
36,510
38,769
61,417

9,940
16,800
19,600
11,700
4,200
10,400

3,938
5,377
5,642
2,172
2,236
4,063

23,919
31,932
25,552
17,560
29,400
44,540

1,221
1,452
4,278
5,078
2,933
2,414

2,388
2,026
3,300
6,222
4,839 •
-376

1976 - June
July
Aug.
Sept.
Oct.
Nov.
Dec.

5,940
5,962
5,641
5,931
4,983
5,649
6,037

5,940
5,616
5,361
6,071
5,399
5,057
6,200

1,100
1,000
600
1,300
1,000
700
900

517
323
384
364
398
341
670

4,804
4,231
4,239
4,081
3,895
3,531
3,857

162
62
138
326
106
485
773

-643
306
280
-140 •
-416
592
-163

1977 - Jan.
Feb.

3,330
3,993

3,656
4,035

500
800

196
156

2,926
3,048

34
31

-326 *
- 42 #

1971
1972
1973
1974
1975
1976

Seasonally Ad lusted

*

1976 - June
July
Aug.
Sept.
Oct.
Nov.
Dec.

4,724
5,055
4,827
5,773
5,132
6,449
6,011

5,146
5,090
4,815
6,117
5,767
5,888
6,261

782
983
451
1,114
985
842
983

358
234
359
438
444
366
553

3,831
3,753
3,840
4,234
4,270
4,268
4,357

175
120
165
331
68
412
368

-402
- 35
12
-344
-635 .
561 •
-250

1977 - Jan.
Feb.

5,117
5,228

5,384
5,093

955
1,127

337
307

3,980
3,585

112
74

-267
135

•

#
NOTES: Seasonally adjusted data have been revised due to reestimation of seasonal factors.
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, S
these groups accounted for 83 per cent of the net increase estimated for all holders in 1974.


http://fraser.stlouisfed.org/
2
Beginning January 1972 data reflect activity in limited amount of conventional mortgages.
Federal Reserve Bank of St. Louis

Table 13

NET INCREASE IN
MORTGAGE DEBT OUTSTANDING
IN BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL RATES

2
QUARTER

TOTAL

3

RESIDENTIAL

MULTFAMLY

TOTAL

1- to 4FAMILY

MULTIFAMILY

COMMERCIAL

&

FARM

COMMERCIAL

1969 - I
II
III
IV

34.1
30.8
28.2
29.6

25.5
23.6
21.4
22.3

21.2
19.0
16.8
16.0

4.4
4.5
4.6
6.3

6 .6
5.2
5.2
6.0

11.0
9.8
9.8
12.3

2.0
2.0
1.7
1.3

1970 - I
II
III
IV

23.3
26.9
34.1
37.1

16.7
19.2
24.5
28.1

11.2
13.6
16.2
19.5

5.5
5 .5
8.2
8.6

5.6
6.8
8.3
7.6

11.1
12.3
16.5
16.1

0.9
1.0
1.4
1.4

1971 - I
II
III
IV

41.8
51.4
56.6
60.3

32.8
40.0
42.2
46.0

23.3
30.0
33.1
36.3

9.5
10.4
9.1
9.7

6.6
8.9
11.7
11.5

16.1
19.3
20.8
21.2

2.5
2.5
2.7
2.8

1972 - I
II
III
IV

70.6
72.9
75.2
89.3

50.6
53.6
56.7
65.7

39.4
40.7
46.0
49.5

11.2
12.9
10.7
16.2

16.6
15.6
14.7
20.4

27.8
28.6
25 .4
36.5

3.4
3.6
3.8
3.3

1973 - I
II
III
IV

86.4
84.0
80.0
71.4

59.6
58.3
55.2
49.5

51.4
45.3
43.1
41.4

8.2
13.0
12.1
8.2

21.3
20.2
19.5
16.3

29.5
33.2
31.6
24.5

5.6
5.5
5.3
5.6

1974 - I
II
III
IV

71.8
69.0
56.0
46.3

49.3
46.8
35.7
28.9

39.8
39.5
29.5
24.0

9.6
7.3
6.2
4.8

18.9
17.4
14.0
11.6

28.5
24.7
20.2
16.5

3.6
4.8
6.3
5.8

1975 - I
II
III
IV

38.8
54.5
62.9
69.2

26.3
40.3
46.1
51.6

26.3
40.3
46.1
52.1

0.0
0.0
0.1
-0.5

7.2
9.4
12.5
14.1

7.2
9.3
12.5
13.6

5.3
4.8
4.3
3.5

1976 - I
II r
III r
IV r

75.7
71.3
87.6
94.7

58.6
53.3
65.3
71.9

58.2
53.0
64.4
70.4

0.5
0.2
0.8
1.5

11.1
12.4
14.5
14.1

11.6
12.6
15.3
15.6

6.0
5.6
7.9
8.7

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.

3

Residential mortgage debt includes nonfarm only and is sum of 1 to 4 family and multifamily mortgage debt.




Table 14

PRIVATE HOUSING PERMITS, STARTS,
COMPLETIONS, AND MOBILE HOME SHIPMENTS
IN THOUSANDS OF UNITS, SEASONALLY ADJUSTED ANNUAL RATES

PERMITS 1
PERIOD

TOTAL

STARTS

COMPLETIONS

1—FAMILY

1—FAMILY

2 - O R MORE
FAMILY

TOTAL

MOBILE
HOME
2 - O R MORE
FAMILY
SHIPMENTS

TOTAL

1 —FAMILY

2 - O R MORE
FAMILY

1969
1970
1971
1972
1973
1974
1975
1976

1,324
1,352
1,925
2,219
1,820
1,074
939
1,281

626
647
906
1,033
882
644
676
895

698
705
1,018
1,186
937
431
264
386

1,407
1,434
2,052
2,357
2,045
1,388
1,160
1,538

811
813
1,151
1,309
1,132
888
892
1,162

656
621
901
1,048
914
450
268
376

1,399
1,418
1,706
1,972
2,014
1,692
1,297
1,362

808
802
1,014
1,143
1,174
932
867
1,026

592
617
692
828
840
760
430
336

413
401
497
576
567
329
216
250

1976 - Jan.
Feb.
Mar.

Oct.
Nov.
Dec.

1,147
1,165
1,188
1,082
1,158
1,150
1,215
1,296
1,504
1,492
1,590
1,514

851
863
882
803
807
829
870
874
926
998
1,072
1,053

296
302
306
279
351
321
345
422
578
494
518
461

1,259
1,476
1,426
1,385
1,435
1,494
1,413
1,530
1,768
1,715
1,706
1,889

973
1,216
1,124
1,071
1,091
1,122
1,129
1,172
1,254
1,269
1,236
1,324

286
260
302
314
344
372
284
358
514
446
470
565

1,213
1,299
1,399
1,266
1,360
1,373
1,307
1,401
1,387
1,326
1,399
1,435

926
953
1,032
986
934
1,052
1,038
1,094
1,017
989
1,068
1,074

287
346
367
280
426
321
269
307
370
337
331
361

260
281
244
238
246
231
221
242
248
263
247
248

1977 - Jan.
Feb.
Mar.

1,307
1,529
1,708

927
1,064
1,205

380
465
503

1,384
1,815
2,127

1,006
1,431
1,525

378
384
602

1,411
1,615

1,099
1,210

312
405

258
275
265p

Apr.

May
June
July
Aug.
Sept.

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 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 ureas with permit systems.




e

#

e

e

e

e

e

#

#

*

Table 15

AVERAGE RATES AND YIELDS ON HOME MORTGAGES
CONVENTIONAL LOANS
PRIMARY MARKET
NEW HOMES

HUD(FHA) INSURED LOANS
SECONDARY MARKET

EXISTING HOMES

1

PERIOD
RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

1
RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

YIELD
(IN PER CENT)

SPREAD
BETWEEN
RETURNS ON
NEW Aaa
NEW HOMES
CONVENTIONAL
UTILITY
1
AND HUD(FHA)
BOND
SPREAD
DISCOUNT
NEW HOME
YIELD
(BASIS
(PERCENTAGE MORTGAGES (IN PER CENT)
POINTS)
POINTS)
(BASIS
POINTS)

1975 - High
Low

9.25
8.90

15
-70

9.30
8.95

20
-65

9.74
8.69

31
-91

6.2
2.4

21
-49

9.70
8.94

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

1976 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

9.05
9.00
8.95
8.90
9.00
9.05
9.05
9.05
9.00
9.00
8.95
8.90

39
42
42
32
5
35
33
58
77
71
90
n.a.

9.10
9.05
9.00
8.95
9.05
9.10
9.10
9.10
9.05
9.00
9.00
8.95

44
47
47
37
10
40
38
63
82
71
95
n.a.

9.06
9.04
n.a.
8.82
9.03
9.05
8.99
8.93
8.82
8.55
8.45
8.25

40
46
n.a.
24
8
35
27
46
59
26
40
n.a.

2.4
2.2
n.a.
2.5
4.1
4.2
3.8
3.3
2.5
4 .3
3.6
2.0

- 1
- 4
n.a.
8
- 3
0
6
12
18
45
50
65

8.66
8.58
8.53
8.58
8.95
8.70
8.72
8.47
8.23
8.29
8.05
n.a.

8.80
8.80
8.85

58
52
63

8.85
8.85
8.90

63
57
68

8.40
8.50
8.58

18
22
36

40
30
27

8.22
8.28
8.22

1977 - Jan.
Feb.
Mar.

3.2
3.9
4.6

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.

La

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 deliver are used.




H.16

Table 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL

GOVERNMENT-UNDERWRITTEN
AMOUNT
(IN MILLIONS OF DOLLARS)

DATE OF
AUCTION

AMOUNT
(IN MILLIONS OF DOLLARS)

ACCEPTED

OFFERED

634 (5/17) 321 (5/17)

9.20 (6/1) 171 (9/7)

OFFERED

1976 - High

AVERAGE
YIELD

21 (12/27) 19 (12/27) 8.39(12/27) 33 (1/26)

Low

AVERAGE
YIELD

ACCEPTED

127 (11/15)

9.31 (6/1,
6/28)

23 (2/23)

8.90 (12/27)

121.9
99.1

68.8
49.1

8.92
8.84

170.6
151.1

117.8
107 .6

9.13
9.09

4
18

124.3

61.8
45.3

8.80

111.2

153.8
143.7

94.4
121.4

9.07
9.02

1
15
30

215.3
218.9
59.9

73.2
114.2
33.7

8.67

8.68
8.63

141.7
140.9
70.7

112.2
126.5
58.2

9.00
9.0.0
8.99

Dec. 13
27

36.0
20.9

22.6
18.9

8.51
8.39

79.7
70.5

68.1
67 .3

8.80

1977 - Jan. 10
24

385.7
361.7

285.8
263.3

8.46
8.49

184.2
142.6

132.5
105.8

8.81
8.83

7
24

389.6
478.8

213.6
271.1

8.52
8.58

151.7
148.3

120.2
115.6

8.85
8.87

7
21

703.3
434.9

324.9
287 .1

8.66
8.70

206.4
167.5

153.2
114.9

8.90
8.92

4
18

321.5
134.6

201.9
67.9

8.72
8.62

196.1
152.0

158.3
122.4

8.97
8.97

1976 - Sept. 7
20
Oct.
Nov.

Feb.
Mar.
Apr.

8.70

8.89

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 related stock (
on 4-month commitments. Mortgage amounts offered by bidders relate to total
Digitized forrequirements
FRASER
eligible bids received.