View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

L

.
.

November 13, 1979

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

«




^

:

y

CONTENTS
1.
2.
3.
4.
5.
6.
7.

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

8.
9.
10.
11.
12.
13.

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 C o m m i t m e n t s 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 C o m m i t m e n t s t o Purchase Home Mortgages
FHLMC Auctions of C o m m i t m e n t s t o Purchase Home Mortgages
Issues of Mortgage-Backed Securities

SYMBOLS
e
P
r
n.a.
——-

estimate
preliminary
revised
not available
data d o not exist

SUBSCRIPTION RATES
Weekly $ 1 5 . 0 0 per year or $.40 each in t h e United States, its possessions, Canada, and Mexico; 10 or more of the same issue to one
address, $ 1 3 . 5 0 per year or $ . 3 5 each. Elsewhere, $ 2 0 . 0 0 per year or $.50 each. Address requests to Publications Services, Division of
Support Services, and make payment remittance payable t o t h e order of t h e Board of Governors of the Federal Reserve System in a
form collectible at par in U.S. Currency.



1. Y I E L D S , V O L U M E A N D R E C E P T I O N
Corporate Bond Market
Yields
Week ending

Volume

Recently offered
Aaa u t i l i t y 2

9.52
9.40
9.42
9.47
9.62

9.57
9.44
9.45
9.47
9.54

14
21
28

9.84
9.97
9.98

5

12
19
26

1979-Aug.

N e w issue
Aaa u t i l i t y 1

2
9

11.50p

Percent sold b y
end o f w e e k

N e w issues in s y n d i c a t e 4
($ millions)

429
456
361
587
179

90
83
92
99
94

42
72
30
8
10

9.70
9.87
9.92
10.00

110
945
296
615

85
93
99
80

17
67
1
123

10.22
10.88
11.05
11.45

10.25
10.79
11.00
11.36

1,575
300
204
360

80
97
97
100

283
10
6
0

l l . S l r

3
10
17
24
31

Sept.

11.42r
11.46p

170
160

100
100

0
0

7

Oct.

Nov.

Gross o f f e r i n g s 3
( $ millions)

2, YIELDS, VOLUME A N D RECEPTION
Municipal Bond Market
Yields
Moody's new
issue A a a

Bond Buyer
G.O. bond
index

3
10
17
24
31

5.60
5.70
5.70
5.75
5.85

6.14
6.13
6.16
6.23
6.36

7
14
21
28

5.85
5.90
5.90
5.95

6.47
6.49
6.57
6.56

Oct.

5
12
19
26

5.95
6.35
6.35
6.35

Nov.

2
9

6.35
6.35

Week ending

1979-Aug.

Sept.

1
2
3
4

Volume
Bond Buyer
Rev. b o n d
index

Percent sold by
e n d of w e e k 3

N e w issues in
syndicate4
( $ millions)

548
823
1,066
798
605

92
81
84
91
85

208
291
404
348
244

7.23
7.25

366
706
497
583

84
89
88
90

181
164
104
117

6.64
7.12
7.18
7.38

7.35
7.75
7.94
8.15

1,015
1,080
1,051
757

80
88
97
90

183
206
90
129

7.26
7.27

8.05
8.16

483r
1,093

93
87

76
164

——
——

Gross offerings
($ millions)

Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection.
Federal Reserve series of implied free-market yield on Aaa-rated utility bond with 5-year call protection, released from price restrictions sometime
during the last four weeks.
Estimated by F.R. on the basis of available data.
Corporate Market: Salomon Brothers Bond Market Roundup; Municipal Market: Weekly Bond Buyer. Data are adjusted by Federal Reserve when
necessary to make coverage of this series consistent with the gross offerings series.




3. HIGH G R A D E B O N D Y I E L D S

New issue
Aaa utility 1

1975-High
Low

Recently offered
Aaa u t i l i t y 2

Moody's
seasoned
corporate Aaa 3

U.S. govt.
20-year constant
maturity 4

Bond Buyer
G.O. bond
index 5

9.80 (5/2)
8.89 (2/7)

Date

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)

9.10 (1/2)
8.95(5/28)
7.93(12/10) 7.84(12/31)

1977-High
Low

1978-High
Low

7.29 (1/2)
5.83(12/30)

8.28(12/30) 7.99(12/30)
7.26 (1/7)
7.88 (1/7)

5.93 (2/4)
5.45(11/17)

9.30(11/10) 9.54(12/22)
8.48 (1/6)
8.61(3/24)

Low

8.17(5/28)
8.66(5/28)
7.91(12/31) 7.23(12/31)

8.36(12/16) 8.48(12/30)
7.95 (1/7)
7.90 (1/7)

1976-High

9.27(12/29) 9.00(12/22)
8.01 (1/6)
8.30 (1/6)

6.67(12/22)
5.58(3/17)

11.51(11/9) 11.46 (11/9) 10.82 (11/9) 10.66(11/9)
8.79 (7/6)
9.16 (7/6)
9.39(6/29)
9.40(8/17)

1979-High
Low

7.38(10/26)
6.08 (7/6)

Bond Buyer
Rev. bond
index®
-

-

—

~ -

—

- -

1979-Jan.
Feb.
Mar.

9.54
9.53
9.62

9.51
9.56
9.62

9.25
9.26
9.37

8.98
9103
9.08

6.47
6.31
6.33

Apr.
May
June

9.70
9.83
9.50

9.74
9.84
9.50

9.38
9.50
9.29

9.21
9.21
8.91

6.29
6.25
6.13

July
Aug.

9.58
9.48
9.93

9.53
9.49
9.87

9.20
9.23
9.44

8.92
8.97
9.21

6.13
6.20
6.52

10.97

10.91

10.13

9.99

7.08

9.70
9.87
9.92
10.00

9.34
9.42
9.49
9.50

9.18
9.19
9.19
9.26

6.47
6.49
6.56
6.56

7.23
7.25

11.05
11.45

10.25
10.79
11.00
11.36

9.66
9.91
10.09
10.50

9.38
9.85
10,04
10.42

6.64
7.12
7.18
7.38

7.35
7.75
7.94
8.15

11.51r
11.50p

11.42r
11.46p

10.73r
10.82p

10.44r
10,66p

7.26
7.27

8.05
8.16

Sept.
Oct.

Sept.

7

14
21
28

Nov.

5

10.22

12
19
26

Oct.

9.84
9.97
9.98
10.88

2

9

1
2
3
4
5
6

—

—

-

-

Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection.
Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection released from price
restrictions sometime during the last four weeks.
Weekly average of daily closing figures.
Weekly average of daily figures. U.S. Treasury data.
Thursday figures. The average rating of the 20 general obligation bonds used in this index falls midway between the five top groups as classified by
Moody's Investors Service. Weekly Bond Buyer data.
Thursday figures. The average rating of the 25 revenue bonds used in this index falls midway between the five top groups as classified by Moody's
Investors Service. Weekly Bond Buyer data.




4. LONG-TERM C O R P O R A T E A N D S T A T E A N D LOCAL G O V E R N M E N T S E C U R I T Y O F F E R I N G S A N D P L A C E M E N T S
Gross proceeds, millions of dollars
S t a t e and Local ^

Corporate 1

Period
January
February
March

1977
4,358
3,790
5,578

3,326
2,770
4,569

1979
3,770
3,170
4,401

1977
3,402
3,442
4,063

1978
3,306
2,753
4,844

1979
2,834
2,595
4,640

April
May
June

3,928
3,733
5,632

3,397
4,227
5,539

4,692
4,167
6,247

3,409
4,566
5,786

3,824
5,525
4,369

3,501
3,030
4,559

July
August
September

4,251
3,458
4,178

4,414
3,379
4,236

4,008
3,450e
3,600e

3,113
4,118
4,013

3,920
6,407
2,323

3,262
4,124
2,700e

October
November
December

4,025
5,341
6,518

3,799
3,207
4,401

4,150e

3,807
3,332
3,646

3,231
4,320
3,690

4,200e

53,792

47,264

46,697

48,512

Year

1978

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 G O V E R N M E N T SPONSORED AGENCY BORROWING
Millions of dollars

Period

Combined
deficit(+)
or
surplus(-)1

Total 3

Federal G o v e r n m e n t
Means of financing c o m b i n e d deficit
Net cash borrowing f r o m t h e p u b l i c 2
Public d e b t securities
Gov't,
agency
NonBills
Coupons
securities
marketable

Decrease(+)/
Other

Sponsored

increase!—)
in cash

agency
borrowing4

operating
balance

CY-/-1977
CY -1978

61,410
52,870

56,762
53,683

-2,504
706

45,973
31,777

14,314
22,644

-887
-1,431

5,250
3,206

-4,019

7,327
23,509

1979-Jan.
Feb.
Mar.

3,696
6,032
13,722

3,312
-668
8,012

539
131
3,044

2,551
1,320
2,906

414
-2,109
2,525

-208
-16
-432

-762
-1,558
6,508

1,146
8,258
-798

1,736
2,154
2,196

Apr. - 9 , 8 3 4
May
4,822
June -11,237

-4,965
1,806
-1,458

-1,729
-654
-3,186

2,396
2,937
-18

-5,494
-312
1,853

-168
-237
-92

-4,212
-669
3,049

-657
3,685
-12,828

2,218
1,037
2,181

4,831
3,268

48
551

3,518
2,701

1,305
-50

-71
-17

-619
6,155

3,955
6,580

3,115
1,200

July
Aug.

8,167
16,003

-602

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 noninterest-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.

5 CY = C a l e n d a r Y e a r .



6. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE
Gross proceeds, millions of dollars
Bonds
Period

Publicly
offered

Total

Privately
placed

C o m m o n and
preferred
stocks

Memo
Issues included
Convertible
Foreign

1976
1977
1978

53,488
53,792
47,230

26,453
24,072
19,815

15,927
17,943
17,057

11,108
11,777
10,358

1,592
1,340
1,092

994
863
418

1978-QI
QII
QUI
QIV

10,665
13,163
12,029
11,373

4,748
5,422
5,159
4,486

3,886
4,788
4,526
3,857

2,031
2,953
2,344
3,030

413
341
181
157

4
158
127
129

1979-Jan.
Feb.
Mar.

3,770
3,170
4,401

1,282
1,336
1,904

1,824
921
1,825

664
913
672

16
10
21

3
5
0

Apr.

4,692
4,167
6,247
4,008

2,984
1,999
4,171
2,247

1,129
1,576
1,185
780

579
592
891
981

23
1
8
n.a.

759
350
385
153

May
June
July

7. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUER
Gross p r o c e e d s , millions of dollars
Period

Manufacturing

Public utility

Communications

O t h e r issuers 1

15,495
13,393
10,813

14,418
14,127
12,232

3,563
4,442
3,640

20,011
21,827
20,549

1978-QI
QII
QUI
QIV

2,555
3,148
2,699
2,411

2,433
3,728
3,049
3,022

854
424
1,143
1,219

4,822
5,863
5,142
4,722

1979-Jan.
Feb.
Mar.

934
399
763

817
1,186
1,056

259
558
582

1,759
1,026
2,000

Apr.
May
June
July

572
1,293
1,193
963

1,410
865
1,373
772

261
109
409
94

2,450
1,899
3,272
2,178

1976
1977
1978

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.




8. P U B L I C O F F E R I N G S O F I N T E R M E D I A T E - A N D L O N G - T E R M S E C U R I T I E S : C O R P O R A T E 1

Issuer

Gulf S t a t e s U t i l i t i e s Co.
Western Co. of N o r t h America
Commonwealth E d i s o n Co.
Duquesne L i g h t Co.
L o u i s i a n a Power & L i g h t Co.
F l o r i d a Power & L i g h t Co.
Waterman S t e a m s h i p C o r p .

1

Date

19 79
11/1

11/1
11/7

11/8
11/8
11/8
11/9

Type

Com. s t k .
Pfd. stk.
Pfd. stk.
Com. s t k .
1 s t mtg.
1 s t mtg.
Govt. g t d .

Amount
(millions
of d o l l a r s )

Maturity

Coupon
rate

Offering
yield

39.8
30.0
75.0
53.2
55.0
75.0
30.2

n.a.
n.a.
n.a.
n.a.
2009
2009
1994-' 05'

n.a.
8.50
11.70
n.a.
13.50
12.13
11.25

n.a.
8.50
11.70
n.a.
13.50

12.20

11.25

Rights offering.
Includes only corporate and other security offerings of $25 million and over; excludes options, exchanges, and secondary offerings.




Moody's/S&P's
ratings

Ba/B
Baa/ABaa/BBBA/A-

9. PUBLIC O F F E R I N G S O F I N T E R M E D I A T E - A N D L O N G - T E R M S E C U R I T I E S : S T A T E A N D L O C A L 1

Issuer

Date

Type2

1979
M u n i c i p a l A s s t . C o r p . , N.Y.C. 1 1 / 1
11/2
A r k a n s a s Hsg. D e v e l . Agcy.
11/2
A r k a n s a s Hsg. D e v e l . Agcy.
11/2
A r k a n s a s Hsg. D e v e l . Agcy.
A r k a n s a s Hsg. D e v e l . Agcy.
11/2
P e r s o n Co. I n d u s t . P o l l . C t r l .
11/5
F i n . A u t h . , NC
Michigan S t a t e Hsg. D e v e l .
11/6
Auth.
Michigan S t a t e Hsg. D e v e l .
Auth.
11/6
Michigan S t a t e Hsg. D e v e l .
Auth.
11/6
Ohio Water D e v e l . A u t h .
11/7
Ohio Water D e v e l . A u t h .
11/7
Washington, S t a t e of
11/7
W a s h i n g t o n , S t a t e of
11/7
Maryland D e p t . of T r a n s p .
11/7
I l l i n o i s Enviro. Fac. Fin.
Auth.
11/7
I l l i n o i s Enviro. Fac. Fin.
11/7
Auth.
I l l i n o i s Hsg. D e v e l . Auth
Ll/8
I l l i n o i s Hsg. D e v e l . Auth
Ll/8
I l l i n o i s Hsg. D e v e l . A u t h .
Ll/8
Chula V i s t a R e d e v e l . A g c y . , CAL l / 8
Chula V i s t a R e d e v e l . A g c y . , CAL l / 8
I l l i n o i s Hsg. D e v e l . A u t h .
Ll/8
I l l i n o i s Hsg. D e v e l . A u t h .
Ll/8
I l l i n o i s Hsg. D e v e l . A u t h .
Ll/8
I l l i n o i s Hsg. D e v e l . A u t h .
Ll/8

Amount
(millions
of $ )

Maturity

Net
interest
cost

Moody's/S&P's
ratings

Rev.
Rev.
Rev.
Rev.
Rev.

90.0
27.1
9.7
51.0
12.2

2008
1981-1997
2000
2010
2011

9.09
8.29
8.29
8.29
8.29

9.00
6.75-7.80
n.a.
8.38
8.38

Rev.

63.0

2009

n.a.

8.00

Rev.

19.1

1982-1999

n.a.

6.90-8.10

A-1/A+

Rev.

10.9

2004

n.a.

8.40

A-1/A+

Rev.
Rev.
Rev.

40.2
97.5
170.4
G.O. : 3 5 . 0
G. 0 .
66.4
Rev.
45.0

2022
1980-1999
2018
1980-2004
1980-2004
1988-1994

Baa-l/A
Aa/AA
Aa/AA
Aa/AA
Aa/AA
A/A

n.a.
8.63
8.04 7 . 0 0 - 7 . 7 5
8.04
8.08
6.78 6.10-7.00
6.77 6.10-7.00
6.72^ ' 6 . 4 0 - 6 . 7 0

A-1/A+
A/AA
A/AA
Aa/AA+
Aa/AA+
Aa/AA

Rev.

10.0

2004

n.a.

8.38

Baa/A

Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.

40.0
4.0
65.7
11.5
5.3
21.0
8.8
3.0
35.9
20.2

2009
1981
1981
1981
1982-1994
2011
1981-1999
2002
2018
2023

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
7.75
7.75
7.75
7.75

8.50
7.95
8.45
8.45
7.10-8.25
8.63
6.75-7.90
8.00
8.40
6.00

Baa/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.0. denotes general obligation; Rev. denotes revenue obligations.
3 Canadian interest cost.




Offering
yield

—!—

—j—

—/—
~/A—/A—
A-l/AA
A-l/AA
A-l/AA
A-l/AA

1 0 . PUBLIC O F F E R I N G S O F I N T E R M E D I A T E - A N D L O N G - T E R M S E C U R I T I E S : U.S. T R E A S U R Y
Notes and Bonds
A m o u n t ( m i l l i o n s of d o l l a r s )
Payment
date

1/2
1/2

Length

2-yr.
4-yr.

Maturity
date

Auction
Coupon
average
rate
(percent) (percent)

Net proceeds

Gross proceeds
Total

Private

1

12/31/80
12/31/82

9-7/8
9-3/8

9.99
9.45

3,546
3,205

2,561
2,568

1,509
3,146

Total

1,509
2,760

>

Private »

858

123

1,509
291

1,509
56

i/i
1/31

15-yr.- 1-mo
2-yr.

2/15/94
1/31/81

9
9-3/4

9.00
9.85

2/15
2/15

9
8-3/4
9-3/4
9-1/4

9.01
9.03
9.85
9.35

2,801

2,001

1,318

3/5

8-yr.
2/15/87
2 9 - y r . 9-mo 1 1 / 1 5 / 0 8
2/28/81
2-yr.
4 - y r . 1-mo 3 / 3 1 / 8 3

2,887
2,930

2,519
2,535

42
2,930

4/9
4/18
4/30

2-yr.
L4-yr 10-mo
2-yr.

3/31/81
2/15/94
4/30/81

9-5/8
9
9-3/4

9.68
9.14
9.78

3,516
1.500
3,013

2,867
1,500
2,547

-3
1,500

5/15
5/15
5/31

10-yr.
30-yr.
2-yr.

5/15/89
5/15/09
5/31/81

9-1/4
9-1/8
9-3/4

9.37
9.23
9.77

2,689
2,207
2,542

2,339
2,007
2,303

2-yr.
4-yr.
L 5 - y r . 1-mo

6/30/81
6/30/83
8/15/94

9-1/8
%-7/8
8—3/4

9.22
8.89

8.81

3,057
3,123
1,506

2,807
2,793
1,506

7/31/81
8/15/82

9-3/8
9

9.41
9.06

3,217
3,586

2,811 *

2/15/87
5/15/09
8/31/81
5/15/84

9
9-1/8
9-5/8
9-1/4

9.00
8.92
9.65
9.25

3,028
2,398
3,714
2,562

10.21
9.79
10.17
12.66
11.64
10.75

1 1 / 1 5 / 09 1 0 - 3 / 8 1 0 . 4 4

2/28

7/2
7/2
7/9
7/31
8/15
8/15
8/15
8/31
9/5
10/9
10/10
10/18
10/31
11/15
11/15
11/15

1
2
3

1

2-yr.
3-yr.
7 - y r . 6-mo
2 9 - y r . 9-mo
2-yr.
4 - y r . 8-mo

2-yr.
9/30/81 10-1/8
4-yr.
9/30/83 9-3/4
-5-yr.. 1-mo 1 1 / 1 5 / 9 4 LO-1/8
2-yr.
10/31/81 12-5/8
3-1/2 yr,
5/15/83 11-5/8
10-yr.
11/15/89 10-3/4
30-yr.

3,209

:
}

2,278

3,047

1,021

1

2,627
455

•2,090
1,506
37

2,001 I 1 ' 4 6 4
3,258
2,502

233
2,562

3,654
2,770
1.501
4,372
3,551
2,401

3,254
2,502
1,501
3,902
2,751

3,654
2,770
1,501
38

3,254
2,502
1,501
38

2,001

t l , 046

n.a.

2,315

2,001

Excludes amounts sold to Government investment accounts and the Federal Reserve. Also excludes add-ons to foreign accounts.
May be larger than the total if the Government accounts and/or the Federal Reserve do not fully roll-over their maturing holdings.
Additional amounts of securities issued to foreign and international monetary authorities at the average auction price for new cash.




2

Memo:
Foreign
add-ons3

10
II. PUBLIC O F F E R I N G S OF INTERMEDIATE- A N D LONG-TERM SECURITIES: G O V E R N M E N T - S P O N S O R E D AGENCIES
Offering
date

Issuer

1-979

Payment
date

Length

Maturity
date

Yield
(percent)

3-yr,10-mo
5-yr.
10-yr.

4/11/83
6/11/84
6/12/89

. 9.25
9.25
9.30

10/11/82
7/10/84
7/10/87

9.00
9.05
9.10

1979

A m o u n t ( m i l l i o n s of d o l l a r s )
Gross
proceeds

Maturing
issues

1,000

6/6
6/6
6/6

6/11

6/27
6/27
6/27

. 7/10
7/10
7/10

7/11
7/11
7/11

7/23
7/23
7/23

2 - y r . 6-mo
4 - y r . 6-mo
12-yr.

1/20/82

8.90

1/23/84
7/22/91

9.00

1,128

9.10

662

FHLB

7/19

7/25

l - y r . 4--mo

11/25/80

9.30

FHLMC

7/19

8/2

3 0 - y r . 1--mo

9/15/09

FHLB

8/15
8/15

8/27
8/27

2 - y r . 9--mo
4 - y r . 6--mo

FNMA

8/30

9/10

FFCB

9/19

FNMA

9/26

Net
oroceeds

FNMA

900

1,100

1,000

1,000

1,314

1,128

700

0

700

10.05

200

0

200

5/25/82
2/27/84

9.15
9.05

900
900

1,400

400

3 - y r . 6--mo

3/10/83

9.50

700

1,000

-300

10/1

4 - y r . 9--mo

6/4/84

9.70

749

201

548

10/10

3 - y r . 1 1 --mo

9/10/84

9.75

700

400

300

10/11 1 0 / 2 3
10/11 1 0 / 2 3
10/11 1 0 / 2 3

3 - y r . 6 -mo
7-yr.
10-yr.

10/20/86

4/20/83

10.90
10.75

10/23/89

10.60

542
630
414

1,069

517

FHLB

10/18 1 0 / 2 5
10/18 1 0 / 2 5

2 - y r . 10 -mo
4 - y r . 7 -mo

8/25/82
5/25/84

11.25
11.00

750
550

0

1,300

FNMA

11/8

4 - y r . 11 -mo

10/10/84

11.70

500

0

500

FNMA

FFCB

FFCB

FFCB
FHLB
FHLMC
FNMA

—
—
—
—

Federal
Federal
Federal
Federal

6/11
6/11

11/13

3-yr.
5-yr.
8-yr.

3-mo

Farm Credit Banks
Home Loan Banks
Home Loan Mortgage Corporation
National Mortgage Association




500
500
500

1,000

500
653

As of November 9 , 1979
12. F O R T H C O M I N G P U B L I C O F F E R I N G S O F I N T E R M E D I A T E - A N D L O N G - T E R M S E C U R I T I E S : C O R P O R A T E 1
Issuer

Hughes Tool Co.
Utah Power & L i g h t Co.
P a c i f i c T e l . & T e l . Co.
Middle South U t i l i t i e s I n c .
P u b l i c S e r v i c e E l e c . & Gas Co.
Kentucky U t i l i t i e s Co.
V i r g i n i a E l e c . & Power Co.
A r i z o n a P u b l i c S e r v i c e Co.
W i s c o n s i n P u b l i c S e r v i c e Co.
P e n n s y l v a n i a Power & L i g h t Co.
Gulf S t a t e s U t i l i t i e s Co.
*New York S t a t e E l e c t . & Gas Co.
C e n t r a l I l l i n o i s P u b l i c S e r v i c e Co.
Puget Sound Power & L i g h t Co.
Kentucky U t i l i t i e s Co.
G e n e r a l l e i . of tYr N o r t h w e s t
B r a n i f f I n t e r n a t i o n a l Corp.
F l o r i d a Power & L i g h t Co.
United Grocers I n c .
High V o l t a g e E n g i n e e r i n g C o r p .
E l i s n o r e Corp.
^Associates F i r s t C a p i t a l Corp.
^ N o r t h w e s t e r n Mutual L i f e I n v e s t o r s
Kansas C i t y Power & L i g h t Co.
S o u t h e r n B e l l T e l . & T e l . Co.
Consumers Power Co.
Kentucky Power Co.
Puget Sound Power & L i g h t Co.
P u b l i c S e r v i c e Co. of Oklahoma
Houston L i g h t i n g & Power Co.
Union E l e c t r i c Co.
IIT F i n a n c i a l Corp.

OTHER
^Sweden, Kingdom of
^Sweden, Kingdom of
POSTPONEMENT
European Economic Community

*
1

Type

Amount
( m i l l i o n s of d o l l a r s )

Approximate date
of o f f e r i n g

Com. s t k .
Com. s t k .
Debt.
Com. s t k .
1 s t mtg.
Com. s t k .
Com. s t k .
Com. s t k .
1 s t mtg.
Com. s t k .
1 s t mtg.
1 s t mtg.
Com. s t k .
Com. s t k .
1
s t mtg.
iv eb L.
Pfd. stk.
Pfd. stk.
Notes
Debt.
Debt.
Variable r a t e
notes
Variable r a t e
notes
1 s t mtg.
1 s t mtg.
Com. s t k .
1st mtg.
1st mtg.
1 s t mtg.
1 s t mtg.
Com. s t k .
Debt.

25.0
50.0
500.0
90.0
30.0
50.0
55.0
125.0
80.0
125.0

Nov.
Dec.
4
Dec.
4
Dec.
4
Dec.
5
Dec.
6
Dec. 10
Dec. 11
Dec. 11
Indef •

Notes
Bonds

100.0
100.0

Nov.
Nov.

Debt.

90.0

Nov.

60.0
42.5
300.0
100.0
125.0
20.0
80.0
45.0
40.0
50.0
75.0
50.0
30.0
45.0
^0.0
^0.0
75.0
50.0
30.0
25.0
35.0

Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
\ "t-T
Nov.
Nov.
Nov.
Nov.
Nov.

50.0

Nov.

Included in table for first time.
Includes only corporate and other security issues of $25 million and over; excludes exchanges, options, and secondary offerings.




13
13
13
13
19
19
19
20
27
27
27
27
28
29
29
29

12

As of November 9 , 1979
13. FORTHCOMING PUBLIC O F F E R I N G S OF INTERMEDIATE- A N D LONG-TERM SECURITIES: STATE A N D LOCAL1
Issuer

Birmingham M e d i c a l C l i n i c B d . , AL
*West V i r g i n i a Hsg. D e v e l . Fund
^ C o n n e c t i c u t Hsg. F i n . A u t h .
*E1 Paso County, CO
*Ohio A i r Q u a l i t y D e v e l . A u t h .
*Rhode I s l a n d Hsg. & Mtg. F i n . Corp.
*Columbus Hosp. A u t h . , Ga.
Mesa County, CO
*New J e r s e y H e a l t h Care F a c . F i n . A u t h .
* H u n t s v i l l e Hosp. A u t h . , AL
^Michigan S o u t h C e n t r a l Power Agcy.
D a l l a s C o . , TX
^ H a m i l t o n , Ohio
P e n n s y l v a n i a S t a t e Pub. Sch. B l d g . A u t h .
Los A n g e l e s D e p t . of Water & Power, CA
C a l i f o r n i a , S t a t e of
*Brazos R i v e r A u t h . , TX
*New York S t a t e Dorm. A u t h .
^ M a s s a c h u s e t t s Hsg. F i n . Agcy.
El Paso Hsg. F i n . C o r p . , TX
Corona R e d e v e l . A g c y . , CA
L i n c o l n , NB
Ohio B l d g . A u t h .
^Howard C o . , M
D
Pima C o . , AZ

*
1

Type

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

Included in table for first time.
Includes state and local government issues of $25 million and over; excludes secondary offerings.




Amount
(millions of dollars)

77.0
25.5
56.5
30.0
50.0
48.4
36.6
85.0
40.6
36.2
93.9
35.0
37.3
50.7
50.0
150.0
50.0
107.8
64.0
110.0
98.0
47.0

88.0
26.5
37.6.

Approximate date
of o f f e r i n g

Nov.
Nov.
Nov
Nov
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.

12
13
13
13
13
13
13
13
13
13
13
13
14
14
14
14
15
15
15
15
15
15
15
20
20

13
14. STOCK P R I C E S 1
NYSE Index3

Date

AMEX4

DJ Industrials

107.05 (7/12)
84.31 (1/2)

NASDAQ5

92.52 (7/15)
78.06 (1/2)

#

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

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

57.69 (1/2)
49.78 (11/2)

999.75 (1/3)
800.85 (11/2)

127.89 (12/30)
109.61 (1/12)

105.05 (12/30)
93.66 (4/5)

1978-High
Low

#

1976-High
Low
1977-High
Low

*

60.38 (9/12)
48.37 (3/6)

907.74 (9/8)
742.12 (2/28)

176.87 (9/15)
119.73 (1/11)

139.25 (9/13)
99.09 (1/11)

1979-High
Low

63.39 (10/5)
53.88 (2/27)

897.61 (10/5)
796.67 (11/8)

235.15 (10/5)
152.03 (1/2)

152.29 (10/5)
117.84 (1/2)

1979-Oct.

5
12
19
26

63.39
59.29
57.62
56.96

897 . 6 1
838 .99
814 . 6 8
809 . 3 0

235.15
212.81
205.48
200.79

152.29
140.71
136.59
133.75

Nov.

2
9

58.19
57.74

818 .94
806 .48

209.04
208.74

136.88
135.86

e

e

15. T R A D I N G V O L U M E 2
NYSE

AMEX

NASDAQ

1976-High
Low

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

35.3 (11/11)
10.6 (10/10)

4.2 (1/12)
1.4 (9/22)

11.2 (11/10)
5 . 1 (5/27)

1978-High
Low

66.4 (8/3)
7.6 (1/20)

11.0 (10/30)
1.3 (1/20)

18.8 (5/18)
2.8 (1/20)

1979-High
Low

81.6 (10/10)
18.0 (1/2)

13.2 (10/10)
2.2 (1/22)

24.5 (10/10)
7.2 (1/2)

37.4
50.7
34.1
33.5

6.1
7.9
4.0
4.5

17.3
19.2
13.9
12.4

25.8r

4.Or

11.4r

24.9

3.0

Date

1979-Oct.

5
12
19
26

Nov.

2
9

1
2
3
4
5

Figures other than highs and lows are Friday figures only.
Volume figures are weekly averages of daily figures (millions of shares). Highs and lows refer to single days.
12/31/65 = 50
8/31/73 = 100
2/5/71 = 100




11.0

14
16. SECURITY CREDIT1
O u t s t a n d i n g , dollar a m o u n t s in millions

End of period

Margin credit e x t e n d e d
by brokers o n :
Marginable
stock

Convertible
bonds

N u m b e r of
margin a c c o u n t s
(thousands)

Percent of d e b t
in a c c o u n t s with
4 0 percent or m o r e
c u s t o m e r equity

1976

204

810

88

1977

9,740

250

887

81

1978

10,830

205

955

67

1978 - J a n .
Feb.
Mar.

9,590
9,780
9,920

246
242
246

890
890
900

75
75
79

Apr.
May
June

10,260
10,660
11,090

248
245
242

915
930
945

85
85
84

July
Aug.
Sept.

11,190
11,740
12,400

247
243
225

955
965
990

87
88
85

Oct.
Nov.
Dec.

12,090
11,000
10,830

216
209
205

960
955
955

53
68
67

1979 - J a n .
Feb.
Mar.

10,750
10,790
10,870

199
195
181

950
950
965

79
71
79

Apr.
May
June

11,220
11,130
11,590

194
183
172

960
970
975

77
78
79

July
Aug.
Sept.

1

7,960

11,840
12,060
12,000

178
176
177

960
975
985

81
86
84

Margin account debt as reported by the New York Stock Exchange.




17. S A V I N G S F L O W S A T S E L E C T E D N O N B A N K T H R I F T I N S T I T U T I O N S
Millions of d o l l a r s
M u t u a l Savings B a n k s
(regular d e p o s i t s ) 1
Net flow

Date

N.S.A.

Sea. adj.

Annual
growth
rate3

Savings a n d L o a n A s s o c i a t i o n s
Net f l o w
N.S.A.

Sea. adj.

Annual
growth
rate3

Memo:
Net New Money 2

Total
Net
flow
(sea. a d j . )

Annual
growth
rate3

At
insured
S&L's

At
MSB's

17.4

62,409

15.7

34,369

5,283

50,888

15.1

61,583

13.4

32,004

2,874

6.4

44,209

11.4

52,867

10.2

23,460

-591

850
489
533

7.7
4.4
4.8

2,744
2,296
7,152

2,640
2,729
3,129

8.2
8.4
9.6

3,490
3,218
3,662

8.0
7.4
8.3

2,877
2,073
2,592

-59
170
338

-209
436
1,304

494
559
723

4.4
5.0
6.4

558
2,380
6,656

2,327
3,095
4,675

7.0
9.3
14.0

2,821
3,654
5,398

6.4
8.2
12.1

401
2,145
1,744

-553
97
—90

341
July
260
Aug.
Sept. 1,378

668
1,054
1,116

5.9
9.2
9.7

3,074
2,312
6,433

3,846
4,578
5,757

11.4
13.4
16.7

4,514
5,632
6,873

10.0
12.3
14.9

2,812
2,069
1,606

38
-75
-41

Oct.
Nov.
Dec.

510
275
1,317

1,096
353
537

9.4
3.0
4.6

2,645
2,157
5,802

3,510
4,399
3,710

10.0
12.4
10.4

4,606
4,752
4,247

9.9
10.1
9.0

2,534
1,897
710

48
-59
-405

1979-Jan.
Feb.
Mar.

218
683
1,971

404
712
728

3.4
6.0
6.1

4,743
2,881
8,348

4,564
3,416
3,833

12.7
9.4
10.5

4,968
4,128
4,561

10.4
8.6
9.4

4,377
2,580
3,146

-118
342
463

Apr.
May
June

-832
61
890

-74
190
273

-0.6
1.6
2.3

-1,150
2,041
6,866

890
2,796
4,738

2.4
7.5
12.7

816
2,986
5,011

1.6
6.1
10.2

-1,490 -1,192
-341
1,627
-649
1,469

-318
July
,-112
Aug.
S e p t . £ ' 600

12
707
327

0.1
5.9
2.7

2,018
1,202
4,756

2,822
3,622
4,023

7.5
9.5
10.5

2,834
4,329
4,350

5.7
8.7
8. 7

-714
1,455
-504
717
-195 -1,000

1976

12,670

11.5

50,169

1977

10,783

8.8

1978

8,426

1978-Jan.
Feb.
Mar.

626
476
1,712

Apr.
May
June

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 9 6 percent 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.




18. MORTGAGE COMMITMENTS O U T S T A N D I N G A T SELECTED INSTITUTIONS
Billions of d o l l a r s , s e a s o n a l l y a d j u s t e d

End of Period

Total

Federal and Related Agencies

Thrift Institutions
All savings
Mutual
savings banks
and loan
(N.Y. state)
associations

Total

FNMA

GNMA

FHLMC

1976

27.3

24.6

2.7

8.1

3.8

3.8

0.5

1977

39.2

34.7

4.5

11.3

5.4

4.5

1.4

1978

38.3

33.4

4.9

17.4

10.6

4.9

1.9

1978-Jan.
Feb.
Mar.

38.6
37.6
36.9

33.6
33.0
32.7

4.4
4.3
4.3

12.3
13.5
13.9

6.5
7.3
7.5

4.5
4.8
5.0

1.3
1.4
1.4

Apr.
May
June

36.2
35.8
35.9

32.3
31.9
31.5

4.3
4.3
4.6

14.0
14.9
14.6

8.0
9.0
8.7

4.8
4.6
4.4

1.2
1.3
1.5

July
Aug.
Sept.

35.6
36,2
36.7

31.5
31.9
32.3

4.6
4.6
4.4

15.2
15.0
15.9

9.0
8.8
9.4

4.5
4.3
4.5

1.7
1.9
2.0

Oct.
Nov.
Dec.

38.8
39.1
38.3

33.9
34.0
33.4

4.8
4.9
4.9

17.2
17.3
17.3

10.7
10.9
10.6

4.6
4.7
4.8

1.9
1.7
1.9

1979-Jan.
Feb.
Mar.

37.5
36.6
36.0

32.6
31.8
31.4

4.9
4.8
4.6

15.7
14.3
13.2

9.2
7.8
6.7

4.8
4.9
5.0

1.7
1.6
1.5

Apr.
May
June

36.0
35.4
35.2

31.6
31.3
31.1

4.4
4.1
4.1

12.6
11.9
11.3

6. 3
6.0
5.4

4.9
4.7
4.7

1.4
1.2
1.2

July
Aug.
Sept.

35.3
35.7
36.7

31.3
31.8
32.7

4.0
3.9
4.0

11.2
10.9
n. a.

5.2
5.3
6.6

4.7
4.3
4.0

1.3
1.3
n. a.

!

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.




17
19. NET NEW MONEY BORROWINGS BY MAJOR HOUSING CREDIT AGENCIES
Millions of dollars
Period

Total including
short-term
discount notes

Intermediate- and long-term issues
Total

FHLMC

FHLB

FNMA

FNMA and FHLB
short-term
discount notes

1976

0

900

-619

1977

2,732

1,444

496

-4

952

1,288

19,030

13,578

6,302

576

6,700

5,452

1978-Jan.
Feb.
Mar.

563
1,731
912

82
1,399
-1

0
1,399
-1

82
0
0

0
0
0

481
332
913

701
3,338
1,504

470
1,496
1,300

-1
1,498
0

-129
-2
300

600
0
1,000

231
1,842
204

July
Aug.
Sept.

1,626
1,550
1,627

1,900
1,000
1,076

700
1,000
0

0
0
126

1,200
0
950

-274
550
551

Oct.
Dec.

1,799
1,429
2,250

1,695
1,113
2,048

-5
1,114
598

0
-1
200

1,700
0
1,250

104
316
202

1979-Jan.
Feb.
Mar.

*

-2,031

Apr.
May
June

#

-1,131

1978

•

-1,750

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
633

1,916
613
-56

700
415
0

216
198
244

1,000
0
-300

-291
-253
689

Nov.

^

*

#

#

#

Based on data from Treasury Survey of Ownership.



'

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

1976

76,152

65,603

14,600

4,074

44,515

2,414

-2,120

-718

12,314

1,073

1977

114,568

96,407

26,500

6,595

58,158

5,184

890

-993

14,325

3,939

1978

126,091 102,875

35,400

6,378

51,695

9,402

8,696

-212

9,451

5,281

19 7 8 - J a n .
Feb.
Mar.

9,697
7,320
10,300

8,146
7,953
8,551

2,748
2,537
2,632

587
554
625

4,319
4,384
4,736

492
478
558

350
487
505

—84
17
239

911
-459
932

364
326
73

Apr.
May
June

9,259
11,532
10,887

7,836
8,665
8,983

2,356
3,053
3,292

520
583
468

4,349
4,300
4,472

611
729
751

660
1,420
870

—88
-198
-731

468
1,103
786

383
542
979

July 10,381
Aug. 1 0 , 4 8 5
Sept. 10,508

8,337
9,026
8,546

3,426
3,231
3,162

594
544
498

3,647
4,214
4,188

670
1,037
698

538
915
808

-300
516
18

808
843
761

998
-815
375

Oct.
Nov.
Dec.

11,431
11,783
10,691

8,738
9,341
8,602

3,027
3,067
2,854

456
626
263

4.450
4,762
3,818

805
886
1,667

898
604
654

268
178
-49

1,017
1,235
994

510
425
490

1979-Jan.
Feb.
Mar.

10,371
9,777
10,006

7,973
7,346
7,241

2,840
2,466
2,362

575
486
395

3,925
3,451
3,414

633
943
1,070

820
846
1,125

231
74
338

1,205
1,083
1,266

142
428
36

Apr.
May
June

9,758
11,237
10,864

7,495
8,322
8,471

2,464
2,348
2,789

375e
356
330

3,780
4,641
4,362

876
977
990

466
1,016
610

- 60
- 45
- 84

1,540
1,469
1,610

317
475
257

July
Aug.
Sept.

9,941
10,173
n.a.

a,216
6,992
n.a.

2,886
2,589
3,062

3,741
3,484
3,498

1,174
994
n.a.

-220
515
n.a.

79
156
162

1,597
2,129
2,152

269
381
308

415
-75
n.a.

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 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 lite 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 89 percent of the net increase estimated for all holders in 1978.

*

S e a s o n a l l y a d j u s t e d d a t a 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 .




21. NET CHANGE IN MORTGAGE DEBT OUTSTANDING, BY TYPE OF P R O P E R T Y 1

Billions of dollars, seasonally adjusted annual rates
Residential?
1 - to 4family

Multifamily
and
commercial

Farm

13.3
14.8
13.5
13.0

14.8
14.5
17.2
15.5

5.2
4.7
6.9
7.7

4.2
8.3
8.3
8.4

14.0
14.5
17.8
25.6

18.2
22.8
26.1
34.0

8.6
9.2
8.6
8.7

95.8
105.3
104.0
114.2

9.1
9.2
12.0
10.4

19.3
21.7
26.9
26.2

28.4
31.0
38.9
36.6

9.0
9.6
11.8
10.5

105.1
105.7

9. 6
10.3

25.8
27.7

35.4
39.0

12.3
13.1

Quarter

1976-Q1
Q2
Q3
Q4

62.5
55.0
72.7
78.9

61.0
55.2
68.9
76.5

1.5
-0.2
3.8
2.4

108.5
133.8
140.9
152.8

85.9
110.0
114.5
118.6

81.6
101.8
106.2
110.2

1978-Q1
Q2
Q3
Q4

133.2
145.9
154.8
161.3

104.9
114.6
116.1
124.6

1979-Q1
Q2p

2

80.9
74.5
93.1
99.6

1977-Q1
Q2
Q3
Q4

1

Total

152.8
156.8

114. 7
116.0

Total

Multifamily

Commercial

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




20
2 2 . A V E R A G E R A T E S A N D Y I E L D S O N HOME M O R T G A G E S A N D P A S S T H R O U G H S E C U R I T I E S
Secondary market

Primary market

Conventional mortgages

FHA/VA mortgages
Rates on
conventional
loans at
S&L's

Period

Y i e l d in
FNMA
auction

Period

Discount
points
in F N M A
auction

Ceiling
rate

Yield o n
GNMA
securities

Y i e l d in
FNMA
auction

Yield in
FHLMC
auction

9.31

1976-High
Low

9.10
8.70

1976-High
Low

9.20
8.39

4.93
2.05

9
8

8.44
7.57

8.80

1977-High
Low

9.00
8.65

1977-High
Low

8.98
8.46

5.03
1.50

8-1/2
8

8.39
7.56

8.81

9.21

9.02
8.63

1978-High
Low

9.73
8.98

1978-High
Low

9.86
9.13

5.92
4.00

9

8 1/2

8.43
9.05

10.07
9.28

10.42

1979-High
Low

12.00

1979-High
Low

13.29
10.42

12.54
4.16

11-1/2
9-1/2

11.58
9.51

13.80
10.92

12.17
10.40

June

10.79

5.10

10.74

4.81

10.66

4.31

10.65

4.22

10.64

4.16

10.69

4.46

10.92

5.90

11.25

7.91

11.66

7.25

12.60

12.54

13,29

10.43

10.38
1
8
15
22
29

10.90
11.03
11.05
11.10

11.10

4
11
18
25
July 2

6
13
20
27

11.13
11.08
11.08
11.08

July

3
10
17
24
31

11.08
11.08
11.08

Aug.

Sept. 7
14
21
28

11.20

Oct.

5
12
19
26

11.35
11.45
11.75

2

12.80

1979-June

July

Aug.

Nov.

11.10
11.13
11.30
11.35
11.35

9
16
23
30

6
13
20
27
Sept. 4

Sept.10
17
24
Oct. 1
9
15
22
29

12.00

Nov.

6

9.12

11.04

10
10
10
10
10

9.83
9.76
9.72
9.82
9.69

10
10
10
10

9.69
9.78
9.80
9.88

11.54

10
10
10
10
10

9.82
9.88
9.90
10.03
10.14

11.50

10.99
11.10

11.53

11.20
11.28

11.67

11.37

10
10
10
10-1/2

10.36
10.38
10.36
10.65

10-1/2
10-1/2
10-1/2
11-1/2

11.02
11.21
11.77
11,58

11-1/2

11.73

11.54

11.60

11.51

11.83
11.99

11.11

11.13
11.16
11.01
10.94
10.87
10.82

10.88

11.49
11.57
11.63
11.64
11.64

12.75
13.80

12.17
12.84
13.36
13.56

Column 2 is average of contract interest rates on commitments for conventional first mortgages with 8 0 percent loan-to-value ratios 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 GNMAguaranteed 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 6 0 days) delivery.




2 3 . F N M A A U C T I O N S O F C O M M I T M E N T S T O P U R C H A S E HOME M O R T G A G E S
D o l l a r a m o u n t s in m i l l i o n s
Offered

A v e r a g e yield

Accepted

Offered

Accepted

A v e r a g e yield

855.4
50.3

1978-High
Low

1979-High
Low

1979-Sept.
17
1

15
29

8.98
8.46

415.9
122.9

278.0
70.5

9.21
8.81

605.3
80 t l

10.60
9.13

716.9
74.7

362.5
47.5

10.92
9.28

1,034.9
36.5

Low

569.7
35.1

1,249.4
130.3

1977-High

Oct.

Conventional mortgages

F H A / V A mortgages

D a t e of
auction

448.3
19.4

13.29
10.42

454.0
19.4

165.9
17.9

13.80
10.92

613.5
807.6

285.0
314.9

10.92
11.25

289.7
237.6

172.2
153.4

11.67
11.83

891.1
1,017.4
1,034.9

360.8
448.3
321.3

11.66
12.60
13.29

195.0
400.9
454.0

126.6
165.9
138.7

11.99
12.75
13.80

Z

2 4 . FHLMC A U C T I O N S O F C O M M I T M E N T S T O P U R C H A S E HOME M O R T G A G E S
C o n v e n t i o n a l m o r t g a g e s , d o l l a r a m o u n t s in m i l l i o n s
Future c o m m i t m e n t program

I m m e d i a t e delivery program

D a t e of
auction

Offered

1977-High

Accepted

A v e r a g e yield

Offered

|

Accepted

A v e r a g e yield

303.0
76.7

132.6
49.8

9.02
8.63

262.8
66.4

131.0
35.3

9.03
8.63

359.7
71.2

191.7
53.6

10.42
9.12

247.1
69.7

84.4
18.2

10.54
9.20

Low

298.0
56.3

150.5
48.4

12.84
10.40

166.6
70.6

37.8
19.7

11.85
10.43

1979-Sept. 7
14
21
28

147.4
126.4
101.0
101.9

106.1
106.2
84.9
93.9

11.49
11.57
11.63
11.64

5
12
19
26

182.8
186.0
134.8
82.-3

121.3
73.7
59.4
47.2

11.64
12.17
12.84
13.36

2

50.8

42.8

14.06

Low

1978-High
Low

1979-High

Oct.

Nov.

——

——

——

——

——

——

71.9

29.1
——

——

134.6
—

11.85
— •—

—

23.5
—

13.89
—

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.
Source:
 FNMA and FHLMC



22
25. ISSUES OF MORTGAGE-BACKED SECURITIES
Millions of d o l l a r s , n o t s e a s o n a l l y a d j u s t e d
Pass-through securities
GNMA-guaranteed
Period
N e w issues

Outstanding
( e n d of p e r i o d )

FH LMC-guaranteed
N e w issues

Outstanding
l e n d of p e r i o d )

Public offerings
of m o r t g a g e backed bonds
Outstanding
b y savings a n d
( e n d of p e r i o d )
loan assoc.

Privately insured
N e w issues

1976

13,764

30,571

1,396

2,671

n.a.

n.a.

1977

17,440

44,896

4,131

6,610

242

238

1,115

1978

15,362

54,347

6,212

11,892

1,011

1,141

465

19 7 8 - J a n .
Feb.
Mar.

1,327
929
1,315

45,890
45,325
46,357

504
470
120

7,033
7,431
7,471

0
10
119

236
243
358

0
0
50

Apr.
MayJune

823
1,255
999

46,463
47,387
48,033

466
651
1,093

7,861
8,434
9,422

201
135
23

557
689
703

290
75
0

July
Aug.
Sept.

997
1,648
1,203

48,663
50,051
50,844

299
725
394

10,371
10,224
10,512

72
35
33

764
797
822

0
50
0

Oct.
Dec.

1,762
1,721
1,381

52,095
53,358
54,347

369
581
540

10,987
11,463
11,892

57
36
275

872
897
1,161

0
0
0

1979-Jan.
Feb.
Mar.

1,703
1,361
1,465

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

Apr.
May
June

1,488
1,673
1,860

60,274
61,551
63,001

364
572
382

12,790
13,296
13,562

51
201
142

1,619
1,821
1,915

0
0
400

July
Aug.
Sept.

2,032
2,934
2,697

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

Nov.

75

GNMA-guaranteed securities are issued by private institutions and represent undivided interests in pools of Government-underwritten home mortgages
formed by these institutions. FHLMC-guaranteed securities include Participation Certificates and Guaranteed Mortgage Certificates issued by FHLMC
against pools of conventional residential mortgages formed by FHLMC. Privately-insured pass-through securities are issued by private institutions against
pools of conventional residential mortgages underwritten by major private mortgage insurance companies.
Source: GNMA, FHLMC, HUD, and Federal Reserve.





Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102