Full text of H.16 Capital Market Developments : November 16, 1981

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November 16, 1981

a

Developments
As p a r t of an e f f o r t t o r e d u c e c o s t s , p u b l i c a t i o n
of C a p i t a l M a r k e t D e v e l o p m e n t s w i l l b e d i s c o n t i n u e d a t
t h e end of 1 9 8 1 , w i t h t h e l a s t r e l e a s e s c h e d u l e d t o b e
i s s u e d on December 2 1 , 1 9 8 1 . Much of t h e i n f o r m a t i o n
c o n t a i n e d i n C a p i t a l Market Developments i s a v a i l a b l e i n
the Federal Reserve B u l l e t i n , other s t a t i s t i c a l p u b l i c a t i o n s of t h e B o a r d , o r i n t h e f i n a n c i a l p r e s s .
Subc r i b e r s w i l l r e c e i v e r e f u n d s on a p r o r a t a b a s i s f o r
i s s u e s t h e y w e r e t o r e c e i v e a f t e r December 1 9 8 1 . Any
q u e s t i o n s r e g a r d i n g o u t s t a n d i n g s u b s c r i p t i o n s should be
d i r e c t e d to the Publications Section (202-452-2001).

Prepared by
the Capital Markets Section
in conjunction with
the Mortgage and Consumer Finance Section
and the Government Finance Section
Division of Research and Statistics
Board of Governors of the Federal Reserve System
Washington, D C. 20551




CONTENTS
1. Yields, Volume and Reception: Corporate Bond Market
2. Yields, Volume and Reception: Municipal Bond Market
3. High Grade Bond Yields
4. Long-Term Corporate and State and Local Government Security Offerings and Placements
5. Treasury and Government-Sponsored Agency Marketable Coupon Offerings and Placements
6.
7.
8.
9.
10.
11.
12.
13.

New Corporate Security Issues by Type of Issue
New Corporate Security Issues by Type of Issuer
Public Offerings of Intermediate- and Long-Term Securities: Corporate
Public Offerings of Intermediate- and Long-Term Securities: State and Local
Public Offerings of Intermediate- and Long-Term Securities: U.S. Treasury
Public Offerings of Intermediate- and Long-Term Securities: Government-Sponsored Agencies
Forthcoming Public Offerings of Intermediate- and Long-Term Securities: Corporate
Forthcoming Public Offerings of Intermediate- and Long-Term Securities: State and Local

14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.

Stock Prices
Trading Volume
Security Credit
Savings Flow at Selected Nonbank Thrift Institutions
Mortgage Commitments Outstanding at Selected Institutions
Net New Money Borrowings by Major Housing Credit Agencies
Net Change in Mortgage Holdings at Selected Institutions
Net Change in Mortgage Debt Outstanding, By Type of Property
Average Rates and Yields on Home Mortgages and Pass-Through Securities
FNMA Auctions of Commitments to Purchase Home Mortgages
FHLMC Auctions of Commitments to Purchase Home Mortgages
Issues of Mortgage-Backed Securities

SYMBOLS
e
P
r
n.a.
— —

estimate
preliminary
revised
not available
data do not exist

SUBSCRIPTION RATES
Weekly $15.00 per year or $.40 each in 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
Support 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.




3
1. YIELDS, VOLUME A N D RECEPTION
Corporate Bond Market
New issue
Aaa u t i l i t y 1

Week ending

Yields
Recently offered
Aaa u t i l i t y 2

7
14
21
28

1981-Aug.

Sept.

Oct.

4
11
18
25

17.55
17.62
16.87
16.79

2
9

16.94

16

23
30
Nov.

17.20r

6

13

Volume
Gross offerings 3
($ millions)

Percent sold by
end of week

New issues in syndicate 4
($ millions)

16.68
16.63
16.80
17.15

35
362
345
100

100
100
93
100

17.50
17.52
16.92
17.18

75
350
415
813

100

0

98
100
96

0

17.72
16.96
17.21
17.38
17.16

350
418
437
182
602

99
100
68
100
100

16.88r
15.77p

955
750

100

0

91

70

0
0

25
0

8
25
4
0

139
0
0

2. YIELDS, VOLUME A N D RECEPTION
Volume

Yields
Week ending

Moody's new
issue Aaa

Bond Buyer
Rev. bond
index

Bond Buyer
G O. bond
index

Gross offerings
($ millions)

Percent sold by
end of week 3

New issues in
syndicate 4
($ millions)

7
14
21
28

11.10
11.10
11.10
11.10

11.63
11.94
12.49
12.97

12.3#
12.55
13.04
13.89

488
417
752
291

97
87
91
93

67
60
68
65

Sept. 4
11
18
25

11.10
11.80
11.80
11.50

13.10
13.21
12.79
12.57

14.10
14.24
13.78
13.62

369
983
888
646

98
99
95
88

65
19
52
84

Oct.

2
9
16
23
30

11.80
11.80
11.80
12.00
12.60

12.93
12.73
12.53
12.99

13.98
13.62
13.57
13.94
13.97

522
773
547
598
1,075

95
95
95
91
97

58
53
40
98
47

6
13

12.00
10.50

12.44
11.43

13.54
12.66

540
679

93
99

49
11

1981-Aug.

Nov.

12.99

1
a

s

:

=

=

:

a

s

~

during the last four weeks.
Corporate Mark"*: 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 GRADE BOND YIELDS

Bond Buyer
Rev. bond
index6

Recently offered
Aaa utility 2

U.S. govt.
Moody's
20-year constant
seasoned
maturity 4
corporate Aaa3

Bond Buyer
G O. bond
index5

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

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

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

1979-High
Low

11.51(11/12) 11.45( 11/9) 10.87(12/28) 10.56( 11/9)
7/6)
9.16(
7/6) 8.79(
9.40( 8/17) 9.39( 6/29)

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

8.24(11/23)
7.23( 9/21)

1980-High
Low

14.51(12/12) 15.03(12/12) 13.49(12/19) 12.86(12/12) 10.56(12/19)
7.11(
5/9)
10.53( 6/20) 10.79( 6/20) 10.34( 6/20) 9.59( 6/20)

11.41(12/19')
8.15( 5/8)

19 8.1-High
Low

17.62( 9/11) 17.72( 10/9) 15.85( 10/9) 15.55( 10/9) 13.21( 9/11)
9.49(
1/9)
1/9)
14.05( 1/9) 13.99( 3/20) 12.59( 1/9) 11.98(

1 4 . 2 4 ( 9/11.)
10.34( 1/16)

New issue
Aaa utility1

Date
1978-High
Low

1981-Jan.
Feb.
Mar.

14.12
14.90
14.71

14.17
14.58
14.41

12.81
13.35
13.33

12.29
12.98
12.94

9.66
10.10
10.16

10.64
11.01
10.90

Apr.
May
June

15.68
15.81
14.76

15.48
15.48
14.81

13.88
14.32
13.75

13.46
13.82
13.20

10.62
10.79
10.67

11.32
11.60
11.49

July
Aug.
Sept.

16.30
17.21

15.73
16.82
17.33

14.38
14.89
15.49

13.92
14.52
15.07

11.14
12.26
12.92

11.88
12.96
13.94

Oct.

16.94

17.24

15.40

15.13

12.83

13.86

17.55
17.62
16.87
16.79

17.50
17.52
16.92
17.18

15.50
15.61
15.30
15.35

15.16
15.12
14.76
14.93

13.10
13.21
12.79
12.57

14.10
14.24
13.78
13.62

17.72
16.96
17.21
17.38
17.16

15.85
15.40
15.18
15.36
15.51

15.55
14.98
14.92
15.18
15.27

12.93
12.73
12.53
12.99
12.99

13.98
13.62
13.57
13.94
13.97

16.88r
15.77p

14.88r
14.22p

14.41r
13.66p

12.44
11.43

13.54
12.66

1981-Sept.

Oct.

Nov.

4
11
18
25
2
9
16
23
30
6
13

16.94

17.20r

1
2

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.
3 Weekly average of daily closing figures.
4 Weekly average of daily figures. U.S. Treasury data.
5

6

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 t o p groups as classified by Moody s

Investors Service. Weekly Bond Buyer data.




4. LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS
Gtoss proceeds, millions of dollars
Corporate

Period

April
May
Jpne
July
August
September
October
November
December
Year

State and (Local 2
1980
3,078
2,424
2,435

1979
3,770
3,165
4,354

1980
6,173
4,507
4,454

1981
5,581
4,157
6,423

1979
2,840
2,603
4,644

4,692
4,160
6,238

5,656
9,074
9,645

6 , 8 35
5,457
9,536*

3,444
3,042
4,724

4,962
4,746
6,136

5, 2 0 9

4,103
4,211
4,593

8,029
5,43?
5,025

4,133
3,062
4,637

3,396
4,256
2,472

4,872
3,946
4,523

3,176
3,055e

4,601
3, 8 6 8
3,778

5,819
3,936
5,933

3, 5 7 5 e *

4,217
4,160
3,567

4,474
2,916
3,854

3,500

51,553

73,688

43,365

48,366

.

January
February
March

1

1981
2,676
2,976
2,942

3 ,44.6

4,857*

3,100e*

1 Securities end Exchange Commission estimates of gross proceeds.
2 Public Securities Associetion estimates of principal amounts.
e Estimated by Federal Reserve on the basis of available data.

*

Excludes

$150

million

issue

of

Alaska

Housing

Finance

Corporation.

5. TREASURY AND GOVERNMENT-SPONSORED AGENCY BORROWING
Millions of dollar?
Federal Government
Means of financing combined deficit •
Net cash borrowing from the public?
Public debt securities
Gov't,
agency
NonBills
Coupons
marketable securities

Decreased)' Sponsored
increase)—)
agency
borrowing4
in cash
operating
balance

Combined
deficit(+)
or
surplus(-) 1

Total 3

-1979
-1980

41,397
50,670

37,360
79,201

10,899
43,458

28,041
50,480

-397
-14,298

-1,402
-577

1,115
484

366
3,621

23,631
24,705

1980- -Oct.
Nov .
Dec .

17,146
10,698
7,869

4,758
9,231
13,668

2,477
6,412
7, 3 8 2

2,422
3,267
7,233

-63
-315
-1,023

-23
-30
-79

4,076
-3,985
-720

8,312
5,452
-5,079

5,116
412
3,378

1981- -Jan.
Feb .
Mar .

8,339
17,063
13,048

6,772
13,916
15,138

4,320
8 j 548
6,343

4,159
5,849
8,997

-1,480
-489
-347

-35
-55
-14

3,179
-664
-1,479

-1,612
3,811
-611

1,408
13
1,960

Apr . - 1 5 , 2 5 1
18,379
May
June - 1 3 , 8 2 0

-3,725
539
572

-9,466
-1,336
-5,728

6,307
2,155
7,770

-417
-158
-1,479

-71
-37
-84

-1,092
2, 3 9 1
-3,705

-10,434
15,449
-10,687

1 ,478
4,744
2, 6 6 0

3,383
6,501

-1,254
2,322

6,892
5,248

-2,166
-1,125

-36
-18

4,666
-5,952

Period

•
CY^
CY

s

July
Aug .
Sept.

13,120
6,153
3,798

Other

5,071•
5,604

5 , 044

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.
Digitized
FRASER
5 for
CY=
Calendar Year



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

Total

Publicly
offered 2

Privately
placed

Memo
Issues included
Convertible
Foreign

Common and
preferred
stocks

1977
1978
1979
1980

53,792
47,230
51,533
73,688

24,072
19,815
25,814
41,587

17,943
17,057
14,394
11,612

11,777
10,358
11,325
20,490

1,347
1,349
1,008
1,827

863
418
2,229
4,685

1981-QI
QII
QUI

16,161
21,828
11,832

9,114
10,791
5,028

1,381
2,487
1,761

5,666
8,550
5,043

277
864
191

1,317
1,472
450

1981-Jan.
Feb.
Mar.

5,581
4,157
6,423

2,928
2,408
3,778

458
426
497

2,195
1,323
2,148

162
105
10

303
575
439

Apr.
May
June

6,835
5,457
9,536

3,668
2,520
4,603

929
560
998

2,238
2,377
3,935

168
121
575

719
399
354

July
Aug.
Sept.

4,133
3,062
4,637

1,925
905
2,198

451
711
599

1,757
1,446
1,840

183
8
n.a.

130
260
60

7. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUER
Gross proceeds, millions of dollars
Public utility
Manufacturing
Period

Communications

Other issuers1

13,393
10,813
11,357
20,248

14,127
12,232
13,324
15,786

4,522
3,640
4,522
7,250

21,827
20,549
22,332
30,404

1981-QI
QII
QUI

5,387
5,857
1,972

3,223
4,696
2,795

1,337
2,172
1,807

6,221
9,104
5,258

1981-Jan.
Feb.
Mar.

2,244
1,344
1,799

1,362
853
1,008

76
303
958

1,901
1,660
2,660

Apr.
May
June

1,990
2,172
1,695

1,621
1,236
1,839

610
56
1,506

2,614
1,994
4,496

935
468
569

691
608
1,496

840
127
840

1,666
1,860
1,732

1977
1978
1979
1980

July
Aug.
Sept.

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.

2 T o t a l r e f l e c t s g r o s s p r o c e e d s r a t h e r t h a n p a r v a l u e o f o r i g i n a l d i s c o u n t T>onds,



8. PUBLIC OFFERINGS OF INTERMEDIATE-AND LONG-TERM SECURITIES: CORPORATE 1
Issuer

Gen'l. Elec. Credit Corp.
Martin M a r i e t t a Corp.
C o n t i n e n t a l I l l i n o i s Corp.
S o u t h e r n B e l l T e l . & T e l . Co.
ITT F i n a n c i a l C o r p .
Dayton Hudson C o r p .
C a t e r p i l l a r T r a c t o r Co.
Oneok I n c .
F i r s t Alabama B a n s h a r e s I n c .
T o l e d o E d i s o n Co.
Borg Warner A c c e p t . C o r p .
American M e d i c a l I n t e r national
F i r s t Executive Corp.
Aluminum Co. of A m e r i c a
Consumers Power Co.
H a w a i i a n T e l e p h o n e Co.
Iowa E l e c . L i g h t & Power Co.
M i c h i g a n C o n s o l i d a t e d Gas Co.
Wang L a b o r a t o r i e s
Xerox C r e d i t C o r p .
OTHER
P r o v i n c e of Nova S c o t i a , CA
European American I n v e s t m e n t
Bank
B r i t i s h Columbia Hydro & P w r .
P r o v i n c e of N e w f o u n d l a n d
I n t e r a m e r i c a n Development
Bank
Finland
The U n i t e d M e x i c a n S t a t e s

1

Amount
(millions
of dollars)

Offering
yield

Moody's/S&P's
ratings

5.50
15.55
13.63
16.00
0
15.25
14.75

15.80
15.55
13.63
16.00
15.60
15.35
14.75

Aa/AAA
A/AAAaa/AAA
Aaa/AAA
Baa/AAa/AA
Aa^AA

1991
1988

15.63
15.25

15.68
15.35

Baa/BBB+
A/A

Conv.debt. 80.0
25.0
Conv.debt.
161.6
Debt.
35.5
Com. s t k .
35.0
1 s t . mtg.
30.0
1 s t . mtg.
60.0
1 s t . mtg.
Conv.debt. 100.0
100.0
Notes

2001
2006
1996

9.50
10.00
7.00

9.50
10.00
14.70

Ba/BBB
B/BA/A

1991
1991
1991
2006
1988

13.63
14.75
15.63
10.00
14.25

13.85
14.84
15.67
10.00
14.31

Aa/AA+
A/A
Baa/BBB+
Ba/BB+
A/A

Debt.

125.0

1991

15.75

15.85

A1/A+

11/10 Notes
1 1 / 1 0 Bonds
11/12 Debt.

125.0
300.0
100.0

1991
2011
1991

14.63
15.50
15.00

14.72
15.65
15.10

Aaa/AAA
Aaa/AAA
Baal/A

11/12 Notes
11/12 Notes
1 1 / 1 2 Bonds

150.0
100.0
100.0

1986
1986
1986

14.00
14.75
15.50

14.11
14.75
15.50

Aaa/AAA
Aa/AAA

Maturity

Coupon
rate

189.6
100.0
100.0
300.0
65.0
100.0
100.0
30.0
28.0
35.0
50.0

2001
1987
1985
2021
1990
1991
1988

11/10
11/10
11/10
11/12
11/12
11/13
11/13
11/13
11/13
11/6

Date

Type

11/2
11/2
11/4
11/4
11/5
11/5
11/6
11/10
11/10
11/10
11/10

Debt.
Notes
Notes
Debt.
Notes
Notes
Notes
Com. s t k .
Com. s t k .
1 s t . mtg.
Notes

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




8
9. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL 1
Issuer

King C o . , WA
P e n n s y l v a n i a , S t a t e of
C a l i f o r n i a , S t a t e of
N . J . S p o r t s & E x p o s i t i o n Auth,
F l o r i d a Board of E d u c a t i o n
M a s s a c h u s e t t s H s g . F i n . Agcy.
M a s s a c h u s e t t s H s g . F i n . Agcy.
M a s s a c h u s e t t s H s g . F i n . Agcy.
M a s s a c h u s e t t s H s g . F i n . Agcy.
A l a s k a I n d . Dev. A u t h .
A l a s k a I n d . Dev. A u t h .
A l a s k a I n d . Dev. A u t h .
A l a s k a I n d . Dev. A u t h .
A l a s k a I n d . Dev. A u t h .
New York S t a t e Mtg. Agcy.
New York S t a t e Mtg. A g c y .
New J e r s e y H e a l t h C a r e F a c .
F i n . Auth.
New J e r s e y H e a l t h C a r e F a c .
Fin. Auth.
New J e r s e y H e a l t h C a r e F a c .
Fin. Auth.
New J e r s e y H e a l t h C a r e F a c .
Fin. Auth.
C o r p u s C h r i s t i I n d . Dev.
A u t h . , TX
Georgia M u n i c i p a l E l e c t . Pwr.
Georgia M u n i c i p a l E l e c t . Pwr.
Georgia M u n i c i p a l E l e c t . Pwr.
Georgia Municipal E l e c t . Pwr.
Georgia Municipal E l e c t . Pwr.
Municipal Assistance Corp.,
N.Y.
Municipal Assistance Corp.,
N.Y.
Municipal A s s i s t a n c e Corp.,
N.Y.
A l a s k a Hsg. F i n . C o r p .
A l a s k a Hsg. F i n . C o r p .
Newark Hsg. F i n . C o r p . , N . J .
Newark Hsg. F i n . C o r p . , N . J .
N. C a r o l i n a H s g . F i n . A g c y .
N. C a r o l i n a H s g . F i n . Agcy.

Maturity

Net
interest
cost

Offering
yield

Moody's/S&P's
ratings

1983-01
1982-0]A/
1982-96
1982-91
1983-12
1987
1982
1983
1984
2007
2010
2001
1983-91
2006
1982-86
2012

12.25
11.10^
10.182,
n.a.
12.46
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

9.20-12.75
8.25-11.60
8.00-11.00
9.20-12.20
8.40-12.50
8.15
8.35
8.35
9.25
11.75
13.63
N.R.
9.75-11.75
13.25
9.00-10.00
10.88

Aa/AA
A/A+
Aa/AA+
A/—
Aa/AA
MIG-1/—
MIG-1/—
MIG-1/—
MIG-1/—

10.5

2012

n.a.

13.78

A/A-

Rev.

25.4

2010

n.a.

14.00

A/A-

11/10

Rev.

3.6

1998

n.a.

13.75

A/A-

11/10

Rev.

4.3

1982-92

n.a.

9.60-12.50

A/A-

11/10
11/11
11/11
11/11
11/11
11/11

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

75.0
87.3
26.0
20.0
9.5
7.3

1991
2016
2002
2006
1983-95
2017

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

11.63
12.75
12.50
12.63
8.25-11.25
12.00

—/AAA
Al/AA
Al/AAAl/AAAl/AAAl/AA

11/12

Rev.

16.5

1985-87

n.a.

10.00-10.75 Baal/A

11/12

Rev.

24.0

1989

n.a.

11/12
11/12
11/12
11/13
11/13
11/13
11/13

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

59.5
47.4
52.6
17.3
18.1
2.7
27.3

2008
1983-91
2001
1984
1985-03
1984-92
2013

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

Type2

Amount
(millions
of $)

11/2
11/4
11/4
11/4
11/4
11/5
11/5
11/5
11/5
11/6
11/6
11/6
11/6
11/6
11/6
11/6

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

28.0
58.0
100.0
44.7
85.0
1.0
8.6
8.8
12.9
6.0
4.8
9.2
16.7
20.8
4.8
100.0

11/10

Rev.

11/10

Date

1 Includes only state and local security offerings of $25 million and over; excludes secondary offerings.
2 For state and local government securities, G.O. denotes general obligation; Rev. denotes revenue obligations.
3 Canadian interest cost.

4 M a t u r i t i e s i n 1990, 91, 95-2001 not r e o f f e r e d .
Digitized for N.R.
FRASER
- not r e o f f e r e d .


11.25
12.75
9.00-11.75
12.75
10.00
10.15-13.0C
9.00-11.00
12.75

A/A-

A/AA/AA/AAA
A/AAA
Aa/AAAa/AA-

Baal/A
Baal/A
Aa/—
Aa/—
MIG-1
—/AAA
—/A+
~/A+

10. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: U.S. TREASURY
Notes and Bonds
Amount (millions of dollars)
Coupon Auction
Net proceeds
Gross proceeds
Maturity
Offering Payment
average •
rate
Length
date
date
date
(percent)
ipercent)
Private1 -2
Total
Private^
Total

Memo:
Foreign
add-ons 3

1981
1,501
1,920

3,638

3,508

2,551
3,460

2,365
3,265

0
130
0
186
195

4,832
3,535
1,751
2,757

2,085
985
1,751
2,972

2,050
952
1,751
2,757

68
0
0
215

4,325

1,573

1,573

0

6,844

2,212

2,212

0
0
0

4,763
3,206

4,352
3,011

2,121
3,206

2,121
3,011

0
195

14.72
14.04
13.45
14.07

4,607
3,393
1,753
3,469

4,307
3,281
1,753
3,019

1,550
879
1,753
3,469

1,582
847
1,753
3,019

0
0
0
450

15-7/8

15.92

4,966

4,615

1,744

1,744

0

8/17
8/17
8/17
8/31
9/8

3 - y r 3-mo 1 1 / 1 5 / 8 4 16
8 / 1 5 / 9 1 L4-7/8
10-yr
2 9 - y r 9-mo 5 / 1 5 / 0 6 1 1 L 3 - 7 / 8
L6-1/4
8/31/83
2-yr
5 - y r 2-mo 1 1 / 1 5 / 8 6 L 6 - 1 / 8

15.96
14.98
14.06
16.26
16.14

5,780 )
2 , 8 1 2 I .8,623
2,397
4,848
5,423
3,264
3,469

3,396

2,975

1,694
3,469

1,594
3,264

271
150
0
0
205

9/30
9/30
10/7

9/30/83
2-yr
9/30/85
4-yr
2 0 - y r 1-mo 1 1 / 1 5 / 0 1

5,266
3,959

1,571
991

1,571
513

0
478

11.82
13.69

1,501
5,191

13-1/4
13
12-3/4
13-7/8
13-3/4

13.37
12.89
12.68
13.97
13.79

4,662
3,038 \ 8,669
2,576
5,438
4,826
3,460
3,265

3/31/83
2-yr
3/31/85
4->yr
2 0 - y r 1-mo 5 / 1 5 / 0 1
4/15/88
7-yr

12-5/8
13-3/8
13-1/8
13-1/4

12.75
13.49
13.21
13.34

5,601
3,794
1,751
2,972

4/30/83

14-1/2

14.51

4,586

5/15/84 15-3/4
5/15/91 14-1/2
5/15/06-11 1 3 - 7 / 8

15.81
14.56
13.99

3,776
2,074
2,302

5/31/83 15-5/8
2-yr
5 - y r 5-mo 1 1 / 1 5 / 8 6 1 3 - 7 / 8

15.72
13.95

6/30/83
2-yr
6/30/85
4-yr
2 0 - y r 1-mo 8 / 1 5 / 0 1
7/15/88
7-yr

14-5/8
14
13-3/8
14

7/31/83

6
21

1/12
2/2

2 0 - y r 1-mo 2 / 1 5 / 0 1
1/31/83
2-yr

.Feb.

3
4
5
24
26

2/17
2/17
2/17
3/2
3/4

3-yr
9-yr
29-yr
2-yr
5-yr

Mar,

18
24
26
31

3/31
3/31
4/2
4/6

Apr.

22

4/30

2-yr

5
6
7

5/15
5/15
5/15

3-yr
10-yr
30-yr

20
28

6/1
6/3

June

18
23
25
30

6/30
6/30
7/2
7/7

July

22

7/31

Aug.

4
5
6
20
27

S e p t . 16
23
30

May

Oct.

Nov.

0
125

1,501
2,045

7
21

10/14

2
4
5

11/16
11/16
11/16

11/2

1,501
4,605

11-3/4
13-5/8

Jan.

2-yr

7-yr
2-yr
3-yr
10-yr
30-yr

6-mo 8 / 1 5 / 8 4
9-mo 1 1 / 1 5 / 9 0
9-mo 1 1 / 1 5 / 1 0
2/28/83
2-mo 5 / 1 5 / 8 6

10/15/88
10/31/83

16.12
16
.5-7/8 15.91
15-3/4 15.78

)

J

71
J

4,866
3,282

15-3/8 15.40
1 5 - 1 / :i 1 5 . 5 6

1 1 / 1 5 / 8 4 14-3/(: 1 4 . 4 3
11/15/91 14-1//1 14.33
14.10
:: U / 1 5 / i i . 14

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




n.a.

467
n.a.

11. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: GOVERNMENT SPONSORED AGENCIES
Offering Payment
date
date

Issuer

Length

11 - m o
8-mo

Maturity
date

Yield
(percent)

4/26/82
1/25/84
5/27/86

Amount (millions of dollars)
Gross
proceeds

Maturing
issues

Net
proceeds

17.05
18.80
15.50

1,200
1,000
600

1,400

1,400

5/13
5/13
5/13

5/26
5/26
5/26

2-yr
5-y r

FFCB

5/28

6/1

4-yr

3-mo

9/3/85

14.90

662

0

662

FNMA

6/3

6/10

3 — y4

4-mo

10/10/84

14 . 90

500

750

-250

FHLB

6/10
6/10

6/25
6/25

1-yr 9-mo
3-yr10-mo

3/25/83
4/25/85

14 . 8 0
14.55

1, 1 0 0
700

0

1, 8 0 0

FNMA

6/26

7/10

3-yr10-mo

5/10/85

15 . 25

600

1,200

-600

FFCB

7/8
7/8
7/8

7/20
7/20
7/20

3-yr
5-yr
10-yr

7/23/84
7/2.1/86
7/22/91

15.25
15.15
14.70

759
938
617

905

1,409

7/15
7/15
7/15

7/27
7/27
7/27

1-yr
3-yr
5-yr

7/26/82
7/25/84
7/25/86

15.90
15.55
15.35

1,000
1, 0 0 0
400

900

1, 5 0 0

8/12
8/12
8/12

8/25
8/25
8/25

1-yr
3-yr
4-yr

4-mo

12/27/82
8/27/84
3/25/86

16.50
16.00
15.75

1,400
1, 0 0 0
600

1,000
800

400
200
600

FNMA

8/14
8/14

8/17
8/17

3-yr
7-yr

6-mo

2/11/85
8/10/88

17.00
16.37!

700
300

0
0

700
300

FCB

8/26
8/26

9/1
9/1

2-yr
4-yr

6-mo
3-mo

3/11/84
12/2/85

17.00
17.00

415
491

0
0

415
491

FNMA

9/2

9/10

1-yr

8-mo

5/10/83

18.00

1,000

1,050

-50

FNMA

9/10

9/15

1-yr

5-mo

2/10/83

17.75

400

0

400

FHLB
FHLB
FHLB

9/16
9/16
9/16

9/25
9/25
9/25

1-yr
3-yr
5-yr

9/27/82
9/25/84
9/25/86

16.50
16.40
16.40

1, 5 0 0
600
500

0
0
0

FNMA

9/30

10/13

3-yr

1-mo

11/12/84

17.20

1 , 000

FFCB

10/14
10/14
10/14

10/20
10/20
10/20

2-yr
4-yr
8-yr

6-mo
3-mo

4/23/84
1/20/86
10/20/89

15.50
15.80
15.80

11/10

11/16

3-yr

9-mo

8/12/85

14.10

FHLB

FHLB

FHLB

FNMA

FFCB
FHLB
FHLMC
FNMA

—
—
—

Federal
Federal
Federal
Federal




7-mo

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

1 , 500
600
500

600

400

697
815
482

600

1, 3 9 4

1,200

0

1, 2 0 0

As of November 1 3 , 1981

11

12. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE-AND LONG-TERM SECURITIES: CORPORATE 1
Issuer

*Avco F i n a n c i a l C o r p .
* A s s o c i a t e s C o r p . of N. A m e r i c a
^ M a n u f a c t u r e r s Hanover
Ford Motor C r e d i t Co.
*Philip Morris
*Philip Morris
F l o r i d a Power & L i g h t Co.
I n d i a n a & M i c h i g a n E l e c . Co.
*New E n g l a n d Power
Ohio E d i s o n Co.
Kentucky U t i l i t i e s Co.
I n d i a n a & M i c h i g a n E l e c . Co.
W a s h i n g t o n Gas L i g h t Co.
Cleveland E l e c . Illuminum
Bankamerica R e a l t y
G e n e r a l T e l . Co. of C a l i f .
U.S. Leasing Corp.
U . S . Home C o r p .
B . F . G o o d r i c h Co.
Farmland I n d u s t r i e s , I n c .
K e n t u c k y U t i l i t i e s Co.
*Kroger Co.
Kerr-McGee C o r p .
E q u i t a b l e of Iowa Companies
New York S t a t e Gas & E l e c . Co.
Cameron I r o n Works, I n c .
S o u t h e r n N a t u r a l Gas Co.
A n a r d a r k o P r o d u c t i o n Co.
A n a r d a r k o P r o d u c t i o n Co.
Texas General R e s o u r c e s
*Cox B r o a d c a s t i n g C o r p .
G e n ' l . E l e c . C r e d i t Corp.
W i s c o n s i n Gas Co.
Chase M a n h a t t a n C o r p .
I n t e r n a t ' l . B u s i n e s s Machines Corp.
C r e d i t h r i f t F i n . Corp.
Columbia Gas S y s t e m s
Cable American Corp.
C r y s t a l O i l Co.
F l o r i d a Telephone Corp.
N o r t h w e s t E n e r g y Co.
P h i l l i p s P e t r o l e u m Co.
Mellon N a t i o n a l Corp.
C e n t r a l Maine Power Co.
N i a g a r a Mohawk Power Co.
Gearhart I n d u s t r i e s , Inc.
N a t 1 1 . R u r a l U t i l i t i e s Coop. F i n . C o r p .
W e l l s F a r g o & Company
D a l l a s Power & L i g h t Co.
J e t A m e r i c a n A i r l i n e s , Co.
F l o r i d a Power C o r p .
*CPT C o r p .
*Gen'l. T e l . & E l e c t r o n i c s Corp.
*Texas E l e c t r i c S e r v i c e Co.

Type

Debt.
Notes
Notes
Notes
Debt.
Notes
1 s t . mtg.
1 s t . mtg.
1st mtg.
Com. s t k .
Com. s t k .
Pfd. stk.
1 s t . mtg.
1 s t . mtg.
Conv. d e b t .
1 s t . mtg.
Notes
Bonds
Notes
Debt.
1 s t . mtg.
Notes
Debt.
Notes
1 s t . mtg.
Notes
Debt.
Notes
Debt.
Conv. d e b t .
Com. s t k .
Notes
1 s t . mtg.
Notes
Debt.
Notes
1 s t . mtg.
Notes
Conv. d e b t .
Notes
Debt.
Debt.
Notes
Bonds
1 s t . mtg.
Conv. d e b t .
Notes
Pfd. stk.
Pfd. stk.
Com. s t k .
1 s t . mtg.
Conv. d e b t .
Debt.
1 s t . mtg.

Amount
(millions of dollars)

125.0
100.0
100.0
200.0
200.0
125.0
100.0
40.0
50.0
85.0
25.0
40.0
50.0
60.0
50.0
50.0
40.0
100.0
50.0
100.0
75.0
50.0
200.0
40.0
75.0
75.0
100.0
75.0
75.0
25.0
41.9
150.0
30.0
100.0
250.0
50.0
125.0
50.0
31.2
45.0
100.0
350.0
50.0
45.0
50.0
50.0
100.0
35.0
30.0
28.8
100.0
40.0
100.0
50.0

Approxima
of offei

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.
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.
Nov.
Nov.
Nov.
Nov.

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




17
17
17
17
17
17
17
18
18
19
23
24

12
12. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE1
Issuer

Type

Amount
(millions of dollars)

* I n d i a n a P u b l i c S e r v i c e Co.
*Utah Power & L i g h t Co.
* A r k a n s a s Power & L i g h t Co.
^ H o u s t o n L i g h t i n g & Power Co.
C y p r e s s Mines C o r p .
C y p r e s s Mines C o r p .
Amoco C r e d i t C o r p .
B e n e f i c i a l Corp.
Westvaco C o r p .
Diamond Shamrock C o r p .
Pennsylvania Engineering Corp.
D a y t o n Power & L i g h t Co.
D e t r o i t E d i s o n Co.
Union E l e c t r i c Company
D e l m a r v a Power & L i g h t Co.
Southern C a l i f o r n i a Edison

1 s t . mtg.
1 s t . mtg.
1 s t . mtg.
1 s t . mtg.
Notes
Debt.
Debt.
Notes
Debt.
Notes
Debt.
Pfd. stk.
Com. s t k .
Pfd. stk.
Com. s t k .
1 s t . mtg.

75.0
90.0
90.0
125.0

OTHER
^Denmark
K r u g e r Co.
O r i e n t L e a s i n g Co.
M o n t r e a l , P r o v i n c e of
Canadian N a t ' 1 Railway
O s l o Norway

Notes
Notes
Conv. d e b t .
Debt.
Debt.
Bonds

100.0
100.0

100.0
100.0
100.0
100.0
75.0

200.0
30.0
30.0

60.0
75.0
25.0

200.0

30.0

100.0
100.0
100.0

Approximate date
of offering

Nov.
Dec. 9
D e c . 10
Dec.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Nov. 17
Nov.
Nov.
Nov.
Nov.
Indef.

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




13
As of November 1 3 , 1981
13. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL
Issuer

Berks Co. Ind. Dev. Auth., PA
^Michigan State Hsg. Dev. Auth.
Port Development Corp., TX
Greater Chicago Metro. Sant. Dist., IL
Clark Co., KY
"Tucson Ind. Devel. Auth., AZ
Broward Co., FL
Metropolitan Water Dist. of Southern
California
Massachusetts, State of
^Houston, TX
Alabama Pub. Sch. & Coll. Auth.
^Montgomery Co. Hsg. Comm. , MD
Wisconsin, State of
*Monroe Hosp. Auth., PA
California Health Facil. Auth.
New York State Power Auth.
Livonia, MI
Dayton, OH
*San Diego Redev. Agcy., CA
*Benton Co. Res. Hsg. Facil. Bd., AR
*Pulaski Co. Res. Hsg. Facil. Bd., AR
California Hsg. Fin. Agency
*Little Rock, AR
*Rhode Island Student Loan Auth.
^Plaquemines Port Harbor Dist., LA
*New Mexico, State of
Pennsylvania Higher Ed. Fac. Auth.
Hamilton Co., OH
^Lakeland, FL
*Minneapolis-St. Paul Metro. Council
*Intermountain Power Agency, UT
Memphis, TN
CANCELLED
Chicago Pub. Bldg. Comm.

Type

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

16
16
16
16
16
16
17

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

100.0
175.0
50.0
70.3
50.0
100.0
38.2
28.0
250.0
31.0
50.0
62.1
63.0
61.3
100.0
30.8
108.3
29.9
40.1
63.5
86.5
30.0
32.2
600.0
25.0

Nov. 17
Nov. 17
Nov. 18
Nov. 18
Nov. 18
Nov. 18
Nov. 19
Nov. 19
Nov. 19
Nov. 20
Nov. 20
Nov. 20
Nov. 20
Nov. 20
Nov. 20
Nov. 20
Nov. 20
Nov. 24
Nov. 24
Nov. 25
Nov. 30
Dec. 1
Dec. 1
Dec. 10
Dec. 15

Rev.

50.0

Nov. 13

G. 0 .

#

#

includes state and°TCall"overnment issues of $25 million and over; excludes secondary offerings.




Approximate date
of offering

25.0
40.0
75.0
81.0
50.0
54.0
75.0

Rev.
Rev.
Rev.

#

*

Amount
(millions of dollars)

14. STOCK PRICES1
NASDAQ 5

NYSE Index 3

DJ Industrials

1979-High
Low

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

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

247.07 (12/31)
152.03 ( 1/2)

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

1980-High
Low

81.02 (11/28)
55.30 ( 3/27)

1000.17 (11/20)
759.13 ( 4/21)

370.75 (11/29)
215.69 ( 3/27)

208.15 (11/28)
124.09 ( 3/27)

1981-High
Low

79.14 ( 1/6)
64.96 ( 9/25)

1024.05 ( 4/27)
824.01 ( 9/25)

379.77 ( 5/27)
276.76 ( 9/25)

223.47 ( 5/29)
175.03 ( 9/28)

Date

1981-Sept. 4
11
18
25

AMEX 4

69.51
70.32
67.27
64.96

861.68
872.81
836.19
824.01

337.28
331.05
300.33
276.76

189.63
189.81
184.27
175.12

Oct.

2
9
16
23
30

68.86
70.33
69.13
68.83
70.64

860.73
873.00
851.69
837.99
852.55

307.67
314.14
307.19
307.35
312.02

184.37
191.27
190.24
191.91
195.24

Nov.

6
13

71.33
70.85

852.45
855.88

324.92
317.72

199.97
200.16

15. TRADING VOLUME2
Date

NYSE

AMEX

NASDAQ

1979-High
Low

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

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

25.8 (12/17)
7.2 ( 1/2)

1980-High
Low

84.1 (11/5)
16.1 (12/26)

15.0 (1/15)
2.5 (4/14)

60.4
10.7

1981-High
Low

92.9 ( 1/7)
28.9 ( 1/2)

15.8 ( 1/7)
2.8 (10/12)

53.2 ( 1/7)
19.7 ( 1/2)

1981-Sept. 4
11
18
25

41.5
47.1
42.4
49.5

5.1
5.5
4.7
6.0

25.8
28.8
28.3
27.5

Oct.

2
9
16
23
30

49.6
50.2
40.2
46.1
47.8

5.9
4.4
3.6
4.5
4.3

28.2
25.8
23.6
26.2
25.5

Nov.

6
13

57.3r
50.0

6 . Or
5.4

32.6r
33.8

1 Figures other than highs and lows are Friday figures only.
2 Volume figures are weekly averages of daily figures (millions of shares). Highs and lows refer to single days.
3 12/31/65 = 50
4 8/31/73 = 100
5 2/5/71 = 100




(11/19)
( 4/14)

16. SECURITY CREDIT?
Outstanding, dollar amounts in millions

ri —. x . ~ . - J
End
of period

Number of
margin accounts
(thousands)

Percent of debt
in accounts with
40 percent or more
customer equity

Marginable
stock

Convertible
bonds

1976

7,960

204

810

88

1977

9,740

250

885

81

1978

10,830

205

955

67

1979

11,450

167

1,020

84

1980

14,500

219

1,180

86

1979-July
Aug.
Sept.

11,840
12,060
12,000

178
176
177

970
995
1,005

81
86
84

11,310
10,920
11,450

173
161
167

985
1,000
1,020

73
83
84

Mar.

11,820
12,460
11,740

165
175
171

1,035
1,065
1,075

87
84
54

Apr.
May
June

11,140
11,270
11,200

168
167
165

1,055
1,055
1,065

72
81
83

July
Aug.
Sept.

11,320
11,800
12,520

198
204
208

1,075
1,095
1,105

88
89
87

Oct.

13,080
14,140
14,500

211
220
219

1,120
1,155
1,180

87
87
86

Mar.

14,020
13,950
14,020

221
220
222

1,195
1,205
1,235

80
80
84

Apr.
May
June

14,630
14,700
14,870

238
250
254

1,260
1,260
1,320

79
79
75

July
Aug.
Sept.

14,870
14,270
13,710

262
274
263

1,365
1,400
1,430

75
62
53

Oct.

13,600

n.a.

1,450

68

Oct.
Nov.

Dec.
1980-Jan.
Feb.

Nov.

Dec.
1981-Jan.
Feb.

1

Margin credit extended
by brokers on:

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




17. SAVINGS FLOWS AT SELECTED NONBANK THRIFT INSTITUTIONS
Millions of dollars
Mutual Savings Banks
(regular deposits) 1
Net f l o w

Date

N.S.A.

Sea. adj.

Annual
growth
rate 3

Net flow
N.S.A.

Sea. adj.

Annual
growth
rate 3

Memo:
Net New Money 2

Total

Savings and Loan Associations

Net
flow
(sea. adj.)

Annual
growth
rate 3

At
insured
S&L's

At
MSB's

11.6

50,169

—

17.5

62,854

15.9

34,369

5,283

10,783

8.7

50,888

—

15.0

60,982

13.3

31,004

2,874

1978

8,426

6.3

44,153

—

11.3

52,292

10.1

23,460

-591

1979

2,900

2.1

39,051

—

9.1

42,226

7.4

15,029

-6,963

1980

7,380

5.1

40,955

—

8.7

48,330

7.9

10,667

-4,831

1976

12,670

1977

—

-337
-92
520

-76
344
76

-0.6
2.9
0.6

2,006
1,199
4,744

2,799
2,795
2,822

7.4
7.4
7.4

2,723
3,139
2,898

5.5
6.3
5.8

1,455
717
-198

-733
-504
-1,072

Oct.
Nov.
Dec.

-983
-325
1,006

-372
-245
266

-3.1
-2.0
2.2

1,855
1,153
4,505

2,810
3,009
2,666

7.3
7.8
6.8

2,438
2,764
2,932

4.8
5.5
5.8

1,314
732
-700

-1,421
-765
-987

1980-Jan.
Feb.
Mar.

-927
141
930

-399
189
-115

-3.3
1.6
-1.0

2,059
1,622
4,390

2,206
2,734
-101

5.6
6.9
-0.3

1,807
2,923
-216

3.5
5.7
-0.4

1,167
1,079
-696

-1,436
-543
-679

Apr.
MayJune

-449
881
1,770

481
1,001
991

4.0
8.3
8.2

325
3,011
5,269

4,235
3,078
3,118

10.7
7.7
7.8

4,716
4,079
4,109

9.2
7.9
7.9

-817
1,785
-169

-1,024
242
-176

July
Aug.
Sept.

992
610
1,377

1,274
1,017
914

10.5
8.3
7.4

2,216
2,507
5,588

3,083
4,130
3,513

7.6
10.1
8.6

4,359
5,147
4,427

8.3
9.7
8.3

961
1,285
6

246
1
—460

Oct.
Nov.
Dec.

402
312
1,307

1,078
401
496

8.7
3.2
4.0

3,870
2,507
7,591

4,909
4.698
5,693

11.9
10.8
13.5

5,987
4,899
6,184

11.1
9.0
11.3

2,550
1,461
2,055

-169
-227
-639

1981-Jan.
Feb.
Mar.

-365
295
1,284

200
349
191

1.6
2.8
1.6

1,987
2,304
3,740

1,983
3,546
-1,105

4.7
8.3
-2.6

2,183
3,895
-919

3.9
7.0
-1.6

599
879
-2,137

-979
-385
-757

Apr.
May
June

-1,201
229
945

-210
349
109

-1.7
2.8
0.9

-2,919
1,557
4

1,461
1,519
-2,293

3.4
3.5
-5.3

1,251
1,868
-2,184

2.2
3.4
-3.9

-4,638
-70
-5,759

-2,025
-676
-1,392

July -1,153
-375
Aug.
550
Sept.p

-846
21
78

-6.7
0.2
0.6

-3,529
-1,358
2,055

-2,587
286
-113

-6.0 -3,433
0.7
307
-35
—0 • 3

-6.2
0.5
-0.1

-5,538
-3,290
-3,948

-1,931
-1,366
-1,500

1979-July
Aug.
Sept.

1

Regular deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of
total deposits.
2 New deposits net of both withdrawals and interest. Data for S&L's are for insured associations only, which represent 96 percent ofjndustry 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.




17
18. MORTGAGE COMMITMENTS OUTSTANDING AT SELECTED INSTITUTIONS
Billions of dollars, seasonally adjusted
Federal and Related Agencies

Thrift Institutions
End of Period

Total

All savings
and loan
associations

Mutual
savings banks
(N.Y. state)

Total

FNMA

GNMA

FHLMC

1979

31.4

28.1

3.3

12.1

6.5

4.6

1.0

1980

28.8

27.3

1.5

9.0

3.3

5.1

0.6

1980-Jan.
Feb.
Mar.

30.7
29.9
26.5

27.5
27.1
24.0

3.2
2.8
2.5

11.7
11.1
10.6

6.0
5.6
5.3

4.7
4.5
4.5

1.1
1.0
0.8

Apr.
May
June

22.9
21.2
22.5

20.7
19.3
20.7

2.2
1.9
1.8

9.5
9.5
10.5

4.4
3.7
3.9

4.4
5.0
5.6

0.6
0.9
1.0

July
Aug.
Sept.

25.6
28.5
29.8

23.7
26.7
28.0

1.9
1.8
1.8

10.8
10.8
10.8

4.2
4.6
5.0

5.4
5.2
5.0

1.1
1.0
0.8

Oct.
Nov.
Dec.

29.4
29.4
28.8

27.7
27.8
27.3

1.7
1.6
1.5

10.0
9.7
9.0

4.5
3.9
3.3

4.9
5.1
5.1

0.7
0.7
0.6

28.5
27.6
26.9
27.0
26.5
26.0
24.9
24.3
23.4

27.1
26.2
25.5
25.3
24.8
24.5
23.6
23.0
22.3

1.4
1.4
1.4
1.7
1.7
1.5
1.3
1.3
1.1

10.2
9.4
9.1
8.5
8.1
9.2
9.9
10.2
9.4

3.2
2.7
2.3
2.1
2.1
2.9
4.1
4.4
4.2

6.3
6.2
6.0
5.8
5.7
5.5
5.2
4.9
4.4

0.7
0.6
0.8
0.7
0.3
0.9
0.7
0.8
0.9

1981-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.

Based on data from Federal Home Loan Bank Board. Savings Banks Association of New York State, and federal and related agencies, seasonally adjusted
by Federal Reserve. Both thrift institutions series include a minor amount of non-residential commitments; S&L commitments also include loans in
process. Subtotals may not add to total because of rounding.




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

Total including
short-term
discount notes

Intermediate- and long-term issues
FHLB

Total

FHLMC

FNMA

FNMA and FHLB
short-term
discount notes

1976

-1,750

-1,131

-2,031

0

900

-619

1977

2, 7 3 2

1,444

496

-4

952

1,288

1978

19,030

13,578

6,302

576

6,700

5,452

1979

13,876

10,493

4,424

969

5,100

3,383

328
927
3,580

-2

10

0
-350
1,400

-2

0

160
-120

200

330
917

1980-Jan.
Feb .
Mar.

1, 7 8 0

1, 000

Apr .
May
June

2,205
1 , 366
-929

July
Aug.
Sept,

-979
-458
1,325

1,200

Oct.
Nov .
Dec .

3,607
313
3,390

1,300
900
250

1 , 600

1981-Jan.
Feb.
Mar .

207
-18
957

Apr .
May
June
July
Aug .

1,499
2,649

1 , 000
442

0

-1
-1
0
-8

500
1 , 750

1 , 000
450

1,800

706
-1,283
-1,929

0

1 , 000

-97

-650

-1,421
-1,658
1 , 072

150
700

0
0
0

-300
750
-450

2,307
-587
3,140

1,582
496
45

600
200
800

-18
-4
-105

1,000

-1,375
-514
912

1,119
2,979
2,531

400
1,400
1,550

1 , 200

0
0
0

-800
-250

719
1,579
981

3,736
3,753

1 ,189

1 , 600

2, 210

1, 200

205
13

-616
997

2,547
1,543

253

Based on data from Treasury Survey of Ownership.




900
0

500

200
1,000

1,400

1, 800

300
-650

0

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
banks
companies

Mortgage pools

FNMA
and
GNMA

FHLMC

GNMAFHLMCguaranteed guaranteed

1979

122,191

88,939

29,300

3,887

43,135

12,617

8,123

971

22,054

3,288

1980

86,682

59,478

18,400

489

27,930

12,659

7,026

1,032

17,473

1,673

Jan.
Feb.
Mar.

9,626
8,750
7,262

6,137
6,443
5,184

2,260
2,328
1,973

152
275
22

2,126
2,557
1,828

1,599
1,284
1,361

1,044
632
1,002

50
99
8

2,229
1,439
862

166
138
206

Apr.
May
June

7,062
3,349
2,350

3,671
1,411
725

1,447
620
195

-13
106
-109

857
-438
-236

1,381
1,124
875

962
545
199

135
-72
-1

2,125
1,263
1,246

169
202
181

July
Aug.
Sept.

6,362
7,530
8,174

3,984
5,420
6,293

1,195
1,084
1,159

-116
-103
-14

1,767
3,587
4,442

1,138
851
706

454
171
164

60
142
169

1,596
1,639
1,326

269
159
222

Oct.
Nov.
Dec.

10,435
7,376
8,324

7,934
6,152
6,055

2,401
1,668
2,045r

169
74
48

4,511
3,631
3,251

853
778
711

551
466
862

144
8
290

1,770
771
1,180

36
-21
-63

5,162
5,889
4,522
5,983
4,373
4,121
4,152
3,199

1,265r
1,934r

121
125

3,066
2,747
1,787
2,201
1,688
1,811
1,590
559
2

710
1,082
628
759
745
799
728
696

—6
67
—166
125
-243
298
468
814

-68
139

964
1,637
892
1,791
1,042
1,807
1,244
385
905

173
82
216
77
242
59
216
-121
191

1980

1981

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.

6,226
7,814
5,349
8,109
5 , 6 2 3 1i
6,344
5,998
4,233

n. a .

n. a .

2,090
2,879
2,032
1,792
1,874
1,878
2,558

21
144
-92
-281

-40
-14

n. a.

n.a.

n.a

-35
133
209
59
-81
36
54

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




2 1 . NET CHANGE IN MORTGAGE DEBT O U T S T A N D I N G , BY TYPE OF PROPERTY 1
Billions of dollars, seasonally adjusted annual rates
Residential
Quarter

1

Total

Total

1 - t o 4family

Multifamily

Commercial

1976-01

85.0

69.9

65.0

4.9

Q2

10.2

62.2
71.9

57.6
68.0

4.6

03

77.7
91.4

11.9

3.9

Q4

94.2

74.7

72.5

2.2

Multifamily
and
commercial

Farm

15.6
16.5

4.3
3.7

13.1

17.0

6.4

11.9

14.1

7.6

1977-Q1

107.5

84.8

80.9

3.9

02
Q3

133.4
141.4

16.2

20.1

114.3
114.6

6.5

105.1
107.6

9.2
7.0

04

147.0

11.7
19.8

113.1

20.9
26.8

104.0

7.4
7.0

9.1

26.5

35.6

7.4

1978-Q1
Q2
Q3

134.3
151.6
150.6

104.4
121.5

95.9
109.6

8.5

23.7
23.7

155.3

121.4
127.4

32.2
35.6

Q4

112.9
119.0

11.9
8.5
8.4

21.2
19.9

29.7
28.3

6.2
6.5
8.1
8.0

1979-Q1

155.6

120.5

113.2

7.3

Q2
Q3

169.5

22.3

132.1

29.6

123.6

12.7

8.5

161.2

122.3

33.6

115.1

12.3

7.2

Q4

25.1
26.8

145.3

34.0

110.8

20.0

103.0

7.8

24.2

32.0

10.4

1980-01

144.9

104.8

100.1

4.7

Q2
Q3

28.7

81.0
117.0

33.3

53.0

11.5

9.1

19.6

28.7

94.9

43.4
86.9

8.0

Q4

138.7

15.2

23.2

105.0

9.0
6.9

96.1

9.0

23.7

32.7

9.9

1981-01

113.1

82.2

77.3

4.9

Q2

20.5

110.2

25.3

76.1

10.4

70.9

5.2

23.7

28.9

10.5

Derived from data on mortgage debt outstanding from Federal Deposit Insurance Corporation, Federal Home Loan Bank Board, Institute of Life
Insurance, National Association of Mutual Savings Banks, Departments of Commerce and Agriculture, Federal National Mortgage Association, Federal
Housing Administration, Veterans Administration and Comptroller of the Currency. Separation of nonfarm mortgage debt by type of property, where
not available, and interpolations and extrapolations, where required, estimated mainly by Federal Reserve.




2 2 . A V E R A G E R A T E S A N D Y I E L D S ON HOME MORTGAGES A N D PASS-THROUGH SECURITIES
Secondary market

Primary market

Conventional mortgages

F H A / V A mortgages
Rates o n
conventional
loans at
S&L's

Period

1979-High
Low
1980-High

1981-High
Low

Discount
points
in F N M A
auction

12.90
10.38

1979-High
Low

13.29
10.42

12.54
4.16

16.35

1980-High

12.18

Low

Yield in
FNMA
auction

Period

18.63
14.80

1981

16.76

June

Ceiling
rate

Yield o n
GNMA
securities

Yield in
FNMA
auction

Yield in
FHLMC
auction

11-1/2
9-1/2

11.77
9.51

13.97
10.92

13.56
10.40

15.93

15.40

14

14.17

17.51

16.22

Low

12.28

.93

11-1/2

10.73

12.76

11.60

High
Low

19.23
14.84

12.51
1.61

17-1/2
13-1/2

17.46
13.18

19.22
14.83

18.92
14.16

16.17

3.49

15-1/2

14.96

16.31

16.16

——

15-1/2

14.75

—

15.98

3.47

15-1/2

15.09

16.29

15-1/2

15.33

16.13
16.43

1981
June

July

5
12
19

16.69

15

16.71

22

26

16.62

29

3

16.64

10

16.79
16.74

13

24
31

16.88

27

17.11

Aug.

3

Aug.

10

17

Aug.

Sept.

Oct.

Nov.

8

July

6
20

7

17.13

14

17.27

17

21
28

17.26
17.48

24
31
Sept.

7

4

17.79

11

18.22

14

18
25

18.27
18.36

21
28

2
9

18.28
18.63

5
12

16

18.53

19

23

18.39

26

30

18.44

Nov.

2

6

18.37

Nov.

9

Oct.

16.17

—

16.43
16.87
17.27

15-1/2

15.35

6.94

15-1/2
15-1/2

15.56
16.17

15-1/2

15.96

15-1/2

16.55

15-1/2

16.04

15-1/2

17.19

16-1/2

16.21
17.28

8.94

16-1/2

17.26

18.65

8.80

——

17.24
18.37

16.34

4.82

3.72

16.56
16.69

16.53

16.96
16.99

16.94

17.12
17.01
17.09
17.66
18.14
18.81

——

16-1/2

17.41

5.85

17-1/2

19.06

18.63

19.23

8.01

17-1/2
17-1/2

17.05
16.33
17.46

19.22

18.63
18.92

17.74

6.10

17-1/2
16-1/2

16.72
16.24

18.61

16-1/2

16.24

16-1/2

16.95

16-1/2

15.93

16-1/2

14.97

——

18.74
——

——

18.51

16.82

9.58

1.61

18.62
18.31
18.43
18.61
*

17.51

18.90
17.97
16.93

Column 2 is average of contract interest rates on commitments for level-payment conventional first mortgages with 80 percent loan-to-value ratios and 30
year maturities made by a sample of insured S&Ls. Columns 4 and 8 are average gross yield to FNMA before deduction of the fee of 37% basis points paid
for mortgage servicing. They reflect the average accepted bid yield for first mortgages for optional delivery within 4 months, assuming prepayment in 12
years for 30-year loans, without adjustments for FNMA commitment fees and FNMA stock retention requirements. Column 7 is a 1-day quote on average
net yields to investors on GNMA-guaranteed mortgage-backed securities for immediate delivery, assuming prepayment in 12 years on pools of 30-year
FHA/VA mortgages carrying a coupon rate 50 basis points below the current FHA/VA ceiling rates shown in Column 6. Column 9 is the average net
yield to FHLMC on accepted bids in its weekly auction of commitments to buy conventional home mortgages for immediate (within 60 days) delivery.
Beginning July 7 , 1 9 8 0 , the FNMA auction results for FHA/VA mortgages do not include graduated payment mortgages.




22
23. FNMA AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES
Dollar amounts in millions
FHA/VA mortgages

Date of
auction
1980-High
Low
1981-High

Average yield

Offered

Conventional mortgages
Average yield
Accepted

Offered

Accepted

644.2

354.6

15.93

426.0

133.0

96.7

51.9

12.28

28.7

17.9

256.9

181.6

19.23

315.7

167.8

26.3

16.0

14.84

12.4

11.1

19.22
14.83

Low

17.51
12.76

Aug.

3
17
31

250.0
256.9
182.6

181.6
112.8
42.2

17.27
17.24
18.37

315.7
308.4
238.1

167.8
84.0
52.5

16.94
17.19
18.65

Sept.

14
28

102.8
43.1

33.8
30.3

18.74
19.23

85.9
34.8

45.2
20.7

19.06
19.22

Oct.

12
26

26.3
40.0

16.0
21.3

17.74
18.51

15.4
27.8

11.4
16.1

18.61
18.61

Nov.

9

31.6

41.1

16.82

69.5

37.0

17.51

24. FHLMC AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES
Conventional mortgages, dollar amounts in millions
Date of
auction

Offered

258.4
38.6

30.8
18.2

17.15
17.85

141.6
3.0

65.9

18.92

2.3

14.16

76.3
5.4

21.2
5.0

15.16

31.7

25

39.6
45.5
55.1

15.5
15.5
16.5
15.5

17.12
17.01
17.09
17.66

1
8

55.4
30.6

7.4
5.7

15
22
29

20.2
24.0
23.0

4.2
2.3
4.8

18.14
18.81
18.63

6
13

12.5
3.7

5.7
3.7

18.62
18.31

20
27

8.3
3.0

8.3
3.0

18.43
18.90

3
9

14.2
16.5

14.2
16.5

17.97
16.93

1981-High

4.9

Low
4
11
18

Oct.

Nov.

Future commitment program
Average yield
Accepted

16.22
11.60

401.4

Sept.

Offered

200.3
2.5

1980-High
Low

Aug.

Immediate delivery program
Average yield
Accepted

——

25.9

—

16.1
—

52.0

19.09

17.54
—

20.6

19.09

5.4

18.99

18.63
18.92

5.4

—

——

16.2

16.2

——

17.30

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, apd average yields to FHLMC on
accepted bids are net, excluding 37% basis points for mortgage servicing. Prior to June 24, 1980, the FHLMC's future commitment program involved
6-month commitments; subsequently, 8-month commitments have been auctioned.
Source: FNMA and FHLMC
(Auction data are



for

fixed-rate

mortgages

only.)

25. ISSUES OF MORTGAGE-BACKED SECURITIES
Millions of dollars, not seasonally adjusted

Period

GNMA-guaranteed
New issues

Outstanding
(end of period)

Pass-through securities
F H LMC-guaranteed
New issues

Outstanding
(end of period)

Public offerings
of mortgagebacked bonds
Outstanding by savings and
(end of period)
loan assoc.

Privately insured
New issues

1978

15,360

54,347

6,212

11,892

1,102

1,161

465

1979

24,997

76,401

4,546

15,180

2,575

3,641

1,110

1980

19,863

93,874

2,527

16,853

5,136

8,724

290

Feb.
Mar.

2,611
1,354
1,126

78,849
79,900
80,843

180
207
106

15,274
15,397
15,454

408
205
342

4,230
4,424
4,771

50

Apr.
May
June

1,779
1,127
1,320

82,419
83,385
84,282

199
391
232

15,613
15,949
16,120

510
495
413

5,269
5,760
6,168

0
0
190

July
Aug.
Sept.

1,087
2,215
1,807

85,634
88,031
89,452

288
320
275

16,370
16,658
16,852

485
466
355

6,603
6,995
7,338

50
0
0

Oct.
Nov.
Dec.

2,255
1,613
1,569

91,425
92,574
93,874

187
94
48

16,950
16,912
16,853

402
628
427

7,708
8,342
8,724

0
0

1,300
1,306
1,046
1,402
1,245
1,383
1,590
959
1,184
740

95,061
96,292
97,184
98,405
99,144
100,588
101,581
102,743
103,750

168
94
127
97
422
940
238
44
249

16,952
17,010
17,067
17,131
17,515
17,565
17,765
17,773
17,935

556
255
464
510
718
625
714
388
380

9,415
9,665
10,104
10,599
11,286
11,870
12,557
12,876
13,198

n. a.

n. a.

1980-Jan.

1981-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.

n. a.

n. a.

n. a.

0
0

0

0
0
0
40

0
0
0
0
0
0

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 and are underwritten by major private mortgage insurance companies.
Source: GNMA, FHLMC, HUD, and Federal Reserve.