Full text of H.16 Capital Market Developments : November 17, 1975

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Capital
Market
Developments
I

i

]

I

N o v e m b e r 17, 1975
Prepared by the
CAPITAL MARKETS SECTION
in conjunction with the
MORTGAGE, AGRICULTURAL, and
CONSUMER FINANCE SECTION




DIVISION O F RESEARCH AND STATISTICS
BOARD O F GOVERNORS
F E D E R A L RESERVE SYSTEM
Washington, D.C. 20551

Index

SUBSCRIPTION RATES:
Weekly $ 1 5 . 0 0 p e r year or $ . 4 0 each in t h e United
S t a t e s a n d its possessions, a n d in Bolivia, C a n a d a ,
Chile, C o l u m b i a , Costa Rica, Cuba, D o m i n i c a n R e p u b -

TABLES
1 - 6

SECURITY VOLUME AND YIELDS

7, 8

STOCK MARKET AND SECURITY
CREDIT

9-16

MORTGAGE MARKET

lic, E c u a d o r , G u a t e m a l a , Haiti, Republic of H o n d u r a s ,
Mexico, Nicarauga, Panama, Paraguay, Peru, El Salvador, U r u g u a y , a n d Venezuela; 10 or m o r e of s a m e
issue t o o n e a d d r e s s , $ 1 3 . 5 0 per year or $ . 3 5 e a c h .
Elsewhere, $ 2 0 . 0 0 per year or $ . 5 0 e a c h . A d d r e s s

SYMBOLS

r e q u e s t s t o Publications Services, Division of A d m i n -

e

istrative Services, a n d m a k e p a y m e n t r e m i t t a n c e pay-

p

PRELIMINARY

a b l e t o t h e o r d e r of t h e Board of G o v e r n o r s of t h e

r

REVISED

Federal Reserve S y s t e m in a f o r m collectible a t par
in U.S. C u r r e n c y .

n.a




ESTIMATE

NOT AVAILABLE
DATA DO NOT EXIST

3

Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE B O N D MARKET
WEEK ENDING

NEW ISSUE 1
A a a UTILITY

RECENTLY
OFFERED
A a a UTILITY

2

3
GROSS
OFFERINGS
( $ MILLIONS)

PER CENT
S O L D BY E N D
OF WEEK

NEW I S S U E S 4
IN S Y N D I C A T E
( $ MILLIONS)

1975 - O c t .

3
10
17
24
31

9.72
9.60
9.53
9.32
9.22

9.70
9.56
9.41
9.30
9.33

398
357
739
432
560

93
98
95
97
96

5
0
17
10
25

Nov.

7
14

9.10r
9.08p

9.24
9.20p

280
700

94
96

48
172

MUNICIPAL B O N D MARKET
YIELDS
WEEK ENDING

MOODY'S
NEW ISSUE
Aaa

VOLUME

BOND BUYER
20-BOND
INDEX

3
GROSS
OFFERINGS
( $ MILLIONS)

PER C E N T S O L D BY E N D
OF WEEK

NEW I S S U E S 4
IN S Y N D I C A T E
( $ MILLIONS)

1975 - O c t .

3
10
17
24
31

6.92
6.80
6.60
6.44
6.60

7.67
7.48
7.29
7.17
7.36

451
479
335
495
375

81
76
92
89
74

142
154
86
110
12Z

—

Nov.

7
14

6.74
6.62

7.52
7.41/

471
372

78
89

194
122

Z
(,

NOTES:
1

Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection.

2

Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection, released from price
restrictions sometime during the last four weeks.

3

Estimated by F.R. on the basis of available data.

4

Corporate Market: Salomon Brothers Bond Market Roundup; Municipal Market: Weekly Bond Buyer. Data are adjusted by Federal Reserve when
necessary to make coverage of this series consistent with the gross offerings series.




Table 2

HIGH GRADE BOND YIELDS
NEW I S S U E
A a a UTILITY

DATE

1

RECENTLY OFFERED
A a a UTILITY

2

MOODY'S S E A S O N E D
CORPORATE A a a

3

U . S . GOVT. 2 0 - Y E A R
C O N S T A N T MATURITY

4

BOND BUYER
2 0 - 8 0 N D INDEX

5

1971 - High
Low

8.26 (7/30)
7.02 (2/5)

8.23 (1/1)
7.17 (12/31)

7.71 (8/21)
7.06 (2/12)

6.51 (6/18)
5.69 (3/23)

6.23 (6/23)
4.97 (10/21)

1972 - High
Low

7.60 (4/21)
6.99 (11/24)

7.49 (4/21)
7.15 (12/1)

7.36 (4/28)
7.05 (2/12)

6.19 (4/14)
5.74 (11/17)

6.54 (4/13)
4.96 (10/21)

1973 - High
Low

8.52 (8/10)
7.29 (1/21)

8.32 (8/10)
7.28 (1/5)

7.77 (8/24)
7.11 (1/5)

7.79 (8/10)
6.42 (1/5)

5.59 (8/3)
4.99 (10/11)

1974 - High
Low

10.61 (10/4)
8.05 (2/15)

10.52 (10/11)
8.13 (1/4)

9.39 (10/11)
7.73 (1/4)

8.68 (8/30)
7.39 (1/4)

7.15 (12/12)
5.16 (2/7)

1975 - High
Low

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

9.71 (5/25)
9.06 (2/28)

9.01 (5/2)
8.57 (2/28)

8.63 (9/19)
7.63 (2/21)

7.67 (10/3)
6.27 (2/13)

1975 - Oct.- 3
10
17
24
31

9.72
9.60
9.53
9.32
9.22

9.70
9.56
9.41
9.30
9.33

8.96
8.93
8.86
8.81
8.78

8.59
8.43
8.34
8.26
8.22

7.67
7.48
7.29
7.17
7.36

9.10r
9.08p

9.24
9.20p

8.76
8.75p

8.19r
8.19p

7.52
7.43

Nov.

7
14

NOTES:
1

Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection.

2

Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection released from price restrictions sometime during the last 4

3

Weekly average of daily closing figures.

4

Weekly average of daily figures. U.S. Treasury data.

5

Thursday figures. The average rating of the 20 bonds used in this index falls midway between the four top groups as classified by Moody's Investors Service. Weekly Bond Buyer data.




Table 3

LONG-TERM C O R P O R A T E AND
STATE AND LOCAL GOVERNMENT
SECURITY OFFERINGS AND PLACEMENTS
IN MILLIONS OF DOLLARS

GROSS PROCEEDS
CORPORATE

PERIOD

January
February
March

July

5,376
4,526
5,368

3,328
2,687
3,217

4,439
5,647
5,593

3,060

STATE AND LOCAL

2,981

2,361
2,387
2,135

2,255
2,003
2,025

1,977
1,515
2,467

3,578

2,406
2,900
3,064

2,397
2,304

2,166

1,826
1,939
2,152

1,806
1,915

3/
3,563-,
2,781—'
2,0951/

1,459
1,106
1,701

2,028
1,657
1,750

2,860
2,483
1,479

2,313
2,257
2,089

6,283
6,867
4,266
6,822

5,959
5,917
5,435
6,659

13,150
17,416
24,238

11,876
17,311
23,970

4,112

August
September

1,617

October

4,609

November
December

3,511
15,270
15,679

1st Half
3 Qtrs.

2,327
1,962
3,933

30,949

Year

9,205

3,398
3,563
3,238

11,859

8.618
6,352
10,199

18,437
25,969
37,828

16,840
23,192
33,391

NOTES:
1

Securities and Exchange Commission estimates of gross proceeds.

2

Securities Industry Association estimates of principal amounts.

3

Includes Municipal Assistance Corporation bonds.




6,883
8,370
8,439

Table 4

NEW CORPORATE SECURITY I S S U E S
BY TYPE O F ISSUE AND ISSUER
IN MILLIONS OF DOLLARS

G R O S S PROCEEDS BY TYPE OF ISSUER

G R O S S PROCEEDS BY TYPE OF ISSUE
PERIOD

1974 -

III
IV

1975 - I
II

1974 - J u l y
Aug.
Sept.
Oct.
Nov.
Dec.

BONDS

COMMON
AND
PRIVATELY
PREFERRFD
PLACED
STOCK

MANUFACTURING

PUBLIC
UTILITY

COMMUNICATIONS

OTHER
ISSUERS

TOTAL

PUBLICLY
OFFERED

7,532
11,859

5,025
8,611

1,222
1,571

1,285
1,677

373
374

310
76

1,887
4,079

2,376
3,702

1,008
743

2,263
3,337

15,270
15,679

10,829
10,510

2,333
1,588

2,108
3,581

1,255
1,035

1
656

6,055
6,513

4,732
4,405

1,380
1,338

3,105
3,423

3,248
2,667
1,617

2,086
2,042
897

616
299
307

546
326
413

223
—
150

205
104
1

1,094
605
188

618
1,078
680

295
364
349

1,242
620
401

4,609
3,739
3,511

3,423
3,016
2,172

355
330
886

831
393
453

175
199

76

728
1,699
1,652

2,109
964
629

475
93
175

1,297
985
1,055

470
610
175

1

1,901
1,675
2,479

1,268
1,957
1,507

938
125
317

1,268
771
1,066

135
475
425
925

130
315
211
425

1,731
2,479
2,303
1,089

1,378
1,549
1,478
1,019

563
413
362
263

766
1,207
1,449
1,743

1975 - J a n .
Feb.
Mar.

5,376
4,526
5,368

3,657
3,201
3,971

1,130
730
500

589
622
897

Apr.
May
June
July

4,439
5,647
5,593
4,112

2,771
3,796
3,943
2,656

422
.'521
645
801

1,246
1,330
1,005
655

I S S U E S INCLUDED
FOREIGN [CONVERTIBLE

—

NOTES:
1

1

MEMO

Other Issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other.

Source: Securities and Exchange Commission.




T a b l e 5A

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
November 3 , t h r u November 14 , 1975
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

OFFERING
YIELD

MOODY'S
RATING

9.50
9.38
9.38
9.85
9.30
10.63
10.46

9.50
9.38
9.38
9.75
9.30
10.45
9.51

A
A
A
A
A
A/AAa/A

10.88
8.88
8.63
10.00
9.13
9.50
9.25
9.75
8.25

11.04
8.88
8.63
10.00
9.13
9.54
9.30
9.75
6.50-8.50

COUPON RATE

CORPORATE

FMC F i n a n c e Corp.
T r a n s a m e r l c a Corp.
C l a r k Equipment C r e d i t Corp.
F l o r i d a Power & L i g h t Co.
P a c i f i c L i g h t i n g S e r . Co.
C e n t r a l Hudson Gas & E l e c t r i c
P a c i f i c Gas & E l e c t r i c Co.
Bemis Co.
C e n t r a l L o u i s i a n a E l e c t r i c Co.
V i r g i n i a E l e c t r i c & Power Co.
Arkansas Power & L i g h t Cb.
P h i l l i p s P e t r o l e u m Co.
G e n e r a l Motors Acceptance Corp.
V i r g i n i a E l e c t r i c & Power Co.
Diamond Shamrock Corp.
Columbus & S o u t h e r n Ohio E l e c t r i c
S t a n l e y Works
Madison Gas & E l e c t r i c
Chesapeake & Ohio Ry. Co.

Notes
Notes
Notes
1 s t mtge
Debt
1 s t mtge
Pfd s t k
Com s t k ( r t s )
Com s t k
Com s t k
Pfd s t k
Debt
Notes
1 s t mtge
SF d e b t
1 s t mtge
SF d e b t
1 s t mtge
Equip t r

50.0
50.0
75.0
50.0
25.0
20.0
96.3
17.4
19.3
66.3
40.0
250.0
100.0
100.0
100.0
60.0
50.0
25.0
15.0

1983
1983
1982
2005
1985
2005

—
——
—

2000
1985
2005
2000
1984
2000
2005
1976-90

NOTES:
*
1

Rights offering.
Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings.




—

Baa/BBB
Aa
A
A
A
A/BB&f
A
Aa/A
Aa

Table 5A C o n t i n u e d

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
November 3, t h r u November 14, 1975.
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S
RATING

CORPORATE

Other
European I n v e s t m e n t Bank
Kingdom of Norway
P r o v i n c e of O n t a r i o
P r o v i n c e of O n t a r i o




Notes
Notes
Debt
Notes

75.0
100.0
200.0
100.0

1982
1980
2005
1985

9.00
8.85
9.25
8.40

9.00
8.85
9.30
8.40

Aaa
Aaa
Aaa/AA
Aaa/AA

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
November 3, t h r u November 14, 1975
ISSUER

TYPE

2

AMOUNT
(MILLIONS OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

Minnetonka, Minn.
Sonoma Co. Water Agency, C a l i f .
Sonoma Co. Water Agency, C a l i f .
Los Angeles Dept. of Water & Power
Los Angeles Dept. of Water & Power
Wayne Co, Mich
J e f f e r s o n Co. P r o j . C o r p . , Ky.
Nebraska Pub. Pwr. D i s t .
P e n n s y l v a n i a , S t a t e of
Tampa, FLA.
Tampa, FLA.
Midland County, MICH'
Midland County, MICH.
C o n n e c t i c u t Hsg. F i n . A u t h .
C o n n e c t i c u t Hsg, F i n . A u t h .
C o n n e c t i c u t Hsg, F i n . A u t h .
C o n n e c t i c u t Hsg, F i n . A u t h .
Montgomery Co. Hosp. A u t h . , Pa
Montgomery Co. Hosp. A u t h . , Pa.
W e s t c h e s t e r C o . , N.Y.
I l l i n o i s I n d u s t . F i n . Auth.
Indianapolis Apt. Auth., Ind.

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

10.8
4.6
6.8
31.8
33.2
19.0
14.4
20.0
100.0
19.0
30.0
12.4
27.6
16.3
3.5
2.7
12.5
2.2
11.3
37.4
22.0
10.0

1978-1992
1981-1991
2005
1980-1999
2015
1977-1995
1976-1995
1978-2005
1977-1995
1976-1996
1977-2000
1980-1997
2005
1977-1989
1992
1995
2007
1979-1990
2005
1976-1990
2000
1977-1996

6.57
7.22
7.22
7.11
7.15
7.83

4.75-6.90
5.20-6.90
7.20
5.00-7.00
7.20
5.00-7.85

A
A
A
Aa
Aa
A

6.87
7.52
6.72
7.82
7.91
7.44
7.44
7.63
7.63
7.63
7.63
9.52
9.52
6.50
7.59
5.97

4.15-7.25
5.00-7.75
4.35-7.35
4.75-7.75
5.00-7.85
5.00-7.25
7.50
4.75-7.40
7.50
7.60
7.80
6.00-8.50
9.5b
4.50-6.80
7.50
3.90-6.60

Aa
A
A-l
. A-l
A
Aa
Aa
Aa
Aa
Aa
Aa
A
A
Aaa
Aa
Aaa

NOTES:
1
2

Includes only state and local security offerings of $10 million and over; excludes secondary offerings.
In case of State and local government securities, G O denotes general obligation; Rev.-Ut., revenue obligations secured only by income from public utilities; Rev.-Q.-Ut., revenue bonds secured only by income from quasi-utilities; Rev.-S.T., revenue bonds secured by revenue from specific taxes only; Rev.-Rent., revenue bonds secured solely by lease payments.

3

Includes foreign government and International Bank for Reconstruction and Development issues and non-guaranteed issues by Federal Agencies.




T a b l e 5B Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
November 3 , t h r u November 14, 1975

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

Mobile, Ala.
Coconino Co. P o l l u t i o n C t r . Corp., A r i z .
Coconino Co. P o l l u t i o n C t r . C o r p . , A r i z .
P u e r t o Rico Water A u t h .
P u e r t o Rico Water Auth.
P u e r t o Rico Water Auth.
P u e r t o Rico Water A u t h .




G.O.
Rev
Rev
Rev
Rev
Rev
Rev

10.0
1.0
14.7
15.0
2.0
29.0
4.0

1977-1996
1985
2005
1979-1983
1995
2010
2015

7.03
8.32
8.32
9.92
9.92
9.92
9.92

4.50-7.60
6.50
8.25
7.50-8.50
9.50
10.00
10.35

A
A
A
A
A
A
A

11

Table 6A

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY

1

as of November 14, 1975
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

Commonwealth Edison Co.
Southern Railway Co.
Iowa P u b l i c S e r v i c e Co.
El Paso E l e c t r i c
Penn. Power & L i g h t
. P r i v a t e Export Funding Corp.
Utah Power & L i g h t
Utah Power & L i g h t
Columbia Gas
Long I s l a n d L i g h t i n g Co.
Wisconsin Gas Co.
Wisconsin E l e c t r i c Power Co.
Arizona P u b l i c S e r v i c e
Arizona P u b l i c S e r v i c e
Georgia Power
Gulf Power
P u b l i c S e r v i c e E l e c t r i c Co.
Super Valu S t o r e s
American Communication
Weyerhaeuser Co.
Idaho Power Co.
Sambo's R e s t a u r a n t s I n c .
Consumers Power
Southwest Gas Co.
Kentucky U t i l i t i e s
American F i n a n c i a l Corp.
Southland F i n . Corp.
*New Bedford Gas & Edison Light Co.
Central I l l i n o i s Light
Appalachian Power Co.
Iowa P u b l i c S e r v i c e
Panhandle E a s t e r n P i p e l i n e
General Telephone & E l e c t r o n i c s
Panhandle E a s t e r n P i p e l i n e
Northwest N a t u r a l Gas Co.
Northwest N a t u r a l Gas Co.
Kansas City Power & L i g h t
Union E l e c t r i c Co.

1 s t mtge
Equip t r
Com s t k
1 s t mtge
1 s t mtge
Notes
Com s t k
1 s t mtge
1 s t mtge
Pfd s t k
1 s t mtge
1 s t mtge
Pfd s t k
1 s t mtge
1 s t mtge
Pfd s t k
Pfd s t k
Com s t k
Com s t k
Pfd s t k
Com s t k
Com s t k
Com s t k
Pfd s t k
Com s t k
Debt
Notes
Notes
Com s t k
1 s t mtge
1 s t mtge
Debt
Pfd s t k
Com s t k
Com s t k
1 s t mtge
1 s t mtge
Com s t k

125.0
17.4
16.0
15.0
100.0
100.0
20.0
60.0
75.0
50.0
20.0
60.0
30.0
75.0
100.0
15.0
40.0
16.5
15.0
200.0
28.0
20.0
55.0
40.0
15.0
50.0
35.0
15.0
15.0
60.0
25.0
40.0
100.0
45.0
43.6
20.0
20.0
50.0

NOTES:
•

Included in table for first time.

1

Includes only corporate and other security issues of $15 million and over; excludes exchanges, options




November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
Noveiftber
NoVember
(November
December
1December
December
December
December
December
December
December
December
December
December

17
18
18
18
18
19
19
19
19
19
19
20
20
20
24
25
25

2
2
2
3
3
3
3
3
3
4
4

T a b l e 6A C o n t i n u e d

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY

1

as of November 14, 1975
ISSUER

TYPE

AMOUNT
(IN MILLIONS
O F DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

* C e n t r a l Telephone Co.
*Allegheny Power System
Chesapeake & Potomac T e l . Co.
^General Telephone Co. of Southwest
General Telephone Co. of Southwest
I n d i a n a & Michigan Power Co.
P o r t l a n d General E l e c t r i c Co.
*Ohio Edison
Alabama Power Co.
Alabama Power Co.
*Associates Corp. of North America
* A s s o c i a t e s Corp. of North America
City Home Corp.
Shenandoah Oil Corp.
Consol. Edison Co. of New York
Armco S t e e l Corp.
Pan American Bancshares
Texas Gas Transmission Co.
A l l i e d Finance Co.
Other
Asia Development Bank
M a t s u s h i t a E l e c t . I n d u s t . Co. Ltd.
Hydro Quebec
Hudson Bay Mining & Smelting Co.
Ltd.
B r a z i l , Government of




1 s t mtge
Com s t k
Debt
Pfd s t k
Debt
1 s t mtge
1 s t mtge
Pfd s t k
Pfd s t k
1 s t mtge
Notes
Debt
Pfd s t k
Conv debt
1 s t mtge
Notes
Notes
Debt
Notes

20 .0
60 .0
100 .0
1T.0
45 .0
75 .0
45 .0
40 .0
25 .0
65 .0
50 .0
50 .0
50,.0
20,.0
80,.0
21,.0
20,.0
40..0
20..0

December
December
December
December
December
December
December
December
December
December
December
December
December
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF

8
9
9
10
10
11
11
12
17
17

Notes
Conv debt
Debt

75.,0
100.,0
250. 0

November
November
November

18
19
20

50. 0
50. 0

November
December

SF debt
SF debt

13

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U S. TREASURY

1

as of November 14, 1975
TYPE

ISSUER

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

*New J e r s e y Hsg. Finance Agy.
M i s s i s s i p p i , S t a t e of
*Texas Water Dev. Board
P h i l a d e l p h i a , Penn.
*Hampton T p . , Mich.
*Port Sheldon T p . , Mich.
*West V i r g i n i a Bd. of Regents
Maryland Dept. of Transp.
*Sweetwater Co., Wyo.
*Houston, Texas
Michigan, S t a t e of
* C a r l t o n , Wise.
*Wisconsin, S t a t e of
Alabama Pub. Sch. & College Auth.
*La Cygne, Kansas
* S u f f o l k Co, N.Y.
^Delaware, S t a t e of
R a l e i g h , N.C.
*Washington, S t a t e of
*Washington, S t a t e of
*Washington P u b l i c Power Supply
Sys.
Richmond, Va.
Postponement
Half Hollow H i l l s Cen. S . D . , N.Y.
Wm. Floyd Union Sch. D i s t . , N.Y.

18.0
14.5

November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
December
December

18
18
18
18
18
18
18
18
19
19
20
20
20
20
21
25
25
25
2
2

Rev
G.O.

150.0
25.0

December
December

3
10

G.O.
G.O.

10.9
13.8

November
November

13
20

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

60.0
11.7
10.0
25.0
20.0
11.0

26.0

65.0
10.4
16.9
55.0
16.0
101.9
30.0
39.0
54.3
50.0

10.0

NOTES:
1

Includes state and local government issues of $10 million and over, foreign government. International Bank for Reconstruction
issues of Federally sponsored agencies; excludes secondary offerings

•

Included in the table for the first time.




Table 7

STOCK PRICES AND VOLUME
STOCK PRICES

TRADING VOLUME

QJ INDUSTRIALS

NASDAQ

65.48 (1/11)
49.12 (12/13)

1051.50 (1/11)
788.31 (12/5)

130.47 (1/11)
85.26 (12/20)

53.37 (3/13)
32.89 (10/3)

891.66 (3/13)
577.60 (12/6)

102.01 (3/14)
58.26 (12/9)

96.53 (3/15)
54.87 (10/3)

51.24 (7/15)
37.16 (1/8)

881.81 (7/15)
632.04 ( 1 / 2 )

96.86 (7/15)
62.20 (1/2)

47.10
45.92
46.02
44.85
46.29

826.50
817.74
825.64
804.76
835.34

45.56
44.26
45.53
45.70

136.84 (1/11) 26.0 (9/20)
89.12 (12/13) 9 . 0 (8/20)

5 . 5 (1/12)
1.4 (8/20)

11.3 (1/11)
3.5 (8/27)

24.9 (1/3)
7 . 5 (7/5)

4 . 4 (1/3)
.9 (9/26)

7 . 5 (1/3)
2.8 ( 7 / 5 )

88.00 (7/15)
60.70 (1/2)

35.2 (2/13)
8 . 7 (9/15)

4 . 2 (2/21)
1 . 1 (9/15)

8 . 1 (2/13)
2.5 (9/15)

89.23
85.86
86.16
83.58
86.64

81.92
79.55
78.58
76.45
79.01

15.6
13.7
12.4
14.8
12.7

1.8
1.6
1.4

1.3

4.9
4.6
4.4
4.7
4.6

835.97
809.29
829.79
818.60

85.45
83.48
84.56
84.78

77.78'
74,72
76.39
76.14

12.1
13.1
13.8
14.3

1.3
1.3
1.7
1.5

4.3
4.2
4.4
5.6

45.49
46.67
47.06
47.57
47.06

813.21
832.91
332.18
840.52
836.04

83.21
84.13
S3.38
83.07
82.79

75.50
76.96
77.63
78.62
76.99

13.6
15.3
6.2
17.2
15.3

1.5
1.5
1.5
1.5

4.4
4.6
5,2
5.0
4.6

47.24
48.16

835.80
853.67

83.34
85.68

77.21
78.98

15, Or
19.7

1.4
1.9

4.9r
5.5

,

NOTES:
1
2

Figures other then high: and lows are Fridays only. Highs and lows are for the year and are not necessarily for Fridays.
Volume figures are weekly averages of daily figures (millions of shares).

3

12/31/66 - 60

4

Based on average price change until September 4, 1973 thereafter, based on market value of shares listed.




1.6

1.6

Table 8

15

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

B R O K E R S ON 1
MARGIN
STOCK

BROKERS O N 2
CONVERTIBLE
BONDS

3
BANKS

IIUDEAIII
A T e n NONMARGIN
UAUIIJID/^lftl
UNREGULATED
STOCK CREDIT
AT B A N K S

OUTSTANDING

1974 - J u l y
Aug.

4,840
4,590
4,020:
3,930:
3,960:
3,840

158
156
148
145
139
137

1,023
953
924
916
891
856

2,091
2,119
2,060
2,024
2,053
2,064

3,950
4,130
4,180
4,360
4,700:
4,990
5,300.
5,220:
5,250:

134
136
134
138
140
146
- 144

848
830
844
824
819
n.a.
n.a.

1,919
1,897
1,882
1,885
1,883
n.a.

1974 - J u l y
Aug.
Sept.
Oct.
Nov.
Dec.

-320
-250
-570
-90
30
-90

-14
-3
-7
-3
-6
-2

-14
-70
-29
-8
-25
-35

19
28
-59
—36
29
11

1975 - J a n .
Feb.
Mar.
Apr.
May

110
180
50
180
340
290
310
-80
30

-3
2
-2
4
2
6
-2

—8
-18
14
-20
-5
n . 3..
n.a.

-145
-22
-15
-3
-2

Sept.
Oct.
Nov.
Dec.

1975 - J a n .
Feb.

Mar.
Apr.
May
July
Aug.
Sept.

n • 3. •

CHANGE IN OUTSTANDING

July
Aug.
Sept.

NOTES:
1

Margin account debt as reported by the New York Stock Exchange, excluding credit for subscription issues and convertible bonds.

2

New York Stock Exchange data.

3

June data for banks are universe totals; all other data for banks represent estimates for all commercial banks based on reports by a reporting
sample, which accounted for 60 per cent of security credit outstanding at banks on June 30.

4

Nonmargin stocks are those not listed on a national securities exchange and not included on the Board of Governors of the Federal Reserve
System's list of OTC margin stocks. At banks, loans to purchase or carry nonmargin stocks are unregulated; at brokers, such stocks have no




4

/
Table 9

I

k

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS

K

IN MILLIONS OF DOLLARS

MUTUAL SAVINGS BANKS
REGULAR DEPOSITS

DATE

1971
1972
1973
1974

NET
FLOW
^ 9,621
10,067
4,815
2,909

1974 - May
July
August
1975 - May

6
769
-521
-646

July
August _g/

1,143
1,827
509
225

1975 - J a n u a r y
February
March
April
May
June
July
August £ /

369
715
1,489
867
1,352
1,530
937
893

1

ANNUAL 3
GROWTH
RATE
13.5
12.4
5.3
3.0
—
—
—

—
—
—
—

4.5
8.7
18.0
10.3
15.9
17.8
11.0
10.1

SAVINGS & LOAN ASSOCIATIONS

NET
NEW
MONEY

2

SHARE CAPITAL

NET
FLOW

5,378
5,451
-442
-2,822

27,793
32,567
20,237
16,053

-182
-370
-733
-837

536
2,691
-481
-1,147

930
716
264
in
—
—
—
—
—
—
—

ANNUAL 3
GROWTH
RATE
19.0
18.7
9.8
7.0

NET
NEW
MONEY

TOTAL

2

DEPOSITS

NET
FLOW

20,653
23,884
10,507
4,669

37,414
42,634
25,052
18,952

420
16
-581
-1,218

542
3,460
-1,002
-1,793

3,895
3,690
6,226
—
3,089
- 3,055
2,865
—
1,460
1.313
SEASONALLY ADJUSTED
2,455
12.1
3,057
14.9
4,842
23.3
3,642
17.2
—
4,331
20.2
——
5,031
23.0
——
4,144
18.6
3,208
14.2

5,038
8,053
3,564
1,685

—
——
—

2,824
3,772
6,331
4,509
5,683
6,561
5,101
4,101

NOTES:
1

Repilar deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of total deposits.

2

New deposits net of both withdrawals and interest. Data for S&L's are for insured associations only, which represent 96 per cent of industry total resources.

3

Annual growth rate for monthly data is the annualized monthly percentage increase in deposits.

Sncro : Nation I Association of Mutual Savings Banks and Federal Home Loan Bank Board.




I

ANNUAL 3
GROWTH
RATE

NET
NEW
MONEY

17.2
16.7
8.4
5.8

26,331
29,335
10,062
1,847

—

238
-354
-1,314
-2.055

—
—

9.9
13.1
21.7
15.2
19.0
21.6
1615
13.1

4,620
3,805
3,129
1,323

2

T a b l e 10

MORTGAGE COMMITMENTS AT
SELECTED THRIFT INSTITUTIONS
BILLIONS OF DOLLARS, SEASONALLY ADJUSTED

NET CHANGE

OUTSTANDING COMMITMENTS
PERIOD
TOTAL

ALL SAVINGS
MUTUAL
& LOAN
SAVINGS BKS>
ASSOCIATIONS (N.Y. STATE)

1971 - Dec.

17.7

14.0

3.7

TOTAL

MUTUAL
ALL SAVINGS
SAVINGS BKS
& LOAN
ASSOCIATIONS (N.Y. STATE)

.49

.30

.19

1972 - Dec.

25.1

20.2

4.9

.56

.55

.01

1973 - Dec.

19.7

16.2

3.5

15

.35

-.20

1974 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

19.3
19.2
19.5
19.7
18.5
18.0
17.3
16.7
16.2
14.9
14.4
14.4

15.9
16.0
16.3
16.7
15.7
15.1
14.6
13.9
13.5
12.5
12.0
12.3

3.4
3.2
3.1
3.0
2.9
2.9
2.8
2.8
2.7
2.4
2.3
2.2

-.33
-.06
.20
.20
-1.08
- .61
-.64
-.56
-.56
-1.31
- .54
-.03

-.33
.13
.34
.30
-1.07
-.54
-.55
-.55
-.43
-1.01
-.42
.25

-.10
-.19
-.13
-.10
-.06
-.06
-.04
-.01
-.13
-.30
-.10
-.11

1975 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.

14.4
14.4
15.2
16.2
16.9
17.1
18.2
19.4
20.1

12.3
12.6
13.2
14.3
14.9
15.1
16.1
17.2
17.9

2.1
1.8
2.0
2.0
2.1
2.1
2.1
2.2
2.2

-.04
.04
.71
1.13
.72
.34
.92
1.18
.64

.06
.29
.60
1.07
.61
.27
.95
1.06
.70

-.10
-.25
.11
.06
.11
.07
-.03
+ .12
-.06

V

NOTES:
Based on data from Federal Home Loan Bank Board and Savings Banks Association of New York State. Both series include a minor amount of nonresidential commitments; S&L commitments also include loans in process. Net changes are derived directly from unrounded end-of-period outstanding
levels as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding.




18

NET NEW MONEY BORROWINGS
BY MAJOR HOUSING AGENCIES
IN MILLIONS OF DOLLARS

PERIOD

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

INTERMEDIATE AND LONG-TERM ISSUES
TOTAL

FHLB

1973 - J u l y
Aug.
Sept.
Oct.
Nov.
Dec.

+1,475
+1,693
+1,910
, +1,946
+11
+598

+1,528
+1,349
+1,850
+1,950
-150
+256

+998
+1,349
+1,500
+1,300

1974 - J a n .
Feb.
Mar.
Apr.
May

-671
-695
+424
+508
+1,442
+2,699
+1,804
+878
+2,768
+1,665
-89
+507

-756
-657
+450
-4
+992
+2,250
+1,499
+200
+2,750
+1,599
+93
+961

-800
-657
-4
+992
+1,500
+1,000
+400
+1,700
+1,499
-217
+470

-242
-659
+440
0
-1,568
+ 252
+165

-5
-254
+ 689
+69
-1,279
+ 600
+300

-4
-554
-11
-30
-1,279
0
0

July
Aug.
Sept.
Oct.
Nov.
Dec.
1975 - J a n .
Feb.
Mar.
Apr.
May
June p
July p

FNMA

+530
——

+350
+650

.

-150
—

—

+256
+44

—

-1
0
+ 700
+ 100
0
+ 600
+ 300

-237
-405
-249
-69
-289
-348
-135

—

+750
+499

-200
——

—-

+ 300
0
-1
0
0
0

-53
+344
+60
-4
+161
+342

+1,050
+100
+310
+491

+450
——

——

SHORT-TERM
DISCOUNT
NOTES

+85
-38
-26
+512
+450
+449
+305
+678
+18
+66
-182
-454

—

—

Notes:
Based on d a t a from t h e T r e a s v r y Survey of Ownership.
V
S a l e s of FHLB d i s c o u n t n o t e s began i n May 1974.
£./ P r e l i m i n a r y .




FHLMC

T a b l e 12

NET CHANGE IN MORTGAGE H O L D I N G S
IN MILLIONS OF DOLLARS

PERIOD

TOTAL
INCLUDING
FNMA-GNMA

2

FINANCIAL INSTITUTIONS

TOTAL

COMMERCIAL
BANKS

MSB's

S & L's

INSURANCE FNMA-GNMA
COMPANIES

Not S e a s o n a l l y Ad l u s t e d
21,736
41,647
57,587
58,372
42,748

16,827
39,259
55,561
55,072
36,526

2,462
9,940
16,800
19,600
11,700

1,845
3,938
5,377
5,642
2,170

10,254
23,919
31,932
25,552
17,578

2,348
1,221
1,452
4,278
5,078

4,909
2,388
2,026
3,300
6,222

1975 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.

1,311
1,586
2,329
3,458
3,966
4,443
4,493
4,435

860
1,512
1,942
3,268
3,909
4,401
3,783
3,937

100
-100
0.
400
300
500
200
300
600

66
100
70
132
181
323
334
213

426
1,109
1,614
2,285
3,184
3,425
3,122
3,259
2,866

268
403
258
451
244
153
127
165
118

451
74
387
190
57
42
710
498
757

1975 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.

2,612
2,827
2,469
3,519
3,488
3,246
3,851
3,412

2,106
2,628
1,908
3,128
3,307
3,181
3,329
3,186

447
184
53
384
33
167
175
31
449

335
556
397
563
356
166
134
152
137

506
199
561
391
181
65
522
226 r
551 I

1970
1971
1972
1973
1974

S e a s o n a l l y Ad l u s t e d
170
242
47
166
149
193
269
167

1,154
1,646
1,411
2,015
2,769
2,655
2,751
2,836
3,052

NOTES:
1

Monthly data for commercial banks based on Federal Reserve estimates benchmarked to Call Report data on real estate loans outstanding as available. Other data derived from mortgage debt outstanding as reported separately by National Assn. of Mutual Savings Banks, Federal Home Loan
Bank Board. Institute of Life Insurance and. through August 1968, the Federal National Mortgage Association, and thereafter by FNMA and the
Government National Mortgage Association. Data for mutual savings banks and for Life Insurance companies may differ somewhat from those derived from regular quarterly series because of minor conceptual differences for which adjustments are not made in the monthly series. Altogether,
these groups accounted for 83 per cent of the net increase estimated for all holders in 1974.

2

Beginning January 1972 data reflect activity in limited amount of conventional mortgages.




20

T a b l e 13

NET INCREASE IN
MORTGAGE DEBT OUTSTANDING
IN B I L L I O N S O F 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 A N N U A L R A T E S

3 '

RESIDENTIAL
QUARTER

TOTAL

TOTAL

[
|

1- t o 4 FAMILY

MULTIFAMILY

COMMERCIA1

MULTH=AMIL\
&
COMMERCIAI

FARM

1968 - I
II
III
IV

28.1
26.4
25.5
29.6

19.4
18.2
17.2
20.4

16.3
15.0
13.6
16.5

3.1
3.2
3.5
3.9

6.4
6.0
6.5
7.4

9.5
9.2
10.1
11.3

2.3
2.2
1.8
1.9

1969 - I
II
III
IV

32.0
29.1
25.8
25.2

23.8
21.5
18.7
18.5

19.4
16.8
14.0
13.1

4.4
4.6
4.7
5.4

6.0
5.4
5.3
5.3

10.4
10.1
10.0
10.7

2.2
2.2
1.7
1.4

1970

I
II
III
IV

20.7
22.9
28.5
31.8

14.4
16.8
21.3
22.8

9.4
11.6
15.0
16.2

5.0
5.2
6.3
6.6

4.8
4.6
5.1
6.8

9.8
9.8
11.5
13.4

1.5
1.5
2.1
2.2

1971 - I
II
III
IV

37.3
47.7
52.3
54.2

27.4
35.5
38.5
41.2

19.4
26.2
28.6
31.3

8.0
9.4
9.9
9.9

7.7
9.8
11.5
10.5

15.7
19.2
21.4
20.4

2.2
2.4
2.3
2.5

1972 - I
II
III
IV

62.8
64.9
65.1
68.3

46.1
47.0
47.1
49.5

37.7
37.4
38.0
40.0

8.4
9.6
9.1
9.5

14.1
15.3
15.3
16.3

22.5
24.9
24.4
25.8

2.6
2.6
2.6
2.5

1973 - I
II
III
IV

83.4
75.6
71.3
57.9

63.1
53.9
51.4
38.3

53.1
44.0
41.8
31.7

10.0
9.9
9.6
6.5

16.3
17.8
16.3
15.0

26.3
27.8
25.9
21.5

4.1
3.8
3.6
4.6

1974 - I
II
IV

58.5
65.3
50.0
38.6

39.5
44.0
35.7
23.7

32.1
37.1
27.5
17.3

7.4
6.8
8.2
6.4

15.4
17 .3
9.0
7.6

22.7
24.1
17 .2
14.0

3.6
4.0
5.3
7.3

1975 - I
II

35.2
50.7

25.5
38.9

21.3
36.1

4.3
2.8

4.9
7.8

9.2
10.6

4.8
4.0

I I I

NOTES:
1

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

2

May differ somewhat from related flow of funds series mainly because of more aggregative type of seasonal adjustment.

3

Residential mortgage debt includes nonfarm only and is sum of 1 to 4- family and multifamily mortgage dcbt^cumtimetl.




T a b l e 14

PRIVATE HOUSING PERMITS, S T A R T S ,
C O M P L E T I O N S , AND MOBILE HOME S H I P M E N T S
IN T H O U S A N D S OF UNITS, SEASONALLY ADJUSTED ANNUAL RATES

PERMITS 1
PERIOD
1969
1970
1971
1972
1973
1974

TOTAL

1 —FAMILY

COMPLETIONS

STARTS
2 - O R MORE
FAMILY

TOTAL

1—FAMILY

2 - O R MORE
FAMILY

1,324
1,352
1,925
2,219
1,820
1,074

626
647
906
1,033
882
644

698
705
1,018
1,186
937
431

1,467
1,434
2,052
2,357
2,045
1,338

811
813
1,151
1,309
1,132
888

656
621
901
1,048
914
450

Mar.
Apr.
May

689
701
677
837
912

508
515
503
603
658

,182
186
173
234
254

999
|1 1,000
|
985
980

739
733
775
762
887

260
267
210
218
243

June

949

679

270

1,094

884

210

July
Aug.

1,042
995
1,072

711
732 „
749

331
263
323

1,235
1,268
1,240

935
986
906

300
282
334

1975 - J a n .
Feb.

Sept.

NOTES:

.

1
1 1,130

<

1 —FAMILY

TOTAL

1,399
1,418
1,706
1,972
2,005
|

J
J

2 - O R MORE
FAMILY

MOBILE
HOME
SHIPMENTS

808
802
1,014
1,143
1,166

592
617
692
828
838

413
401
497
576
580

964
770
734
756
8 32

571
550
571
455
444

185
219
199
194
224

1,165

785

380

210

1,244
1,190

896
818

348
372

225
235

1,535
1,320
. 1,305
1,211
1,276

,

M

Private building permits (for 14,000 areas with permit systems, excluding farm), starts, and completions are Census Bureau data. A dwelling unit is started when excavation begins. In the case of
apartment buildings, all units are considered started at that time; however, all such units are considered completed when more than half of the units in the structure are ready for use. Private mobile!^
home shipments are Mobile Home Manufacturers Association data converted to seasonally adjusted annual rate by Census Bureau.
1

Permit data for 1969 and 1970 based on 13,000 areas with permit systems




T a b l e 15

AVERAGE RATES AND YIELDS ON HOME MORTGAGES
CONVENTIONAL LOANS
PRIMARY MARKET

RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

1973 - High
Low

8.95
7.70

107
31

1974 - High
Low

9.80
8.55

1974 - Oct.
Nov.
Dec.

9.70
9.55
9.45

1975 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.

9.15
9.05
8.90
9.00
9.05
9.00
9.00
9.15
9.25

1

SPREAD
BETWEEN
RETURNS ON
CONVENTIONAL
AND HUD(FHA)
NEW HOME
DISCOUNT
(PERCENTAGE MORTGAGES
POINTS)
(BASIS
POINTS)

HUD(FHA) INSURED LOANS
SECONDARY MARKET

EXISTING HOMES
SPREAD
(BASIS
POINTS)

YIELD
(IN PER CENT)

8.95
7.75

107
37

9.18
7.55

130
14

9.4
2.2

21
-23

45
-70

9.80
8.60

50
-70

10.38
8.54

44
-25

6.3
2.3

1
-70

-33
-13

9.70
9.60
9.45

10.13
n.a.
9.51

10
n.a.
n.a.

4.6
n.a
3.8

-43

n.a.
20
11
-65

8.99
8.84
8.69

- 1
-10
-91
n.a.
-46
-31
-12
-17
4

3.8
2.6
5.4
n.a
5.0
4.3
4.8
6.2
5.5

15
11
-70
-66
-57
-37
-25
-34
-45

RATE
(IN PER CENT)

9.20
9.05
8.95
9.05
9.10
9.05
9.05
9.15r
9.30

-61

-52
-32
-20

-34
-40

9.16
9.06
9.13
9.32r
9.74

SPREAD
(BASIS
POINTS)

-

6

16
21
21
-11
- 6

-13
-17
-49

NOTES:
1

Gross yield spread is average mortgage return before deducting servicing costs, minus average yield on new issues of high-grade utility bonds with 5-year call protection.

Rates on conventional first mortgages (excluding additional fees and charges) are based on unweighted HUD (FHA) field office opinions on prevailing contract Interest rates in the market areas
of the insuring offices, rounded to the nearest 5 basis points. For secondary market data, weighted HUD office opinions on the average bid price for HUD (FHA) loans with minimum downpayment, prepaid in 15 years, for immediate delivery, are used.




23

Table 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL

GOVERNMENT-UNDERWRITTEN
AMOUNT
(IN MILLIONS OF DOLLARS)

DATE OF
AUCTION

OFFERED
1974

1975

-

-

High
Low
Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

(11.18)

333
18

(3/25)
(11/18)

AMOUNT
(IN MILLIONS OF DOLLARS)
OFFERED

10.59

(9/9)

164

8.43

(2/25

14

(4/18)
(10/21)

|

AVERAGE
YIELD

ACCEPTED
63

(4/8)

7

(11/18)

10.71
8.47

13

25 .3

21.2

9.37

17.9

14.9

9.50

27

41

4

28.6

9.12

11.1

10.6

9.39

10

24

6

18.1

8.98

14.8

9.1

9.20

24

36

2

23.8

8.87

20.0

9.1

9.04

10
24

99. 2
460. 5

60.1
321.4

8.78

34.4
60.7

22.1
35.8

8.96

8.85

7

551. 6

277.2

8.98

99.8

44.6

9.13

21

4 7 0 . ,9

247.3

9.13

79.2

64.8

9.26

5

525.5

280.4

9.29

69.8

43.9

165.6

115.0

9.25

46.4

38.4

9.43
9.41

9 .14
9.06

51.2
28.5

27.1
15.7

9,26
9.21

67.5

47.3

9.18

2

172.5

16

73.4

80.4
38.6

30

358. 7

246.9

9.07

14
28

333. 2
415. 8

174.9
247.7

9.10

71.4

35.8

9.17

56.5

34.5

9.20
9.26

11

5 7 8 ..7

25

643

365.5

9.32

96.9

48.9

9,38

.1

223.0

9.50

98.5

31.0

9.55

8

530 . 1

197:7

9.70

96.9

43.9

9.75

22

293 . 6

142.0

9.86

68.8

35.2

9.92

6

198 .5

143.0

9k.95

27.5

23.5

10.02

3

.2

23.2

9.65

9.7

9.2

9.81

69 .8

41.7

9.32

19.6

15.2

9.54

43

(9/9)
(3/11:

9.00

19

20
Nov.

1 ACCEPTED

(3/25)

1155
26

AVERAGE
YIELD

NOTES:
Average secondary market yields are gross before deduction of the fee of 38 basis points paid for mortgage servicing. They reflect the average accepted bid yield for home mortgages assuming a prepayment period of 12 years for 30-year loans, without special adjustment for Federal National
Mortgage Association (FNMA) commitment fees and FNMA stock purchase and holding requirements on 4-month commitments. Mortgage amounts
offered by bidders relate to total eligible bids received.