Full text of H.16 Capital Market Developments : May 26, 1981
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May 26, 1981
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.
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
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
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 t o Purchase Home Mortgages
FHLMC Auctions of Commitments t o 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 t h e United States, its possessions, Canada, and Mexico; 10 or more of the same issue t o one
address, $13.50 per year or $ . 3 5 each. Elsewhere, $20.00 per year or $.50 each. Address requests t o Publications Services, Division of
Support Services, and make payment remittance payable t o the order of t h e Board of Governors of the Federal Reserve System in a
form collectible at par in U.S. Currency.
3
1. YIELDS, VOLUME AND RECEPTION
Corporate Bond Market
Yields
Recently offered
New issue
Aaa utility2
Aaa utility1
Week ending
1981-Mar.
Apr.
May
New issues in syndicate4
($ millions)
521
540
1,736
517
94
93
97
90
30
40
980
1,089
505
1,150
98
100
95
99
19
0
25
15.85
14.89
15.19
15.36
15.78
16.12
15.94
15.80r
15.54p
16.26
15.62
15.63r
15.37p
655
410
1,110
544
100
100
99
100
0
0
14.55
14.42
27
15.07
3
14.87
10
—•
17
24
Volume
Percent sold by
end of week
14.53
14.18
13.98
14.71
6
13
20
Gross offerings3
($ millions)
aw ww
1
8
15
22
60
53
16
10
0
2. YIELDS, VOLUME AND RECEPTION
#
Week ending
Volume
Moody's new
issue Aaa
Yields
Bond Buyer
G O. bond
index
Bond Buyer
Rev. bond
index
Gross offerings
($ millions)
Percent sold by
end of week3
New issues in
syndicate4
($ millions)
1981-Mar.
6
13
20
27
9.80
9.80
9.20
9.20
10.40
10.34
9.81
10.09
11.10
11.03
10.67
10.80
585
976
968
635
82
97
98
76
153
80
28
233
Apr.
3
10
17
24
9.50
9.80
9.80
10.00
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
May
1
8
15
22
10.00
10.00
9.80
9.70
10.94
10.90
10.83
10.73
11.71
11.68
11.65
11.54
963
547
919
795
95
94
96
80
126
83
84
84
#
e
;
e
e
;
:: e s s
^
during the last four weeks.
4
Corporate Market: Salomon^rMher* 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)
Recently offered
Aaa utility2
9.54(12/22)
8.48(
1/6)
U.S. govt.
Moody's
20-year constant
seasoned
maturity4
corporate Aaa 3
9.27(12/29)
8.30(
1/6)
Bond Buyer
G.O. bond
index 5
Bond Buyer
Rev. bond
index 6
9.00(12/22) 6.67(12/22)
8.01(
1/6) 5.58( 3/17)
1978-High
Low
8.61( 3/24)
1979-High
Low
1 . 5 1 ( 1 1 / 1 2 ) 1 1 . 4 5 ( 1 1 / 9 ) :L 0 . 8 7 ( 1 2 / 2 8 ) 1 0 . 5 6 ( 1 1 / 9 ) 7 . 3 8 ( 1 0 / 2 6 )
7/6)
8.79 ( 7/6) 6.08(
7/6)
9.39( 6/29) 9.16(
9.40( 8/17)
8.24(11/23)
7.23( 9/21)
1980-High
Low
1 4 . 5 1 ( 1 2 / 1 2 ) 1 5 . 0 3 ( 1 2 / 1 2 ) :1 3 . 4 9 ( 1 2 / 1 9 ) 1 2 . 8 6 ( 1 2 / 1 2 ) :L 0 . 5 6 ( 1 2 / 1 9 )
5/9)
9.59( 6/20) 7.11(
0 . 5 3 ( 6 / 2 0 ) 1 0 . 7 9 ( 6 / 2 0 ) :1 0 . 3 4 ( 6 / 2 0 )
11.41(12/19)
8.15( 5/8,^
1981-High
Low
16.12(
14.05(
5 / 1 ) 1 6 . 2 6 ( 5 / 1 ) :1 4 . 5 3 ( 5 / 1 5 ) 1 4 . 1 5 (
1/9) 13.99( 3/20) 12.59( 1/9) 11.98(
5 / 8 ) :L 0 . 9 4 (
1/9) 9.49(
5/1)
1/9)
11.71( 5/1)
1 0 . 3 4 ( 1/16>)
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.
Nov.
Dec.
13.18
13.85
14.51
13.13
13.91
14.38
12.31
12.97
13.21
11.75
12.44
12.49
9.11
9.56
10.11
9.97
10.43
1981-Jan.
Feb.
Mar.
14.12
14.90
14.71
14.17
14.58
14.41
12.81
13.35
13.33
12.29
12.98
12.94
9.66
10.10
10.16
10.64
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
8
15
22
16.12
16.26
15.62
15.63r
15.37p
14.26
14.50
14.53r
14.19p
13.75
14.15
14.01r
13.65p
10.94
10.90
10.83
10.73
11.71
1980-Apr.
May
June
1981-Apr.
May
15.85
15.94
15.80r
15.54p
11.08
11.01
10.90
11.68
restrictions sometime during the last four weeks.
Weekly average of daily closing figures.
- W o " bo-d,
e
^
Investors Service. Weekly Bond Buyer data.
i-
^ . . . . ^
m . midw.,
» • ««• • » f ~ p , „
« . . » „ « » . - « < • »
bv
4. LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS
Gross proceeds, millions of dollars
State and Local
Corporate
Period
1981
1980
1979
1981
1980
1979
2,659
3,078
2,840
5,581
6,173
3,770
January
2,873
2
,
4
2
4
2
,
6
0
3
4
,
5
0
7
4
,
1
5
7
3,165
February
3,600e
2
,
4
3
5
6
,
6
6
7
4
,
6
4
4
4,454
4,354
March
3,444
3,042
4,724
4,962
4,746
6,136
8,029
5,437
5,025
3,396
4,256
2,472
4,872
3,946
4,523
4,601
3,868
3,778
5,819
3,936
5,933
4,217
4,160
3,567
4,474
2,916
3,854
51,553
73,688
43,365
48,366
April
May
June
4,692
4,160
6,238
5,656
9,074
9,645
July
August
September
4,103
4,211
4,593
October
November
December
Year
6,600e
4,50Ge
1 Securities and Exchange Commission estimates of gross proceeds.
2 Public Securities Association estimates of principal amounts,
e Estimated by Federal Reserve on the basis of available data.
5. TREASURY AND GOVERNMENT SPONSORED AGENCY BORROWING
Millions of dollars
Federal Government
Means of financing combined deficit
Net cash borrowing from the publics
Combined
Public debt securities
deficit(+)
Period
Gov't,
or
agency
NonTotals
surplus*—
Coupons marketable securities
Bills
Other
Decrease(+)Z Sponsored
agency
increase(-)
borrowing4
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.
May
June
-8,037
16,318
-11,963
4,632
5,350
-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
July
Aug.
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
1 U.S. unified budget deficit or surplus plus off-budget entities deficit or surplus.
2 Change in outstanding amount of public debt securities and government agency securities less change in holdings of those securities by government
accounts.
3 Also includes changes in matured and nonfnterest-bearing public debt.
4 Change in outstanding amount of marketable securities issued by Federal Farm Credit Banks, Federal Home Loan Banks, Federal Home Loan Mortgage Corporation, Federal National Mortgage Association.
6
6. NEW C O R P O R A T E S E C U R I T Y ISSUES BY TYPE O F ISSUE
Gross proceeds, millions of dollars
Bonds
Period
Total
Publicly
offered
Privately
placed
C o m m o n and
preferred
stocks
Memo
Issues included
Foreign
Convertible
1977
1978
1979
1980r
53,792
47,230
51,533
73,688
24,072
19,815
25,814
41,587
17,943
17,057
14,394
11,612
11,777
10,358
11,325
20,490
1,340
1,349
1,008
1,495
863
418
2,229
4,685
1980-QI
QII
QUI
QIV
15,134
24,375
18,492
15,688
5,924
18,165
11,618
5,880
4,624
2,213
2,163
2,612
4,586
3,997
4,711
7,196
169
529
631
166
908
967
1,510
1,300.
1981-QI
16,405
9,358
1,381
5,666
n.a.
1,317
1980-0ct.
Nov.
Dec.
5,819
3,936
5,933
2,756
1,405
1,719
528
759
1,325
2,535
1,772
2,889
348
12
138
687
.398
215
1981-Jan.
Feb.
Mar.
5,581
4,157
6,667
2,928
2,408
4,022
458
426
497
2,195
1,323
2,148
162
105
n .a.
303
575
439
7. NEW C O R P O R A T E S E C U R I T Y ISSUES BY TYPE O F ISSUER
Gross proceeds, millions of dollars
Period
Manufacturing
Public utility
Communications
Other issuers 1
13,393
10,813
11,357
20,248
14,127
12,232
13,324
15,786
4,522
3,640
4,522
7,250
21,827
20,549
22,332
30,404
1980-QI
QII
QUI
QIV
3,950
6,896
5,925
3,477
4,864
4,151
3,701
3,070
1,324
1,808
4,995
11,148
6,928
7,333
1981-QI
5,527
3,223
1,337
6,325
1980-Qct.
Nov.
Dec.
1,474
550
1,453
1,295
792
983
830
260
718
2,220
2,335
2,778
1981-Jan.
Feb.
Mar.
2,244
1,344
1,939
1,362
853
76
303
958
1,901
1977
1978
1979
1980r
1,008
2,182
1,936
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.
1,660
2,764
8. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE 1
Issuer
El Paso E l e c t r i c Co.
F l o r i d a Power & L i g h t Co.
A t c h i s o n , Topeka & Santa Fe
Ry.
P u b l i c S e r v i c e Co. of New
Hampshire
Dayton Power & L i g h t Co.
Denny's I n c .
Northwest P i p e l i n e Co.
National Medical E n t e r p r i s e s ,
Inc.
M/A Com. I n c .
R e p u b l i c New York Corp.
Archer D a n i e l s Midland Co.
Archer D a n i e l s Midland Co.
Campbell Taggart I n c .
C i n c i n n a t i B e l l T e l . Co.
I l l i n o i s Power Co.
MGF O i l Corp.
C i n c i n n a t i Gas & E l e c . Co.
Columbus & Southern Ohio
E l e c t . Co.
G e n ' l . T e l . Co. of C a l i f .
S t o r a g e Technology Corp.
Xerox C r e d i t Corp.
L&N Housing Corp.
T i e Communications
D i g i t a l Equipment Corp.
N a t ' l . Rural U t i l . F i n . Coup.
Corp.
Southern C a l i f . E d i s o n Co.
Commonwealth E d i s o n Co.
Commonwealth E d i s o n Co.
Washington Gas L i g h t Co.
Type
Amount
(millions
of dollars)
Maturity
Coupon
rate
Offering
yield
5/5
5/5
1 s t . mtg.
1 s t . mtg.
75.0
125.0
1991
2011
16.35
17.00
16.35
17.00
A/A+
A/A+
5/5
Equip. t r .
26.3
15.25
17.10
Aaa/AAA
5/5
5/5
5/7
5/7
Com. s t k .
Com. s t k .
Com. s t k .
Debt.
37.0
39.9
27.0
100.0
5/7
5/8
5/11
5/12
5/12
5/12
5/12
5/12
5/12
5/13
Com. s t k .
Conv.debt.
Notes
Debt.
Debt.
Notes
Notes
Com. s t k .
Debt.
1 s t . mtg.
50.0
100.0
50.0
250.0
125.0
50.0
40.0
50.6
60.0
100.0
5/13
5/13
5/13
5/13
5/14
5/14
5/15
1 s t . mtg.
1 s t . mtg.
Conv.debt.
Notes
Com. s t k .
Conv.debt.
Com. s t k .
5/19
5/19
5/19
5/19
5/20
Debt.
1 s t . mtg.
1 s t . mtg.
1 s t . mtg.
Com. s t k .
Date
:1982-96
——
—
Moody's/S&P's
ratings
—
—
. —
-
: ——
— .
17.51
Baa/BBB
7.25
15.75
7.00
16.00
15.38
15.00
7.25
15.85
15.35
16.08
15.50
15.15
—/BB+
A/AA
A/A
A/A
A/A+
Aaa/AAA
2001
1991
14.50
16.00
18.25
16.12
B/B
Aa/A
110.0
50.0
100.0
100.0
50.0
25.0
248.0
1991
1991
2001
1991
16.63
16.50
9.00
15.25
16.65
16.50
9.00
15.40
A/BBB+
A/BBB+
Ba/BBAa/AA
2001
11.50
11.50
B/B-
100.0
200.0
100.0
100.0
30.0
1991
1991
1989
2011
2001
1
2006
1991
2011
2011
1991
1991
16.75
——
~
"
14.88
15.25
16.25
16.75
14.88
15.47
16.25
16.87
* Rights offering.
1 Includes only corporate and other security offerings of $25 million and over; excludes options, exchanges, and secondary offerings.
Aa/AA
Aa/AA
A/AA/A-
9. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL1
Issuer
C i t r u s Co. FL
Maine, S t a t e o f
F o r t Worth, TX
Louisiana O f f s h o r e Terminal
Auth.
Louisiana O f f s h o r e Terminal
Auth.
L o u i s i a n a O f f s h o r e Terminal
Auth.
Louisiana O f f s h o r e Terminal
Auth.
Louisiana O f f s h o r e Terminal
Auth.
California P o l l . Cntrl. Fin.
Auth.
California P o l l . Cntrl. Fin.
Auth.
Ames, Iowa
Cape May Co. I n d u s . P o l l .
Cntrl. Fin. Auth., N.J.
Tucson A i r p o r t A u t h . , AZ
Tucson A i r p o r t A u t h . , AZ
Tucson A i r p o r t A u t h . , AZ
New J e r s e y H e a l t h Care F a c .
F i n . Auth.
New J e r s e y H e a l t h Care F a c .
F i n . Auth.
New J e r s e y H e a l t h Care F a c .
F i n . Auth.
Oregon, S t a t e o f
Pennsylvania, S t a t e of
South C a r o l i n a P u b l i c S e r v .
Auth.
South C a r o l i n a P u b l i c S e r v .
Auth.
South C a r o l i n a P u b l i c S e r v .
Auth.
South C a r o l i n a P u b l i c S e r v .
Auth.
Johnson C o . , KS
Johnson C o . , KS
South Dakota H e a l t h & Ed.
F a c . Auth.
South Dakota H e a l t h & Ed.
F a c . Auth.
P h i l a d e l p h i a Hosp. A u t h . , PA
M i c h i g a n S t a t e Hsg. D e v . Auth.
M i c h i g a n S t a t e Hsg. Dev. Auth.
M i c h i g a n S t a t e Hsg. Dev. A u t h .
I l l i n o i s State
M i s s o u r i Board o f P u b l i c B l d g .
Dade C o . , FL
Sedgwick C o . , KS
Date
Type2
Amount
(millions
of $)
Maturity
Net
interest
cost
Offering
yield
Moody's/S&P's
ratings
5/5
5/5
5/6
Rev.
G.O.
G.O.
50.0
28.6
40.0
1984
1982-2001
1984-2002
n.a.
9.45
9.95 8.00-10.80
10.21 9.40-10.80
A/A+
Aa/AAA
Aa/AA
5/6
Rev.
33.7
1984-1994
n.a.
8.75-10.60
Aa/AA
5/6
Rev.
15.8
1999
n.a.
11.00
Aa/AA
5/6
Rev.
16.5
2009
n.a.
9.50
Aa/AA
5/6
Rev.
18.1
2010
n.a.
11.50
Aa/AA
5/6
Rev.
15.0
2011
n.a.
11.35
Aa/AA
5/6
Rev.
10.0
2011
n.a.
10.70
Aa/AA-
5/6
5/6
Rev.
Rev.
50.0
26.0
2020
1983
n.a.
10.19
10.88
9.50
Aa/AAMIG-2
5/8
5/11
5/11
5/11
Rev.
Rev.
Rev.
Rev.
38.7
11.8
10.7
42.6
2011
1987-1994
1998
2006
n.a.
n.a.
n.a.
n.a.
11.63
9.75-11.13
11.50
11.75
A+/AA
Baa/AAA
Baa/AAA
Baa/AAA
5/11
Rev.
2.3
1982-1991
n.a.
3.20-10.50
A/A-
5/12
Rev.
30.8
2012
n.a.
12.13
A/A-
5/12
5/12
5/14
Rev.
2013
1991-2002
1981-2000
n.a.
G.O.
4.1
240.0
75.0
5/14
Rev.
33.0
1995-2000
n.a.
5/14
Rev.
28.0
2013
n.a.
11.75
A1/A+
5/14
Rev.
89.0
2020
n.a.
12.00
A1/A+
5/14
5/15
5/15
Rev.
Rev.
Rev.
50.0
1.4
63.3
2021
1982-1986
2013
n.a.
n.a.
n.a.
10.50
3.13-9.13
9.90
A1/A+
Aa/AA
Aa/AA
5/15
Rev.
4.3
1985-1996
12.29
9.00-11.60
A/A
5/15
5/18
5/19
5/19
5/19
5/19
5/19
5/19
5/19
Rev.
Rev.
Rev.
Rev.
Rev.
G.O.
G.O.
Rev.
Rev.
32.7
56.0
2.2
5.2
35.6
150.0
43.4
75.0
3.0
2013
1984-2009
1983-1996
2004
2023
1982-2006
1984-1993
1982-2002
1983-1993
12.29
12.25
13.43 3.50-13.75
11.93 3.50-11.25
11.75
11.93
11.93
11.93
9.64 7.50-10.10
9.75 3.20-10.00
11.05 3.25-11.35
11.66 3.25-10.60
G.O.
11.99
A/A1 1 . 1 1 L 0 . 2 0 - 1 1 . 2 5 Aa/AA
1 0 . 6 0 3 . 0 0 - 1 1 . 2 0 A/A+
1 Includes only state and local security offerings of $25 million and over; excludes secondary offerings.
2 For state and local government securities, G.O. denotes general obligation; Rev. denotes revenue obligations.
3 Canadian interest cost.
L I . 0 0 - 1 1 . 5 0 A1/A+
A/A
Baal/BBB+
—/A+
—/A+
— /A+
Aaa/AAA
Aa/AA
A-l/A
Aa/AA
9. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL 1
Issuer
Date
Sedgwick C o . , KS
Sedgwick C o . , KS
Sedgwick C o . , KS
Sedgwick C o . , KS
N a s h v i l l e & D a v i d s o n Co. Metro
G o v ' t . , TN
Metro. G o v ' t , of N a s h v i l l e , TN
P i t t s b u r g Redev. A g c y . , CA
P i t t s b u r g Redev. A g c y . , CA
P i t t s b u r g Redev. A g c y . , CA
5/19
5/19
5/19
5/19
5/19
5/20
5/21
5/21
5/21
Amount
i millions
of $)
Maturity
Net
interest
cost
Offering
yield
Rev.
Rev.
Rev.
Rev.
2.5
5.4
24.3
4.8
1997
2002
2012
2013
11.66
11.66
11.66
11.66
11.13
10.50
11.75
11.75
G.O.
Rev.
Rev.
Rev.
Rev.
29.0
30.5
4.5
3.7
23.1
1984
1984
1983-1996
2001
2013
n.a.
8.87
n.a.
n.a.
n.a.
Type 2
1 Includes only state and local security offerings of $25 million and over; excludes secondary offerings.
2 For state and local government securities, G.O. denotes general obligation; Rev. denotes revenue obligations.
3 Canadian interest cost.
8.50
8.50
!.20-11.10
11.25
11.50
Moody's/S&P's
ratings
Aa/AA
Aa/AA
Aa/AA
Aa/AA
MIG-l/AA
MIG-l/AA
—/A
—/A
—/A
10
10. PUBLIC O F F E R I N G S O F INTERMEDIATE- A N D LONG-TERM SECURITIES: U.S. T R E A S U R Y
Notes and Bonds
A m o u n t (millions of dollars)
Offering
date
Payment
date
Length
Maturity
date
Coupon Auction
average
rate
(percent) (percent)
Net proceeds
Gross proceeds
Private'
Total
1
1
Total
Private <
2,815
2,815
2
Memo:
Foreign
add-ons3
1980
Nov.
Dec.
5
6
7
25
11/17
11/17
11/17
12/1
3 - y r 6-mo 5 / 1 5 / 8 4
10-yr
11/15/90
30-yr
11/15/10
2-yr
11/30/82
13-1/4
13
12-3/4
13-7/8
13.31
13.07
12.81
13.99
4,315
2,663
2,160
4,966
)
1-8,259
1,771
1,771
3
16
18
30
12/8
12/31
12/31
1/5
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
13.52
15.15
14.03
12.49
3,188
4,955
3,620
2,710
3,188
3,188
L
t 7*,79 O
7 3"7 Q 2 , 3 3 7
3,188
11-3/4 11.82
13-5/8 13.69
1,501
5,191
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
12. 75
13.49
13.21
13.34
1
4,601
0
190
0
0
2,710
2,710
2,710
170
0
63
0
1,501
4,730
1,501
2,045
1,501
2,045
0
125
18,801
3,638
3,638
5,012
3,460
2,551
3,460
2,551
3,460
0
130
0
186
195
5,601
3,794
1,751
2,972
4,901
3,535
1,751
2,972
2,085
985
1,751
2,972
2,118
952
1,751
2,972
68
0
0
215
4,324
1,572
1,572
0
6,751
2,119
2,119
0
0
0
4,251
2,120
2,120
0
2,337
1981
2/15/01
1/31/83
Jan.
6
21
1/12
2/2
2 0 - y r 1-mo
2-yr
Feb.
3
4
5
24
26
2/17
2/17
2/17
3/2
3/4
3-yr
9-yr
29-yr
2-yr
5-yr
Mar. 18
24
26
31
3/31
3/31
4/2
4/6
2-yr
4-yr
2 0 - y r 1-mo
7-yr
Apr. 22
4/30
2-yr
4/30/83
14-1/2
14.51
4,585
May
5/15
5/15
5/15
5/31
3-yr
10-yr
30-yr
2-yr
5/15/84
5/15/91
i/15/06-U
5/31/83
15-3/4
14-1/2
13-7/8
15-5/8
15.81
14.56
13.99
15.72
3,681p
2,050p
2,301p
4,662p
5
6
7
20
)
)
1 Excludes amounts sold to Government investment accounts and the Federal Reserve. Also excludes add-ons to foreign accounts.
2 May be larger than the total if the Government accounts and/or the Federal Reserve do not fully roll-over their maturing holdings.
3 Additional amounts of securities issued to foreign and international monetary authorities at the average auction price for new cash.
11
11. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: GOVERNMENT-SPONSORED AGENCIES
Issuer
Offering Payment
date
date
Length
Maturity
date
Yield
i percent)
A m o u n t (millions of dollars)
Gross
proceeds
Maturing
issues
Net
proceeds
FHLB
11/14
Ll/14
11/25
11/25
,-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
12/2460 1 / 5 / 8 1 3 - y r
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 - y r 9-mo
1/25/83
14.50
1,200
0
1,200
FHLB
5/13
5/13
5/13
5/26
5/26
5/26
11-mo
2 - y r 8-mo
5-yr
4/26/82
1/25/84
5/27/86
17.05
15.80
15.50
1,200
1,000
600
3-mo
6-mo
1
FFCB
- Federal Farm Credit Banks
FHLB
- Federal Home Loan Banks
FHLMC - Federal Home Loan Mortgage Corporation
FNMA - Federal National Mortgage Association
1,400
1,400
^
As of May 2 2 , 1981
12. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LCiMG TERM SECURITIES: CORPORATE 1
Issuer
*Puget Sound Power & L i g h t Co.
*Borg Warner A c c e p t . Corp.
Western Union T e l e g r a p h Co.
Western P a c i f i c I n d . I n c .
C r y s t a l O i l Co.
Cable American Corp.
Northwest Energy Co.
ITT F i n a n c i a l Corp.
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.
B a r c l a y s N. Amer. C a p i t a l Corp.
Westvaco Corp.
W e l l s Fargo & Co.
Amoco C r e d i t Corp.
W e s t i n g h o u s e C r e d i t Corp.
U n i t e d Gas P i p e l i n e
Gen'1. T e l . Co. of C a l i f .
D a l l a s Power & L i g h t Co.
New England Power Co.
B e n e f i c i a l Corp.
M e l l o n N a t i o n a l Corp.
* D a t a p o i n t Corp.
Delraarva Power & L i g h t Co.
Wendy's I n t e r n a t ' 1 . Co.
Puget Sound Power & L i g h t Co.
D e t r o i t E d i s o n Co.
*New England T e l . & T e l . Co.
P a c i f i c Power & L i g h t Co.
* A l l e g h e n y Power System
Southern Co.
*South C a r o l i n a E l e c . & Gas Co.
* P u b l i c S e r v i c e E l e c . & Gas Co.
*Duquesne L i g h t Co.
*South C a r o l i n a E l e c t r i c
*Public S e r v i c e of Colorado
*Georgia Power Co.
*Georgia Power Co.
*Kansas Power & L i g h t Co.
*Brooklyn Union Gas Co.
* P u b l i c S e r v i c e E l e c t r i c & Gas Co.
* N o r t h e a s t U t i l i t i e s Co.
*Niagara Mohawk Power Co.
*Potomac E l e c . & Power Co.
* P e n n s y l v a n i a E n g i n e e r i n g Corp.
*Citicorp
*UNC R e s o u r c e s Corp.
Northern Indiana P u b l i c S e r v i c e
Cypress Mines Corp.
Cypress Mines Corp.
OTHER
Canadian N a t i o n a l R a i l w a y Co.
Montreal, Province of
U n i t e d Mexican S t a t e s
Type
Amount
(millions of dollars)
A p p r o x i m a t e date
of offering
Com. s t k .
Debt.
Notes
Debt.
Conv. d e b t .
Notes
Debt.
Notes
Debt.
Notes
Debt.
Debt.
Notes
Debt.
Notes
Notes
Debt.
Pfd. s t k .
Pfd. stk.
Notes
Notes
Conv. d e b t .
Com. s t k .
Com. s t k .
1 s t . mtg.
Pfd. stk.
Debt.
Com. s t k .
Com. s t k .
Com. s t k .
1 s t . mtg.
1 s t . mtg.
1 s t . mtg.
Com. s t k .
Com. s t k .
1 s t . mtg.
Pfd. stk.
Com. s t k .
1 s t . mtg.
Com. s t k .
Com. s t k .
Com. s t k .
1 s t . mtg.
Debt.
Notes
Conv. d e b t .
Com. s t k .
Notes
Debt.
40.0
150.0
75.0
50.0
31.2
50.0
100.0
75.0
350.0
200.0
125.0
75.0
100.0
100.0
100.0
75.0
100.0
30.0
50.0
100.0
50.0
100.0
25.0
30.0
50.0
25.0
150.0
70.0
80.0
125.0
70.0
100.0
80.0
28.0
60.0
125.0
75.0
30.0
50.0
50.0
65.0
60.0
100.0
30.0
150.0
30.0
48.0
100.0
100.0
May 27
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
June 2
June 2
June 2
June 4
June 4
June 9
June 9
June 9
June 9
June 11
June 16
June 17
June 17
June 18
June 23
June 23
June 23
June 24
June 24
June 29
June 20
June
June
June
June
June
Indef.
Indef.
Debt.
Debt.
Bonds
150.0
100.0
100.0
May
May
May
* Included in table for first time.
1 Includes only corporate and other security issues of $25 million and over; excludes exchanges, options, and secondary offerings.
12. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE 1 ( c o n ' t )
Type
Issuer
OTHER
Pembroke C a p i t o l L t d .
Pembroke C a p i t o l L t d .
Oslo Norway
Debt.
Notes
Bonds
POSTPONED
Columbia Gas System
Delmarva Power & L i g h t Co.
Oklahoma Gas and E l e c t r i c Co.
C o n t i n e n t a l T e l e p h o n e Co.
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.
Debt.
Com.
Com.
Com.
Com.
stk.
stk.
stk.
stk(rts)
Amount
(millions of dollars)
A p p r o x i m a t e date
of offering
200.0
100.0
100.0
May
May
Indef.
125.0
200.0
25.0
33.0
37.0
June 3
May
June 16
May
May
* Included in table for first time.
.
1 Includes only corporate and other security issues of $25 million and over; excludes exchanges, options, and secondary offerings.
14
As o f May 2 2 , 1981
13. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL 1
Issuer
Manatee Co. H . F . A . , FL
F r a n k l i n C o . , OH
Farmington, N.M.
Jackson C o . , OR
Michigan, 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
* A u s t i n , TX
*Mass. Mun. T-Jholesale E l e c t r i c . Co.
* C o n n e c t i c u t Hsg. F i n . Auth.
^ M a s s a c h u s e t t s H e a l t h & Ed. F a c . Auth.
Shelby Co. H e a l t h & Ed. F a c . B d . , TN
San F r a n c i s c o , CA
North Texas Higher Ed. Auth.
B u t l e r C o . , OH
P l a t t e R i v e r Power A u t h . , CO
* P h i l a d e l p h i a I n d . Dev. Auth.
* V i r g i n i a E d u c a t i o n Loan Auth.
North C a r o l i n a , S t a t e of
Chicago Pub. B l d g . Comm., IL
*Maryland, S t a t e
* U n i v e r s i t y of Texas System
T e n n e s s e e S c h o o l Bond Auth.
*Denver, CO
POSTPONEMENTS
Washington Pub. Power Supply S y s t .
Georgia, State
Type
Rev.
G.O.
Rev.
G.O.
Rev.
Rev.
G.O.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
G.O.
Rev.
G.O.
Rev.
BAN's
G.O.
Rev.
G.O.
* Included in table for first time.
1 Includes state and local government issues of $25 million and over; excludes secondary offerings.
Amount
(millions of dollars)
Approximate date
of offering
43.1
34.3
38.0
47.0
50.0
120.0
75.0
May
May
May
May
May
May
May
22
22
26
26
27
27
27
14.5
May
May
May
May
May
May
May
May
June
June
June
June
June
June
June
June
June
2#
May
May
8
12
100.0
50.0
39.0
91.4
50.0
35.0
26.0
125.0
33.0
50.0
60.0
95.0
91.9
43.0
36.5
29.0
200.0
150.4
28
29
29
29
29
29
4
5
8
9
9
10
10
10
14
15
14. STOCK PRICES1
NYSE Index3
Date
247.07 (12/31)
152.03 ( 1/2)
152.29 (10/5)
117.84 ( 1/2)
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)
373.53 ( 5/22)
330.34 ( 2/20)
219.56 ( 4/24)
192.29 ( 2/20)
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
76.75
76.13
76.54
76.26
995.58
976.40
985.95
971.72
356.24
362.18
370.90
373.53
216.68
214.84
216.51
219.23
63.39 (10/5)
53.88 (2/27)
1980-High
Low
81.02 (11/28)
1981-High
Low
3
10
17
24
May
1
8
15
22
NASDAQ5
897.61 (10/5)
796.67 (11/8)
1979-High
Low
1981-Apr.
AMEX4
DJ Industrials
15. TRADING VOLUME^
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 (
1/7)
1/2)
1981-Apr.
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
May
1
8
15
22
54.4
44.2
41.8r
43.5
5.7
5.0
5.6r
5.4
35.1
32.0
32.6r
34.1
1 Figures other than highs and lows are Friday figures only.
2 Volume figures are weekly averages of daily figures (millions of shares). Highs and lows refer to single days.
3 12/31/65 = 50
4 8/31/73 - 100
5 2/5/71 - 1 0 0
1/7)
1/2)
16. SECURITY CREDIT 1
Outstanding, dollar a m o u n t s in millions
End of period
Margin credit extended
by brokers on:
Marginable
stock
Convertible
bonds
N u m b e r of
margin a c c o u n t s
(thousands)
Percent of debt
in accounts with
4 0 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 - Jan.
Feb.
Mar.
10,750
10.790
10,870
199
195
181
950
950
965
79
71
79
Apr.
MayJune
11,220
11,130
11,590
194
183
172
960
970
980
77
78
79
July
Aug.
Sept.
11,840
12,060
12,000
178
176
177
970
995
1,005
81
86
84
Oct.
11,310
10,920
11,450
173
161
167
985
1,000
1,020
73
83
84
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
81
83
July
Aug.
11,320
11,800
12,520
198
204
208
1,075
1,095
1,105
88
89
87
13,080
14,140
14,500
211
220
219
1,120
1,155
1,180
87
87
86
221
220
222
1,195
1,205
1,235
80
80
Mar.
14,020
13,950
14,020
Apr.
14,630
238
1,260
79
Nov.
Dec.
1980 - J a n .
Feb.
Sept.
Oct.
Nov.
Dec.
1981 - J a n .
Feb.
Margin account debt as reported by the New York Stock Exchange.
1 FRASER
Digitized for
84
17. SAVINGS FLOWS AT SELECTED NONBANK THRIFT INSTITUTIONS
Millions of dollars
Mutual Savings Banks
(regular deposits) 1
Date
Net f l o w
N.S.A.
Sea. a d j .
Annual
growth
rate3
Net f l o w
N.S.A.
Sea. adj.
Annual
growth
rate3
Memo:
Net New Money 2
Total
Savings and Loan Associations
Net
flow
(sea. adj.)
Annual
growth
rate3
At
insured
S&L's
At
MSB's
17.5
62,854
15.9
34,369
5,283
50,888
15.0
60,982
13.3
3],004
2,874
6.3
44,153
11.3
52,292
10.1
23,460
-591
2,900
2.1
39,051
9.1
42,226
7.4
15,029
-6,963
7,380
5.1
40,955
8.7
48,330
7.9
10,667
-4,831
1976
12,670
11.6
50,169
1977
10,783
8.7
1978
8,426
1979
1980
— •
-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 ofmdustry 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 A T SELECTED ^ S T I T U T I O N S
Billions of dollars, seasonally adjusted
Federal and Related Agencies
T h r i f t Institutions
Total
All savings
and loan
associations
Mutual
savings banks
(N.Y. state)
1978
37.5
32.7
4.8
1979
31.5
28.1
1980
28.9
1979-Jan.
Feb.
Mar.
End of Period
FNMA
GNMA
FHLMC
16.5
9.9
4.8
1.8
3.4
12.6
6.9
4.7
1.0
27.3
1.6
9.3
3.5
5.2
0.6
37 0
36.5
36 1
32.2
31.8
31 5
48
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
5.8
0.7
0.6
0.8
n.a.
Total
Based on data from Federal Home Loan Bank Board, Savings Banks Association of New York State, and federal and related agencies, seasonally adjusted
by Federal Reserve. 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.
19
19. NET NEW MONEY BORROWINGS BY MAJOR HOUSING CREDIT AGENCIES
Millions of dollars
-
e
#
#
#
#
FNMA and FHLB
short-term
discount notes
T otal
FHLB
1976
-1,750
-1,131
-2,031
0
900
-619
1977
2,732
1,444
496
-4
952
1,288
1978
19,030
13,578
6,302
576
6,700
5,452
1979-Jan.
Feb.
Mar.
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.
3,607
313
3,390
1,300
900
250
1,600
150
0
0
-300
750
2,307
-587
700
0
-450
3,140
1981-Jan.
Feb.
207
-18
1,582
496
600
200
-18
-4
1,000
300
-1,375
-514
#
#
Intermediate- and long-term issues
Total including
short-term
discount notes
Period
e
e
Based on data from Treasury Survey of Ownership.
FHLMC
FNMA
20. NET CHANGE IN MORTGAGE HOLDINGS AT SELECTED INSTITUTIONS
Millions of dollars, seasonally adjusted
Period
Total
Total
Major private financial institutions
Commercial
Life insur.
MSB's
S&L's companies
banks
FNMA
and
GNMA
FHLMC
Mortgage pools
GNMA- FHLMCguaranteed guaranteed
1978
126,411 103,221 35,376
6,314
52,153
9,378
8,735
-233
9,389
5,275
1979
122,121
8 8 , 8 7 7 31 504
3,886
43 064
12,607
8,147
973
20,854
3,270
1980
87,021
59,418 18,574
516
27,826
12,318
7,262
1,127
17,479
1,754
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
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
Oct.
Nov.
Dec.
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
6,670
7,057
n. a .
n.a.
5,337
5.396
n.a.
n.a.
1,365
1,564
2,090
2,879
121
125
n.a.
n.a.
3,066
2,747
1,662
n.a.
785
960
n.a.
n.a.
160
74
-133
n.a.
-48
188
n.a.
n.a.
1,114
1,381
-35
n.a.
107
18
216
n.a.
1980
1981
Jan.
Feb.
Mar.
Apr.
Monthly data for commercial banks based on Federal Reserve estimates bench marked 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 serie^ecause of minor conceptual differences for which adjustments are not made in the monthly series. Altogether, these groups accounted
for 89 percent omhe net increase estimated for all holders in 1978.
21
2 1 . NET CHANGE IN M O R T G A G E DEBT O U T S T A N D I N G , BY TYPE OF P R O P E R T Y 1
Billions of dollars, seasonally adjusted annual r^tes
Quarter
1
Total
Total
!
Residential
1 - to 4famiiy
Multifamily
I Multifamily
and
Commercial
commercial
Farm
1976-Q1
02
03
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
4.8
4.4
6.4
7.3
1977-Q1
Q2
03
Q4
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
1978-Q1
Q2
03
04
131.4
144.1
150.4
159.7
101.8
112.2
120.5
131.0
93.2
101.2
111.3
122.9
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-Q1
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
1980-01
02
03
04
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.
22. AVERAGE RATES AND YIELDS ON HOME MORTGAGES AND PASS-THROUGH SECURITIES
Secondary market
Primary market
Conventional mortgages
FHA/VA mortgages
Rates on
Discount
Yield in
Yield in
Yield on
Yield in
conventional
Ceiling
Period
points
Period
FHLMC
FNMA
GNMA
FNMA
loans at
rate
in FNMA
auction
auction
securities
auction
S&L's
auction
1979-High
Low
12.90
1979-High
Low
10.38
13.29
12.54
11-1/2
11.77
13.97
13.56
10.42
4.16
9-1/2
9.51
10.92
10 40
1980-High
Low
16.35
12.18
1980-High
Low
15.93
12.28
15.40
.93
14
11-1/2
14.17
10.73
17.51
12.81
16.22
11.60
1981-High
Low
16.64
14.80
1981 High
Low
17.21
14.84
12.51
7.33
15-1/2
13-1/2
15.46
13.18
16.42
14.83
16.77
14.16
7
14
21
28
14.08
14.18
14.28
14.28
Nov.
15.57
13.68
10.65
13.61
13.67
13.57
13.75
15.25
15.49
13
13
13-1/2
13-1/2
14.25
14.34
14.38
14.56
5
12
19
26
14.43
14.83
14.95
14.95
Dec.
13-1/2
13-1/2
13-1/2
13-1/2
13.79
14.01
13.24
13.31
15.65
2
9
16
23
30
14.95
14.80
14.85
14.85
15.07
Jan.
13-1/2
13-1/2
13-1/2
13-1/2
13-1/2
13.18
13.50
13.62
13.71
13.76
15.04
6
13
20
27
15.00
15.03
15.20
15.30
13-1/2
13-1/2
13-1/2
13-1/2
14.08
14.41
14.26
14.31
6
13
20
27
15.40
15.40
15.40
15.40
Mar.
14
14
14
14
14.17
13.96
14.23
14.18
3
10
17
24
15.40
15.50
15.65
15.77
Apr.
14
14-1/2
14-1/2
14-1/2
14.69
14.64
14.61
14.81
1
8
15
15.82
16.12
16.64
May
14-1/2
15-1/2
15-1/2
15.46
15.37
15.16
Nov.
Dec.
Dec.
10
17
24
1
8
15
22
29
——
10.67
15.50
7.79
14.92
—
15.35
—
15.43
14.70
14.86
14.86
14.36
1981
Jan.
Feb.
Mar.
Apr.
May
Feb.
Feb.
Mar.
5
12
19
26
3
10
17
23
2
9
16
23
30
6
13
20
27
4
11
18
7.63
-r—
7.33
14.89
14.84
—
7.56
14.88
——
——
11.11
15.59
—
15.88
——
15.39
•
12.51
—- —
7.45
——
15.74
— —
9.23
—» —
16.47
10.14
16.61
10.81
17.21
8.58
——
——
14.85
—
14.83
——
15.26
—
15.38
15.19
—
15.42
——
15.57
15.75
——
16.42
14.16
14.43
14.51
14.60
14.72
15.04
15.10
15.13
15.31
15.18
14.93
15.08
15.11
15.35
15.44
15.51
15.69
16.35
16.77
16.51
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 GNMA-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 60 days) delivery.
Beginning July 7,1980, the FNMA auction results for FHA/VA mortgages do not include graduated payment mortgages.
23
22. AVERAGE RATES AND YIELDS ON HOME MORTGAGES AND PASS-THROUGH SECURITIES
Secondary market
Primary market
Conventional mortgages
FHA/VA mortgages
Rates on
Discount
Yield in
Yield in
Yield on
Yield in
conventional
Ceiling
Period
points
Period
FHLMC
FNMA
GNMA
FNMA
loans at
rate
in FNMA
auction
auction
securities
auction
S&L's
auction
1979-High
12.90
1979-High
Low
10.38
Low
13.29
12.54
11-1/2
11.77
13.97
13.56
10.42
4.16
9-1/2
9.51
10.92
10.40
1980-High
Low
16.35
12.18
1980-High
Low
15.93
12.28
15.40
.93
14
11-1/2
14.17
10.73
17.51
12.81
16.22
11.60
1981-High
Low
16.64
14.80
1981 High
Low
17.21
14.84
12.51
7.33
15-1/2
13-1/2
15.46
13.18
16.42
14.83
16.77
14.16
7
14
21
28
14.08
14.18
14.28
14.28
Nov.
10
17
24
1
15.57
13.68
10.65
13.61
13.67
13.57
13.75
15.25
15.49
13
13
13-1/2
13-1/2
14.25
14.34
14.38
14.56
5
12
19
26
14.43
14.83
14.95
14.95
Dec.
8
15
22
29
15.50
10.67
7.79
13.79
14.01
13.24
13.31
15.65
14.92
13-1/2
13-1/2
13-1/2
13-1/2
2
9
16
23
30
14.95
14.80
14.85
14.85
15.07
Jan.
5
12
19
26
3
14.89
7.63
7.33
14.88
7.56
13.18
13.50
13.62
13.71
13.76
15.04
14.84
13-1/2
13-1/2
13-1/2
13-1/2
13-1/2
6
13
20
27
15.00
15.03
15.20
15.30
Feb.
13-1/2
13-1/2
13-1/2
13-1/2
14.08
14.41
14.26
14.31
6
13
20
27
15.40
15.40
15.40
15.40
Mar.
14
14
14
14
14.17
13.96
14.23
14.18
3
10
17
24
15.40
15.50
15.65
15.77
Apr.
14
14-1/2
14-1/2
14-1/2
14.69
14.64
14.61
14.81
1
8
15
15.82
16.12
16.64
May
14-1/2
15-1/2
15-1/2
15.46
15.37
15.16
Nov.
Dec.
Dec.
15.35
15.43
14.70
14.86
14.86
14.36
1981
Jan.
Feb.
Mar.
Apr.
May
Feb.
Mar.
10
17
23
2
9
16
23
30
6
13
20
27
4
11
18
15.59
11.11
15.88
12.51
15.39
7.45
15.74
9.23
16.47
10.14
16.61
10.81
17.21
8.58
14.85
14.83
15.26
15.38
15.19
15.42
15.57
15.75
16.42
14.16
14.43
14.51
14.60
14.72
15.04
15.10
15.13
15.31
15.18
14.93
15.08
15.11
15.35
15.44
15.51
15.69
16.35
16.77
16.51
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 GNMA-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 60 days) delivery.
Beginning
July 7,1980, the FNMA auction results for FHA/VA mortgages do not include graduated payment mortgages.
24
23. FNMA AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES
Dollar a m o u n t s in millions
Date of
auction
Offered
1979-High
Low
1980-High
Low
FHA/VA mortgages
Accepted
Average yield
Offered
Conventional mortgages
Average yield
Accepted
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
644.2
63.8
354.6
35.1
15.93
12.28
426.0
12.4
133.0
19.6
17.51
12.76
i
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
109.9
99.6
17.21
114.6
72.2
16.42
1981-High
Low
1981-Mar.
May
11
24. FHLMC AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES
Conventional mortgages, dollar a m o u n t s in millions
Date of
auction
Offered
16.22
11.60
255.2
34.1
26.9
10.5
17.15
12.89
141.6
40.7
65.9
13.2
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
3
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
18
44.2
41.3
15.2
13.2
n. a.
n.a.
16.35
16.77
16.51
1981-High
Low
Apr.
May
F u t u r e c o m m i t m e n t program
Average yield
Accepted
200.3
2.5
Low
Mar.
Offered
401.4
4.9
1980-High
1981-Feb.
Immediate delivery program
Average yield
Accepted
——
30.3
•— —
——
——
56.7
——
14.3
15.43
—
—
— —
——
62.6
——
6.1
.
—
——
5.0
——
15.87
—
17.5
—
17.12
:
Offerings in the 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
TGAGE BACKED SECURITY S
5, not seasonally adjusted
GNM A guaranteed
Outstanding
end of period)
Pass-through securities
FHLMC guaranteed
New issues
Outstanding
end of period)
Tp
Privately insured
New issues
Outstanding
{end of period)
icofferin
mortgage
ked bond
avings an
an assoc.
44,896
4,131
6,610
242
238
115
54,347
6,212
11,892
1,011
1,141
465
76,401
4,546
15,180
2,575
3,641
110
93,874
2,527
16,853
5,133
8,724
290
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
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
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
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
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
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
85,634
88,031
89,452
288
320
27 5
16,370
16,658
16.852
485
466
355
6,603
6,995
7,338
50
0
, 0
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
95,061
96.292
97,184
n. a.
168
94
127
n. a.
16.9 52
17.010
17,067
n. a.
529
251
460
8,2.33
9,489
9,900
n. a.
0
0
0
n. a.
jrities are issued by private institutions and represent undivided interests in p o o l s of Government-underwritten he
itions. FHLMC-guaranteed securities include Participation Certificates and Guaranteed Mortgage Certificates issue
itional residential mortgages formed by FHLMC. Privately-insured pass-through securities are issued by private in<
residential mortgages and are underwritten by major private mortgage insurance c o m p a n i e s .
AC, H U D , and Federal Reserve.
mortgage!
V FHLMC
@FedFRASER