Full text of H.16 Capital Market Developments : May 31, 1977
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Capital Market Developments >!x % # <1 •> 9 . % % May 3 1 , 1 9 7 7 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 . m 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 $.50 each. Address requests to Publications Services, Division of Administrative Services, and make payment remittance payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. Currency. TABLES 1 - 6 7, 8 SECURITY VOLUME AND YIELDS STOCK MARKET AND SECURITY CREDIT 9 - 1 6 MORTGAGE MARKET SYMBOLS e P r ESTIMATE PRELIMINARY REVISED n.a. NOT AVAILABLE DATA DO NOT EXIST Table 1 YIELDS, VOLUME AND RECEPTION ^CORPORATE BOND MARKET YIELDS WEEK ENDING 1977 - March NEW ISSUE A a a UTILITY 1 VOLUME RECENTLY OFFERED Aaa UTILITY 2 3 GROSS OFFERINGS ($ MILLIONS) PER CENT S O L D BY END OF W E E K NEW ISSUES 4 IN SYNDICATE ( $ MILLIONS) 8.30 8.23 8.22 8.27 8.32 8.27 8.28 25 544 698 812 96 89 81 95 63 111 163 51 1 8 15 22 29 8.26 8.26 8.25 8.21 8.31 8.28 8.25 8.16 8.21 8.25 448 298 804 521 90 88 94 100 70 96 125 39 0 231 34 6 13 20 27 8.33 8.32 8.31r 8.28p 77 415 260 398 95 8.32 8.34r 4 11 18 25 April May — — 99 98 97 33 8 15r 24 MUNICIPAL B O N D MARKET YIELDS WEEK ENDING MOODY'S NEW ISSUE Aaa VOLUME BOND BUYER 2Q-BOND INDEX 3 GROSS OFFERINGS ( $ MILLIONS) PER CENT S O L D BY END O F WEEK NEW ISSUES 4 IN SYNDICATE ( $ MILLIONS) 1977 - March 4 11 18 25" 5.20 5.23 5.20 5.20 5.92 5.92 5.90 5.88 648 770 776 680 93 91 88 86 155 137 163 180 April 1 8 15 22 29 5.20 5.17 5.17 5.20 5.17 5.85 5.79 5.70 5.73 5.68 1,103 823 1,055 409 908 85 83 91 85 87 175 232 144 125 192 May 6 13 20 27 5.23 5.25 5.20 5.25 5.76 5.82 5.70 5.71 1,073 884 674 855 75 92 90 87 350 180 188 194 NOTES: 1 Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection. 2 Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection, released from price restrictions sometime during the last four weeks. 3 Estimated by F.R. on the basis of available data. 4 Corporate Market: Salomon Brothers Bond Market Roundup; Municipal Market: Weekly Bond Buyer. Data are adjusted by Federal Reserve when Digitized for necessary FRASERto make coverage of this series consistent with the gross offerings series. Table 2 HIGH GRADE BOND YIELDS NEW I S S U E A a a UTILITY DATE 8.52 7.29 1973 - H i g h Low (8/10) (1/21) 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 8.32 (8/10) 7.28 (1/5) 7.77 (8/24) 7.11 (1/5) 7.79 (8/10) 6.42 (1/5) 5.59 4.99 (8/3) (10/11) (12/12) (2/7) 1974 - High Low 10.61 (10/4) 8.05 (2/15) 10.52 (10/11) 8.13 (1/4) 9.39 (10/11) 7.73 (1/4) 8.68 (8/30) 7.39 (1/4) 7.15 5.16 1975 - High Low 9.80 (5/2) 8.89 (2/7) 9.71 (5/25) 9.06 (2/28) 9.01 (5/2) 8.57 (2/28) 8.63 (9/19) 7.63 (2/21) 7.67 (10/3) 6.27 (2/13) 1976 - High Low 8.95 (5/28) 7.93 (12/10) 9.10 (1/2) 7.84 (12/31) 8.66 (5/28) 7.91 (12/31) 8.17 (5/28) 7.27 (12/31) 7.29 (1/2) 5.95 (12/16) 1977 - High Low 8.34 (5/20) 7.90 (1/7) 8.35 (5/6) 7.95 (1/7) 8.12 (3/11) 7.88 (1/7) 7.78 (5/13) 7.26 (1/7) 5.93 (2/4) 5.68 (4/28) 8.26 8.26 8.25 8.21 8.31 8.28 8.25 8.16 8.21 8.25 8.10 8.10 8.05 7.99 8.01 7.74 7.71 7.65 7.62 7.69 5.85 5.79 5.70 5.73 5.68 8.33 8.32 8.31r 8.28p 8.04 8.07 8.06r 8,05p 7.74 7.78 7.74r 7.71p Apr. 1 8 15 22 29 May 6 13 20 27 • » «* 8.32 8.34r 5.76 .5.82 5.70 5.71 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 Table 3 LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS IN MILLIONS OF DOLLARS G R O S S PROCEEDS S T A T E A N D LOCAL CORPORATE PERIOD 1977 J 1976 1 1975 1 1977 j Z 1975 March 3,989 3,050e 4,900e 3,381 ' 3,863 6,632r 5,367 4,528 5,378 3,419 3,142 4,134 2,451 2,885 3,365 2,361 2,387 2,135 April 3,450e 3,507 4,186 6,43 9r 4,294 5,798 5,596 3,313p 2,218r 3,575 3,115 2,406 2,900 3,064 3,216 3,357r 4,817r 4,327 2,405 2,836 2,734 2,821 2,814 3,580 2,783 2,159 4,431r 3,047r 6,480r 4,705 4,076 4,307 3,524 3,336 2,342r 2,323 2,381 2,052 13,876r 14,132r ll,390r 13,958r 15,273 15,688 9,568 13,088 8,701 8,908r 8,369 9,202r 6,883 8,370 8,522 6,756 28,008 39,398 53,356 30,961 40,529 53,617 17,609r 25,978r 35,180r 15,253 23,775 30,531 January February May June July August September October November December ll,939e 01 Q2 03 04 1st Half 3 Qtrs. Year 10,695p NOTES: 1 1976 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 b y F e d e r a l R e s e r v e on t h e b a s i s of a v a i l a b l e d a t a . Z Table 4 NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE AND ISSUER IN MILLIONS OF DOLLARS GROSS PROCEEDS BY TYPE OF ISSUER GROSS PROCEEDS BY TYPE OF ISSUE PERIOD BONDS TOTAL PUBLICLY OFFERED COMMON AND PRIVATELY PREFERRED PLACED STOCK 1 MEMO ISSUES INCLUDED FOREIGN CONVERTIBLE MANUFACTURING PUBLIC UTILITY COMMUNICATIONS OTHER ISSUERS 13,876 14,132 11,390 13,958 7,569 7,427 4,904 6,553 2,754 3,584 4,624 4,846 3,553 3,121 1,861 2,559 1,340 1,843 1,267 1,795 262 478 199 55 4,497 3,757 2,982 4,244 4,044 3,140 3,317 3,897 765 1,879 378 541 4,569 5,358 4,715 5,276 1976 - J a n u a r y February March April May June July August September October November December 3,381 3,863 6,632 3,507 4,186 6,439 3,216 3,357 4,817 4,431 3,047 6,480 2,189 2,142 3,238 2,350 1,937 3,140 1,239 1,565 2,100 2,729 1,256 2,568 613 794 1,347 629 1,051 1,904 1,348 1,113 2,163 753 1,101 2,992 579 927 2,047 528 1,198 1,395 629 678 554 949 690 920 605 335 400 428 350 1,005 500 367 400 235 1,310 250 123 15 124 37 15 426 100 7 92 21 31 3 1,073 1,179 2,245 568 1,709 1,480 1,198 1,031 753 1,349 510 2,385 1,097 789 2,158 644 1,148 1,348 932 920 1,465 1,414 1,327 1,156 16 171 578 450 1,409 26 212 140 155 190 196 1,197 1,722 1,650 1,847 1,309 2,202 1,061 1,195 2,459 1,513 1,019 2,744 1977 - J a n u a r y 3,989 2,786 601 602 300 0 906 986 50 2,048 1976 - I I I I I I IV NOTES: 1 Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other. Source: Securities and Exchange Commission. # # 2CT T a b l e 5A INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' May 2 t h r o u g h May 2 7 , 1977 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE OFFERING YIELD 9.25 7.50 9.13 5.65-7.70 MOODY'S/S&P'S RATINGS CORPORATE B o s t o n E d i s o n Co. Union P a c i f i c R a i l r o a d T e x a s U t i l s . Co. S o u t h w e s t e r n E l e c . Power Go. E q u i t a b l e Gas Co. B o s t o n E d i s o n Co, T o l e d o E d i s o n Co. P a c i f i c Power & L i g h t Co. P a c i f i c Power & L i g h t Co. F r e u h a u f F i n a n c e Co. J e r s e y C e n t . Power & L i g h t Co. BankAmerica C o r p . G e n ' l . T e l . Co. o f t h e S o u t h w e s t C o n n e c t i c u t L i g h t & Power Co. Consumers Power Co. Commonwealth E d i s o n Co. Northern Indiana Public Service I n d i a n a & M i c h . E l e c . Co. Kansas C i t y Pwr. & L g t . Co. C e n t r a l Hudson Gas & E l e c t r i c C o r p . S a n t a Fe N a t u r a l R e s o u r c e s I n c . B e l l T e l e p h o n e Co. o f P a . C a s t l e & Cooke I n c . C a s t l e & Cooke I n c . 1st mtg. Equip, t r . Com. s t k . Pfd. stk. Pfd. stk. Com. s t k . Com. s t k . Pfd. stk. Com. s t k . Notes 1st mtg. Debt. Debt. 1 s t mtg. Com. S t k . Com. S t k . Pfd. Stk. Pfd. Stk. Com. S t k . Pfd. Stk. Debt. Debt. Debt. Notes 60.0 16.5 96.9 30.3 17.5 53.0 51.5 30.0 55.9 75.0 60.0 200.0 35.0 45.0 80.0 177.8 30.0 40.0 33.1 15.0 75.0 100.0 50.0 25.0 2007 1978-1992 —- — 8.08 8.00 8.08 8.00 - - —— - - —— - - — - - 8.52 8.52 - - - - 1987 2007 2007 2007 2007 8.00 8.75 8.35 8.38 8.88 8.00 8.80 8.35 8.44 8.88 —- - - - - - - —— - — —— - - mm mm - - —— 2002 2017 1997 1985 NOTES: * Rights offering. 1 Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings. 8.36 8.60 — 8.36 8.60 - - - - 8.40 8.35 8.13 8.50 8.13 8.40 8.35 8.15 8.60 8.13 Baa/BBB Aaa/AAA Aa/AA A/ABaa/BBB - - A/A Baa/AAaa/AAA A/A A/A~ — - - A/ABaa/BBB - - A/AA/A+ Aaa/AAA Baa/BBB Baa/BBB T a b l e 5A C o n t i n u e d INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY May 2 t h r o u g h May 2 7 , ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) 1977 MATURITY COUPON RATE OFFERING YIELD MOODY S / S & P S RATINGS CORPORATE A t l a n t i c N a t i o n a l Bank C l e v e l a n d E l e c , I l l u m i n a t i n g Co. ITEL CORP C e n t r a l I l l i n o i s P u b l i c S v c . Co. Consumer Power Co. A m e r i c a n S a v i n g s & Loan A s s o c . C h a r t e r New York C o r p . AMFAC M o r t g a g e C o r p . Pfd. stk. 25.0 Com. s t k . 79.5 Pfd. stk. 52.5 Com. s t k . 26.3 1st mtg. 85.0 Mtg. backed 200.0 Debt. 75.0 Med-term n o t e s 25.0 OTHER E u r o p e a n I n v e s t m e n t Bank S a s k a t c h e w a n , P r o v i n c e of Mexico I n t e r - A m e r i c a n D e v e l o p m e n t Bank Bonds Debt. Bonds Bonds 75.0 125.0 60.0 100.0 6.00 — — —— — — 5.76 — 2007 1982 2002 1979-1986 1997 2007 1982 2002 6.00 — 9.60 — — — — 8.88 7.25 8.50 8.92 7.25 8.50 — Baa/A --/AAA Aa/ — — — 9.00 8.63 9.00 8.38 j —/BB 9.00 8.68 9.00 8.38 Aaa/AAA Aa/AA Aaa/AAA Aaa/AAA • • • # # # # # # # Table 5B INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 May 2 t h r o u g h May 2 7 , 1977 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S/S&P'S RATINGS S T A T E A N D LOCAL Omaha P u b l i c Power D i s t . , Neb. Maricopa Co., Ariz . Maricopa Co., A r i z . Maricopa Co., A r i z . Maricopa Co., A r i z . Valdez, Alaska D e l a w a r e Co. R e g . W a t e r C t r l . A u t h . , Pa. D e l a w a r e Co. R e g . W a t e r C t r l . A u t h . , Pa. P i t t s b u r g h Sch. D i s t . , Pa. P i t t s b u r g h Sch. D i s t . , Pa. G w i n n e t t Co. W a t e r & S e w e r a g e A u t h . , Ga. G w i n n e t t Co. W a t e r & S e w e r a g e A u t h . , Ga. G w i n n e t t Co. W a t e r & S e w e r a g e A u t h . , Ga. G w i n n e t t Co, W a t e r & S e w e r a g e A u t h . , Ga. Maiden, Mass. A l b u q u e r q u e , N.M. A l b u q u e r q u e , N.M. Aurora, Colo. Rev. Rev. Rev. Rev. Rev. Rev. 170.0 26.7 14.3 33.0 51.6 250.0 2017 1981-1993 1997 2004 1977-1992 2007 6.18 6.54 6.54 6.54 4.25 5.60 6.16 4.70-6.40 6.50 6.75 2.60-4.90 5.50 Aa/AA A-1/A+ A-1/A+ A-1/A+ Aaa/Aaa Aaa/AAA Rev. 19.3 1979-2006 5.94 3.50-6.00 A— 1 / — — Rev. G.O. Rev. 9.6 23.8 11.2 1977-1987 1977-2001 1977-1986 4.35 2.60-4.50 2.75-6.00 2.60-4.40 Aaa/-A-l/AA Aaa/AAA Rev. 20.3 1981-1997 6.12 4.25-6.00 Baa-1/BBB+ Rev. 6.0 2000 6.12 6.10 Baa-1/BBB+ Rev. 17.3 2007 6.12 6.20 Baa-1/BBB+ Rev. G.O. Rev. Rev. G.O. 20.2 10.0 8.4 9.3 10.4 1977-1985 1978-1997 1979-1991 1991-1995 1991-2002 4.29 5.72 4.87 5.37 5.57 2.60-4.30 3.25-6.00 3.50-5.10 5.10-5.45 5.00-5.80 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. *» — mm mm Aaa/AAA A/— A-1/A+ A-1/A+ A-1/A+ Table 5B Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' ISSUER May 2 t h r o u g h May 27, 1977 AMOUNT (MILLIONS OF DOLLARS) TYPE MATURITY NET INTEREST COST OFFERING YIELD MOODY'S/S&P'S RATINGS STATE AND LOCAL Aurora, Colo. Pennsylvania State Public Sch. Bldg. Auth. Mecklenburg C o . , N.C. Milwaukee, Wise. Anne A r u n d e l C o . , Md. L o u i s i a n a , S t a t e of A l a b a m a , S t a t e of A l a b a m a , S t a t e of W a s h i n g t o n , S t a t e of N o r t h T e x a s Mun„ W a t e r D i s t . , T e x a s N o r t h T e x a s Mun. W a t e r D i s t . , T e x a s Maine M u n i c i p a l Bond Bank Southmoreland School D i s t . , Pa. Southmoreland School D i s t . , Pa. Southmoreland School D i s t . , Pa. H e a r t l a n d Consumers Power D i s t . , S . D . H e a r t l a n d Consumers Power D i s t . , S . D . P o r t o f P o r t l a n d , Oregon D a l t o n , Ga. D a l t o n , Ga. Massachusetts State College Bldg., Auth. W. M i n n e s o t a Mun. Power A g y . , M i n n . W. M i n n e s o t a Mun. Power A g y . , M i n n . http://fraser.stlouisfed.org/ I • Federal Reserve Bank of St. Louis t 1 G.O. 9.0 1998-2005 5.80 5.55-5.85 A-1/A+ Rev. G.O. G.O. G.O. G.O. G.O. G.O. G.O. Rev. Rev. Rev. G.O. G.O. G.O. Rev. Rev. G.O. Rev. Rev. 11.8 13.7 16.1 25.0 100.0 7.0 13.0 93.5 29.2 13.7 20.5 6.1 1.6 3.7 27.6 97.4 84.0 31.3 93.7 1977-2006 1979-1998 1978-1992 1978-2007 1978-1997 1978-1992 1978-1997 1978-2002 1977-1997 1977-1997 1978-1998 1978-1995 1998 1977-1986 1983-1997 2016 1983-2007 1978-1994 2008 5.51 4.71 4.55 5.13 4.91 4.57 4.91 5.19 A/AA Aaa/AAA Aaa/AAA / Aa/AA Aa/AA Aa/AA Aa/AA Aa/AA+ A/A Aaa/AAA Aa/AA 5.76 5.76 4.67 6.36 6.36 5.54 6.35 6.35 2.50-5.75 3.10-5.25 2.80-4.90 3.00-5.80 2.90-5.25 2.75-5.00 2.75-5.30 2.90-5.45 2.80-5.70 2.60-5.25 3.30-5.75 3.25-5.80 5.88 2.70-4.65 4.55-6.00 6.41 4.15-5.80 3.10-5.80 6.41 Rev. Rev. Rev. 20.1 22.1 77.9 1978-2004 1983-1997 2016 6.24 6.37 6.37 3.40-6.25 4.55-6.00 6.41 A-l/AA A/AA/A- e e • - - - # e — / - - --/-- Aaa/AAA A/AA/AAaa/AA A/AA/A- # T a b l e 5B C o n t i n u e d INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY May 2 t h r o u g h May 27 , 1977 TYPE ISSUER STATE AND LOCAL Lower Colorado River Auth., Texas Lower Colorado River Auth., Texas Steel Valley School Dist., Pa. Steel Valley School Dist., Pa. Steel Valley School Dist., Pa. Steel Valley School Dist., Pa. Beaver Co. Indust. Dev. Auth., Pa. Lawrenceburg, Ind. Klein Ind. Sch. Dist., Texas Florida, State of Long Beach Parking Auth., Cal. Anchorage, Alaska Illinois Indust. Poll. Ctrl. Fin. Auth. Lauderdale C o . - F l o r e n c e Hosp. Bd., Ala. Lauderdale Co.-Florence Ala. Lauderdale Co.-Florence Ala. Farmington, N.M. Nevada Housing Division Nevada Housing Division Massachusetts Hsg. Fin. Massachusetts Hsg. Fin. Hosp. Bd., Hosp. Bd., Agy. Agy. AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST 5.94 5.94 OFFERING YIELD 4.40-5.50 6.02 2.80-4.60 3.40-6.13 6.15 6.25 6.00 7.00 4.30-5.00 3.10-5.35 4.80-5.90 4.30-5.50 MOODY S / S & P ' S RATINGS A-1/A+ A - 1 / A+ Rev. Rev. G. 0 . G. 0 . G. 0 . G.O. Rev. Rev. G.O. G.O. Rev. G.O. 15.0 55.0 7.0 6.2 1.7 5.5 21.1 40.0 12.0 50.0 10.0 14.9 1983-1993 2005 1977-1986 1977-1993 1997 2006 2007 2006 1984-1990 1978-1995 1985-2000 1981-1993 Rev. 50.0 2007 Rev. 5.8 1978-1986 — 3.20-4.70 Aaa/AAA Rev. 7.8 1978-1994 —— 4.00-6.50 A/A+ Rev. Rev. Rev. Rev. Rev. Rev. 5.4 22.6 17.0 11.0 6.9 32.7 2007 1978-2007 1979-1997 2009 1980-1997 2019 7.00 3.00-6.05 3.40-5.75 6.00 4.70-6.70 7.00 A/A+ A-l/A Aa/AA Aa/AA A-l/A A-l/A — — - - —— — — - — - 4.87 4.89 5.77 5.39 — —— 5.84 5.80 5.80 7.03 7.03 5.88 — / — A/AA — / — A/BBB+ Aa/AA A-1/A+ A/-Aa/A T a b l e 5B C o n t i n u e d INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY May 2 t h r o u g h May 2 7 , 1977 AMOUNT (MILLIONS OF DOLLARS) TYPE ISSUER MATURITY NET INTEREST COST OFFERING YIELD MOODY'S/S&P'S RATINGS STATE AND LOCAL V i r g i n i a Housing Dev. A u t h . V i r g i n i a Housing Dev. A u t h . N o r t h C a r o l i n a , S t a t e of " T e n n e s s e e Housing Dev. Agy. T e n n e s s e e Housing Dev. Agy. Tennessee Housing Dev. Agy. Bethlehem-Center Sch, D i s t . , Pa. Bethlehem-Center Sch. D i s t . , Pa. Bethlehem-Center Sch. D i s t . , Pa. Bethlehem-Center Sch. D i s t . , Pa. Putnam Co. Dev. A u t h . , G a . West V i r g i n i a H s g . D e v . Fund West V i r g i n i a H s g . D e v . Fund West V i r g i n i a H s g . D e v . Fund E a s t G a d s e n Med. C l i n i c B d . , A l a . E a s t G a d s e n Med. C l i n i c B d . , A l a . B r i s t o l Health & Educ. Fac. Bd., Tenn. B r i s t o l Health & Educ. Fac. Bd., Tenn. A l b u q u e r q u e , N.M. A l b u q u e r q u e , N.M. Cobb Co. S c h . D i s t . , G a . A l l e g h e n y Co. Hosp* D e v . A u t h . , P a . A l l e g h e n y Co. H o s p . D e v . A u t h . , P a . A l l e g h e n y Co. H o s p . D e v . A u t h . , P a . Calcasieu P a r . Sch. D i s t . #31, La. rnoenix, Ariz. T y U y""x / \ M mm A M H —— http://fraser.stlouisfed.org/ # e Federal Reserve Bank of St. Louis # # Rev. Rev. G.O. Rev. Rev. Rev. G.O. G.O. G.O. G.O. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. G.O. G.O. Rev. Rev. Rev. G.O. Rev. 34.8 13.7 55.0 12.6 31.6 16.5 1.9 1.0 1.9 7.5 14.7 7.0 5.9 15.6 6.2 12.2 7.2 6.8 4.0 6.5 22.0 8.5 3.8 8.4 11.2 15.0 e e 1978-1996 2008 1978-1996 1977-1985 1977-1996 2007 1977-1992 1995 2000 1977-1986 2007 1979-1999 2007 2019 1981-1995 2007 1981-1999 2007 1979-1985 1978-1983 1978-1996 1977-2004 1978-1992 2009 1978-1992 1984-1993 5.93 5.93 4.59 4.48 6.01 6.01 e # —— —— —— 6.45 6.38 6.38 6.38 — mm 6.86 6.86 4.49 4.05 5.46 5.05 6.61 6.61 5.48 5.31 3.40-6.00 6.30 2.75-5.45 3.00-4.50 3.00-6.00 6.30 3.40-6.10 6.15 6.20 2.75-4.70 6.44 3.70-6.10 6.30 6.43 4.60-6.50 6.90 4.50-6.75 6.90 3.15-4.50 3.15-4.50 5.25-5.50 2.75-5.50 4.00-6.20 6.63 3.50-5.40 4.40-5.40 # A-l/AA A-l/AA Aaa/AAA Aaa/AAA A-1/A+ A-1/A+ —-*/—— /— --/ Baa/BBB A-1/A+ A-1/A+ A-1/A+ A/A A/A A/A A/A A-l/AA A-l/AA /— Aaa/-Aa/A+ Aa/A+ Baa-1/BBB+ A/AAA # f T a b l e 5B C o n t i n u e d INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY May 2 t h r o u g h May 2 7 , 1977 ISSUER STATE AND LOCAL Camden C o . , N . J . Katy I n d . Sch. D i s t . , Texas N a s s a u C o . , N.Y. I l l i n o i s I n d u s t . P o l l . Fin. Auth. New York S t a t e Dorm. A u t h . New York S t a t e Dorm. A u t h . New York S t a t e Dorm. A u t h . Kentucky Turnpike Auth. Kentucky Turnpike Auth. Lauderhill, Fla. Lauderhil, Fla. Lauderhill, Fla. Colorado Housing Finance A u t h . C r o s s e t t , Ark. Mobile I n d u s t . Dev. Bd., A l a . Westmoreland Co., Pa. Westmoreland Co., Pa. Westmoreland Co., Pa. Westmoreland Co., Pa. Waukcvha, W i s e . Wa^x'- ' Wise. Houston, Texas H o u s t o n , Texas New J e r s e y , S t a t e of New H a v e n , Conn. TYPE G.O. G.O. G.O. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. G.O. G.O. Rev. Rev. Rev. Rev. Rev. G.O. G.O. AMOUNT (MILLIONS OF DOLLARS) 15.2 19.0 35.0 18.7 14.0 11.0 43.0 91.0 121.0 13.7 7.3 1.4 28.8 61.7 17.3 4.9 1.9 3.3 5.5 9.0 8.7 8.0 17.0 50.0 12.5 MATURITY 1978-1994 1978-1994 1978-2007 2007 1978-1987 1992 2002 1979-1996 2007 1978-2011 1978-2002 2007 1978-1987 2007 2007 1978-1997 2000 2005 1977-1986 1978-1997 2007 1981-1997 2010 1978-2002 1979-1997 NET INTEREST COST 5.19 4.90 5.74 — 6.85 6.85 6.85 - - - - - - - 5.05 - - - - - - 6.77 6.77 5.94 5.94 5.09 5.11 OFFERING YIELD 3.10-5.40 3.10-5.30 3.40-6.10 6.00 3.75-6.20 6.50 6.88 3.40-5.80 6.14 3.00-6.00 2.75-5.50 5.50 3.25-5.00 6.00 5.88 3.40-5.80 5.88 6.00 2.75-4.60 3.75-6.50 6.88 4.00-5.80 6.10 2.90-5.40 3.60-5.50 MOODY'S/S&P'S RATINGS A-l/AAA A-l/A A-l/— Aa/AA A/A A/A A/A A-1/A+ A-1/A+ - - / - - Aaa/— Aaa/— A-l/AA Aa/AA — - / - — A-1/A+ A-1/A+ A-1/A+ Aaa/AAA A/A A/A A/A A/A Aaa/AAA Aa/AA T a b l e 5B C o n t i n u e d INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY • May 2 t h r o u g h May 2 7 , 1977 ISSUER STATE AND LOCAL U n i v e r s i t y of M i n n e s o t a Philadelphia, Pa. W a s h i n g t o n P u b l i c Power S u p p l y S y s t e m W a s h i n g t o n P u b l i c Power S u p p l y S y s t e m Manhanoy A r e a S c h . D i s t . , P a . Manhanoy A r e a S c h . D i s t . , P a . F a r m i n g t o n , N.M. TYPE Rev. G.O. Rev. Rev. Rev. G.O. Rev. AMOUNT (MILLIONS OF DOLLARS) 10.8 61.0 34.0 56.0 3.6 6.7 22.0 MATURITY 1979-2013 1978-2002 1989-2001 2012 1977-1986 1977-2000 1984 NET INTEREST COST —— 7.38 6.32 6.32 — - - OFFERING YIELD 3.50-6.10 4.50-7.50 5.25-6.20 6.40 2.75-4.70 3.25-6.25 5.00 MOODY'S/S&P'S RATINGS Aa/— Baa/AA-1/A+ A-1/A+ Aaa/ — — /A A/— T a b l e 6A FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' As of May 2 7 , ISSUER 1977 TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING CORPORATE Commonwealth E d i s o n Co. M i c h i g a n B e l l T e l . Co. Commercial A l l i a n c e C o r p . M i n n e s o t a Power & L i g h t Co. B e n e f i c i a l Corp. Burlington Northern Inc. Petroleum & Resources Corp. C o n s o l i d a t e d N a t u r a l Gas Co. Public Service Indiana P u b l i c S e r v i c e Co. of New Mexico A t l a n t a Gas L i g h t Co. New York T e l e p h o n e Co. ^ P o r t l a n d G e n e r a l E l e c . Co. C e n t r a l I l l i n o i s L i g h t Co. W e s t e r n P a c i f i c R a i l r o a d Co. Iowa E l e c t r i c L i g h t & Power Co. ^ P u b l i c S e r v i c e E l e c t r i c & Gas Co. Diamond S t a t e s T e l . Co. Ohio E d i s o n Co. G e n 1 1 . T e l . Co. of t h e Midwest P a c i f i c T e l . & T e l e . Co. Alabama Power Co. * I n t e r n a t i o n a l . T e l . & T e l e . Corp. * K a n s a s Power & L i g h t Co. ^ O c c i d e n t a l P e t r o l e u m Corp. *World A i r w a y s U n i t e d Bank C o r p . , New York Republic S t e e l Corp. OTHER Norway, Kingdom of B r i t i s h Columbia Hydro & Power Auth. * E l e c t r i c i t e de F r a n c e I t o - Y o k a d o Co. V e n a z u e l a , R e p u b l i c of 1st mtg. Debt. Notes Com. s t k . Debt. Pfd. stk. Pfd. stk. 1st mtg. Com. s t k . 1st mtg. 1st mtg. Debt. 1st mtg. Com. s t k . Equip, t r . Com. s t k . 1st mtg. Debt. 1 s t mtg. Debt. Debt. 1st mtg. Med-term n o t e s 1st mtg. Pfd. stk. Equip, t r . Notes SF d e b t . 150.0 150.0 20.0 40.0 150.0 100.0 25.0 75.0 40.0 30.0 25.0 300.0 50.0 18.0 20.0 16.2 125.0 20.0 75.0 20.0 300.0 100.0 50.0 30.0 75.0 65.0 20.0 125.0 June 1 June 1 June 2 June 2 June 2 June 6 June 6 June 7 June 8 June 8 June 9 J u n e 14 J u n e 15 J u n e 15 J u n e 15 J u n e 16 J u n e 21 J u n e 21 J u n e 21 J u n e 23 J u n e 28 J u n e 28 June June June Indef. Indef. Indef. Notes 100.0 June Bonds Bonds Conv. d e b t . Notes 175.0 50.0 50.0 100.0 J u n e 15 June June June NOTES: * Included in table for first time. 1 Includes only corporate and other security issues of $15 million and over; excludes exchanges, options 8 16 Table 6B FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of May 2 7 , 1977 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) Pagosa Water & S a n t . D i s t . , C o l o . P i t t s b u r g h , Pa. Tulsa, Okla. * D e t r o i t Sch. D i s t . , Mich. *Knox C o . P u b . B u i l d i n g A u t h . , Tenn Massachusetts H l t h . & Educ. F a c . Auth. * M a r i c o p a Co. I n d u s t . D e v . A u t h . , Ariz. Hillsborough Co., F l a . * L a n c a s t e r Co. H o s p . A u t h . , P a . " L a n c a s t e r Co. H o s p . A u t h . , P a . Hono l u l u , H a w a i i Wyandotte, Mich. *Date C o . , F l a . G e o r g i a , S t a t e of C a l i f o r n i a , S t a t e of West V i r g i n i a , S t a t e of * P r i n c e G e o r g e 1 s C o . , Md. N e v a d a , S t a t e of Knoxville, Tenn. * N a s h v i l l e & D a v i d s o n Co. M e t r o . G v t . , Tenn. * H a l s t e a d , Kansas * H a l s t e a d , Kansas G u i l f o r d Co., N.C. ^ M i s s o u r i D e p t . of N a t u r a l R e s o u r c e s > B u f f a l o Sewer A u t h . , N.Y. C i n c i n n a t i , Ohio Chicago School D i s t . , 111. S t . L o u i s C o . , Mo. G e o r g i a Mun. E l e c t r i c A u t h . San D i e g o S c h . D i s t . , C a l . I l l i n o i s , S t a t e of * M u n i c i p a l A s s t . C o r p . , N.Y. Durham, N . C . * F l o r i d a S t a t e Bd. of E d u c a t i o n Osseo I n d . S c h . D i s t . , # 2 7 9 , M i n n . *New Y o r k , S t a t e of G.O. G.O. G.O. G.O. Rev. 10.0 13.2 22.0 20.4 53.9 June June June June June 1 1 1 1 1 Rev. 12.0 June 1 Rev. G.O. Rev. Rev. G.O. Rev. G.O. G.O. G.O, G.O. G.O. G.O. Rev. 29.0 10.0 9.8 4.2 15.0 15.6 48.4 77.0 110.0 50.0 16.9 13.7 24.0 June June June June June June June June June June June June June 1 1 2 2 2 6 7 7 7 7 7 7 7 Rev. Rev. Rev. G.O. G.O. Rev. G.O. G.O. G.O. Rev. Rev. G.O. Rev. G.O. G.O. G.O. G.O. 26.0 17.0 10.0 14.0 31.5 88.0 19.5 45.0 41.4 150.0 28.3 150.0 75.0 13.0 27.8 10.5 96.0 June June June June June June June June June June June June June June June June June 7 7 7 7 8 8 8 8 9 9 14 :" 1. 14 15 15 16 APPROXIMATE DATE OF OFFERING STATE & LOCAL 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. 17 Table 6B C o n t i n u e d FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of May 2 7 , 1977 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING STATE & LOCAL Alaska Housing Finance Corp. B l a i r Co. H o s p i t a l A u t h . , P a . ^Middlesex Co., N . J . O r e g o n , S t a t e of Desert Hosp. A u t h . , C a l . * F o r t Worth I n d . S c h . D i s t . , T e x a s ^ C l e v e l a n d , Ohio A t l a n t a , Ga. ^ A l e x a n d r i a I n d u s t . D e v . A u t h . , Va. M i n n e a p o l i s , Minn. New J e r s e y T u r n p i k e A u t h . POSTPONEMENT L o u i s v i l l e R i v e r f r o n t C o r p . , Ky. Rev. Rev. G.O. G.O. Rev. G.O. G.O. Rev. Rev. Rev. Rev. 40.0 25.0 14.3 150.0 15.0 25.0 28.6 330.0 38.0 38.0 200.0 June June June June June June June June June June June 16 20 21 21 21 22 22 29 Rev. 26.0 June 7 Table 7 STOCK PRICES AND VOLUME 1 STOCK PRICES DATE N Y S E INDEX 3 BJ INDUSTRIALS AMEX 4 NASDAQ 2 TRADING VOLUME NYSE AMEX 26.0 (9/20) 9.0 (8/20) 5.5 (1/12) 1.4 (8/20) 11.3 (1/11) 3.5 (8/27) NASDAQ 1973 - H i g h Low 65.58 (1/11) 49.12 (12/13) 1974 - H i g h 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 - H i g h Low 51.24 (7/15) 37.16 ( V 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 - H i g h 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 - H i g h Low 57.69 (1/3) 52.68 (5/27) 999.75 (1/3) 898.83 (5/27) 114.94 (5/18) 109.61 (1/12) 98.47 (5/18) 93.66 (4/5) 31.5 (1/5) 14.2 (4/28) 4.2 (1/13) 1.9 (5/23) 10.5 (1/19) 5.5 (4/7) Apr. 1 8 15 22 29 53.94 53.46 54.94 53.69 53.66 927.36 918.88 947.76 927.07 926.90 111.97 110.43 112.50 111.75 112.17 94.54 94.03 96.26 95.12 95.48 17.2 16.4 19.8 17.1 16.5 2.3 2.3 2.6 2.9 2.2 6.3 6.1 7.5 7.8 6.6 May 6 13 20 27 54.31 54.13 54.39 52.68 936.74 928.34 930.46 898.83 113.94 114.04 114.73 112.51 96.90 97.41 98.00 95.90 18.3 18.9 20.7 17.8 2.6 2.6 2.8 2.0 7.6 7.2 7.4 6.3 1051.50 (1/11) 788.31 (12/5) 130.47 (1/11) 85.26 (12/20) 136.84 (1/11) 89.12 (12/13) NOTES: 1 Figures other than highs and lows are Fridays only. Highs and lows are for the year and are not necessarily for Fridays. 2 Volume figures are weekly averages of daily figures (millions of shares). 3 12/31/65 = 50 4 Based on average price change until September 4, 1973 thereafter, based on market value of shares listed. 19 Table 8 SECURITY CREDIT REGULATED MARGIN CREDIT EXTENDED BY END OF PERIOD BROKERS O N MARGIN STOCK 1 BROKERS ON 2 CONVERTIBLE BONDS 3 BANKS UNREGULATED NONMARGIN STOCK CREDIT AT BANKS OUTSTANDING 1976 - March April May June JulyAugust September October November December 6,410 6,690 6,940 7,080 7,340 7,450 7,530 7,350 7,610 7,960 162 163 161 166 172 167 174 169 178 204 1977 - J a n u a r y February March .8,270 9,480 8,690 8,880 196 197 199 n.a. 460 280 250 140 260 110 80 April 1,057 1,077 1,007 880 898 1,061 859 1,068 839 829 , 2,355 2,325 2,357 2,368 2,317 2,368 2,830 2,774 3,351 3,684 820 830 796 n.a. 3,693 3,751 3,720 n.a. 19 20 -69 127 -130 163 202 209 229 -10 22 -30 32 11 -51 -51 462 -56 577 333 CHANGE IN OUTSTANDING 1976 - March April May June July August September October . November December 80 350 9 1 -2 5 6 -5 7 5 9 26 1977 - January February March April 310 210 210 190 -8 i 2 n.a. —— -9 10 -34 n.a. 9 58 -31 n.a. NOTES: 1 Margin account debt as reported by the New York Stock Exchange, excluding credit for subscription issues and convertible bonds. 2 New York Stock Exchange data. 3 June data for banks are universe totals; all other data for banks represent estimates for all Commercial banks based on reports by a reporting sample, which accounted for 60 per cent of security credit outstanding at banks on June 30. 4 Nonmargin stocks are those not listed on a national securities exchange and not included on the Board of Governors of the Federal Reserve System's list of OTC margin stocks. At banks, loans to purchase or carry nonmargin stocks are unregulated; at brokers, such stocks have no value. 4 ho O Table 9 SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS IN MILLIONS OF DOLLARS REGULAR D E P O S I T S DATE 1972 1973 1974 1975 1976 ANNUAL 3 GROWTH RATE NET FLOW 10,067 4,815 2,909 11,070 11,546 1976 - S e p t . Oct. Nov. Dec. 1,307 836 779 1,757 1977 - J a n . Feb. Mar. jd/ 913 847 1,903 1 12.4 5.4 2.2 11.3 11.6 — —«— TOTAL S A V I N G S & LOAN ASSOCIATIONS MUTUAL S A V I N G S BANKS NET NEW MONEY 2 S H A R E CAPITAL NET FLOW 5,451 -442 -2,822 4,757 5,275 32,567 20,237 16,006 42,769 50,287 75 582 539 367 5,572 3,452 2,581 6,277 645 585 623 5,218 3,406 7,578 NET NEW MONEY ANNUAL 3 GROWTH RATE 18.6 9.9 7.0 17.3 17.7 2 DEPOSITS NET FLOW ANNUAL 3 GROWTH RATE 23,884 10,507 4,668 29,276 34,369 42,634 25,052 18,915 53,839 61,833 1,944 3,224 2,381 2,279 6,879 4,288 2,019 3,826 3,360 8,034 2,920 2,646 4,944 3,186 3,604 6,131 4,253 9,481 —— — — — —— 16.6 8.5 5.5 15.8 16.0 NET NEW MONEY — — —— 2 29,335 10,062 1,846 34,033 39,644 5,449 3,771 4,227 SEASONALLY ADJUSTED 1976 - S e p t . Oct. Nov. Dec. 1977 - J a n . Feb. Mar. _p/ 1,326 1,396 852 1,086 965 589 696 13.5 14.1 8.5 10.7 < 9.5 5.7 6.7 — mmm —— —— 5,525 5,016 4,047 4,423 20.a 18.5 14.7 15.9 4,285 2,932 3,608 15.2 10.3 12.5 — —i —— 6,851 6,412 4,899 5,509 18.8 17.3 13.1 14.5 5,250 3,521 4,304 13.7 9.1 11,0 . — — —— 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 NET CHANGE OUTSTANDING COMMITMENTS PERIOD TOTAL MUTUAL ALL SAVINGS SAVINGS BKS & LOAN ASSOCIATIONS (N Y. STATE) TOTAL ALL SAVINGS MUTUAL & LOAN SAVINGS BKS ASSOCIATIONS (N Y. STATE) 1972 - D e c . 25.2 20.3 4.9 .45 .43 .02 1973 - D e c . 19.9 16.4 3.5 .04 .21 -.17 1974 - D e c . 14.6 12.4 2.2 .09 o 1 1975 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 14.8 14.6 15.2 16.1 16.7 17.0 17.9 18.9 19.7 20.1 20.2 20.6 12.7 12.7 13.2 14.1 14.6 14.9 15.8 16.7 17.6 18.0 18.2 18.6 2.1 1.9 2.0 2.0 2.1 2.1 2.1 2.2 2.1 2.1 2.0 2.0 -.03 -.01 .50 1.18 .55 .25 .92 1.21 .90 .01 .35 .04 .18 .06 .41 .95 .53 .29 .84 .98 .86 .37 .22 .35 -.11 -.24 .11 .01 .04 .04 -.03 .09 -.09 .02 -.03 -.02 1976 - J a n . Feb. Mar . Apr. May June July Aug. Sept. Oct. Nov. Dec. 20.8 21.3 21.7 21.8 22 .3 22.6 23.1 23.7 24.6 26.1 27.3 28.2 18.8 19.3 19.5 19.6 20.0 20.4 20.8 21.3 22.0 23.5 24.6 25.5 2.0 2.0 2.2 2.2 2.3 2.2 2.3 2.4 2.6 2.6 2.7 2.7 .06 .61 .48 .38 .48 .27 .50 .87 1.05 1.20 1.26 .92 .20 .58 .16 .10 .32 .53 .33 .50 .78 1.46 1.09 .92 .02 -.06 .19 .05 .05 -.02 .03 .12 .19 .06 .09 1977 - J a n . Feb. Mar. 27.9 28 .4 29.5 25.1 25.4 26.3 2.8 3.0 3.2 -.35 .48 1.18 -.45 .30 .98 .10 .18 .20 NOTES: Based on data from Federal Home Loan Bank Board and Savings Banks Association of New York State. Both series include a minor amount of nonresidential commitments; S&L commitments also include loans in process. Net changes are derived directly from unrounded end of-period outstanding levels as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding. H.16 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 O F D O L L A R S PERIOD INTERMEDIATE A N D L O N G - T E R M I S S U E S TOTAL INCLUDING SHORT-TERM DISCOUNT NOTES TOTAL FHLB FHLMC FNMA +1,050 +100 +310 +491 FNMA & F H L B SHORT-TERM DISCOUNT NOTES 1 < +18 +66 -182 -454 1974 - S e p t . Oct. Nov. Dec. +2,768 +1,665 -89 +507 +2,750 +1,599 +93 +961 +1,700 +1,499 -217 +470 1975 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. -242 -659 +440 0 -1,568 +330 +236 -398 215 587 152 669 -5 -254 +689 +69 I>1,279 +600 +300 -700 100 850 200 600 -4 -554 -11 -30 -1,279 0 0 -700 0 +150 0 0 +300 0 -1 0 0 0 0 0 0 200 0 —1 0 +700 +100 0 +600 +300 0 100 700 0 600 -237 -405 -249 —69 -289 -270 —64 302 115 -263 -48 69 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. 18 -460 194 -190 0 -200 189 —8 5 18 -176 -270 — — — — — 1 i 1 1 < i I NOTES: Based on data from Treasury Survey of Ownership. 1 / Sales of FHLB discount notes began in May 1974. http://fraser.stlouisfed.org/ p Preliminary Federal Reserve Bank of St. Louis 23 Table 12 NET CHANGE IN MORTGAGE HOLDINGS IN MILLIONS O F D O L L A R S PERIOD TOTAL INCLUDING FNMA-GNMA 2 FINANCIAL I N S T I T U T I O N S TOTAL COMMERCIAL BANKS MSB's S & L's INSURANCE COMPANIES FNMA-GNMA Not S e a s o n a l l y Ad l u s t e d 41,406 57,587 58,372 42,739 43,497 62,845 39,018 55,561 55,072 36,517 38,658 64,965 9,940 16,800 19,600 11,700 4,200 13,500 3,938 5,377 5,642 2,172 2,236 4,074 23,919 31,932 25,552 17,567 29,289 .44,977 1,221 1,452 4,278 5,078 2,933 2,414 2,388 2,026 3,300 6,222 4,839 -2,120 1976 - J u n e July Aug. Sept. Oct. Nov. Dec. 6,140 6,394 6,141 6,231 5,283 4,949 6,213 6,783 6,088 5,861 6,371 5,699 5,257 6,376 1,300 1,200 1,100 1,600 1,300 900 1,000 517 314 384 364 398 341 690 4,804 4,512 4,239 4,081 3,895 3,531 3,913 162 62 138 326 106 485 773 -643 306 280 -140 -416 -308 -163 1977 - J a n . Feb. Mar. 3,430 4,075 6,720 3,756 4,117 6,656 600 900 1,600 196 156 291 2,926 3,030 4,537 34 31 228 -326 - 42 64 1971 1972 1973 1974 1975 1976 Seasonally Adjusted 1976 - J u n e July Aug. Sept. Oct. Nov. Dec. 4,924 5,246 5,327 6,973 5,432 5,749 6,198 5,346 5,281 5,315 6,417 6,067 6,088 6,448 982 1,183 951 1,414 1,285 1,042 1,082 358 225 359 438 444 366 573 3,831 3,753 3,840 4,234 4,270 4,268 4,425 175 120 165 331 68 412 368 -422 - 35 12 -344 -635 -339 -250 197/ - J a n . Feb. Mar. 5,217 5,310 6,924 5,484 5,175 6,709 1,055 1,227 1,647 337 307 280 3,980 3,567 4,407 112 74 375 -267 135 215 NOTES: 1 Monthly data for commercial banks based on Federal Reserve estimates benchmarked to Call Report data on real estate loans outstanding as available. Other data derived from mortgage debt outstanding as reported separately by National Assn. of Mutual Savings Banks, Federal Home Loan B;:nk 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. http://fraser.stlouisfed.org/ 2 Beginning January 1972 data reflect activity in limited amount of conventional mortgages. Federal Reserve Bank of St. Louis 1 24 T a b l e 13 NET INCREASE IN MORTGAGE DEBT OUTSTANDING IN BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL RATES 2 QUARTER TOTAL 3 RESIDENTIAL 1- to 4- TOTAL FAMILY MULTIFAMILY MULTFAMILY COMMERCIAL & FARM COMMERCIAL i 1969 - I II III IV 34.1 30.8 28.2 29.6. 25.5 23.6 21.4 22.3 21.2 19.0 16.8 16.0 4.4 4.5 4.6 6.3 6.6 5.2 5.2 6.0 11.0 9.8 9.8 12.3 2.0 2.0 1.7 1.3 1970 - I II III IV 23.3 26.9 34.1 37.1 16.7 19.2 24.5 28.1 11.2 13.6 16.2 19.5 5.5 5.5 8.2 8.6 5.6 6.8 8.3 7.6 11.1 12.3 16.5 16.1 0.9 1.0 1.4 1.4 1971 - I II III IV 41.8 51.4 56.6 60.3 32.8 40.0 42.2 46.0 23.3 30.0 33.1 36.3 9.5 10.4 9.1 9.7 6.6 8.9 11.7 11.5 16.1 19.3 20.8 21.2 2.5 2.5 2.7 2.8 1972 - I II III IV 70.6 72.9 75.2 89.3 50.6 53.6 56.7 65.7 39.4 40.7 46.0 49.5 11.2 12.9 10.7 16.2 16.6 15.6 14.7 20.4 27.8 28.6 25 .4 36.5 3.4 3.6 3.8 3.3 1973 - I II III IV 86.4 84.0 80.0 71.4 59.6 58.3 55.2 49.5 51.4 45.3 . 43.1 41.4 8.2 13.0 12.1 8.2 21.3 20.2 19.5 16.3 29.5 33.2 31.6 24.5 5.6 5.5 5.3 5.6 1974 - I II III IV 71.8 69.0 56.0 46.3 49.3 46.8 35.7 28.9 39.8 39.5 29.5 24.0 9.6 7.3 6.2 4.8 18.9 17.4 14.0 11.6 28.5 24.7 20.2 16.5 3.6 4.8 6.3 5.8 . < 1975 - I II III IV 38.8 54.5 62.9 69.2 26.3 40.3 46.1 51.6 26.3 40.3 46.1 52.1 0.0 0.0 0.1 -0.5 7.2 9.4 12.5 14.1 7.2 9.3 12.5 13.6 5.3 4.8 4.3 3.5 , 1976 - I II r III r IV r 75.7 71.3 87.6 94.7 58.6 53.3 65.3 71.9 58.2 53.0 64.4 70.4 0.5 0.2 0.8 1.5 11.1 12.4 14.5 14.1 11.6 12.6 15.3 15.6 6.0 5.6 7.9 8.7 ' i 1 _ 1 • NOTES 1 Derived from data on mortgage debt outstanding from Federal Deposit Insurance Corporation, Federal Home Loan Bank Board, Institute of Life Insurance, National Association of Mutual Savings Banks, Departments of Commerce and Agriculture, Federal National Mortgage Association, Federal Housing Administration, Veterans Administration and Comptroller of the Currency. Separation of nonfarm mortgage debt by type of property, where not available, and interpolations and extrapolations, where required, estimated mainly by Federal Reserve. May differ somewhat from related flow of funds series mainly because of more aggregative type of seasonal adjustment. Residential mortgage debt includes nonfarm only and is sum of 1-to 4- family and multifamily mortgage debt. 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 COMPLETIONS STARTS TOTAL 1 —FAMILY 2-OR MORE FAMILY 1 —FAMILY 2-OR MORE FAMILY TOTAL MOBILE 1 —FAMILY 2 - OR MORE I FAMILY HOME br- 'MENT3 1,407 1,434 2,052 2,357 2,045 1,388 1,160 1,538 811 813 1,151 1,309 1,132 888 892 1,162 656 621 901 1,048 914 450 268 376 1,399 1,418 1,706 1,972 2,014 1,692 1,297 1 1,362 808 802 1,014 1,143 1,174 932 867 1,026 592 617 692 828 840 760 430 336 413 401 497 576 567 329 216 250 296 302 306 279 351 321 345 422 578 494 518 461 1,259 1,476 1,426 1,385 1,435 1,494 1,413 1,530 1,768 1,715 1,706 1,889 973 1,216 1,124 1,071 1,091 1,122 1,129 1,172 1,254 1,269 1,236 1,324 286 260 302 314 344 372 284 358 514 446 470 565 1,213 1,299 1,399 1,266 1,360 1,373 1,307 1,401 1,387 1,326 1,399 1,435 926 953 1,032 986 934 1,052 1,038 1,094 1,017 989 1,068 1,074 287 346 367 280 426 321 269 307 370 337 331 361 260 281 244 238 246 231 221 242 248 263 247 248 380 465 504 483 1,384 1,802 2,114 1,875 1,006 1,424 1,520 1,444 378 378 594 431 1,416 1,642 1,659 1,103 1,245 1,194 313 397 465 258 275 275 254 1969 1970 1971 1972 1973 1974 1975 1976 1,324 1,352 1,925 2,219 1,820 1,074 939 1,281 626 647 906 1,033 882 644 676 895 698 705 1,018 1,186 937 431 264 386 1976 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1,147 1,165 1,188 1,082 1,158 1,150 1,215 1,296 1,504 1,492 1,590 1,514 851 863 882 803 807 829 870 874 926 998 1,072 1,053 1977 - J a n . Feb. Mar. Apr. 1,307 1,529 1,712 1,534 927 1,064 1,208 1,051 . 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. ui T a b l e 15 o\ AVERAGE RATES AND YIELDS ON HOME MORTGAGES HUD(FHA) INSURED L O A N S SECONDARY MARKET CONVENTIONAL L O A N S PRIMARY MARKET RATE (IN PER CENT) SPREAD (BASIS POINTS) 1 1 1 PERIOD NEW HOMES EXISTING HOMES NEW HOMES RATE (IN PER CENT) SPREAD (BASIS POINTS) YIELD (IN PER CENT) SPREAD (BASIS POINTS) DISCOUNT (PERCENTAGE POINTS) SPREAD BETWEEN NEW A a a RETURNS ON UTILITY CONVENTIONAL BOND AND HUD(FHA) YIELD NEW HOME MORTGAGES (IN PER CENT) (BASIS POINTS) 1975 - High Low 9.25 8.90 15 -70 9.30 8.95 20 -65 9.74 8.69 31 -91 6.2 2.4 21 -49 9.70 8.94 1976 - High Low 9.05 8.90 91 5 9.10 8.95 95 10 9.06 8.25 59 8 4.3 2.0 65 - 4 8.72 8.05 1976 - J a n . Feb. Mar. Apr. May June July Aug. Sept. . Oct. Nov. Dec. 9.05 9.00 8.95 8.90 9.00 9.05 9.05 9.05 9.00 9.00 8.95 8.90 39 42 42 32 5 35 33 58 77 71 90 n.a. 9.10 9.05 9.00 8.95 9.05 9.10 9.10 9.10 9.05 9.00 9.00 8.95 44 47 47 37 10 40 38 63 82 71 95 n.a. 9.06 9.04 n.a. 8.82 9.03 9.05 8.99 8.93 8.82 8.55 8.45 8.25 40 46 n.a. 24 8 35 27 46 59 26 40 . n.a. 2.4 2.2 n.a. 2.5 4.1 4.2 3.8 3.3 2.5 4.3 3.6 2.0 - 1 - 4 n.a. 8 - 3 0 6 12 18 45 50 65 8.66 8.58 8.53 8.58 8.95 8.70 8.72 8.47 8.23 8.29 8.05 n.a. 8.80 8.80 8.85 8.90 58 52 63 59 8.85 8.85 8.90 8.95 63 57 68 64 8.40 8.50 8.58 8.57 18 22 36 26 3.2 3.9 4.6 4.5 40 30 27 33 8.22 8.28 8.22 8.31 1977 - J a n . Feb. Mar. Apr . 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. 27 Table 16 FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS CONVENTIONAL GOVERNMENT-UNDERWRITTEN AMOUNT (IN MILLIONS OF DOLLARS) DATE OF AUCTION OFFERED 1976 - High 1976 OFFERED ACCEPTED 634 ( 5 / 1 7 ) 321 ( 5 / 1 7 ) Low AVERAGE YIELD AMOUNT (IN MILLIONS OF DOLLARS) 9.20 (6/1) 171 ( 9 / 7 ) AVERAGE YIELD ACCEPTED 127 ( 1 1 / 1 5 ) 9.31 (6/1, 6/28) 21 ( 1 2 / 2 7 ) 19 ( 1 2 / 2 7 ) 8 . 3 9 ( 1 2 / 2 7 ) 33 ( 1 / 2 6 ) 23 ( 2 / 2 3 ) 8.90 (12/27) Sept . 7 20 121.9 99.1 68.8 49.1 8.92 8.84 170.6 151.1 117.8 107.6 9.13 9.09 Oct. 4 18 124.3 111.2 61.8 45.3 8.80 8.70 153.8 143.7 94.4 121.4 9.07 9.02 1 15 30 215.3 218.9 59.9 73.2 114.2 33.7 8.67 8.68 8.63 141.7 140.9 70.7 112.2 9.00 9.0,0 8.99 D e c . 13 27 36.0 20.9 22.6 18.9 8.51 8.39 79.7 70.5 68.1 67 .3 8.80 J a n . 10 24 385.7 361.7 285.8 263.3 8.46 8.49 184.2 142.6 132.5 105.8 8.81 Feb . 7 24 389.6 478.8 213.6 271.1 8.52 8.58 151.7 148.3 120.2 115.6 8.85 8.87 7 21" 703.3 434.9 324.9 287.1 8 .66 206.4 167.5 153.2 114.9 8.90 8.92 4 18 321.5 134.6 201.9 67.9 8.62 196.1 152.0 158.3 122.4 8.97 8.97 2 16 723.1 585 .4 422.2 285.5 8.70 8.74 383.4 1415.9 255.1 278.0 9.03 9.08 Nov. Mar. Apr. May 8.70 8.72 126.5 58.2 8.89 8.83 NOTES: A v e r a g e s e c o n d a r y m a r k e t y i e l d s a r e g r o s s b e f o r e d e d u c t i o n , of t h e f e e of 38 b a s i s p o i n t s p a i d f o r m o r t g a g e s e r v i c i n g . They r e f l e c t t h e a v e r a g e a c c e p t e d b i d y i e l d f o r home m o r t g a g e s a s s u m i n g a p r e p a y m e n t p e r i o d of 12 y e a r s f o r 3 0 - y e a r l o a n s , w i t h o u t s p e c i a l a d j u s t ment f o r F e d e r a l N a t i o n a l M o r t g a g e A s s o c i a t i o n (FNMA) commitment f e e s and r e l a t e d s t o c k Digitizedr for e q FRASER u i r e m e n t s on 4 - m o n t h c o m m i t m e n t s . M o r t g a g e a m o u n t s o f f e r e d b y b i d d e r s r e l a t e t o t o t a l http://fraser.stlouisfed.org/ eligible bids received. Federal Reserve Bank of St. Louis
@FedFRASER