Full text of H.16 Capital Market Developments : May 23, 1977
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
\ Capital Market Developments <*>-$ 0i' « May 23, 1 9 7 7 P r e p a r e d by t h e DIVISION O F R E S E A R C H A N D S T A T I S T I C S CAPITAL MARKETS SECTION in c o n j u n c t i o n w i t h t h e M O R T G A G E and C O N S U M E R FINANCE SECTION BOARD OF GOVERNORS F E D E R A L R E S E R V E SYSTEM W a s h i n g t o n , D C. 2 0 5 5 1 » Index SUBSCRIPTION RATES: Weekly $15.00 per year or $.40 each in the United States, its possessions, Canada, and Mexico; 10 or more of the same issue to one address, $13.50 per year or $.35 each. Elsewhere, $20.00 per year or $.50 each. Address requests to Publications Services, Division of Administrative Services, and make payment remittance payable to the order of the Board of Governors qf the Federal Reserve System in a form collectible at par in U.S. Currency. TABLES 1 - 6 S E C U R I T Y V O L U M E AND Y I E L D S 7, 8 S T O C K M A R K E T AND S E C U R I T Y CREDIT 9 - 1 6 MORTGAGE MARKET SYMBOLS e ESTIMATE P PRELIMINARY r REVISED rt.a. NOT A V A I L A B L E D A T A DO NOT E X I S T * i % 3 Table 1 YIELDS, VOLUME AND RECEPTION C O R P O R A T E B O N D MARKET YIELDS WEEK ENDING 1977 - M a r c h VOLUME RECENTLY 2 OFFERED Aaa UTILITY NEW ISSUE 1 Aaa UTILITY 4 3 GROSS OFFERINGS ($ MILLIONS) 8.30 8.23 25 8.22 8.27 8.32 8.27 25 544 698 812 1 8 8.26 8.26 8.28 8.25 15 22 29 8.21 8.31 448 298 804 521 90 11 18 April 8.28 8.16 8.21 8.25 8.25 6 May 13 20 8.33 8. 32r 8.28p , 32 r . 25p PER CENT SOLD BY END OF WEEK 96 89 81 95 88 94 77 415 260 NEW ISSUES 4 IN SYNDICATE ($ MILLIONS) 63 111 163 51 125 39 100 0 70 96 231 34 95 99 99 33 8 5 MUNICIPAL B O N D MARKET YIELDS WEEK ENDING 1977 - M a r c h BOND BUYER 20-60ND INDEX 5.20 5.23 5.20 5.20 5.92 5.92 5.90 5.88 680 88 86 180 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 6 13 20 5.23 5.25 5.20 5.76 5.82 5 . 70 1,073 884 674 75 350 92 90 180 188 4 11 18 25 April May VOLUME MOODY'S NEW ISSUE Aaa 1 8 GROSS OFFERINGS ($ MILLIONS) PER CENT SOLD BY END OF WEEK 648 770 776 93 91 NEW ISSUES 4 IN SYNDICATE ($ MILLIONS) 155 137 163 NOTES: 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. 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. Table 2 HIGH GRADE BOND YIELDS NEW I S S U E A a a UTILITY DATE RECENTLY O F F E R E D A a a UTILITY (8/24) (1/5) 7.79 6.42 (8/10) (1/5) 5.59 4.99 (8/3) (10/11) (10/11) (1/4) 9.39 7.73 (10/11) (1/4) 8.68 7.39 (8/30) (1/4) 7.15 5.16 (12/12) (2/7) (5/25) 9.01 8.57 (5/2) (2/28) 8.63 7.63 (9/19) (2/21) 7.67 6.27 (10/3) (2/13) .3/10) (1/21) 8.32 7.28 1974 - High Low 10.61 8.05 (10/4) (2/15) 10.52 8.13 1975 - H i g h 9.80 8.89 (5/2) (2/7) 9.71 8.95 7.93 (5/28) (12/10) 9.10 ( 1 / 2 ) 9.06 (2/28) 7.84 (12/31) 8.66 7.91 (5/28) (12/31) 8.17 7.27 (5/28) (12/31) 7.29 5.95 (1/2) (12/16) 8.32 (5/13) 7.90 (1/7) 8.35 7.95 (5/6) (1/7) 8.12 7.88 (3/11) (1/7) 7,74 7.26 (5/60 (1/7) 5.93 5.68 (2/4) (4/28) 1 8.28 8 8.26 8.26 15 8.25 1976 - H i g h Low 1977 - H i g h Low 22 29 May B O N D BUYER 2 0 - B 0 N D INDEX 7.77 7.11 8.52 7.29 Apr. U.S. GOVT. 20-YEAR C O N S T A N T MATURITY (8/10) (1/5) 1973 - High Low Low MOODY'S SEASONED CORPORATE A a a 6 13 20 8.25 8.10 8.10 8.21 8.16 8.21 8.05 7.99 8.31 8.25 8.01 5.32r 8.25p 8.33 8.32 r 8.28p 8.04 8.07r 8.07p 7.74 7.71 7.65 7.62 7.69 5.85 5.79 5.70 5.73 5.68 7.74 5.76 7. 78r 7.72 5.70 5.82 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. Table 3 LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS IN MILLIONS O F D O L L A R S G R O S S PROCEEDS CORPORATE PERIOD 1977 J 1976 S T A T E A N D LOCAL 1 1975 1 1977 3 1976 Z 1975 March 3,989 3,050e 4,900e 3,381 3,863 6,632r 5,367 4,528 5,378 3,419 3,142 4,134 2,451 2,885 3,365 2,361 2,387 2,135 April 3,450e 3,507 4,186 6,439r 4,294 5,798 5,596 3,313p 2,218r 3,575 3,115 2,406 2,900 3,064 3,216 3,357r 4,817r 4,327 2,405 2,836 2,734 2,821 2,814 3,580 2,783 2,159 4,431r 3,047r 6,48Or 4,705 4,076 4,307 3,524 3,336 2 ,342r 2,323 2,381 2,052 13,876r 14,132r ll,390r 13,958r 15,273 15,688 9,568 13,088 8,701 8,908r 8,369 9,202r 6,883 8,370 8,522 6,756 28,008 39,398 53,356 30,961 40,529 53,617 17,609r 25,978r 35,180r 15,253 23,775 30,531 January February May June July August September October November December ll,939e 01 02 03 04 1st Half 3 Qtrs. Year 10,695p NOTES: 1 Securities and Exchange Commission estimates of gross proceeds. 2 Securities Industry Association estimates of principal amounts. 3 E s t i m a t e d by F e d e r a l R e s e r v e on t h e b a s i s of available data. Table 4 NEW CORPORATE SECURITY I S S U E S BY TYPE OF ISSUE AND ISSUER IN MILLIONS OF DOLLARS G R O S S P R O C E E D S BY T Y P E O F I S S U E R G R O S S P R O C E E D S BY TYPE OF I S S U E BONDS PERIOD 1976 - I II III IV 1976 - January February . March April May June July August September October November December TOTAL 197 7 - J a n u a r y PUBLICLY OFFERED COMMON AND PRIVATELY PREFERRED PLACED STOCK 1 MEMO I S S U E S INCLUDED FOREIGN MANUFACTURING PUBLIC UTILITY OTHER ISSUERS COMMUNICATIONS CONVERTIBLE 13,876 14,132 11,390 13,958 7,569 7,427 4,904 6,553 2,754 3,584 4,624 4,846 3,553 3,121 1,861 2,559 1,340 1,843 1,267 1,795 262 478 199 55 4,497 3,757 2,982 4,244 4,044 3,140 3,317 3,897 765 1,879 378 541 4,569 5,358 4,715 5,276 3,381 3,863 6,632 3,507 4,186 6,439 3,216 3,357 4,817 4,431 3,047 6,480 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 1,347 629 1,051 1,904 1,348 1,113 2,163 753 1,101 2,992 579 927 2,047 528 1,198 1,395 629 678 554 949 690 920 605 335 400 428 350 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 2,245 568 1,709 1,480 1,198 1,031 753 1,349 510 2,385 1,097 789 2,158 644 1,148 1,348 932 920 1,465 1,414 1,327 1,156 16 171 5 78 : 450 20 1,409 26 212 140 155 190 196 1,197 1,722 1,650 1,847 1,309 2,202 1,061 1,195 2,459 1,513 1,019 2,744 3,989 2,786 601 602 300 0 906 986 50 ' 2,048 NOTES: 1 Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other. Source: Securities and Exchange Commission. * # # # # # # # # # < —d Table 5A INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 May 2 through May 2 0 , 1977 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY C O U P O N RATE OFFERING YIELD 9.25 7.50 9.13 5.65-7.70 - - - - 8.08 8.00 8.08 8.00 Aa/AA A/A- MOODY S / S & P ' S RATINGS CORPORATE Boston Edison Co. Union P a c i f i c R a i l r o a d Texas Ufcils. Co. Southwestern E l e c . Power Co. E q u i t a b l e Gas Co. Boston Edison Co. Toledo Edison Co. P a c i f i c Power & L i g h t Co. P a c i f i c Power & L i g h t Co. Freuhauf F i n a n c e Co. J e r s e y C e n t . Power & L i g h t Co. BankAmerica Corp. G e n ' l . T e l . Co. of t h e Southwest C o n n e c t i c u t L i g h t & Power Co. Consumers Power Co. Commonwealth Edison Co. Northern Indiana Public Service I n d i a n a & Mich. E l e c . Co. Kansas C i t y Pwr. & L g t . Co. C e n t r a l Hudson Gas & E l e c t r i c Corp. Santa Fe N a t u r a l Resources I n c . B e l l Telephone Co. of Pa. C a s t l e & Cooke I n c . C a s t l e & Cooke I n c . 1 s t mtg. Equip, t r . Com. s t k . Pfd. stk. Pfd. stk. Com. s t k . Com. s t k . Pfd. stk. Com. s t k . Notes 1 s t mtg. Debt. Debt. 1 s t mtg. Com. S t k . Com. S t k . Pfd. Stk. Pfd. Stk. Com. S t k . Pfd. Stk. Debt. Debt. Debt. Notes 60.0 16.5 96.9 30.3 17.5 53.0 51.5 30.0 55.9 75.0 60.0 200.0 35.0 45.0 80.0 177.8 30.0 40.0 33.1 15.0 75.0 100.0 50.0 25.0 2007 1978-1992 —— — — —— - —— - — - - —— - - 8.52 8.52 — — 1987 2007 2007 2007 2007 8.00 8.75 8.35 8.38 8.88 8.00 8.80 8.35 8.44 8.88 —- - - —- 8.36 8.60 8.36 8.60 —- - —- - - 2002 2017 1997 1985 NOTES: * Rights offering. 1 Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings. —— Baa/BBB Aaa/AAA Baa/BBB ™ - A/A Baa/AAaa/AAA A/A A/A- - - - - -- 8.40 8.35 8.13 8.50 8.13 8.40 8.35 8.15 8.60 8.13 A/ABaa/BBB - - A/AA/A+ Aaa/AAA Baa/BBB Baa/BBB T a b l e 5A C o n t i n u e d INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY May 2 t h r o u g h May 20, 1977 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE OFFERING YIELD MOODY S / S & P ' S RATINGS CORPORATE OTHER European Investment Bank Saskatchewan, P r o v i n c e of Mexico I n t e r - A m e r i c a n Development Bank Bonds Debt. Bonds Bonds 75.0 125.0 60.0 100.0 1997 2007 1982 2002 9.00 8.63 9.00 8.38 9.00 8.68 9.00 8.38 Aaa/AAA Aa/AA Aaa/AAA Aaa/AAA Table 5B INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' May 2 t h r o u g h May 20, 1977 ISSUER AMOUNT (MILLIONS OF DOLLARS) NET INTEREST COST OFFERING YIELD MOODY'S/S&P'S RATINGS Rev. Rev. Rev. Rev. Rev. Rev. 170.0 26.7 14.3 33.0 51.6 250.0 2017 1981-1993 1997 2004 1977-1992 2007 6.18 6.54 6.54 6.54 4.25 5.60 6.16 4.70-6.40 6.50 6.75 2.60-4.90 5.50 Aa/AA A-1/A+ A-1/A+ A-1/A+ Aaa/Aaa Aaa/AAA Rev. 19.3 1979-2006 5.94 3.50-6.00 A-l/ — Rev. G.O. Rev. 9.6 23.8 11.2 1977-1987 1977-2001 1977-1986 4.35 2.60-4.50 2.75-6.00 2.60-4.40 Aaa/-A-l/AA Aaa/AAA Rev. 20.3 1981-1997 6.12 4.25-6.00 Baa-1/BBB+ Rev. 6.0 2000 6.12 6.10 Baa-1/BBB+ Rev. 17.3 2007 6.20 Baa-1/BBB+ Rev. G.O. Rev. Rev. G.O. 20.2 10.0 8.4 9.3 10.4 1977-1985 1978-1997 1979-1991 1991-1995 1991-2002 Includes only state and local security offerings of $10 million and over; excludes secondary offerings. For State and local government securities, G O. denotes general obligation; Rev. denotes revenue obligations. — — r—1 1 2 — — CM NOTES: MATURITY VP S T A T E A N D LOCAL Omaha P u b l i c Power D i s t . , Neb. Maricopa Co., A r i z . Maricopa Co., A r i z . Maricopa Co., A r i z . Maricopa Co., A r i z . Valdez, Alaska Delaware Co. Reg. Water C t r l . A u t h . , Pa. Delaware Co. Reg. Water C t r l , A u t h . , Pa. P i t t s b u r g h Sch. D i s t . , Pa. P i t t s b u r g h Sch. D i s t . , Pa. Gwinnett Co. Water & Sewerage A u t h . , Ga. Gwinnett Co. Water & Sewerage A u t h . , Ga . Gwinnett Co. Water & Sewerage A u t h . , Ga. Gwinnett Co. Water & Sewerage A u t h . , Ga. Maiden, Mass. Albuquerque, N.M. Albuquerque, N.M. Aurora, Colo. TYPE 4.29 5.72 4.87 5.37 5.57 2.60-4.30 3.25-6.00 3.50-5.10 5.10-5.45 5.00-5.80 Aaa/AAA A/~ A-1/A+ A-1/A+ A-1/A+ Table 5B Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY May 2 t h r o u g h May 2 0 , 1977 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S/S&PS RATINGS STATE AND LOCAL Aurora, Colo. Pennsylvania S t a t e P u b l i c Sch. Bldg. Auth. Mecklenburg Co., N.C. Milwaukee, Wise. Anne Arundel Co., Md. L o u i s i a n a , S t a t e of Alabama, S t a t e of Alabama, S t a t e of Washington, S t a t e of North Texas Mun. Water D i s t . , Texas North Texas Mun. Water D i s t . , Texas Maine Municipal Bond Bank Southmoreland School D i s t . , P a . Southmoreland School D i s t . , P a . Southmoreland School D i s t . , P a . H e a r t l a n d Consumers Power D i s t . , S.D. H e a r t l a n d Consumers Power D i s t . , S.D. P o r t of P o r t l a n d , Oregon D a l t o n , Ga. D a l t o n , Ga. Massachusetts S t a t e College B l d g . , Auth. W. Minnesota Mun. Power Agy., Minn. W. Minnesota Mun. Power Agy., Minn. G.O. 9.0 1998-2005 5.80 5.55-5.85 A-1/A+ Rev. G.O. G.O. G.O. G.O. G.O. G.O. G.O. Rev. Rev. Rev. G.O. G.O. G.O. Rev. Rev. G.O. Rev. Rev. 11.8 13.7 16.1 25.0 100.0 7.0 13.0 93.5 29.2 13.7 20.5 6.1 1.6 3.7 27.6 97.4 84.0 31.3 93.7 1977-2006 1979-1998 1978-1992 1978-2007 1978-1997 1978-1992 1978-1997 1978-2002 1977-1997 1977-1997 1978-1998 1978-1995 1998 1977-1986 1983-1997 2016 1983-2007 1978-1994 2008 5.51 4.71 4.55 5.13 4.91 4.57 4.91 5.19 A/AA Aaa/AAA Aaa/AAA Aa/AA Aa/AA Aa/AA Aa/AA Aa/AA+ A/A Aaa/AAA Aa/AA 5.76 5.76 4.67 6.36 6.36 5.54 6.35 6.35 2.50-5.75 3.10-5.25 2.80-4.90 3.00-5.80 2.90-5.25 2.75-5.00 2.75-5.30 2.90-5.45 2.80-5.70 2.60-5.25 3.30-5.75 3.25-5.80 5.88 2.70-4.65 4.55-6.00 6.41 4.15-5.80 3.10-5.80 6.41 Rev. Rev. Rev. 20.1 22.1 77.9 1978-2004 1983-1997 2016 6.24 6.37 6.37 3.40-6.25 4.55-6.00 6.41 A-l/AA A/AA/A- - - - - - - / - - - / - - Aaa/AAA A/AA/AAaa/AA A/AA/A- • • • • • • e s s e Table SB Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY May 2 t h r o u g h May 20, 1977 ISSUER STATE AND LOCAL Lower Colorado R i v e r A u t h . , Texas Lower Colorado R i v e r A u t h . , Texas S t e e l V a l l e y School D i s t . , P a . S t e e l V a l l e y School D i s t . , P a . S t e e l V a l l e y School D i s t . , P a . S t e e l V a l l e y School D i s t . , P a . Beaver Co. I n d u s t . Dev. A u t h . , P a . Lawrencebur g , I n d . K l e i n I n d . Sch. D i s t . , Texas F l o r i d a , S t a t e of Long Beach P a r k i n g A u t h . , C a l . Anchorage, Alaska Illinois Indust. Poll. Ctrl. Fin. Auth. L a u d e r d a l e C o . - F l o r e n c e Hosp. Bd., Ala. L a u d e r d a l e C o . - F l o r e n c e Hosp. Bd., Ala. L a u d e r d a l e C o . - F l o r e n c e Hosp. Bd., Ala. Farmington, N.M. Nevada Housing D i v i s i o n Nevada Housing D i v i s i o n M a s s a c h u s e t t s Hsg. F i n . Agy. M a s s a c h u s e t t s Hsg. F i n . Agy. TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST 5.94 5.94 OFFERING YIELD 4.40-5.50 6.02 2.80-4.60 3.40-6.13 6.15 6.25 6.00 7.00 4.30-5.00 3.10-5.35 4.80-5.90 4.30-5.50 MOODY S / S & P S RATINGS A-1/A+ A-1/A+ Rev. Rev. G.O. G. 0 . G.O. G.O. Rev. Rev. G.O. G.O. Rev. G.O. 15.0 55.0 7.0 6.2 1.7 5.5 21.1 40.0 12.0 50.0 10.0 14.9 1983-1993 2005 1977-1986 1977-1993 1997 2006 2007 2006 1984-1990 1978-1995 1985-2000 1981-1993 Rev. 50.0 2007 Rev. 5.8 1978-1986 —— 3.20-4.70 Aaa/AAA Rev. 7.8 1978-1994 - - 4.00-6.50 A/A+ Rev. Rev. Rev. Rev. Rev. Rev. 5.4 22.6 17.0 11.0 6.9 32.7 2007 1978-2007 1979-1997 2009 1980-1997 2019 5.84 5.80 5.80 7.03 7.03 7.00 3.00-6.05 3.40-5.75 6.00 4.70-6.70 7.00 A/A+ A-l/A Aa/AA Aa/AA A-l/A A-l/A - - - - - - —- 4.87 4.89 5.77 5.39 - - —— 5.88 - - / - - — / - - A/AA --/ — A/BBB+ Aa/AA A-1/A+ A/-- Aa/A T a b l e 5B C o n t i n u e d INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY May 2 t h r o u g h May 20, 1977 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY S / S & P ' S RATINGS STATE AND LOCAL V i r g i n i a Housing Dev. A u t h . V i r g i n i a Housing Dev. Auth. North C a r o l i n a , S t a t e of Tennessee Housing Dev. Agy. Tennessee Housing Dev. Agy. Tennessee Housing Dev. Agy. Bethlehem-Center Sch, D i s t . , P a . Bethlehem-Center Sch. D i s t . , P a . Bethlehem-Center Sch. D i s t . , P a . Bethlehem-Center Sch. D i s t . , Pa. Putnam Co. Dev. A u t h . , Ga. West V i r g i n i a Hsg. Dev. Fund West V i r g i n i a Hsg. Dev. Fund West V i r g i n i a Hsg. Dev. Fund E a s t Gadsen Med. C l i n i c Bd., A l a . E a s t Gadsen Med. C l i n i c Bd., A l a . B r i s t o l H e a l t h & Etiuc. F a c . Bd., Tenn. B r i s t o l H e a l t h & Educ. F a c . Bd., Tenn. Albuquerque, N.M. Albuquerque, N.M. Cobb Co. Sch. D i s t . , Ga. Allegheny Co. Hosp^ Dev. A u t h . , P a . Allegheny Co. Hosp. Dev. A u t h . , Pa. Allegheny Co. Hosp. Dev. A u t h . , Pa. C a l c a s i e u P a r . Sch. D i s t . #31, La. Phoenix, A r i z . Rev. Rev. G.O. Rev. Rev. Rev. G.O. G.O. G.O. G.O. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. G.O. G.O. Rev. Rev. Rev. G.O. Rev. 34.8 13.7 55.0 12.6 31.6 16.5 1.9 1.0 1.9 7.5 14.7 7.0 5.9 15.6 6.2 12.2 7.2 6.8 4.0 6.5 22.0 8.5 3.8 8.4 11.2 15.0 1978-1996 2008 1978-1996 1977-1985 1977-1996 2007 1977-1992 1995 2000 1977-1986 2007 1979-1999 2007 2019 1981-1995 2007 1981-1999 2007 1979-1985 1978-1983 1978-1996 1977-2004 1978-1992 2009 1978-1992 1984-1993 - - 4.59 4.48 6.01 6.01 - • 6.45 6.38 6.38 6.38 - - - ~ — - 4.49 4.05 5.46 5.05 6.61 6.61 5.48 5.31 3.40-6.00 6.30 2.75-5.45 3.00-4.50 3.00-6.00 6.30 3.40-6.10 6.15 6.20 2.75-4.70 6.44 3.70-6.10 6.30 6.43 4.60-6.50 6.90 4.50-6.75 6.90 3.15-4.50 3.15-4.50 5.25-5.50 2.75-5.50 4.00-6.20 6.63 3.50-5.40 4.40-5.40 A-l/AA A-l/AA Aaa/AAA Aaa/AAA A-1/A+ A-1/A+ - - / - - - - / — — / - - ——/ — Baa/BBB A-1/A+ A-l/A-f A-1/A+ A/A A/A A/A A/A A-l/AA A-l/AA — / — Aa a / - Aa/A+ Aa/A+ Baa-1/BBB4 A/AAA Table 5B Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY May 2 t h r o u g h May 20, 1977 ISSUER TYPE STATE AND LOCAL Camden C o . , N . J . Katy I n d . Sch. D i s t . , Texas Nassau C o . , N.Y. I l l i n o i s I n d u s t . P o l l . F i n . Auth. G.O. G.O. G.O. Rev. AMOUNT (MILLIONS OF DOLLARS) 15.2 19.0 35.0 18.7 MATURITY 1978-1994 1978-1994 1978-2007 2007 NET INTEREST COST 4.90 5.74 OFFERING YIELD 3.10-5.40 3.10-5.30 3.40-6.10 6.00 MOODY'S/S&P S RATINGS A—1/AAA A-l/A A-l/~ Aa/AA 14 Table 6A FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of May 20,1977 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING CORPORATE *American Savings & Loan Assoc. --Ford Motor C r e d i t Co. AMFAC Mortgage Corp. Commonwealth Edison Co. Michigan B e l l T e l . Co. C h a r t e r New York Corp. Minnesota P&L Co. ^ B e n e f i c i a l Corp. C o n s o l i d a t e d N a t u r a l Gas Co. Public Service Indiana P u b l i c S e r v i c e Co. of New Mexico A t l a n t a Gas L i g h t Co. New York Telephone Co. C e n t r a l I l l i n o i s L i g h t Co. Iowa E l e c t r i c L g t . & Pwr. ^Diamond S t a t e s T e l . Co. *0hio Edison Co. " G e n ' l . T e l . Co. of t h e Midwest ' • P a c i f i c T e l . & T e l e . Co. '•Alabama Power Co. -•"Western P a c i f i c R a i l r o a d Co. ^Petroleum & Resources Corp. Burlington Northern Inc. -•United Bank Corp. New York Republic S t e e l Corp. Com. S t k . Com. S t k . Notes 1 s t Mtg. Com. S t k . Com. S t k . ( r t s ) Mtg. Backed Med-term Notes Med-term Notes 1 s t Mtg. Debt. Debt. Com. S t k . Debt. 1st Mtg. Com. S t k . 1 s t Mtg. 1 s t Mtg. Debt. Com. S t k . Com. S t k . Debt. 1 s t Mtg. Debt. Debt. 1 s t Mtg. Equip. Tr. Pfd. Stk. Pfd. Stk. Notes SF D e b t . 30.0 75.0 20.0 85.0 40.0 200.0 200.0 300.0 25.0 150.0 150.0 50.0 40.0 150.0 75.040.0 30.0 25.0 300.0 18.0 16.2 20.0 75.0 20.0 300.0 100.0 20.0 25.0 100.0 20.0 125.0 23 24 24 24 24 May 31 May "26 May May June 1 June 1 June 1 June 2 June 6 June 7 June 8 June 8 June 9 June 14 June 15 June 16 June 21 June 21 June 23 June 28 June 28 June June June Indef. Indef. OTHER -•Norway, Kingdom of "Ito-Yokado Co. -"Venezuela, R e p u b l i c of Notes Conv. D e b t . Notes 100.0 50.0 100.0 June June June ITEL CORP. Cleveland E l e c t r i c I l l u m i n a t i n g Co Commercial A l l i a n c e Corp. Consumers Power Co. C e n t r a l I l l i n o i s P u b l i c Svc. Co. American Elec. P w r . C o . NOTES: * included in table for first time. 1 Includes only corporate and other security issues of $15 million and over; excludes exchanges, options May May May May May 8 15 T a b l e 6A C o n t i n u e d FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of May 20, 1977 ISSUER CORPORATE ^Atlanta, Ga.. ^Minneapolis, Minn. *New J e r s e y Turnpike Atrfch. POSTPONEMENT T u l s a , Okla. TYPE AMOUNT (IN MILLIONS OF DOLLARS) Rev. Rev. Rev. 330.0 38.0 G.O. 22.0 200.0 APPROXIMATE DATE OF OFFERING June 29 June June May 18 16 Table 6B FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of May 13, 1977 TYPE ISSUER AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF O F F E R S STATE & LOCAL Albuquerque, N.M. Katy I n d . Sch. D i s t . , Texas West V i r g i n i a Hsg. Dev. Fund ^ V i r g i n i a Housing Dev. Auth. * B r i s t o l , Tenn. Phoenix, Arizona C a l c a s s i e u P a r . Sch. D i s t . # 3 1 , L a . Nassau C o . , N.Y. Camden C o . , N . J . I l l i n o i s P o l l . C t r l . F i n . Auth. North C a r o l i n a , S t a t e of Putnam Co. Dev. A u t h . , Ga. ^ M a s s a c h u s e t t s Hsg. F i n a n c e Agy. ^Nevada Housing D i v i s i o n *Farmington, N.M. T u l s a , Oklahoma *Lauderdale Co. Hosp. B d . , A l a . ^Tennessee Housing Dev. Agy. ^Tennessee Housing Dev. Agy. ^Colorado Housing F i n a n c e A a t h . ^ P h i l a d e l p h i a , Pa. ^Washington P u b l i c Pwr. Supply S y s . Waukesha, Wise. ^Houston, Texas New J e r s e y , S t a t e of *New Haven, Conn. P l a t t e R i v e r Power A u t h . , Colo. ^Michigan S t a t e Hsg. Dev. Auth. ^Hillsborough Co., F l a . C a l i f o r n i a , S t a t e of West V i r g i n i a , S t a t e of G u i l f o r d C o . , N.C. B u f f a l o Sewer A u t h . , N.Y. C i n c i n n a t i , Ohio Chicago School D i s t . , I l l i n o i s Georgia Mun. E l e c t r i c Auth. ^ I l l i n o i s , S t a t e of *Durham, N.C. *0sseo I n d . Sch. D i s t . , # 2 7 9 , Minn. G.O. G.O. Rev. Rev. Rev. Rev. G.O. G.O. G.O. Rev. G.O. Rev. Rev. Rev. Rev. G.O. Rev. Rev. Rev. Rev. G.O. Rev. Rev. Rev. G.O. G.O. Rev. Rev. G.O. G.O. G.O. G.O. Rev. G.O. G.O. Rev. G.O. G.O. G.O. 10.5 19.0 27.5 48.5 14.0 15.0 11.2 35.1 15.2 18.7 55.0 14.7 39.7 28.1 22.6 22.0 19.0 48.0 12.6 30.0 61.0 90.0 17.8 25.0 50.0 12.5 66.8 30.0 10.0 110.0 50.0 14.0 88.0 19.5 45.0 150.0 150.0 13.0 10.5 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 June June June June June June June June June June June 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. 16 16 17 17 17 17 17 17 17 17 18 18 18 18 18 18 19 19 19 20 24 24 24 25 25 26 26 30 1 7 7 7 8 8 8 9 14 14 15 17 Table 6 8 FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of May 20, 1977 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING STATE & LOCAL *Mahanoy Area Sch. D i s t . , P a . P h i l a d e l p h i a , Pa. Washington P u b l i c Power Supply System Waukesha, Wise. Houston, Texas New J e r s e y , S t a t e of New Haven, Conn. * C r o s s e t t , Ark. *Kentucky Turnpike A u t h . P l a t t e R i v e r Power A u t h . , C o l o . Michigan S t a t e Housing Dev. A u t h . *Pagosa Water & S a n t . D i s t . , Colo. -'Pittsburgh, Pa. ^ M a s s a c h u s e t t s H l t h . & Educ. F a c . Auth. * T u l s a , Okla. H i l l s b o r o u g h Co., F l a . ^Honolulu, Hawaii *Wyandotte, Mich. ^Georgia, S t a t e of C a l i f o r n i a , S t a t e of West V i r g i n i a , S t a t e of *Nevada, S t a t e of * K n o x v i l l e , Tenn. G u i l f o r d C o . , N.C. B u f f a l o Sewer A u t h . , N.Y. C i n c i n n a t i , Ohio Chicago School D i s t . , 111. * S t . Louis C o . , Mo. Georgia Mun. E l e c t r i c A u t h . *San Diego Sch. D i s t . , C a l . I l l i n o i s , S t a t e of Durham, N.C. Osseo I n d . Sch. D i s t . , #279, Minn. *Alaska Housing F i n a n c e Corp. * B l a i r Co. H o s p i t a l A u t h . , Pa. *0regon, S t a t e of *Desert Hosp. A u t h . , C a l . G.O. G.O. 10.4 61.0 Rev. Rev. Rev. G.O. G.O. Rev. Rev. Rev. Rev. G.O. G.O. Rev. G.O. G.O. G.O. Rev. G.O. G.O. G.O. G.O. G.O. G.O. Rev. G.O. G.O. G.O. Rev. G.O. G.O. G.O. G.O. Rev. Rev. G.O. Rev. May May 24 24 90.0 17.8 25.0 50.0 12.5 61.7 212.0 66.8 30.0 10.0 13.2 May May May May May May May May May June June 24 25 26 26 26 26 30 1 1 12.0 22.0 10.0 15.0 15.6 77.0 110.0 50.0 13.7 24.0 14.0 88.0 19.5 45.0 41.4 150.0 28.3 150.0 13.0 10.5 40.0 25.0 150.0 15.0 June June June June June June June June June June June June June June June June June June June June June June June June 1 1 1 2 6 7 7 7 7 7 7 8 8 8 9 9 14 14 14 15 16 20 21 21 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. ?4 Table 7 STOCK PRICES AND VOLUME STOCK PRICES DATE N Y S E INDEX AMEX NASDAQ 136.84 (1/11) 89.12 (12/13) 26.0 (9/20) 9.0 (8/20) 5 . 5 (1/12) 1 . 4 (8/20) 11.3 (1/11) 3 . 5 (8/27) 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) 51.24 (7/15) 37.16 (1/8) 881.81 ( 7 / 1 5 ) 632.04 ( 1 / 2 ) 62.20 (1/2) 96.86 (7/15) 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 (7/12) 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) 57.69 (1/3) 52.96 (4/26) 999.75 ( 1 / 3 ) 914.60 ( 4 / 2 5 ) 114.94 (5/18) 109.61 (1/12) 98.47 (5/18) 93.66 (4/5) 31.5 (1/5) 14.2 (4/28) 4 . 2 (1/13) 2 . 0 (4/25) 10.5 (1/19) 1 8 15 22 29 53.94 53.46 54.94 53.69 53.66 927.36 94.54 94.03 96.26 95.12 95.48 17.2 16.4 19.8 17.1 16.5 2.3 2.3 947.76 927.07 926.90 111.97 110.43 112.50 111.75 112.17 2.9 2.2 6.6 6 13 20 54.30 54.13 54.39 936.74 928.34 930.46 113.94 114.04 114.73 96.90 97.41 98.00 18.3 18.9 21.5 2.6 2.6 7.6 7.2 2.8 7.4 Low 1975 - High Low 1976 - High Low High Low May NYSE 130.47 (1/11) 85.26 (12/20) 1974 - High Apr. TRADING VOLUME NASDAQ 1051.50 (1/11) 788.31 (12/5) Low - AMEX 65.58 (1/11) 49.12 (12/13) 1973 - High 1977 BJ INDUSTRIALS 918.88 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 12/31/65 = 50 4 Based on average price change until September 4, 1973 thereafter, based on market value of shares listed. 2.6 5.5 6.3 6.1 7.5 7.8 (4/7) 1% Table 8 SECURITY CREDIT R E G U L A T E D MARGIN CREDIT E X T E N D E D BY END O F PERIOD BROKERS O N MARGIN STOCK 1 BROKERS ON 2 CONVERTIBLE BONDS 3 BANKS U N R E G U L A T E D NONMARGIN S T O C K CREDIT AT B A N K S OUTSTANDING 1976 - March April May June July August September October November December 6,410 6,690 6,940 7,080 7,340 7,450 7,530 7,350 7,610 7,960 162 163 161 166 172 167 174 169 178 204 1,057 1,077 1,007 880 898 1,061 859 1,068 839 829 2,355 2,325 2,357 2,368 2,317 2,368 2,830 2,774 3,351 3,684 1977 - J a n u a r y February March April 8,270 9,480 8,690 8,880 196 197 199 n.a. 820 , 830 796 n.a. 3,693 3,751 3,720 n.a. 460 280 250 140 260 110 80 19 20 -69 127 -130 163 202 209 229 -10 22 -30 32 11 -51 -51 462 -56 577 333 -9 10 -34 n.a. 9 58 -31 n.a. C H A N G E IN O U T S T A N D I N G 1976 - March April May June July August September October November December 80 350 9 1 -2 5 6 -5 7 5 9 26 1977 - J a n u a r y February March April 310 210 210 190 -8 1 2 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 O F D O L L A R S REGULAR D E P O S I T S DATE NET FLOW 1972 1973 1974 19 75 1976 1976 - 10,067 4,815 2,909 11,070 11,546 Sept. Oct. Nov. Dec. 1977 - J a n . Feb. Mar. £ / 1,307 836 779 1,757 913 847 1,903 1 ANNUAL 3 GROWTH RATE 12.4 5.4 2.2 11.3 11.6 —— —— —— TOTAL S A V I N G S & LOAN A S S O C I A T I O N S MUTUAL S A V I N G S B A N K S NET 2 NEW MONEY S H A R E CAPITAL NET FLOW 5,451 -442 -2,822 4,757 5,275 32,567 20,237 16,006 42,769 50,287 75 582 539 367 5,572 3,452 2,581 6,277 645 585 623 5,218 3,406 7,514 NET 2 DEPOSITS ANNUAL 3 GROWTH RATE NEW MONEY FLOW 18.6 9.9 7.0 17.3 17.7 23,884 10,507 4,668 29,276 34,369 42,634 25,052 18,915 53,839 61,833 1,944 3,224 2,381 2,279 6,879 4,288 3,360 8,034 4,944 3,186 3,548 6,131 4,253 9,417 —• — —— —— — — NET ANNUAL 3 GROWTH RATE 16.6 8.5 5.5 15.8 16.0 —— —— NET NEW MONEY 2 29,335 10,062 1,846 34,033 39,644 2,019 3,826 2,920 2,646 5,449 3,771 4,171 SEASONALLY ADJUSTED 1976 - S e p t . Oct. Nov. Dec. 1977 - J a n . Feb. Mar. p / 1,326 1,396 852 1,086 13.5 14.1 8.5 10.7 965 589 742 9.5 5.7 6.7 —— — — —— 5,525 5,016 4,047 4,423 20.fr 18.5 14.7 15.9 4,285 2,932 3,545 15.2 10.3 12.3 — — — — — — 6,851 6,412 4,899 5,509 18.8 17.3 13.1 14.5 5,250 3,521 4,287 13.7 9.1 10.8 —— —— 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 21 Table 10 MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS BILLIONS OF DOLLARS, S E A S O N A L L Y A D J U S T E D OUTSTANDING COMMITMENTS PERIOD TOTAL ALL S A V I N G S MUTUAL & LOAN SAVINGS BKS A S S O C I A T I O N S (N Y. S T A T E ) NET CHANGE TOTAL ALL S A V I N G S MUTUAL & LOAN SAVINGS BKS A S S O C I A T I O N S (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 - J a n . Feb. Mar. Apr. May June 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 - J a n . 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 .0.3 .12 .19 .06 .09 1977 - J a n . Feb. Mar. 27.9 28.4 29.5 25.1 25 .4 26.3 2.8 3.0 3.2 -.35 .48 1.18 -.45 .30 .98 .10 .18 .20 . NOTES: Based on data from Federal Home Loan Bank Board and Savings Banks Association of New York State Both series include a minor amount of non residential 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 IN M I L L I O N S O F D O L L A R S PERIOD TOTAL INCLUDING SHORT-TERM DISCOUNT NOTES INTERMEDIATE A N D L O N G - T E R M I S S U E S TOTAL FHLB 1974 - S e p t . Oct. Nov. Dec. +2,768 +1,665 -89 +507 +2,750 +1,599 +93 +961 +1,700 +1,499 -217 +470 1975 - J a n . Feb. -5 -254 +689 +69 -1,279 +600 +300 -700 100 850 200 600 -4 -554 Apr. May June July Aug. Sept. Oct. Nov. Dec. -242 -659 +440 0 -1,568 +330 +236 -398 215 587 152 669 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 -607 291 +190 190 310 -297 -219 0 0 0 0 0 -300 0 1977 - J a n . Feb. 18 —460 194 -190 -200 Mar. NOTES: Based on data from Treasury Survey of Ownership. 1/ Sales of FHLB discount notes began in May 1974. p Preliminary -206 -11 -30 -1,279 0 0 -700 0 +150 0 0 FHLMC FNMA +1,050 +100 +310 +491 +300 0 -1 0 0 0 0 0 0 200 0 -1 0 +700 +100 0 +600 +300 0 100 700 0 600 0 0 0 0 196 -4 -7 -7 300 -300 700 -6 -200 -1,100 -600 0 -9 +190 -10 -8 —9 -7 189 -8 0 0 300 0 200 318 12 -212 5 18 FNMA & F H L B SHORT-TERM DISCOUNT NOTES 1 +18 +66 -182 -454 -237 -405 -249 -69 -289 -270 —64 302 115 -263 -48 69 -197 -360 -547 -569 -346 99 —349 597 5 -347 -255 364 -176 -270 23 Table 12 NET CHANGE IN MORTGAGE HOLDINGS IN M I L L I O N S O F D O L L A R S PERIOD TOTAL INCLUDING FNMA-GNMA 2 FINANCIAL INSTITUTIONS TOTAL COMMERCIAL BANKS MSB's S & L's INSURANCE COMPANIES FNMA-GNMA Not S e a s o n a l l y Ad ius t e d 1971 1972 1973 1974 1975 1976 41,406 57,587 58,372 42,739 43,497 62,845 39,018 55,561 55,072 36,517 38,658 64,965 9,940 16,800 19,600 11,700 4,200 13,500 3,938 5,377 5,642 2,172 2,236 4,074 23,919 31,932 25,552 17,567 29,289 44,977 1,221 1,452 4,278 5,078 2,933 2,414 2,388 2,026 3,300 6,222 4,839 -2,120 1976 - June July Aug. Sept. Oct. Nov. Dec. 6,140 6,394 6,141 6,231 5,283 4,949 6,213 6,783 6,088 5,861 6,371 5,699 5,257 6,376 1,300 1,200 1,100 1,600 1,300 900 1,000 517 314 384 364 398 341 690 4,804 4,512 4,239 4,081 3,895 3,531 3,913 162 62 138 326 106 485 773 -643 306 280 -140 -416 -308 -163 1977 - J a n . Feb. Mar. 3,430 4,075 6,720 3,756 4,117 6,656 600 900 1,600 196 156 291 2,926 3,030 4,537 34 31 228 -326 - 42 64 S e a s o n a l l y Ad i u s t e d 1976 - June July Aug. Sept. Oct. Nov. Dec . 4,924 5,246 5,327 6,973 5,432 5,749 6,198 5,346 5,281 5,315 6,417 6 ,0 6 7 6,088 6,448 982 1,183 951 1,414 1,285 1,042 1,082 358 225 359 438 444 366 573 3,831 3,753 3,840 4,234 4,270 . 4,268 4,425 175 120 165 331 68 412 368 -422 - 35 12 -344 -635 -339 -250 1977 - J a n . Feb. Mar. 5,217 5,310 6,924 5,484 5,175 6,709 1,055 1,227 1,647 337 307 280 3,980 3,567 4,407 112 74 375 -267 135 215 NOTES: 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 dp rived from regular quarterly series because of minor conceptual differences for which adjustments are not made in the monthly series. Altogether, these groups accounted for 8 3 per cent of the net increase estimated for all holders in 1974. Beginning January 1972 data reflect activity in limited amount of conventional mortgages. 24 Table 13 NET INCREASE IN MORTGAGE DEBT OUTSTANDING 1 IN B I L L I O N S O F 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 2 QUARTER TOTAL 3 RESIDENTIAL TOTAL 1- t o 4 FAMILY MULTIFAMILY MULTFAMILY & 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 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 III ' 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. # # # # # # T a b l e 14 PRIVATE HOUSING PERMITS, STARTS, COMPLETIONS, AND MOBILE HOME SHIPMENTS 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 PERMITS 1 COMPLETIONS STARTS 1 —FAMILY 2 - O R MORE FAMILY TOTAL MOBILE HOME 1 —FAMILY 2 - O R MORE SHIPMENTS FAMILY TOTAL 1 —FAMILY 2-OR MORE FAMILY TOTAL 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 1,026 592 617 692 828 840 760 430 413 401 336 250 1976 - J a n . 1,147 1,165 1,188 1,082 1,158 1,150 1,215 1,296 1,504 1,492 1,590 1,514 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 1,384 1,802 2,114 1,875 1,006 1,424 1,520 1,444 378 378 594 431 1,416 1,642 1,659 1,103 1,245 1,194 313 PERIOD 497 576 567 329 216 | Feb. Mar. Apr, May June July Aug. Sept. Oct. Nov. Dec. 1977 - J a n . Feb. Mar. Apr . 1,307 1,529 1,712 1,534 851 863 882 803 807 829 870 874 926 998 1,072 1,053 296 302 306 279 351 321 345 422 578 494 518 461 927 1,064 380 465 1,208 1,051 483 504 1 ! 1 397 465 1 221 242 248 263 247 248 258 275 275 254 DTES: P r i v a t e b u i l d i n g p e r m i t s ( f o r 1 4 , 0 0 0 a r e a s w i t h p e r m i t s y s t e m s , e x c l u d i n g f a r m ) , s t a r t s , a n d c o m p l e t i o n s a r e C e n s u s B u r e a u d a t a . A d w e l l i n g u n i t is s t a r t e d w h e n e x c a v a t i o n b e g i n s , i n t h e c a s e of a p a r t m e n t b u i l d i n g s , all u n i t s a r e c o n s i d e r e d s t a r t e d at t h a t t i m e , h o w e v e r , all s u c h u n i t s a r e c o n s i d e r e d c o m p l e t e d w h e n m o r e t h a n h a l f of t h e u n i t s m t h e s t r u c t u r e a r e r e a d y f o r u s e . P r i v a t e m o b i l e h o m e s h i p m e n t s are Mobile H o m e M a n u f a c t u r e r s Association data c o n v e r t e d t o seasonally a d j u s t e d a n n u a l rate by Census B u r e a u . Permit data for 1969 and 1 9 7 0 based on 1 3 , 0 0 0 areas with permit systems V; T a b l e 15 AVERAGE RATES AND YIELDS ON HOME MORTGAGES CONVENTIONAL L O A N S PRIMARY MARKET NEW H O M E S HUD(FHA) INSURED LOANS S E C O N D A R Y MARKET EXISTING HOMES 1 PERIOD RATE (IN PER C E N T ) SPREAD (BASIS POINTS) 1 RATE (IN P E R C E N T ) N3 ON SPREAD (BASIS POINTS) YIELD (IN PER C E N T ) SPREAD BETWEEN R E T U R N S ON NEW A a a NEW H O M E S CONVENTIONAL UTILITY 1 AND HUD(FHA) BOND SPREAD DISCOUNT NEW HOME YIELD (BASIS ( P E R C E N T A G E M O R T G A G E S (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 - J a n . 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. 1977 - J a n . Feb . Mar. Apr. 8.80 8.80 8.85 8.90 58 52 63 59 8.85 8.85 8.90 8.95 63 57 68 64 8.40 8.50 8.58 8.57 18 22 36 26 40 30 27 33 8.22 8.28 8.22 8.31 3.2 3.9 4.6 4.5 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. Table 16 FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS CONVENTIONAL GOVERNMENT-UNDERWRITTEN DATE OF AUCTION AMOUNT (IN MILLIONS OF DOLLARS) AMOUNT (IN MILLIONS OF D O L L A R S ) ACCEPTED OFFERED 634 ( 5 / 1 7 ) 321 (5/17) 9.20 ( 6 / 1 ) 171 ( 9 / 7 ) OFFERED 1976 - High AVERAGE YIELD 21 (12/27) 19 (12/27) 8 . 3 9 ( 1 2 / 2 7 ) 33 ( 1 / 2 6 ) Low 1976 - S e p t . 7 20 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 Oct. 4 18 124.3 111.2 61.8 45.3 8.80 8.70 153.8 143.7 94.4 121.4 9.07 9.02 Nov. 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 8.89 8.80 1977 - J a n . 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 Feb. 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 Mar. 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 Apr. 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 2 723.1 585 .4 422.2 285.5 8.70 8.74 383.4 415.9 255.1 278.0 9.03 9.08 May 16 NOTES: Average secondary market y i e l d s a r e gross b e f o r e deduction, of the f e e of 38 b a s i s p o i n t s paid f o r mortgage s e r v i c i n g . They r e f l e c t the average accepted bid y i e l d f o r home mortgages assuming a prepayment period of 12 y e a r s f o r 30-year l o a n s , w i t h o u t s p e c i a l a d j u s t ment f o r F e d e r a l N a t i o n a l Mortgage A s s o c i a t i o n (FNMA) commitment f e e s and r e l a t e d s t o c k e q u i r e m e n t s on 4-month commitments. Mortgage amounts o f f e r e d by b i d d e r s r e l a t e to t o t a l Digitized for rFRASER e l i g i b l e bids received.
@FedFRASER