Full text of H.16 Capital Market Developments : May 30, 1978
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- y y , , Q , , - t ~ ~ n i. s Capital Market Developments V May 30, 1978 Prepared by the CAPITAL MARKETS SECTION in conjunction with the MORTGAGE and CONSUMER FINANCE SECTION DIVISION OF RESEARCH AND STATISTICS BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM . Washington, D C. 20551 Index SUBSCRIPTION RATES: Weekly $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 of the Federal Reserve System in a form collectible at par in U.S. Currency. TABLES 1 - 6 SECURITY VOLUME AND YIELDS 7, 8 STOCK MARKET AND SECURITY CREDIT 9-16 MORTGAGE MARKET SYMBOLS e ESTIMATE P PRELIMINARY r REVISED n.& NOT A V A I L A B L E — D A T A DO NOT EXIST Table 1 YIELDS, VOLUME AND RECEPTION CORPORATE BOND MARKET YIELDS WEEK ENDING 1978 - A p r i l May 7 14 21 28 5 12 19 26 NEW ISSUE 1 A a a UTILITY • VOLUME RECENTLY OFFERED Aaa UTILITY 8.88 8.88 8.93 8.92 -*• — 8.87 8.95 9.01p 2 GROSS OFFERINGS ( $ MILLIONS) 3 PER CENT SOLD BY END OF WEEK NEW ISSUES 4 IN SYNDICATE ( $ MILLIONS) 8.82 8.84 8.84 8.91 300 558 813 192 87 98 82 96 23 10 145 8 8.90 8.92 8.98r 9,02p 128 288 515 647 96 93 94 94 5 21 31 41 MUNICIPAL BOND MARKET VOLUME YIELDS WEEK ENDING MOODY'S NEW ISSUE Aaa BOND BUYER 2Q-BOND INDEX 3 GROSS OFFERINGS ( $ MILLIONS) PER CENT S O L D BY END OF WEEK NEW ISSUES 4 IN SYNDICATE ( $ MILLIONS) 1978 - A p r i l 7 14 21 28 5.40 5.40 5.40 5.45 5.76 5.74 5.79 5.89 346 785 739 1,264 84 91 89 88 189 186 185 248 May 5 12 19 26 5.45 5.55 5.55 5.75 5.98 5.99 5.98 6.16 1,213 739 79 87 91 81 281 191 290 294 1,518 1,097 NOTES: 1 Federal Reserve series of implied yield on newly issued, Aaa rated utility bond with 5-year call protection. 2 Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection, released from price restrictions sometime during the last four weeks. 3 Estimated by F.R. on the basis of available data. 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. 4 Table 2 HIGH GRADE BOND YIELDS NEW I S S U E A a a UTILITY DATE 1 RECENTLY OFFERED A a a UTILITY 2 MOODY'S S E A S O N E D CORPORATE A a a 3 U . S . GOVT. 20-YEAR C O N S T A N T MATURITY 4 BOND BUYER 2 0 - B 0 N D INDEX 1974 - High Low 10.61 ( 1 0 / 4 ) 8.05 (2/15) 10.52 ( 1 0 / 1 1 ) 8.13 (1/4) 9 . 3 9 (10/11) 7.73 (1/4) 8.68 (8/30) 7.39 ( 1 / 4 ) 7.15 (12/12) 5.15 (2/7) 1975 - High Low 9.80 (5/2) 8.89 (2/7) 9.71 (5/25) 9.06 (2/28) 9.01 (5/2) 8.57 (2/28) 8.63 (9/19) 7.63 (2/21) 7.67 (10/3) 6.27 ( 2 / 1 3 ) 1976 - High Low 8.95 (5/28) 7.93 (12/10) 9.10 (1/2) 7.84 (12/31) 8 . 6 6 (5/28) 7 . 9 1 (12/31) 8.17 (5/28) 7 . 2 7 (12/31) 7.29 (1/2) 5.95 (12/16) 1977 - High Low 8.36 (12/16) 7.90 (1/7) 8.48 (12/30) 7.95 (1/7) 8 . 2 8 (12/30) 7.88 ( 1 / 7 ) 7.99 (12/30) 7.26 (1/7) 5.93 (2/4) 5.45 (11/17) 1978 - High Low 9 . 0 1 (5/26) 8.60 (3/24) 9.02 (5/26) 8.48 (1/6) 8 . 7 4 (5/26) 8.30 (1/6) 8.46 (5/26) 8.02 (1/6) 6.16 (5/25) 5.58 (3/17) 8.88 8.88 8.93 8.92 8.82 8.84 8.84 8.91 8.53 8.56 8.57 8.59 8.31 8.33 8.35 8.36 5.76 5.74 5.79 5.89 8.87 8.95 9.01p 8.90 8.92 8.98r 9.02p 8.62 8.65 8.69r 8.74p 8.40 8.44 8.44r 8.46p 5.98 5.99 5.98 6.16 1978 - Apr. May 7 14 21 28 5 12 19 26 NOTES: 1 Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection. 2 Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection released from price restrictions sometime during the last 4 weeks. 3 Weekly average of daily closing figures. 4 Weekly average of daily figures. U.S. Treasury data. 5 Thursday figures. The average rating of the 20 bonds used in this index falls midway between the four top groups as classified by Moody's Investors Service. Weekly Bond Buyer data. # # # # # # # # # # « 5 5 Table 3 LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS IN MILLIONS OF DOLLARS G R O S S PROCEEDS 1 CORPORATE PERIOD 1978 3 1977 1 1976 1 S T A T E AND LOCAL 1978 J 1977 2 2 1976^ March 3,0X3 2,550e 3 , 7 OOe 4,362 2,792 5,578 3,381 3,863 6,632 3,288 2,728 4,538 3,402 3,442 4,063 2,451 2,885 3,365 April 3,300e 3,998 3,797 5,660 3,507 4,186 6,439 3,500e 3,409 4,566 5,786 2,218 3,575 3,115 4,289 3,469 4,177 3,216 3,357 4,817 3,113 4,118 4,013 2,734 2,821 2,814 4,221 5,331 6,531 4,511 3,074 6,503 3,807 3,332 3,646 3,524 3,336 2,342 12,732 13,455 11,935 16,083 13,876 14,132 11,390 14,088 10,907 13,761 11,244 10,785 8,701 8,908 8,369 9,202 26,187 38,122 54,205 28,008 39,398 53,488 24,668 35,912 46,697 17,609 25,978 35,180 January February May June July August September October November December 9,263e 01 02 03 04 1st Half 3 Qtrs. Year 10,554 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 Reserve on t h e b a s i s of a v a i l a b l e d a t a . Table 4 NEW CORPORATE SECURITY I S S U E S BY TYPE OF ISSUE AND ISSUER o\ IN MILLIONS OF DOLLARS GROSS PROCEEDS BY TYPE OF ISSUER GROSS PROCEEDS BY TYPE OF ISSUE 1 BONDS PERIOD TOTAL PUBLICLY OFFERED MEMO COMMON MANUFACAND ISSUES INCLUDED PRIVATELY TURING PREFERRED PLACED FOREIGN CONVERTIBLE STOCK PUBLIC UTILITY COMMUNICATIONS OTHER ISSUERS 13,876 14,132 11,390 14,088 7,569 7,427 4,904 6,553 2,754 3,584 4,624 4,962 3,553 3,121 1,861 2,573 1,340 1,843 1,267 1,795 262 478 199 55 4,497 3,757 2,982 4,259 4,044 3,140 3,317 3,917 765 1,879 378 541 4,596 5,358 4,715 5,369 IV 12,732 13,455 11,935 16,083 6,498 5,606 6,215 5,867 3,527 4,975 3,506 5,999 2,707 2,874 2,214 4,217 858 1,810 1,560 1,025 6 108 495 39 3,031 3,440 3,250 4,054 3,047 4,125 2,901 4,246 1,415 1,059 644 1,320 5,238 4,830 5,140 6,460 1977 - J a n u a r y February March April May June July August September October November December 4,362 2,792 5,578 3,998 3,797 5,660 4,289 3,469 4,177 4,221 5,331 6,531 2,786 1,102 2,610 1,961 1,600 2,045 2,360 1,947 1,908 2,114 2,211 1,542 974 780 1,773 1,446 949 2,580 972 965 1,569 979 1,200 3,820 602 910 1,195 591 1,248 1,035 695 557 700 1,128 1,920 1,169 300 433 125 600 350 850 935 150 475 300 425 300 0 6 0 50 2 56 25 262 208 1 22 16 1,129 757 1,145 1,381 643 1,416 1,349 1,068 633 731 782 2,541 989 470 1,588 984 1,670 1,471 903 497 1,501 1,437 1,729 1,080 50 557 808 334 309 41b 277 45 322 8 1,013 299 2,194 1,006 2,038 1,298 1,176 2,356 1,761 1,858 1,521 2,045 1,805 2,610 1978 - J a n u a r y 3,013 1,382 998 633 325 0 273 644 519 1,578 1976 - I II III IV 1977 - I II III NOTES: 1 Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other. Source: Securities and Exchange Commission. # # # # # # # # # # Table 5A INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY' May 1 through May 26, 1978 ISSUER CORPORATE Mo r a n Bros. C o n t i n e n t a l I l l i n o i s Corp. F i r s t American C o r p o r a t i o n P o r t l a n d G e n e r a l E l e c t r i c Co. Tucson Gas & E l e c . Co. I l l i n o i s Power Co. P u b l i c S e r v i c e Co. of New Hampshire P a c i f i c Power & L i g h t Co. San Diego Gas & E l e c . Co. Southern Railway I n c . Documation I n c . F i r s t F e d e r a l S&L Assoc. G e n e r a l American T r a n s p . Corp. G e n e r a l American T r a n s p . Corp. Wisconsin E l e c t r i c Power Co. San Diego Gas & E l e c t . Co. Inforex Inc. Toledo Edison Co. Kansas Power & L i g h t Co. B e n e f i c i a l Corp. C o n t i n e n t a l Group I n c . T r a i l T r a i n Co. Ohio Edison Co. Georgia Power Co. Utah Power & L i g h t Co. TYPE Debt. Notes Com. s t k . Com. s t k . Com. s t k . Com. s t k . Com. s t k . Pfd. stk. Com. s t k . Equip, t r . Debt. Mtg.-backed Equip, t r . Equip, t r . 1 s t mtg. 1 s t mtg. Debt. Com. s t k . Com. s t k . Deb t . Debt. Equip, t r . 1 s t mtg. 1 s t mtg. j| 1 s t mtg. AMOUNT (MILLIONS OF DOLLARS) 15.0 100.0 36.3 65.6 40.3 60.6 24.7 40,0 37.5 22,6 15.0 40.0 45.0 15.0 80.0 50.0 20.0 45.0 35.1 150.0 75.0 20.3 120.0 100.0 50.0 MATURITY 1998 1985 11.63 8.55 MOODY'S/S&P'S RATINGS B/B Aaa/AAA — — — — — — 1979-1993 1998 1986 1998 1979-1983 2008 2008 1998 — 9.16 — 8. 75 11.50 8.70 9.00 — 8.88 9.75 10.63 — 9.16 Baa/BBB — 8.00-8.75 11.50 8.70 9.03 8.10-8.70 8.90 9.75 10.63 Aa/AA+ B/B —/AAA A/A A/A Aa/AA Baa/BBB B/B 8.43 8.86 8.10-9.15 9.45 9.73 9.13 Aa/AA A/AA A/A A/A Baa/BBB A/AA • — — 2008 2008 1979-1993 2008 2008 2008 Rights offering. Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings. 11.50 8.50 OFFERING YIELD — NOTES: * 1 COUPON RATE 8.40 8.85 — 9.50 9.63 9.13 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 1 through May 26, 1978 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE OFFERING YIELD MOODY S / S & P ' S RATINGS CORPORATE P a c i f i c Gas & E l e c . Co. Utah Power & L i g h t Co. Four-Phase Systems I n c . Cleveland E l e c . I l i u m . Co. Northwest P i p e l i n e Corp. Household Finance Corp. Northwest P i p e l i n e Corp. Kansas City Power & L i g h t Co. F i r s t F e d e r a l S&L Assoc. of Wise. Monsanto Co. Wisconsin Power & L i g h t Co. Oak I n d u s t r i e s I n c . R e a l t y Refund Trust World Airways I n c . South C a r o l i n a E l e c t . & Gas Co. Pfd. stk. Com. s t k . Com. s t k . Com. s t k . Pfd. s t k . Notes Debt. 1 s t mtg. Mtg.-backed Debt. 1 s t mtg. Debt. Debt. Equip, t r . 1 s t mtg. 137.5 39.0 16.0 58.1 35.0 100.0 70.0 25.0 35.0 200.0 35.0 30.0 15.0 67.9 40.0 1983 1998 2008 1983 2008 2008 1998 1998 1994 1981 9.44 8.50 9.50 9.25 8.75 8.75 9.13 11.88 12.00 11.25 8.45 9.44 8.56 9.59 9.25 8.75 8.81 9.05 11.88 12.00 11.25 8.45 Baa/BBB Aa/AA Baa/BBB Aa/A+ —/AAA Aa/AA Aa/AA B/B OTHER O n t a r i o , Province of A u s t r a l i a , Commonwealth of A u s t r a l i a , Commonwealth of Sweden, Kingdom of Nova S c o t i a Power Corp. Debt. Notes Bonds Debt. Debt. 200.0 175.0 75.0 125.0 75.0 2008 1983 1993 1998 2008 9.38 8.45 9.13 9.25 9.63 9.38 8.45 9.17 9.36 9.73 Aaa/AAA Aaa/AAA Aaa/AAA Aaa/AAA A1/A+ __ —— 10.28 9.37 A/A —— — —/BB B/BB A/A Table 5B INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' May 1 through May 26, 1978 T ISSUER TYPE STATE AND LOCAL A u s t i n , Texas Wisconsin, S t a t e of Rhode I s l a n d H l t h . & Educ. Bldg. Corp, Rhode I s l a n d H l t h . & Educ. Bldg. Corp, F a i r f a x Co., Va. Washington, S t a t e of Washington, S t a t e of Washington, S t a t e of I l l i n o i s Hsg. Dev. Auth. I l l i n o i s Hsg. Dev. Auth. I l l i n o i s Hsg. Dev. Auth. Chicago Sch. D i s t . , 111. F l o r i d a S t a t e Bd. of Educ. Arkansas Hsg. Dev. Agy. Arkansas Hsg. Dev. Agy. Milwaukee, Wise. Maryland Comm. Dev. Adm. San Luis C o a s t a l Sch. D i s t . F a c . Corp., Cal. Macon Co. I n d u s t . B u i l d . A u t h . , Ga. Macon Co. I n d u s t . B u i l d . A u t h . , Ga. Mesa U n i f i e d Sch. D i s t . #4, Arizona AMOUNT I (MILLIONS OF DOLLARS) NET INTEREST COST Rev. G.O. G.O. Rev. G.O. G.O. G.O. G.O. Rev. Rev. Rev. G.O. G.O. Rev. Rev. G.O. Rev. 78.0 94.5 8.2 9.9 17.1 15.6 7.0 10.0 12.9 6.7 31.5 60.0 70.0 9.5 5.5 19.6 20.1 1997-2005 1979-2003 1978-1998 1998-2005 1979-1998 1979-2003 1979-2003 1979-2003 1980-1998 2003 2016 1980-1994 1979-2008 1979-1999 2009 1979-1993 1981-2020 6.27 5.10 Rev. Rev. Rev. G.O. 14.8 4.0 15.3 15.0 1981-2000 1998 2008 1989-1994 6.47 NOTES: 1 Includes only state and local security offerings of $10 million and over; excludes secondary offerings. 2 For State and local government securities, G O. denotes general obligation; Rev. denotes revenue obligations. MATURITY 5.25 5.50 5.51 5.51 6.68 6.68 6.68 6.05 5.71 — —— 5.02 — 5.60 OFFERING YIELD MOODY'S/S&P'S RATINGS 5.75-6.30 3.90-5.60 4.00-5.10 6.50-6.70 4.00-5.50 4.00-5.75 4.00-5.75 4.00-5.75 4.50-6.40 6.60 6.75 4.50-6.25 4.00-5.90 4.00-5.80 6.25 4.00-5.20 4.50-6.60 A-1/A+ Aaa/AAA Aaa/AAA Aaa/AAA Aaa/AA+ Aa/AA+ Aa/AA+ Aa/AA+ A-l/AA A-l/AA A-l/AA A/AAa/AA Aa/AA Aa/AA Aaa/AAA 5.00-6.50 5.45 5.66 5.25-5.60 A-l/— Aaa/AAA Aaa/AAA A-l/Af Table 5 8 Continued o INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY May 1 through May 26, 1978 AMOUNT (MILLIONS OF DOLLARS) MATURITY Rev. Rev. Rev. G.O. Rev. Rev. Rev. Rev. Rev. Rev. 18.0 22.5 21.7 8.4 12.1 8.6 14.2 39.0 16.9 12.1 1993 2008 1980-2006 1978-1997 2007 1979-1993 1993 1979-1998 2009 1983-1993 Rev. G.O. Rev. Rev. G.O. Rev. G.O. G.O. Rev. G.O. Rev. Rev. Rev. G.O. Rev. Rev. 15.4 90.9 11.0 6.1 17.0 52.0 12.4 12.8 16.3 30.0 6.1 17.1 11.1 10.0 20.0 8.1 1994-2007 1979-1998 1991-2002 2007 1980-1998 2008 1979-1998 1979-1988 1992-2007 1980-2008 1993-1998 2007 2014 1978-2003 1989-2007 2007 TYPE ISSUER NET INTEREST COST OFFERING YIELD 5.87 "5.75 6.24 4.70-7.00 3.85-5.65 6.70 4.20-5.80 5.88 4.25-6.50 6.70 4.90-5.75 MOODY S / S & P ' S RATINGS STATE AND LOCAL Montgomery, Ala. Valdez, Alaska N.E. Pennsylvania Hosp. Auth. Baldwin-Whitehall Sch. Auth. Baldwin-Whitehall Sch. Auth. Lehigh Co. A u t h . , Pa. Lehigh Co. Auth*, Pa. Oregon Housing Finance Agy. Oregon Housing Finance Agy. Kansas City P u b l i c Bldg. Comm. Moan Schools Union Sch. D i s t . A u t h . , Pa. C a l i f o r n i a , S t a t e of Alachua Co., F l a . Alachua Co., F l a . E v e r e t t Sch. D i s t . #2, Wash. East Chicago, I n d . Mc Allen I n d . Sch. D i s t . , Texas M i n n e a p o l i s , Minn. Bowling Green, Ky. Baltimore Co., Md. Bensalem Tp. A u t h . , Fa. Bensalem Tp. A u t h . , Pa. Bensalem Tp. A u t h . , Pa. Upper S t . C l a i r Tp. Sch. A u t h . , Pa. Upper S t . C l a i r Tp. Sch. A u t h . , Pa. Cassellberry, Fla. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. sLouis e e • # # —— 6.93 — 6.43 6.43 6.15-6.50 3.90-5.50 6.20-6.75 6.75 4.30-5.85 6.50 4.15-5.90 4.10-5.00 5.90-6.75 4.20-5.80 6.30-6.60 6.65 6.75 3.75-5.70 5.75-6.30 6.20 —— 5.23 5.61 5.71 4.91 6.69 5.45 • • Aa/— Aa / — A-1/A+ / — — J — — A-1/A+ A-1/A+ — / — — — / — — Aaa/AAA A/BBB A/BBB A—1 / — Aa/AAA/A+ Aaa/AAA Baa/ — Aaa/AA — / — — / — Aaa/AAA Baa-l/A+ • Table 5B Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY May 1 through May 2 6 , 1978 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S/S&P'S RATINGS STATE AND LOCAL Cassellberry, Fla. Rosemount I n d . Sch. D i s t . #196, Minn. P i a n o , Texas Maryland Dept. of T r a n s p o r t a t i o n M i s s i s s i p p i , S t a t e of M i s s i s s i p p i , S t a t e of Oakland Co., Mich. Hawaii, S t a t e of Clark Co. Sch. D i s t . , Nev. Oklahoma I n d u s t r i e s Auth. Oklahoma Indus t r i e s Auth. Kent Sch. D i s t . #415, Wash. Tampa, F l a . Tampa, F l a . Orlando U t i l i t i e s Comm. , F l a . Orlando U t i l i t i e s Comm., F l a . Orlando U t i l i t i e s Comm., F l a . North C a r o l i n a Medical Care Comm. North C a r o l i n a Medical Care Comm. Broward Co., F l a . Broward Co., F l a . Broward Co., F l a . J e f f e r s o n Co. Cap. P r o j e c t s C o r p . , Ky. J e f f e r s o n Co. Cap. P r o j e c t s Corp., Ky. Middletown Tp. Sch. A u t h . , Pa. Hawaii Co., Hawaii Brea Redev. Agy., Cal. Rev. G.O. G.O. Rev. G.O. G.O. G.O. G.O. G.O. Rev. Rev. G.O. Rev. Rev. Rev. Rev. G.O. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. Rev. 7.3 18.7 17.8 155.7 140.0 303.2 25.8 75.0 15.0 18.5 8.8 13.7 51.5 42.4 48.6 61.7 94.7 10.8 20.7 14.3 9.5 25.7 4.3 10.1 14.5 37.5 14.3 1994-2008 1981-1997 1980-2002 1993 1991-1997 2008 1983-2003 1981-1998 1979-1998 2003 2008 1980-1993 1994-2002 2008 1994-2006 2008 1978-2005 1981-1993 2005 1989-1998 2007 2008 1993-2001 2007 1993 1983-2007 1981-2005 — .5.63 5.59 5.74 6.13 5.46 5.20 — — 5.35 — — — — — — — — — — 6.32 6.32 — 6.84 5.90-6.25 4.60-5.50 4.15-6.40 5.60 5.30-5.60 6.20 4.80-6.25 4.50-5.90 4.20-5.25 7.00 6.88 4.40-5.55 6.00-6.50 6.60 5.80-6.35 6.38 3.90-5.85 4.50-6.00 6.50 6.00-6.60 6.75 6.88 5.70-6.25 6.38 6.00 5.00-6.50 5.20-6.75 — / — A/ — A/A Aa/AA Aa/AAAa/AAA-1/A+ Aa/AA A/A A/A+ A/A+ A/— A/AHA/A+ — / — — — / — / — A/A+ A/At Baa-l/ABaa-l/ABaa-l/AAa/— Aa/— — / — A/A A/BBB+ T a b l e 5 8 Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY May 1 through May 26, 1978 TYPE ISSUER AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S/S&P'S RATINGS STATE AND LOCAL U n i v e r s i t y of I l l i n o i s U n i v e r s i t y of I l l i n o i s Allentown, Pa. Allentown, Pa. Cumberland V a l . J t . Sch. A u t h . , Pa. Cumberland Val. J t . Sch. A u t h . , Pa. L i t t l e t o n Sch. D i s t . #6, Colo. Hempstead, N.Y. Spokane Sch. D i s t . #81, Wash. Manatee Co., F l a . Manatee Co., F l a . Manatee Co., F l a . Manatee Co., F l a . Manatee Co., F l a . Council Rock Sch. A u t h . , Pa. Cobb Co. Hosp. Auth., Ga. Reading School A u t h . , Pa. Reading School A u t h . , Pa. Upper Dublin Sch. A u t h . , Pa. E r i e Co. H o s p i t a l A u t h . , Pa. Lake Worth U t i l i t y A u t h . , F l a . Tallahassee, Fla. Tallahassee, Fla. Tallahassee, Fla. Tallahassee, Fla. Des Moines, Iowa Houston Co. H o s p i t a l Bd., Ala. # # e 8.8 35.0 6.7 11.1 10.8 5.7 17.3 17.5 40.5 20.3 64.7 30.4 22.0 20.5 12.6 14.4 18.2 2.6 12.9 14.4 26.8 5.7 5.5 17.6 22.5 21.6 28.4 Rev. Rev. Rev. Rev. Rev. G.O. G.O. G.O. G.O. G.O. G.O. Rev. Rev. Rev. Rev. G.O. Rev. G.O. Rev. Rev. Rev. Rev. Rev. Rev. G.O. Rev. Rev. # • 2006 2008 1990-1999 2000 2001-2007 1978-1996 1982-1991 1979-2003 1980-1998 1978-2002 1978-2008 1993-2003 2008 2009 2001 1991-2002 1989-2007 1978-1989 2005 1993-2011 1994-2007 1993-1999 2002 2007 1978-1999 1999-2007 1992-2007 # — —— 5.16 6.13 5.36 — 6.81 —— • 6.75 6.75 5.50-5.90 6.13 6.40-6.50 3.90-5.15 4.50-5.25 4.50-6.40 4.30-6.00 3.80-5.80 3.80-5.80 6.35-6.90 6.40 6.88 6.63 6.05-6.50 5.60-6.65 3.90-5.20 6.75 6.00-6.75 5.90-6.40 5.80-6.35 6.46 6.46 3.80-5.75 6.80-7.00 6.10-7.00 • A-l/AA A-l/AA —/— —j— —/— —/AAA A-l/AA A—1/— Aa/AA Aaa/— Aaa/— Baa/BBB Baa/BBB Baa/BBB — /— — /— — / A+ —/— — /— —/— A-l/A A-l/A A-l/A Aaa/AAA A-1/A+ A-1/A+ # T a b l e 5 8 Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY May 1 through May 26> 1978 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S/S&P'S RATINGS STATE AND LOCAL Melbourne, F l a . Melbourne, F l a . Manheim Tp. Sch. A u t h . , Pa. Manheim Tp. Sch. A u t h . , Pa. S t . L o u i s , Mo. St. Petersburg, Fla. St. Petersburg, Fla. Santa M a r g a r i t a Water D i s t . , Cal. Birmingham-Jefferson Civic C t r . Auth., Ala. Birmingham-Jefferson Civic C t r . Auth.. Ala. Ohio P u b l i c F a c i l i t i e s Comm. Madison, I n d . Cleveland Reg. Sewer D i s t . , Ohio Cleveland Reg. Sewer D i s t . , Ohio Cleveland Reg. Sewer D i s t . , Ohio H a r r i s Co., Texas Knox Co. H l t h . & Educ. Fac. Bd., Tenn Knox Co. H l t h . & Educ. Fac. Bd., Tenn M a r s h a l l Co., W. Va. New J e r s e y Hsg. Finance Agy. New J e r s e y Hsg. Finance Agy. New J e r s e y Hsg. Finance Agy. D e t r o i t , Mich. H i l l s b o r o J o i n t Sch. D i s t . , Ore. B u r l i n g t o n , Iowa Rev. Rev. G.O. Rev. Rev. G.O. Rev. G.O. 13.6 4.4 8.5 13.5 23.7 18.4 26.9 13.0 1993-2014 2007 1979-1995 1994-2007 1997 1978-2001 1993-2007 1980-2004 Rev. 26.4 1989-2007 Rev. G.O. Rev. Rev. Rev. Rev. G.O. Rev. Rev. Rev. Rev. Rev. Rev. G.O. G.O. Rev. 7.0 38.0 45.0 23.5 80.0 15.0 20.0 15.3 1.6 35.0 7.6 9.5 44.6 18.1 12.8 11.9 2007 1979-2003 1992 1993-2002 2007 2008 1979-1985 1978-1998 1978-1985 2008 1979-1998 2008 2028 1979-1993 1979-1998 2006 — — —— — —— 6.61 6.49 5.86 —— —— — — 5.26 — — 6.99 6.99 6.99 7.43 5.71 — 6.40-6.75 6.40 4.00-5.20 6.20-6.63 6.41 3.95-5.80 5.50-6.30 5.00-6.50 A/ — A/— — /AA —/AA A/A+ Aaa/AAA A—1/A+ 5.40-6.75 A-l/A 6.63 4.20-6.10 5.50 6.00-6.70 6.75 6.75 4.00-4.70 4.25-6.60 3.85-5.00 7.25 4.50-6.30 6.70 7.00 5.50-7.10 4.25-6.00 7.00 A-l/A Aa/AA Aaa/— — j — — /— —/— —/ — Aaa/AAA A-1/A+ Aaa/AAA j A/AA A/AA A/AA Baa/BBB. A/ — A/A Table 5B Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY May 1 through May 26, 1978 ISSUER STATE AND LOCAL B u r l i n g t o n , Iowa Dade Co., F l a . Otay Mun. Water Dis t . , Cal. Otay Mun. Water D l s t . , Cal. Brevard Co., F l a . Lake Worth U t i l i t i e s A u t h . , F l a . M o f f a t Co. , Colo. M o f f a t Co., Colo. B i l l i n g s , Mont. B i l l i n g s , Mont. Chicago Park Dis t . , 111. S h r e v e p o r t , La. Montgomery Co., Md. Washington P u b l i c Power Supply Sys. Washington P u b l i c Power Supply Sys. Washington P u b l i c Power Supply Sys. S u l l i v a n Co., Tenn. Wichita, Kansas Burbank Redev. Agy., Cal. Burbank Redev. Agy., Cal. Muskegon Co., Mich. Muskegon C o . , Mich. Muskegon Co., Mich. TYPE Rev. G.O. G.O. G.O. G.O. G.O. Rev. Rev. Rev. Rev. G.O. G.O. G.O. Rev. Rev. Rev. G.O. G.O. G.O. G.O. G.O. G.O* G.O. AMOUNT (MILLIONS OF DOLLARS) 8.5 50.0 4.0 7.0 17.7 18.0 24.0 35.0 7.4 12.5 15.0 30.0 40.0 37.8 33.0 79.2 10.0 10.7 5.4 13.6 2.1 9.5 8.9 MATURITY 2007 1979-2003 1982-1998 1982-1998 1979-2012 1978-2001 1981-1998 2008 1981-1996 2008 1979-1993 1981-1998 1979-1998 1989-2003 2010 2018 1979-1992 1979-1993 2005 2008 19X0-2000 1982-2002 1980-1994 NET INTEREST COST 6.58 6.97 7.42 5.41 5.70 5.29 6.86 6.86 6.86 5.23 5.02 7.85 7.64 5.92 6.02 5.60 OFFERING YIELD 6.90 4.40-6.70 5.25-7.00 5.75-7.50 4.15-6.00 4.00-5.80 5.00-6.70 6.91 5.00-6.80 7.13 4.30-5.60 4.40-5.90 4.10-5.75 5.70-6.60 6.80 6.90 4.20-5.40 4.20-5.25 7.65 7.54 4.40-6.50 4.70-6.50 4.40-5.90 MOODY'S/S&P'S RATINGS A/A A-1/A+ Baa/— Baa/— Baa/— Baa-l/A Baa-l/A Aa/AA A/A Aaa/AAA A-1/A+ A-1/A+ A-1/A+ A-l/— Aa/AA —/BBB — /BBB A-l/AA A-l/AA A-l/AA 15 T a b l e 6A FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of May 26, 1978 ISSUER P u b l i c S e r v i c e Co. of Colorado Crocker N a t i o n a l Corp. *John Deere C r e d i t Co. Tyler Corp. P u b l i c S e r v i c e of New Mexico *H.H. Robertson Co. D e t r o i t Edison Co. Niagara Mohawk Power New J e r s e y T e l e , Co. American T e l . & T e l e . Co. P a c i f i c Gas & E l e c t r i c Co. Arizona P u b l i c S e r v i c e Co. Pennsylvania E l e c t r i c Co. C a r o l i n a Power & L i g h t Co. Central I l l i n o i s Public Service *Chrysler Corp. New York S t a t e E l e c t . & 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. New York T e l e . Co. *Delmarva Power & L i g h t Co. Baltimore Gas & E l e c t r i c Co. Consumer Power Co. L o u i s v i l l e Gas & E l e c . Go. ^Missouri P a c i f i c R a i l r o a d Co. *Security P a c i f i c Corp. *Tiger I n t e r n a t i o n a l I n c . T r a n s c o n t i n e n t a l Oil Co. C r y s t a l Oil Co. Arrow E l e c t r o n i c s I n c . Bango Punta Co. Ticor Anglo Co. Prime Computer I n c . United I l l u m i n a t i n g Co. I n t e r p o o l Ltd. Texas I n t e r n a t i o n a l Co. OTHER Finland Republic of TYPE 1 s t mtg. Com. s t k . Debt. Debt. Com. s t k . Notes 1 s t mtg. Com. s t k . Debt. Debt. 1 s t . mtg. Com. s t k . 1 s t mtg. 1 s t mtg. , Com. s t k . Pfd. s t k . 1 s t mtg. Com. s t k . Debt. I s t mtg. 1 s t mtg. Pfd. stk. Pfd. stk. Equip, t r . Notes Com. s t k . Debt. Debt. Deb t . Conv. d e b t . Deb t . Debt. Debt. Com. s t k . Pfd. s t k . Pfd. s t k . Bonds AMOUNT (IN MILLIONS OF DOLLARS) 50.0 50.0 75.0 30.0 30.4 15.0 70.0 45.0 100.0 100.0 200.0 49.0 60.0 100.0 27.0 150.0 50.0 x 60.0 150.0 50.0 75.0 50.0 25.0 15.9 100.0 25.0 20.0 30.0 17.0 50.0 50.0 20.0 15.0 21.0 26.0 15.0 100.0 NOTES: * Included in table for first time. 1 Includes only corporate and other security issues of $15 million and over; excludes exchanges, options APPROXIMATE DATE OF OFFERING May 31 May June 1 June 1 June 1 June 5 June 6 June 6 June 6 June 6 June 7 June 7 June 13 June 14 June 14 June 16 June 20 June 21 June 22 June 22 June 2 7 June 27 June 27 June 29 June June June June June June June June Indef. Indef. Indef. Indef. June 1 16 Table 6A Continued FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of May 26, 1978 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING CORPORATE Ito-Yakado Co. Ito-Yakado Co. *Caisse C e n t r a l e De Cooperation Economigne POSTPONED P o s t a l Finance Co. Aetna Business C r e d i t I n c . Notes Conv.-debt. 20.0 50.0 June June Bonds 75.0 June Notes Notes 20.0 30.0 17 Table 6B FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of May 26, 1978 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING STATE & LOCAL L o u i s i a n a Pub. Fac. Auth. ^Nevada Housing D i v i s i o n P o r t l a n d , Ore. Bessemer Medical C l i n i c Bd., Ala. ^ I l l i n o i s H e a l t h Fac. Auth. *Tucson, A r i z . * Omaha, Neb. *W. Lake S u p e r i o r Sant. D i s t . , Minn . * J e f f e r s o n Co., Ky. *Shelby Co. H e a l t h & Educ. Fac. Bd. Tenn. Winston-Salem, N.C. West V i r g i n i a , S t a t e of ^Georgia Mun. E l e c t r i c Auth. ^ P i t t s b u r g h , Pa. Cambridge, Mass. Missouri Bd. of P u b l i c B u i l d i n g s Iowa S t a t e U n i v e r s i t y Univ. of Texas System Texas A and M Univ. System * F l i n t , Michigan *Washtenaw Co., Mich. I l l i n o i s , S t a t e of Independence, Mo. *Fond Du Lac, Wise. *Albuquerque, N.M. *New Mexico ^Pennsylvania, S t a t e of Maryland, S t a t e of P o r t l a n d , Ore. North C a r o l i n a Medical Care Comm. , POSTPONEMENT Chicopee, Mass. Rev. Rev. Rev. Rev. Rev. Rev. G.O. G.O. Rev. 14.4 113.0 15.0 16.1 34.1 15.4 20.0 16.0 42.0 Rev. G.O. G.O. Rev. G.O. G.O. G.O. Rev. Rev. Rev. G.O. G.O. G.O. Rev. G.O. G.O. Rev. G.O. G.O. Rev. Rev. 22.0 10.2 50.0 100.0 14.0 23.0 13.5 12.0 21.0 11.0 10.0 13.0 150.0 38.8 19.3 18.0 32.2 69.0 115.0 15.0 69.9 Rev. 16.0 NOTES: 1 Includes state and local government issues of $10 million and over, foreign government. International Bank for Reconstruction issues of Federally sponsored agencies; excludes secondary offerings. * Included in the table for the first time. May 30 May 31 May 31 May May June 5 June 6 June 6 June 6 June June June June June June June June June June June June June June June June June June June June June 6 6 6 7 7 7 7 7 8 8 12 13 13 13 14 19 19 20 21 29 May 25 Table 7 STOCK PRICES AND VOLUME 1 STOCK PRICES DATE NYSE INDEX 3 B J INDUSTRIALS 4 AMEX 2 TRADING VOLUME AMEX NYSE NASDAQ NASDAQ 1974-High Low 53.37 (3/13) 32.89 (10/3) 891.66 (3/13) 577.60 (12/6) 102.01 (3/14) 58.26 (12/9) 96.53 (3/15) 54.87 (10/3) 24.9 ( 1 / 3 ) 7.5 (7/5) 4 . 4 (1/3) .9 (9/26) 7.5 ( 1 / 3 ) 2.8 (7/5) 1975-High Low 51.24 (7/15) 37.16 (1/8) 881.81 (7/15) 632.04 ( 1 / 2 ) 96.86 (7/15) 62.20 ( 1 / 2 ) 88.00 (7/15) 60.70 (1/2) 35.2 (2/13) 8.7 (9/15) 4 . 2 (2/21) 1.1 (9/15) 8.1 (2/13) 2 . 5 (9/15) 1976-High Low 57.51 (9/21) 48.04 ( 1 / 2 ) 1014.79 (9/21) 858.71 ( 1 / 2 ) 107.05 (7/12) 84.31 (1/2) 92.52 (7/15) 78.06 (1/2) 44.5 (2/20) 10.3 ( 1 / 2 ) 8 . 6 (2/20) 1 . 1 (1/2) 11.1 (2/20) 3.5 (1/2) 1977-High Low 57.69 (1/3) 49.78 (11/2) 999.75 (1/3) 800.85 (11/2) 127.89 (12/30) 105.05 (12/30) 109.61 ( 1 / 1 2 ) 93.66 (4/5) 3 5 . 3 (11/11) 10.6 ( 1 0 / l p ) 4 . 2 (1/13) 1.4 (9/22) 11.2 (11/10) 5.1 (5/27) 1978-IIigh Low 55.68 (5/17) 48.37 ( 3 / 6 ) 858.37 (5/17) 742.12 (2/28) 145.85 ( 5 / 2 2 ) 119.73 (1/11) 121.93 (5/22) 99.09 (1/11) 63.5 ( 4 / 1 7 ) 7.6 (1/20) 6 . 2 (4/17) 1 . 3 (1/20) 18.8 (5/18) 2 . 8 (1/20) May 53.97 54.85 54.95 54.14 829.09 840.70 846.85 831.69 139.89 142.57 144.86 144.30 117.27 119.40 121.57 119.86 39.2 36.4 40.8 30.4 5.3 5.2 5.5 4.4 14.6 13.7 16.6 13.2 5 12 19 26 MOTES: 1 Figures other then highs end lows ere Frideys only. Highs end lows ere for the yeer end ere not necesserily for Frideys. 2 Volume figures are weekly evereges of deily figures (millions of shores). 3 12/31/66 = 50 4 Besed on everege price change until September 4, 1973 thereafter, based on market velue of shores listed. http://fraser.stlouisfed.org/ # Federal Reserve Bank of St.# Louis # # # # # # $ # 19 Table 8 SECURITY CREDIT REGULATED MARGIN CREDIT EXTENDED BY END OF PERIOD OUTSTANDING 1977 - F e b r u a r y March April May June July August September October November December 1978 - J a n u a r y February March April BROKERS ON 1 MARGIN STOCK 8,480 8,690 8,880 9,070 9,230 9,460 9,560 9,590 9,560 9,610 9,740 9,590 9,780 9,920 10,260 1978 - J a n u a r y Febrnary March April BANKS UNREGULATED NONMARGIN STOCK CREDIT AT BANKS 197 199 196 196 198 204 200 196 191 , 246-' 250 844 810 807 801 873 875 885 881 882 872 873 2,319 2,312 2,350 2,345 2,551 2,568 2,587 2,581 2,579 2,604 2,568 246 242 250 851 877 824 2,565 2,544 2,544 -554 12 -34 -3 —6 72 -2 10 -4 1 -10 1 7 -7 38 -5 206 17 19 -6 -2 25 -36 -4 -4 8 -22 26 -53 _3 -21 - CHANGE IN OUTSTANDING 1977 - F e b r u a r y March April May June July August September October November December 3 BROKERS O N 2 CONVERTIBLE BONDS 210 210 190 190 160 230 100 30 -30 50 130 -150 190 140 340 1 2 -3 — — 2 6 -4 -4 -5r, 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. 5 Data p r i o r t o November n o t s t r i c t l y comparable due t o changes i n r e p o r t i n g . 4 Table 9 SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS N3 O IN MILLIONS OF DOLLARS MUTUAL SAVINGS BANKS DATE 1974 1975 1976 1977 REGULAR DEPOSITS NET FLOW 2,165 11,070 12,670 10,647 SAVINGS & LOAN ASSOCIATIONS 1 NET ANNUAL 3 NEW GROWTH MONEY RATE 2.3 -2,822 11.3 4,757 11.6 5,275 8.8 2,811 2 SHARE CAPITAL NET FLOW 16,006 42,769 50,169 50,963 ANNUAL 3 GROWTH RATE 7.1 17.6 17.6 15.2 NET NEW MONEY 4,668 29,276 34,369 31,972 2 TOTAL DEPOSITS NET FLOW 18,171 53,839 62,839 61,610 ANNUAL 3 GROWTH RATE 5.6 15.8 15.9 13.5 NET NEW MONEY 2 1,846 34,033 39,644 34,783 NOT SEASONALLY ADJUSTED 1977 - September October November December 1,200 683 406 1,289 1978 - J a n u a r y February March / April~ 628 480 1,712 -250 — -137 296 99 -131 5,961 2,396 1,729 5,542 -59 171 338 -550 2,745 2,297 7,153 518 — —— —— 1,666 2,270 1,516 883 7,161 3,079 2,135 6,831 1,529 2,566 1,615 752 2,877 2,073 2,592 364 3,373 2,777 8,865 268 2,818 2,244 2,930 -186 SEASONALLY ADJUSTED 1977 - September October November December 1978 - J a n u a r y February March / April 1,131 1,257 515 655 10.5 11.6 4.7 5.9 721 370 448 301 6.5 3.3 4.0 2.7 —— —— — ' 5,656 3,832 3,711 3,410 18.2 12.2 11.7 10.6 6,787 5,089 4,226 4,065 16.2 12.0 9.9 9.4 — 2,012 2,226 2,846 2,093 6.2 6.8 8.7 6.3 2,733 2,596 3,294 2,394 6.3 5.9 7.5 5.4 — — 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 SAVINGS MUTUAL & LOAN S A V I N G S BKSi ASSOCIATIONS (N Y. S T A T E ) NET CHANGE TOTAL ALL SAVINGS MUTUAL & LOAN S A V I N G S BKS ASSOCIATIONS (N Y. S T A T E ) 1972 25.2 20.3 4.9 7.48 6.28 1.20 1973 19.9 16.4 3.5 -5.31 -3.92 -1.39 1974 14.7 12.5 2.2 -5.20 -3.91 -1.29 1975 20.6 18.6 2.0 5.81 6.06 1976 - J a n Feb Mar Apr May Jun Jul Aug Sep Oct 20.6 21.3 21.8 21.8 22.4 22.9 23.2 23.6 24.5 25.7 27.1 27.9 18.6 19.4 19.6 19.6 20.1 20.7 21.0 21.3 21.9 23.1 24.3 25.0 2.0 2.0 2.2 2.2 2.3 2.2 2.3 2.3 2.6 2.6 2.7 2.8 .35 .79 .33 .12 .50 .57 .30 .40 .89 1.21 1.35 .76 .35 .84 .16 .04 .46 .59 .27 .35 .62 1.21 1.24 .70 28.0 28.6 29.7 30.2 30.6 31.9 32.4 34.0 35.1 37.4 38.8 39.2 25.4 25.6 26.5 27.0 27.3 28.1 28.7 30.0 31.0 32.8 34.0 34.3 2.8 3.0 3.2 3.2 3.3 3.8 3.8 3.9 4.1 4.5 4.7 4.6 .45 .43 1.07 .49 .37 1.33 .54 1.50 1.24 1.95 1.41 .24 .38 .23 .90 .49 .30 .80 .57 1.32 1.07 1.78 1.18 .34 38.6 37.6 36.9 34.2 33.3 32.7 32.1 4.4 4.3 4.2 - .35 -1.05 - .65 Nov Dec 1977 - J a n Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1978 — J a n Feb Mar Apr NOTES: - .11 .96 .59 . 65 - .25 - .05 .17 .08 .04 - .02 .03 .05 .27 .11 .06 .07 .20 .17 .07 .53 - .03 .18 .17 .37 .23 - .10 - .24 - .09 — , 06 Data r e v i s e d due t o r e - e s t i m a t i o n of s e a s o n a l f a c t o r s . Based on data from Federal Home Loan Bank Board and Savings Banks Association of New York State. Both series include a minor amount of nonresidential commitments; S&L commitments also include loans in process. Net changes are derived directly from unrounded end-of period outstandinq levels as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding. H.16 22 T a b l e 11 NET NEW MONEY B O R R O W I N G S BY MAJOR HOUSING A G E N C I E S IN MILLIONS OF DOLLARS PERIOD TOTAL INCLUDING SHORT-TERM DISCOUNT NOTES INTERMEDIATE AND LONG-TERM I S S U E S TOTAL FHLB FHLMC FNMA FNMA A rlllvIM OCPMI r r i LRD SHORT-TERM DISCOUNT NOTES 1 1975 - J u l y Aug. Sept. Oct. Nov. Dec. +236 -398 215 587 152 669 +300 -700 100 850 200 600 0 -700 0 +150 0 0 0 0 0 0 200 0 +300 0 100 700 0 600 —64 302 115 -263 —48 69 1976 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. -197 -964 -851 124 -953 -107 -58 787 195 -37 -552 145 0 -604 -304 693 -607 -206 291 +190 190 310 -297 -219 0 -1,100 0 0 -600 0 0 0 0 0 -300 0 0 196 -4 -7 -7 —6 -9 +190 -10 —8 -9 -7 0 300 -300 700 0 -200 300 0 200 318 12 -212 -197 -360 -547 -569 -346 99 : -349 597 5 -347 -255 364 1977 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 12 -862 289 344 532 605 531 347 195 247 466 1,078 188 -592 -354 746 297 203 553 301 -291 211 500 0 0 -200 0 —6 105 0 0 304 0 0 300 0 -189 -393 -4 0 200 3 -47 -3 9 11 200 0 -1 1 -350 752 -8 200 600 0 -300 200 0 0 -176 -270 643 -402 235 402 -22 46 486 -36 -34 1,078 1978 - Jan. Feb. Mar. April May e 399 1,712 887 848 2,600 -12 1,388 -17 600 1,600 0 1,400 0 0 1,600 -12 -12 -17 0 0 0 0 0 600 0 411 324 904 248 1,000 NOTES: Based on data from Treasury Survey of Ownership. 1 Sales of FHLB discount notes began in May 1974. p Preliminary 23 Table 12 NET CHANGE IN MORTGAGE HOLDINGS IN MILLIONS O F DOLLARS PERIOD 1970 1971 1972 1973 1974 1975 1976 1977 TOTAL INCLUDING F NM A- G NM A 21,930 41,406 57,587 58,372 42,739 43,497 62,783 96,814 2 FINANCIAL INSTITUTIONS TOTAL 17,020 39,018 55,561 55,072 36,517 38,658 64,903 95,924 COMMERCIAL BANKS 2,462 9,940 16,800 19,600 11,700 4,200 13,900 25,700 MSB's 1,956 3,938 5,377 5,642 2,172 2,236 4,074 6,474 S & L's 10,254 23,919 31,932 25,552 17,567 29,289 44,515 58,566 INSURANCE FNMA-GNMA COMPANIES 2,348 1,221 1,452 4,278 5,078 2,933 2,414 5,184 4,910 2,388 2,026 3,300 6,222 4,839 -2,120 890 Not S e a s o n a l l y A d j u s t e d 1977 - Oct Nov Dec 8,349 7,940 9,096 8,380 7,844 8,874 2,300 2,100 1,700 690 564 771 4,876 4,754 4,748 614 426 1,655 -31 96 222 1978 - J a n Feb Mar Apr 5,457 5,655 5,137 5,157 1,300 1,100 2,400 412 344 553 3,019 3,409 4,835 4,812 406 304 320 498 473 Seasonally Adjusted 1977 - Oct Nov Dec 8,533 8,822 9,192 8,625 8,729 9,117 2,265 2,284 1,951 675 605 647 5,162 5,437 5,262 523 403 1,257 -92 93 75 1978 - J a n Feb Mar Apr 7,488 7,102 7,109 6,502 1,688 1,509 2,329 572 515 587 4,305 4,041 4,830 4,256 544 377 379 600 560 NOTES: M d a t i' commercial banks based on Federal Reserve estimates benchmarked to Call Report data on real estate loans outstanding as availu r ^ able. Other data derived from mortgage debt outstanding as reported separately by National Assn. of Mutual Savings Banks Federal Home Loan Bank Board, Institute of Life Insurance and, through August 1968, the Federal National Mortgage Association, and thereafter by FNMA and the Government National Mortgage Association. Data for mutual savings banks and for Life Insurance companies may differ somewhat from those derived from regular quarterly series because of minor conceptual differences for which adjustments are not made in the monthly series. Altogether these groups accounted for 83 per cent of the net increase estimated for all holders in 1974. 2 Beginning January 1972 data reflect activity in limited amount of conventional mortgages. 24 Table 13 NET INCREASE IN MORTGAGE DEBT OUTSTANDING IN BILLIONS OF DOLLARS, S E A S O N A L L Y A D J U S T E D ANNUAL R A T E S 2 QUARTER TOTAL 3 RESIDENTIAL TOTAL 1- to 4 FAMILY MULTIFAMILY COMMERCIAL MULTFAMILY & COMMERCIAL FARM 1971 - I II III IV 41.2 51.8 57.8 59.5 32.7 40.3 43.1 44.7 23.2 29.6 33.8 35.7 9.5 10.7 9.3 9.1 6.7 9.3 12.1 11.6 16.2 20.0 21.4 20.7 1.7 2.1 2.6 3.1 1972 - I II III IV 67.6 74.1 77.6 88.1 49.3 54.1 59.1 63.6 38.0 41.0 48.1 47.9 11.3 13.1 11.0 15.7 14.8 16.5 14.9 21.0 26.1 29.6 25.9 36.7 3.5 3.5 3.6 3.6 1973 - I II III IV 80.6 87.4 80.7 70.4 56.0 59.9 56.2 48.5 47.8 46.9 43.7 40.6 8.2 13.0 12.5 7.9 19.1 21.7 19.4 16.4 27.3 34.7 31.9 24.3 5.6 5.8 5.0 5.5 1974 - I II III IV 69.9 70.9 54.5 46.7 48.7 47.2 35.1 29.7 39.2 40.3 28.4 25.4 9.5 6.9 6.7 4.3 17.5 18.7 13.6 11.2 27.0 25.6 20.3 15.5 3.6 4.9 5.8 5.9 1975 - I II III IV 44.0 55.0 62.3 67.7 29.7 39.8 45.3 50.8 28.9 39.8 44.9 51.9 0.8 0.0 0.4 -1.1 9.0 10.3 12.9 12.8 9.8 10.3 13.3 11.7 5.3 4.9 4.0 4.1 1976 - I II III IV 78.6 77.1 94.0 98.5 59.7 57.8 73.8 78.0 58.3 58.0 70.0 75.5 1.4 -0.1 3.8 2.5 13.7 14.5 13.4 13.0 15.0 14.4 17.2 15.5 5.3 4.8 6.9 7.6 1977 - I II III IV 106.4 134.3 140.0 146.1 82.2 104.7 110.7 112.7 78.7 97.8 103.3 103.5 3.5 6.9 7.4 9.2 15.5 20.3 20.4 24.9 19.1 27.2 27.8 34.1 8.6 9.3 8.9 8.5 1978 - I (p) 124.1 93.7 85.6 8.1 20.6 28.7 9.8 NOTES: 1 Derived from data on mortgage de'jt 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 R e s i d e n t i a l mortgage debt i n c l u d e s nonfarm only and i s sum of 1 - t o 4 - f a m i l y and m u l t i f a m i l y mortgage d e b t . Table 14 PRIVATE HOUSING PERMITS, S T A R T S , 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 PERIOD TOTAL 1—FAMILY. COMPLETIONS STARTS 2 - O R MORE FAMILY TOTAL 1—FAMILY 2 - O R MORE FAMILY 1969 1970 1971 1972 1973 1974 1975 1976 1977 1,324 1,352 1,925 2,219 1,820 1,074 939 1,297 1,677 626 647 906 1,033 882 644 676 894 1,125 698 705 1,018 1,186 937 431 264 403 552 1,407 1,434 2,052 2,357 2,045 1,338 1,160 1,538 1,987 811 813 1,151 1,309 1,132 888 892 1,162 1,451 656 621 901 1,048 914 450 268 376 375 1977 - J u l y Aug. Sept. Oct. Nov. Dec. 1,639 1,772 1,695 1,850 1,893 1,811 1,089 1,156 1,135 1,216 1,257 1,210 550 616 560 634 636 601 2,072 2,038 2,012 2,139 2,096 2,203 1,453 1,454 1,508 1,532 1,544 1,574 619 584 504 607 552 629 1978 - J a n . Feb. Mar. Apr. 1,526 1,534 1,647 1,752 1,032 95 7 1,037 1,160 493 577 610 592 1,548 1,569 2,060 2,189 1,156 1,103 1,444 1,502 392 474 635 687 i TOTAL 1—FAMILY 2 - O R MORE FAMILY MOBILE HOME SHIPMENTS 1,399 1,418 1,706 1,972 2,014 1,692 1,297 1,362 1,652 808 802 1,014 1,143 1,174 932 867 1,026 1,254 592 617 692 828 840 760 430 336 398 413 401 497 576 567 329 216 246 277 1,671 1,677 1,875 1 1,665 1,769 1,641 1,253 1,269 1,458 1,249 1,280 1,299 419 409 417 416 489 342 251 270 300 319 318 324 1,759 1,692 1,815 1,300 459 45 7 434 322 269 276 | | | ! 1,235 1,381 ho Ln NOTES: Private building permits (for 14,000 areas with permit systems, excluding farm), starts, and completions are Census Bureau data. A dwelling unit is started when excavation begins. In the case of apartment buildings, all units are considered started at that time; however, all such units are considered completed when more than half of the units in the structure are ready for use. Private mobile home shipments are Mobile Home Manufacturers Association data converted to seasonally adjusted annual rate by Census Bureau. 1 Permit data for 1969 and 1970 based on 13,000 areas with permit systems T a b l e 15 hO AVERAGE RATES AND YIELDS ON HOME MORTGAGES EXISTING HOMES NEW HOMES 1 1 PERIOD RATE (IN PER CENT) SPREAD (BASIS POINTS) SPREAD BETWEEN RETURNS ON NEW A a a NEW HOMES CONVENTIONAL UTILITY 1 AND HUD(FHA) BOND NEW HOME YIELD DISCOUNT SPREAD (PERCENTAGE MORTGAGES (IN PER CENT) (BASIS (BASIS POINTS) POINTS) POINTS) HUD(FHA) INSURED LOANS SECONDARY MARKET CONVENTIONAL LOANS PRIMARY MARKET RATE (IN PER CENT) SPREAD (BASIS POINTS) YIELD (IN PER CENT) 4.3 2.0 65 -4 8.72 8 .05 4.7 1.7 40 4 8.31 8.01 57 73 58 50 55 N.A. 1.9 1.9 1.7 2.2 2.2 3.2 26 26 28 22 27 19 8.17 8.01 8.14 8.28 8.23 N.A. N.A. N.A. 46 45 4.7 N.A. 4.1 4.7 4 N.A . 1 3 N.A. 8.71 8.83 8.92 1976 - High Low 9.05 8.90 91 5 9.10 8.95 95 10 9.06 8.25 59 8 1977 - High Low 9.10 8.80 99 52 9.20 8.85 98 63 9.11 8.40 73 22 1977 - J u l y Aug. Sept. Oct. Nov. Dec. 9.00 9.00 9.00 9.00 9.05 9.10 83 99 86 72 82 N.A. 9.05 9.05 9.05 9.05 9.05 9.10 88 104 91 77 82 N.A. 8.74 8.74 8.72 8.78 8.78 8.91 1978 - J a n . Feb . Mar. Apr. 9.15 9.25 9.30 9.40 N.A. 54 47 48 9.20 9.25 9.30 9.45 N.A. 54 47 53 9.11 N.A. 9.29 9.37 " 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. http://fraser.stlouisfed.org/ • # Federal Reserve Bank of St. Louis H.16 # e # # # # • # « 27 Table 16 # FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS CONVENTIONAL GOVERNMENT-UNDERWRITTEN • DATE OF AUCTION AMOUNT (IN MILLIONS OF DOLLARS) OFFERED 1977 - High # 50 ( 9 / 7 ) OFFERED AVERAGE YIELD ACCEPTED 278 ( 5 / 2 ) 9 . 2 1 (12/27 35 ( 9 / 7 ) 8 . 4 6 ( 1 / 1 0 ) 123 ( 7 / 2 5 ) 130.5 75.9 77.3 54.1 8.72 8.71 163.9 122.9 101.6 82.8 9.08 9.06 8 22 195.0 119.9 143.1 78.3 8.75 8.77 199.8 170.4 144.4 92.3 9.06 9.06 Sept. 7 19 50.3 62.6 35.1 40.3 8.74 8.74 138.9 107.5 113.9 70.5 9.06 9.05 3 17 31 131.3 325.8 156.1 82.2 212.6 105.7 8.77 8.84 8.86 187.3 242.7 328.1 137.2 167.8 224.0 9.07 9.11 9.14 Nov. 14 28 110.6 99.8 69.5 83.2 8.86 8.85 308.6 229.0 202.8 183.5 9.16 9.16 Dec. 13 27 329.1 855.4 224.3 569.7 8.89 8.98 262.2 329.4 168.9 190.5 9.17 9.21 1977 - J u l y 11 25 Aug. Oct. e e ACCEPTED AMOUNT (IN MILLIONS OF DOLLARS) 855 (12/27) 570 (12/27) 8 . 9 8 ( 1 2 / 2 ) 383 ( 5 / 2 ) Low • AVERAGE YIELD 71 (9/19) 8 . 8 1 (1/10) 1978 - J a n . 9 23 10 1 1 . 0 768.8 605.3 356.6 9.13 9.21 403.6 546.3 192.8 256.8 9.28 9.37 Feb. 6 21 640.9 558.2 338.0 285.5 9.27 9.35 633.6 580.5 299.3 266.7 9.45 9.53 Mar. 6 20 358.8 L64.9 218.5 116.4 9.36 9.33 444.8 378.7 266.4 246.1 9.59 9.62 Apr. 3 17 525 .5 283.8 363.7 165.5 9.44 9.44 522.8 451.4 295.3 282.8 9.69 9.74 May 1 15 655.1 611.4 349.9 269.9 9.52 9.63 645.8 716.9 305.4 362.5 9.80 9.89 e # e NOTES: Average secondary market yields are gross before deduction of the fee of 38 basis points paid for mortgage servicing. They reflect the average accepted bid yield for home mortgages assuming a prepayment period of 12 years for 30-year loans, without special adjustment for Federal National Mortgage Association (FNMA) commitment fees and FNMA stock purchase and holding requirements on 4-month commitments. Mortgage amounts offered by bidders relate to total eligible bids received. H.16