Full text of H.16 Capital Market Developments : November 17, 1980
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November 17, 1980 1 Capital Market ••"(••wsr 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 CONTENTS 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 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 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 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 $.50 each. Address requests to Publications Services, Division of Support Services, and make payment remittance payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. Currency. 1. YIELDS, VOLUME AND RECEPTION Corporate Bond Market Week ending 1980-Aug. Sept. New issue Aaa utility 1 Gross offerings^ ($ millions) Volume Percent sold by end of week New issues in syndicate 4 ($ millions) 1 8 15 22 29 11.92 12.03 12.36 12.48 12.62 12.00 12.10 12.27 12.36 12.68 063 467 1,710 652 804 80 86 91 98 97 188 65 158 15 28 5 12 19 26 12.34 12.60 12.42 12.48 12.78 13.03 415 458 415 680 99 97 81 100 3 15 78 0 13.06 377 614 100 100 0 0 680 193 685 92 96 98 52 7 11 5 510 100 86 0 73 Oct. 13.10 3 13.08 13.02 12.62 13.21 13.92 10 17 li Nov. Yields Recently offered Aaa utility? 7 14 12.87 12.85 13.03 13.79 13.97r 13.69p — 2. YIELDS, VOLUME AND RECEPTION Municipal Bond Market Yields Week ending 1980-Aug. Sept. Oct. •vNov. Moody's new issue Aaa 1 Bond Buyer G O. bond index Bond Buyer Rev. bond index Volume , Gross offerings ($ millions) Percent sold by end of week 3 New issues in syndicate 4 ($ millions) 1 8 15 22 29 8.15 8.00 8.00 8.00 8.00 8.59 8.61 8.53 8.68 8.85 9.31 9.47 9.39 9.62 °,.78 1,054 999 807 775 818 87 93 92 91 97 253 147 134 134 96 5 12 19 26 8.30 8.30 8.35 8.50 8.78 8.82 8.98 9.18 9.68 9.73 9.92 10.02 194 906 1,363 1,077 74 87 85 91 89 150 287 156 3 8.50 8.40 9.22 9.01 10.07 10 263 95 9.94 69 17 24 31 8.30 3.30 8.40 353 94 8.81 9.06 9.45 22 9.66 9.93 10.27 885 1,348 619 93 86 92 80 232 166 7 9.05 9.64 14 8.60 9.50 10.43 10.39 226 209 86 86 28 Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection Z % t ^ l « w J u % e k s ^ ' ^ 3 4 free * m a r k e t Vield on Aaa-rated utility bond with 5 year call protection, released from price restrictions sometime Estimated on the woaia basis ui of avuuauig available aaia. data. — — t by •F.R. •••• w" i r r : , r a r k r : Sal0m0n °r°,hers B°nd Markat Municipal Market: Weekly Bond Buyer. Data are adjusted by Federal Reserve when necessary to make coverage of this series consistent with the gross offerings series. 4 3. HIGH GRADE BOND YIELDS New issue Aaa utility 1 Date Recently offered Aaa utility2 Moody's seasoned corporate Aaa 3 U.S. govt. 20-year constant maturity 4 Bond Buyer G.O.bond index 5 1977-High Low 8.36(12/16) 7.90(1/7) 8.48(12/30) 8 . 2 8 ( 1 2 / 3 0 ) 7.88(1/7) 7.95(1/7) 7.99(12/30) 5.93(2/4) 5.45(11/17) 7.26(1/7) 1978-High Low 9.30(11/10) 8.61(3/24) 9.54(12/22) 9 . 2 7 ( 1 2 / 2 9 ) 8.30(1/6) 8.48(1/6) 9.00(12/22) 6.67(12/22) 5.58(3/17) 8.01(1/6) 7.38(10/26) 6.08(7/6) Bond Buyer Rev. bond index 6 8.24(11/23) 7.23(9/21) 1979-High Low 1 1 . 5 1 ( 1 1 / 1 2 ) 1 1 . 4 5 ( 1 1 / 9 ) 1 0 . 8 7 (1 2 / 2 8 ) 1 0 . 5 6 ( 1 1 / 9 ) 8.79(7/6) 9.39(6/29) 9.16(7/6) 9.40(8/17) 1980-High Low 14.22(3/28) 10.53(6/20) 1979-July Aug. Sept. 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 11.42 11.25 10.91 11.36 11.32 10.13 10.76 10.74 9.99 10.37 10.18 7.08 7.30 7.22 7.80 8.11 8.08 Mar. 11.73 13.57 14.00 11.77 13.35 13.90 11.09 12.38 12.96 10.65 12.21 12.49 7.35 8.16 9.17 8.21 8.91 9.95 Apr. May June 12.90 11.53 10.95 12.91 11.64 10.99 12.04 10.99 10.58 11.42 10.44 9.89 8.63 7.59 7.63 9.66 8.50 8.47 July Aug. Sept. 11.60 12.32 12.74 11.41 12.31 12.72 11.07 11.64 12.02 10.32 11.07 11.47 8.13 8.67 8.94 8.87 9.57 9.84 Oct. 13.18 13.13 12.31 11.75 9.11 9.97 5 12 19 26 12.34 12.60 13.10 12.42 12.48 12.78 13.03 11.89 11.90 12.00 12.15 11.14 11.24 11.48 11.75 8.78 8.82 8.98 9.18 9.68 9.73 9.92 10.02 Oct. 3 10 17 24 31 13.08 13.02 12.62 13.21 13.92 13.06 12.87 12.85 13.03 13.79 12.30 12.18 12.11 12.27 12.72 11.81 11.46 11.40 11.76 12.33 9.22 9.01 8.81 9.06 9.45 10.07 9.94 9.66 9.93 10.27 Nov. 7 14 13.97r 13.69p 12.96r 12.95p 12.56r 12.44p 9.64 9.50 10.43 10.39 Oct. Nov. Dec. 1980-Jan. Feb. 1980-Sept. 1 2 3 4 5 6 —— 14.12(3/28) 13.00(3/28) 10.79(6/20) 10.34(6/20) 12.79(2/22) 9.59(6/20) 9.64(11/7) 7.11(5/9) 10.43(11/7) 8.15(5/8) — 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 2 0 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 2 5 revenue bonds used in this index falls midway between the five top groups as classified by Moody s Investors Service. Weekly Bond Buyer data. 5 4. LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS Gross proceeds, millions of dollars 1978 Corporate 1979 1980 1978 January February March 3,326 2,770 4,569 3,770 3,165 4,354 6,210 4,452 4,353 3,306 2,753 4,844 2,840 2,603 4,644 3,042 2,381 2,379 April May June 3,397 4,227 5,539 4,692 4,160 6,238 5,677 9,067 9,511 3,824 5,525 4,369 3,444 3,042 4,724 4,833 4,564 5,958 July August September 4,414 3,379 4,236 4,103 4,162 4,587 7,737 3,920 6,407 2,323 3,396 4,256 2,472 4,600e 4,000e 4,500e October November December 3,799 3,207 4,401 4,601 3,831 3,801 3,231 4,320 3,690 4,217 4,160 3,567 4,600e 47,264 51,464 48,512 43,365 Period Year 1 2 e 5,371 4,500e 5,150e State and Local 1979 1980 Securities and Exchange Commission estimates of gross proceeds. Public Securities Association estimates of principal amounts, Estimated by Federal Reserve on the basis of available data. 5. TREASURY AND GOVERNMENT-SPONSORED AGENCY BORROWING Millions of dollars Period CY-/ CY Combined deficit(+) or surplus(-) 1 Total 3 Federal Government Means of financing combined deficit Net cash borrowing from the publics Public debt securities Gov't, agency NonBills Coupons marketable securities Other Decrease(+)/ Sponsored agency increase!—) borrowing4 in cash operating balance -1978 -1979 52,870 41,397 53,683 37,360 706 10,899 31,777 28,041 22,644 -397 -1,431 -1,402 3,206 1,115 -4,019 366 23,509 23,631 1979—Oct. Nov. Dec. 14,646 8,941 1,997 2,217 5,548 11,207 314 3,408 7,544 2,085 1,463 3,614 357 704 57 -20 -80 -62 -1,287 8,984 1,124 13,716 4,869 -10,334 3,196 2,546 1,542 1980--Jan. Feb. Mar. 5,170 10,458 15,350 5,201 2,066 11,802 2,878 1,900 13,358 2,050 3,307 3,517 278 -3,149 -5,066 -27 -40 -19 647 2,478 1,013 -678 5,914 2,535 2,261 1,542 4,764 Apr. May June -8,037 16,318 -11,963 4,632 5,350 -4,615 4,515 91 -10,703 2,899 6,077 6,835 - 2,602R -941 -685 -86 -32 -101 -2,393 3,200 -3,918 -10,276 7,768 -3,430 3,632 1,957 -529 16,384 8,347 9,737 11,111 6,807 7,815 2,602 3,245 -76 -28 2,986 -4,403 3,661 -2,063 July Aug. Sept. 1 2 3 4 456 219 600^' -827-' U.S. unified budget deficit or surplus plus off-budget entities deficit or surplus. Change in outstanding amount of public debt securities and government agency securities less change in holdings of those securities by government accounts. Also includes changes in matured and noninterest-bearing public debt. 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. 6. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE Gross proceeds, millions of dollars Period Bonds Common and preferred stocks Memo Issues included Foreign Convertible Total Publicly offered Privately placed 1977 1978 1979 53,792 47,230 51,464 24,072 19,815 25,814 17,943 17,057 14,325 11,777 10,358 11,325 1,340 1,349 1,008 863 418 2,229 1979-Ql QII QUI QIV 11,289 15,090 12,852 12,233 4,522 9,154 6,386 5,752 4,570 3,874 2,974 2,907 2,197 2,062 3,492 3,574 67 59 763 119 8 1,404 540 187 1980-QI QII 15,015 24,255 5,861 18,186 4,600 2,072 4,554 3,997 169 n.a. 908 967 1980—Jan. Mar. 6,210 4,452 4,353 2,450 1,426 1,985 2,384 1,430 786 1,376 1,596 1,582 47 122 0 32 76 800 Apr. May June 5,677 9,067 9,511 3,828 6,810 7,548 947 525 600 902 1,732 1,363 89 432 8 383 375 209 July 7,737 5,371 5,355 3,843 1,021 304 ' 1,361 1,224 100 n.a. 208 805 Feb. Aug. 7. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUER Gross proceeds, millions of dollars Period 1977 1978 1979 Manufacturing Public utility Communications Other issuers1 13,393 10,813 11,346 14,127 12,232 13,289 4,442 3,640 4,522 21,827 20,549 22,309 1979-Ql QII QUI QIV 2,096 3,050 3,704 2,496 3,012 3,626 2,472 4,179 1,399 799 931 1,413 4,779 7,637 5,745 4,148 1980-QI QII 3,907 6,838 4,966 4,135 1,278 2,182 4,864 11,101 1980—Jan. Feb. Mar. 1,276 1,340 1,291 1,873 1,262 1,831 483 572 223 2,578 1,276 1,010 Apr. May June 1,778 2,615 2,445 891 1,338 1,906 651 1,196 335 2,358 3,917 4,826 July 2,881 1,792 1,030 1,434 787 626 3,040 1,519 Aug. 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. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE 1 Issuer Date Viacom I n t e r n a t i o n a l , Inc. Smith I n t e r n a t i o n a l , Inc. Peoples Express A i r l i n e s Southern Co. Missouri P a c i f i c R.R. Co. Burnup & Sims Inc. General Instrument Corp. General Motors Accept Corp, Florida Power Co. A s s o c i a t e s Corp. of N. America PHH Group, Inc. 11/6 11/6 11/6 11/12 11/12 11/12 Type Com. s t k . Com. s t k . Com. s t k . Com. s t k . Equip. t r . Conv.debt. 1 1 / 1 3 Com. s t k . 1 1 / 1 3 Notes 1 1 / 1 4 1 s t . mtg. 11/14 11/14 Notes Com. s t k . Amount (millions of dollars) Maturity Coupon rate Offering yield Moody's/S&P's ratings 13.13 12.00 Aa/AA B/B 37.9 100.0 25.5 129.8 25.0 35.0 1981-95 13.13 2000 12.00 250.0 100.0 1990 1990 13.45 13.30 13.45 13.30 Aaa/AAA A/A+ 100.0 1990 13.88 13.88 A/A 62.0 32.1 Rights offering. Includes only corporate and other security offerings of $ 2 5 million and over; excludes options, exchanges, and secondary offerings. 8 9. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL 1 Issuer Minnesota, State of Wayne.Co., MI New Haven, CT New York S t a t e Dorm. New York State Dorm. New York S t a t e Dorm. New York State Dorm. 1 Date Auth. Auth. Auth. Auth. 1/6 1/6 1/12 1/13 1/13 1/13 1/13 Type2 G.O. G. 0 . Rev. Rev. Rev. Rev. Rev. Amount (millions of$) 90.0 32.0 25.4 3.6 2.1 5.1 21.0 Maturity 1981-2000 1981-1984 1983-2010 1986-1992 1995 2000 2010 Net interest cost 7.40-9.05 8.50-8.75 Aaa/AAA 10.92 9.59 9.59 9.59 9.59 8.75-10.88| 7.00-8.25 9.00 9.38 9.75 A/A Aaa/AAA Aaa/AAA Aaa/AAA Aaa/AAA Includes only state and local security offerings of $ 2 5 million and over; excludes secondary offerings. Canadian interest cost. Moody's/S&P's ratings 8.37 11.50 2 For state and local government securities, G.O. denotes general obligation; Rev. denotes revenue obligations. 3 Offering yield 10. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: U.S. TREASURY Notes and Bonds Offering date Payment date Length Maturity date Amount (millions of dollars) Net proceeds Gross proceeds Coupon Auction average rate (percent) (percent) Total Private1 Total 10-1/2 11-1/2 1,502 4,484 1,502 4,051 1,502 609 1,502 609 Private1 - 2 1980 Jan. 3 23 5 Feb. 6 7 20 26 1/10 1/31 2/15 2/15 2/28 2/28 3/3 1 5 y r lmo 2yr 2/15/95 1/31/82 3-l/2yr 8/15/83 7-l/4yr 5/15/87 30yr 2/15/05-10 2yr 2/28/82 Syr 2-1/2mo 5 / 1 5 / 8 5 10.60 11.52 11-7/8 11.98 12 12.02 9,404 7,626 2,452 2,452 11-3/4 13-7/8 14-3/8 11.84 13.98 14.39 4,497 2,719 4,098 2,719 677 2,719 677 2,719 3/31/82 3/31/84 15 14-1/4 15.01 14.29 4,072 2,974 3,572 2,605 910 910 5/15/95 4/30/82 12-5/8 11-3/8 12.69 11.44 1,503 4,574 1,503 4,115 1,503 1,394 1,503 1,394 8/15/83 9-1/4 11/15/89 10-3/4 5 / 1 5 / 0 5 - 1 0 10 9.32 9.88 13,019 7,743 5,754 5,754 4,284 3,293 5,215 3,726 4,010 3,293 4,51% 3,221 1,186 1,186 3,293 3,030 3,293 1,504 5,337r 1,504 1,504 1,504 4,549 1,173 1,173 3,049 3,049 Mar. 2 0 25 3/31 3/31 Apr. 4/8 4/30 1 5 y r lmo 2yr 5/15 5/15 5/15 3-l/4yr 9-l/2yr 30yr 6/5 6/5 6/30 6/30 2yr Syr 2-1/2mo 2yr 4yr 5/31/82 8/15/85 6/30/82 6/30/84 9-3/8 9-5/8 8-5/8 8-7/8 9.37 9.66 8.63 8.99 2 7/9 23 7/31 1 4 y r lOmo 2 yr 5/15/95 7/31/82 10-3/8 8-7/8 10.42 8.97 2 22 6 May 7 8 2 June 3 19 24 July Aug. 5 6 7 20 27 Sept.; 18 23 Oct. Nov. 7 22 5 6 7 1 2 3 8/15 6/15 8/15 9/2 9/3 9/30 9/30 10/14 10/31 11/17 11/17 11/17 2yr 4yr 3 - 1 / 4 yr 11/15/83 10 y r 8/15/90 29-1/4 yr 11/15/09 2-yr 8/31/82 5 - y r 2 - 1 / % ]1 1 / 1 5 / 8 5 2-yr 4-yr 9/30/82 9/30/84 1 5 - y r 1-mo 1 1 / 1 5 / 9 5 2-yr. 10/31/82 10.12- -681 2,660 -311 9.88 9-7/8 1 0 - 3 / 4 10.81 10-3/8 10.71 11-1/8 11.24 11-3/4 11.76 5,832 3,762 1,884 5,127 3,087 4,082 2,762 1,500 4,557 3,087 • 1,582 3,087 1,582 3,087 11-7/8 1,214 1,395 1,047 L2-1/8 11.93 12.13 5,120 3,369 4,570 3,030 1,228 Ll-1/2 11.61 1,482 4,812 1,482 4,392 1,022 12-1/8 12.24 1,482 1,482 1,022 3 - y r 6-mo 5 / 1 5 / 8 4 L3-1/4 13.31 10-yr 11/15/90 13 13.07 30-yr 1 / 1 5 / 0 5 - 1 0 1 2 - 3 / 4 12.81 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. 11. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: GOVERNMENT SPONSORED AGENCIES Issuer Offering Payment date date Length Maturity date Yield (percent) Amount (millions of dollars) Gross proceeds Maturing issues Net proceeds FNMA 4/2 4/2 4/10 4/10 2-yr 4-yr 1-mo 4/12/82 5/10/84 15.30 14.25 600 1,000 1,100 500 FFCB 4/9 4/9 4/9 4/21 4/21 4/21 3-yr 5-yr 8-yr 4/20/83 4/22/85 4/20/88 13.40 13.25 12.65 1,030 811 454 1,165 1,130 FNMA 4/30 4/30 5/12 5/12 4-yr 3-mo 7-yr 8/10/84 5/11/87 11.10 11.15 1,000 750 0 1,750 FHLB 5/14 5/14 5/14 5/27 5/27 5/27 2-yr 2-mo 7/26/82 3-yr 10-mo 3/26/84 6-yr 9-mo 2/25/87 9.60 9.85 10.45 1,000 800 600 1,500 900 FFCB 5/29 6/2 4 - y r 6-mo 12/3/84 9.55 870 0 870 FNMA 6/4 6/4 6/4 6/10 6/10 6/10 2-yr 11-mo 5/10/83 4 - y r 7-mo 1/10/85 8-yr 6/10/88 9.50 9.90 10.50 500 1,000 500 900 1,100 FFCB 6/25 7/1 4 - y r 11-mo 6 / 3 / 8 5 9; 20 1,214 323 891 FNMA 7/2 7/10 4 - y r 11-ino 6/10/85 9.95 1,000 550 450 FFCB 7/9 7/9 7/9 7/21 7/21 7/21 12/1/83 12/1/86 7/23/90 9.30 10.00 10.40 841 1,002 600 1,175 1,268 FNMA 7/25 8/1 3-yr 8/19/83 9.70 1,000 0 1,000 FHLB 8/13 8/13 8/25 8/25 4 - y r 7-mo 6-yr 7-mo 3/25/85 3/25/87 10.80 11.10 1,200 600 1,600 200 FFCB 8/27 9/2 4-yr 9/4/84 11.75 486 0 486 FNMA 9/4 9/10 1-yr 4-mo 1/11/82 10.90 400 1,050 -650 FNMA 10/1 10/10 1 - y r 8-mo 6/10/82 12.25 500 800 -300 FCB 10/8 10/8 10/8 10/20 10/20 10/20 2-yr 1-mo 4 - y r 9-mo 7-yr 9-mo 12/1/82 7/22/85 7/20/88 11.60 11.60 11.70 786 434 604 975 849 FHLB 10/16 10/16 10/27 10/27 2-yr 3-yr 4-mo 10/25/82 2/27/84 11.85 11.75 1,200 600 200 1,600 FNMA 10/29 11/3 5-yr 11/12/85 13.00 750 0 750 FFCB FHLB FHLMC FN MA — — — — Federal Federal Federal Federal 3-yr 5-mo 6-yr 5-mo 10-yr Farm Credit Banks Home Loan Banks Home Loan Mortgage Corporation National Mortgage Association As of November 14, 1980 11 12. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE 1 Issuer Southern C a l i f . Edison Co. Central Maine Power *ITT Financial Corp. Gen'l Tel. Co. of Indiana Macy Credit Corp. *Storer Broadcasting Co. Pennsylvania Power & Light Co. Central Hudson Gas & E l e c . Co. *Wisconsin E l e c t r i c Power Co. Pennsylvania Pwr. & Lgt. Co. *Dorchester Gas Corp. Delmarva Power & Light Co. Leasco Corp. Kansas City Power & Light Co. Potlach Corp. Citicorp Willamette I n d u s t r i e s Inc. *E.F. Mutton Group. Inc. •New England Power Co. *MGF Oil Corp. Cadence I n d u s t r i e s Corp. Texas I n t e r n a t i o n a l Corp. United Gas P i p e l i n e Co. General F e l t I n d u s t r i e s *Florida Power & Light Co. *Public Service E l e c . & Gas Co. *New York E l e c t r i c & Gas Corp. Iowa Power & Light Co. Detroit Edison Co. *Houston Lighting & Power Co. *Gen'l Tel. Co. of C a l i f . *Gen'1 Tel. Co. of C a l i f . *Union Elec. Co. * P a c i f i c Gas & Elec. Co. •Louisiana Power & Light Co. •Houston Light & Power Co. •Alabama Power Co. •Columbia Gas System Inc. •Potomac Edison Co. •Boston Edison Co. •Arkansas Power & Light Co. •Gulf S t a t e s U t i l s . Co. •Sunshine Mining Co. •Florida Tel. Corp. Steego Corp. C a t e r p i l l a r Tractor Co. Boston Gas Co. Four-Phase Systems Inc. F i r s t Union Bancorp. Standard P a c i f i c Corp. P a c i f i c F i r s t Fed. S&L Assoc. Transamerica F i n a n c i a l Corp. F i d e l i t y Fed. S&L Assoc. New York State E l e c . & Gas * 1 Type 1 s t . mtg. Com. s t k . Notes Debt. Notes Conv. debt, 1 s t . mtg. 1 s t . mtg. 1 s t . mtg. Com. s t k . Conv. debt, Pfd. s t k . Debt. 1 s t . mtg. Pfd. s t k . Pfd. s t k . Notes Conv. debt. 1 s t . mtg. Conv. debt. Debt. Debt. Debt. Debt. Com. s t k . Pfd. s t k . 1 s t . mtg. 1 s t . mtg. Com. s t k . 1 s t . mtg. Debt. Debt. Com. s t k . Com. s t k . 1 s t . mtg. Pfd. s t k . 1 s t . mtg. Debt. Pfd. s t k . Com. s t k . 1 s t . mtg. Com. s t k . Bonds Debt. Debt. Notes 1 s t . mtg. Debt. Debt. Debt. Mtg.-bked. Notes Mtg.-bked. Pfd. s t k . Amount (millions of dollars) 150.0 30.0 100.0 40.0 60.0 80.0 125.0 25.0 80.0 60.0 50.0 30.0 70.0 25.0 75.0 150.0 100.0 60.0 50.0 30.0 25.0 30.0 75.0 55.0 100.0 50.0 50.0 30.0 49.0 100.0 75.0 75.0 71.0 125.0 100.0 35.0 125.0 100.0 25.0 45.0 60.0 25.0 25.0 35.0 25.0 300.0 40.0 25.0 40.0 25.0 50.0 75.0 50.0 30.0 Approximate date of offering Nov. 19 Nov. 19 Nov. 20 Nov. 20 Nov. 20 Nov. 20 Nov. 24 Nov. 25 Nov. 25 Nov. 25 Nov. 26 Nov. 26 Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Dec. 2 Dec. 2 Dec. 2 Dec. 3 Dec. 3 Dec. 3 Dec. 8 Dec. 8 Dec. 9 Dec. 9 Dec. 9 Dec. 10 Dec. 10 Dec. 10 Dec. 11 Dec. 11 Dec. 16 Dec. 17 Dec. Dec. Indef. Indef. Indef. Indef. Indef. Indef. Indef. Indef. Indef. Indef. Included in table for first time. Includes only corporate and other security issues of $ 2 5 million and over; excludes exchanges, options, and secondary offerings. 12. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE 1 Approximate date of offering Type Amount (millions of dollars) P a c i f i c Northwest B e l l Co. Com. s t k ( r t s ) 200.0 Indef. OTHER B r i t i s h Columbia Mun. Fin. Auth. Gulf Canada Ltd. Canadian National Railway Co. E l e c t r i c i t e De France Debt. Bonds Debt. Notes 91.0 200.0 150.0 100.0 Nov. 19 Indef. Indef. Indef. Issuer * 1 . Included in table for first time. Includes only corporate and other security issues of $25 million and over; excludes exchanges, options, and secondary offerings. As of November 14, 1980 13. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE-AND LONG-TERM SECURITIES: STATE AND LOCAL 1 Issuer *Butler Co. Indus. Dev. Auth., PA *Labette Co., KS •Cleveland Co. Hm. Loan Auth., OK *Camden, AL Warren, OH New York S t a t e Urban Devel. Corp. Shreveport Home Mortgage Auth., LA Utah, UT Pittsburgh-Contra Costa Co., CA Alaska Housing Fin. Corp. •Kentucky Hsg. Corp. Baltimore C i t y , MD Houston, TX Orlando U t i l . Comm., FL New York, S t a t e of M i s s i s s i p p i & Tennessee—Tomblgbee Waterway Bridge North Carolina, S t a t e of •Alabama Agr. Devel. Auth. Greater Chicago Metro. Sani. D l s t . , IL • I l l i n o i s Health Fac. Auth. C a l i f o r n i a Dept. of Vet. A f f a i r s •Burlington, KS Denton Co. Hsg. Fin. Corp., TX Boston Water & Sewer Comm., MA • P i n e l l a s Co., FL Boston Water & Sewer Comm., MA San Diego Center City Redev. Corp., CA •Oregon, Veterans •Richman, VA POSTPONEMENT Washington, S t a t e of Hamilton Co., OH Vincennes Comm. Sch. Bldg. Corp., IN Houston, TX Grand Terrace Comm. Redev. Agcy., CA Louisiana, S t a t e of * 1 Type Approximate date of offering Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. 35.0 28.2 38.0 62.0 25.0 70.5 40.0 42.0 50.0 230.0 55.0 30.0 189.8 80.0 125.0 Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. 17 17 17 17 17 18 18 18 18 18 18 18 18 18 18 G.O. G.O. Rev. G.O * Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. Rev. 25.0 60.0 35.0 72.0 31.3 300.0 25.5 55.0 64.3 37.0 64.3 67.6 200.0 43.8 Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Dec. Dec. Dec. 18 18 20 20 20 20 21 21 24 25 28 3 9 10 G.O. Rev. Rev. G.O. Rev. G.O. 115.6 32.7 26.8 50.0 34.0 122.3 Nov. Nov. Nov. Nov. Nov. Nov. 5 10 12 13 13 18 Included in table for first time. Includes state and local government issues of $ 2 5 million and over; excludes secondary offerings. Amount (millions of dollars) 14. STOCK PRICES 1 Date NYSE Index3 NASDAQ 5 AMEX4 DJ Industrials 1977-High Low 57.69 ( 1 / 2 ) 49.78 (11/2) 999.75 ( 1 / 3 ) 800.85 (11/2) 127.89 (12/30) 109.61 (1/12) 105.00 (12/30) 93.66 (4/5) 1978-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) 247.07 (12/31) 152.03 ( 1 / 2 ) 152.29 (10/5) 117.84 (1/2) 1980-High Low 78.96 (11/14) 55.30 (3/27) 986.35 (11/14) 759.13 (4/21) 363.33 (10/22) 215.69 (3/27) 201.76 (11/14) 124.09 (3/27) 1980-0ct. 3 10 17 24 P 74.74 75.34 75.92 74.90 73.53 950.68 950.68 956.06 943.60 924.49 340.39 348.55 357.65 355.44 335.99 193.43 197.79 197.24 196.17 192.78 Nov. 7 14 74.35 78.96 932.42 986.35 335.16 193.51 352.21 201.76 15. TRADING VOLUME2 Date NYSE AM EX NASDAQ 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 (1/2) 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) 25.8 (21/17) 7 . 2 (1/2) 1980-High Low 8 4 . 1 (11/5) 2 3 . 1 (4/14) 15.0 (1/15) 2 . 5 (4/14) 5 4 . 1 (10/16) 10.7 (4/14) 1980-0ct. 3 10 17 24 31 45.9 47.0 47.6 45.1 38.2 5.8 6.9 7.8 6.6 7.9 29.7 37.3 44.1 37.3 31.8 r Nov. 7 14 52.2r 51.3 7.4r 8.7 32.6r 35.0 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 15 16. SECURITY CREDIT? Outstanding, dollar amounts in millions • End of period # 204 810 88 1977 9,740 250 887 81 1978 10,830 205 955 67 1979 11,450 164 995 84 - Jan. Feb. Mar. 10,750 10,790 10,870 199 195 181 950 950 965 79 71 79 Apr. May June 11,220 11,130 11,590 194 183 172 960 970 980 77 78 79 July Aug. Sept. 11,840 12,060 12,000 178 176 177 970 995 1,005 81 86 84 Oct. Nov. Dec. 11,310 10,920 11,450 173 161 167 985 1,000 1,020 73 83 84 11,820 12,460 11,740 11,140 11,270 11,200 11,320 11,800 12,520 165 175 171 168 167 165 198 204 208r 1,035 1,065 1,075 1,055 1,055 1,065 1,075 1,095 1,105 87 84 54 72 # 1980 — Jan. Feb. Mar. Apr. May June July Aug. Sept. # > • s # 1 Convertible bonds Percent of debt in accounts with 40 percent or more customer equity 7,960 # # Marginable stock Number of margin accounts (thousands) 1976 1979 • Margin credit extended by brokers on: Margin account debt as reported by the New York Stock Exchange. 81 83 88 89 87 17. SAVINGS FLOWS AT SELECTED NONBANK THRIFT INSTITUTIONS Millions of dollars Mutual Savings Banks (regular deposits) 1 Date Net flow N.S.A. Sea. adj. Annual growth rate 3 Savings and Loan Associations Net flow N.S.A. Sea. adj. Memo: Net New Money 2 Total Annual growth rate 3 Net flow (sea. adj.) Annual growth rate 3 At insured S&L's At MSB's 1976 12,670 — 11.6 50,169 17.5 62,854 15.9 34,369 5,283 1977 10,783 — 8.7 50,888 15.0 60,982 13.3 32,004 2,874 1978 8,426 — 6.3 44,153 11.3 52,292 10.1 23,460 -591 1979 2,900 — 2.1 39,218 9.1 42,289 7.4 15,029 -6,885 1979-Jan. Feb. Mar. 218 683 1,971 584 705 798 5.0 6.0 6.7 4,735 2,876 8,334 4,987 3,733 3,909 13.9 10.3 10.7 5,571 4,438 4,707 11.7 9.2 9.7 4,377 2,580 3,146 -118 342 463 Apr. May June -832 61 890 16 280 341 0.1 2.3 2.9 -1,147 2,037 6,854 1,667 3,006 4,515 4.5 8.1 12.1 1,683 3,286 4,856 3.4 6.7 9.8 -1,490 1,627 1,469 -1,192 -341 -635 July Aug. Sept. -318 -112 517 9 508 134 0.1 4.2 1.1 2,015 1,199 4,770 2,844 3,192 2,620 7.5 8.4 6.8 2,853 3,700 2,754 5.7 7.4 5.5 1,455 717 -198 -733 -504 -1,000 Oct. Nov. Dec. -985 -199 1,006 -694 74 183 —5 • 8 0.6 15.1 1,863 1,157 4,525 3,321 3,527 2,030 8.6 9.1 5.2 2,627 3,601 2,213 5.2 7.1 4.0 1,314 732 -700 -1,420 -765 -987 1980-Jan. Feb. Mar. -927 141 930 -605 168 -222 -5.0 1.4 —1 • 9 2,065 1,626 4,403 2,191 2,617 -324 5.6 6.6 -0.8 1,586 2,785 -546 3.1 5.4 -1.1 1,167 1,079 -696 -1,436 -543 -679 Apr. May June -449 881 1,748 402 1,106 1,178 3.4 9.2 9.8 326 3,022 5,287 3,393 4,067 2,779 8.6 10.2 6.9 3,795 5,173 3,957 7.4 10.0 7.6 -817 1,785 -169 -1,024 242 -131 July 996 Aug. p / 6 0 9 Sept.- -1,275 1,343 1,227 869 11.0 10.0 7.0 2,223 2,515 5,657 3,096 4,583 3,284 7.7 11.3 8.0 4,439 5,810 4,153 8.4 11.0 7.8 961 1,285 50 247 +4 -425 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. 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 1976 27.1 24.4 2.7 7.9 3.7 3.8 0.4 1977 37.7 33.2 4.5 11.0 5.1 4.5 1.4 1978 37.5 32.7 4.8 16.5 9.9 4.8 1.8 1979 31.5 28.1 3.4 12.6 6.9 4.7 1.0 1979-Jan. 37.0 36.5 36.0 32.2 31.8 31.4 4.8 4.7 4.6 15.4 14.1 13.0 8.9 7.7 6.7 4.8 4.8 4.8 1.7 1.6 1.5 36.2 35.8 35.7 31.7 31.7 31.5 4.5 4.1 4.2 12.6 12.0 11.7 6.4 6.0 5.6 4.8 4.7 4.8 1.4 1.3 1.3 Aug. Sept. 35.7 35.9 36.7 31.7 32.0 32.7 4.0 3.9 4.0 11.6 11.2 12.2 5.5 5.5 6.8 4.8 4.4 4.2 1.3 1.3 1.3 Oct. Nov. Dec. 35.9 33.0 31.5 32.3 29.4 28.1 3.6 3.6 3.4 14.1 13.5 12.6 8.2 7.7 6.9 4.6 4.7 4.7 1.3 1.1 1.0 1980-Jan. 30.7 29.9 26.5 27.5 27.1 24.0 3.2 2.8 2.5 11.9 11.2 10.5 6.2 5.7 5.2. 4.7 4.5 4.7 1.0 1.0 0.8 22.8 21.1 22.4 20.7 19.3 20.7 2.1 1.8 1.7 9.2 9.3 10.3 4.2 3.5 3.6 4.4 5.0 5.7 0.6 0.8 1.0 26.0 28.4 n.a. 23.7 26. b 28.0 1.8 1.8 n.a. 10.6 10,6 10.1 3.9 4.4 4.4 5.5 5.1 4,8 1.2 1.1 0,9 Feb. Mar. Apr. May June July 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. 4.8 19. NET NEW MONEY BORROWIN GS Period Total including 1 short-term discount notes V MAJOR HOUSING CREDIT AGENCIES Intermediate- and long-term issues Total FHLMC FHLB FNMA FNMA and FHLB short-term discount notes 1976 -1,750 -1,131 -2,031 0 900 -61% 1977 2,732 1,444 496 -4 952 1,288 1978 19,030 13,578 6,302 576 6,700 5,452 B-Jan. Feb. Mar. 563 1,731 912 82 1,399 -1 0 1,399 -1 82 0 0 0 0 0 481 332 913 Apr. May June 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 *51 Oct. Nov. 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 9-Jan. Feb. Mar. 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 ' 398 1,916 613 -154 700 415 0 216 198 146 1,000 0 -300 -291 -253 552 Oct. Nov. 'Dec. 2,297 1,791 1,375 1,599 1,453 150 1,300 953 0 -1 0 150 300 500 0 698 338 1,225 O-Jan. Feb. -Mar. 328 927 3,580 -2 10 1,760 0 -350 1,400 -2 160 -120 0 200 500 330 917 1,800 Apri May June 2,205 1,366 -929 1,499 2,649 1,000 1,000 900 0 -1 -1 0 .500 1,750 1,000 706 -1,283 -1,929 -979 442 0 -8 450 -1,421 1,200 200 0 1,000 » July Aug. -458 Based o n data from Treasury Survey of Ownership. -1,658 20. NET CHANGE IN MORTGAGE HOLDINGS AT SELECTED INSTITUTIONS Millions of dollars, seasonally adjusted Major private financial institutions Period Total Total Commercial * banks MSB's S&L's Life insur. companies Mortgagi6 pools FNMA and GNMA FHLMC !guaranteed FHLMCjguaranteed GNMA- 1976 75,398 64,898 13,737 4,041 44,727 2,393 -2,042 -712 :12,199 ]L,055 1977 1.14,008 95,874 26,157 6,540 58,021 5,156 961 -990 14,224 :3,939 1978 ]126,474 103,305 35,376 6,314 52,237 9,378 8,735 -233 9,389 !5,275 *1979-Jan. Feb. Mar. 10,284 9,970 10,293 7,857 7,716 7,240 2,662 2,491 2,426 559 483 388 4,015 3,804 3,359 621 938 1,067 832 790 1,385 179 65 253 1,202 1,080 1,276 214 319 139 Apr. May June 9,707 10,995 10,765 7,371 8,311 8,351 2,487 2,328 2,753 204 388 373 3,832 4,616 4,204 848 979 1,021 489 745 530 -3 19 -25 1,542 1,505 1,625 308 415 284 July Aug. Sept. 10,161 10,641 10,854 8,152 7,567 7,972 2,809 2,636 2,953 384 297 276 3,804 3,501 3,616 1,155 1,133 1,127 35 524 284 62 114 144 1,608 2,122 2,161 304 314 293 Oct. Dec. 11,665 10,483 8,534 8,585 7,004 4,982 2,844 2,594 2,521 248 265 21 3,892 3,113 1,455 1,601 1,132 985 764 866 903 -71 202 34 2,002 2,393 2,338 385 18 277 1980-Jan. Feb. Mar. 9,924 8,035 7,322 6,196 6,166 4,974 2,474 2,402 1,826 197 290 6 2,088 2,458 1,737 1,437 1,235 1,405 1,182 631 1,286 68 144 29 2,374 1,198 834 104 80 199 Apr. May June 6,126 3,221 1,890 2,671 1,324 394 890 526 50 -49 148 -168 643 -483 -290 1,187 1,133 802 1,155 584 193 154 -130 30 2,006 1,205 1,084 140 238 189 July Aug. Sept. 5,983 7,913 n. a. 3,834 5,784 n.a. 1,186 1,123 1,155 -115 -113 n.a. 1,647 3,720 4,776 1,116 1,054 n.a. 196 —8 -94 45 192 214 1,570 1,758 1,342 338 187 269 Nov. Monthly data for commercial banks based on Federal Reserve estimates benchmarked t o 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 L o a n Board, American Council of Life Insurance, the Federal National Mortgage Association, the Government National Mortgage Association and Home Loan Mortgage Corporation. Data for mutual savings banks and life insurance companies may differ somewhat from those derived rom regu quarterly series because of minor conceptual differences for which adjustments are not made in the monthly series. Altogether, t ese groups ac for 8 9 percent of the net increase estimated for all holders in 1978. 21. NET CHANGE IN MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY 1 Billions of dollars, seasonally adjusted annual rates Quarter 1976-Ql Q2 Q3 Q4 1977-Ql Q2 Q3 Q4 1978-Ql Q2 Q3 Q4 1979-Ql Q2 Q3 Q4 1980-Q1 Q2 Total Total Residential2 1- to 4family Multifamily Multifamily and commercial Commercial Farm 81.7 75.5 92.7 98.1 62.9 55.4 72.7 78.0 61.5 55.6 69.0 75.4 1.4 -0.2 3.7 2.6 13.7 15.3 13.2 12.4 15.1 15.1 16.9 15.0 5.1 4.8 6.8 7.7 110.7 134.9 140.2 150.2 87.5 110.3 114.3 116.8 83.3 102.0 106.1 108.2 4.2 8.3 8.2 8.6 14.6 15.2 17.5 24.6 18.8 23.5 25.6 33.2 8.6 9.4 8.4 8.8 135.3 147.0 154.3 160.4 105.6 116.5 116.0 123.7 97.4 106.6 104.1 113.3 8.2 9.9 11.9 10.4 20.9 20.7 26.7 25.5 29.0 30.6 38.6 35.8 8.8 9.8 11.6 11.2 159.1 166.0 162.5 151.7 118.8 121.4 117.9 113.9 110.9 113.4 108.3 104.4 7.9 7.9 9.6 9.5 24.7 27.3 28.3 22.3 32.5 35.3 37.9 31.9 15.6 17.3 16.3 15.4 149.1 70.9 103.0 42.1 95.1 35.7 7.9 6.4 28.0 35.9 18.2 13.8 20.2 15.1 - 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 Residential mortgage debt includes nonfarm and is the sum of 1 • to 4-family and multifamily mortgage debt. 22. AVERAGE RATES AND YIELDS ON HOME MORTGAGES AND PASS-THROUGH SECURITIES Secondary market Primary market FHA/VA mortgages Rates on Discount Yield on Yield in conventional Ceiling Period points Period GNMA FNMA loans at rate in FNMA securities auction S&L's auction Conventional mortgages Yield 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 1.96 8 8.44 7.57 8.80 1977-High Low 9.00 8.65 1977-High Low 8.98 8.46 5.18 1.50 8-1/2 8 8.39 7.56 8.81 9.21 9.02 8.63 1978-High Low 10.38 8.98 1978-High Low 10.60 7.13 1.88 9-1/2 9.13 8-1/2 9.68 8.43 10.92 9.28 10.42 9.12 1979-High Low 12.90 10.38 1979-High Low 13.29 10.42 12.54 4.16 11-1/2 11.77 9.51 13.97 10.92 13.56 10.40 13.16 0.93 12.59 6.52 1980-May June July Aug. Sept. Oct. Nov. 2 9 16 23 30 15.90 14.68 14.15 13.38 13.20 May 6 13 20 27 13.06 12.85 12.58 12.35 June 3 11 18 25 12.18 12.23 12.18 12.18 July 1 12.25 12.25 12.55 Aug. 8 15 22 29 12.80 12.95 June 5 12 19 27 2 9 9-1/2 13 13 11.03 11.26 13.81 11.12 11-1/2 11.52 13.27 11-1/2 11-1/2 11-1/2 11-1/2 10.89 10.79 10.73 11.42 13.05 11-1/2 11-1/2 11-1/2 11-1/2 11.42 11.58 11.45 11.67 12.76 11.99 12.41 12.46 12.48 12.57 13.34 11-1/2 11-1/2 11.78 9 16 23 30 12.42 5.59 12.28 4.77 7 14 21 28 12.53 6.19 12.78 7.63 4 11 18 25 Sept. 2 13.58 11.96 14.26 15.40 14.41 13.42 11-1/2 11-1/2 11-1/2 12 12 14.60 14.33 12 12 15.30 12.37 13 13 12.59 12.74 12.93 13.35 14.57 8.69 15.30 12.39 13 13 13 13 13 12.70 12.59 12.98 13.35 13.42 15.57 13.68 13 13.61 5 12 19 26 13.03 13.08 13.25 13.43 Sept. 8 15 22 29 3 10 17 24 31 13.60 13.73 13.73 13.85 14.00 Oct. Nov. 6 13 20 27 3 14.08 Nov. 10 12.81 12.84 14.00 14.19 14.29 14.86 14.47 14.92 15.25 13.36 12.61 12.69 12.48 12.42 12.22 11.93 11.60 11.67 11.83 11.94 12.00 12.25 12.64 13.00 13.24 13.36 13.35 13.32 13.44 13.82 13.94 13.80 13.70 13.86 14.22 14.22 14.25 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. *Beginning July 7, the FNMA auction r e s u l t s f o r FHA/VA mortgages do payment mortgages. not include graduated 22 23. FNMA AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES Dollar amounts in millions Offered FHA/VA mortgages Accepted 1,249.4 130.3 605.3 80.1 10.60 9.13 716.9 74.7 362.5 47.5 10.92 9.28 1,034.9 36.5 448.3 19.4 13.29 10.42 454.0 19.4 172.2 17.9 13.97 10.92 644.2 199.0 354.6 88.5 15.93 12.28 426.0 28.9 133.0 24.1 17.51 12.81 4 18 643.1 420.2 354.6 273.5 13.58 14.26 204.9 225.5 106.7 112.1 13.31 14.00 Sept. 2 15 29 324.4 224.5 358.1 183.0 136.4 218.5 14.41 14.60 15.30 120.5 103.9 123.3 71.0 67.9 70.9 Oct. 13 27 14.19 14.29 14.86 196.3 231.5 118.3 139.4 14.57 15.30 28.9 78.7 61.9 46.4 14.47 14.92 Date of auction 1978-High Low 1979-High Low 1980-High Low 1980—Aug. Average yield Offered Conventional mortgages Accepted Average yield 24. FHLMC AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES Conventional mortgages, dollar amounts in millions Date of auction Offered Immediate delivery program Accepted Average yield Offered Future commitment program Accepted Average yield 1979-High Low 298.0 38.7 150.5 17.9 13.56 10.40 166.6 38.7 37.8 13.7 13.89 10.43 1980-High Low 337.1 24.4 140.4 20.8 16.22 11.60 129.5 38.1 31.2 11.6 17.36 12.13 1980-Sept. 2 9 16 23 30 65.1 96.5 161.4 108.7 51.6 33.9 44.9 50.5 50.9 44.1 13.35 13.32 13.44 13.82 13.94 57.7 25.8 14.27 Oct. 7 14 21 28 86.4 129.3 112.2 50.6 30.2 49.5 39.0 27.6 13.80 13.69 13.86 14.22 72.5 25.8 14.32 4 12 59.9 n; a. n.a. 42.2 14.22 14.25 38.6 23.6 14.88 Nov. to FHLMC's 8-month program. program was discontinued, and subsequent data r e f e r 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 23 25. ISSUES OF MORTGAGE-BACKED SECURITIES Millions of dollars, not seasonally adjusted Period GNMA-guaranteed Pass-through securities F H LMC-guaranteed Public offerings of mortgagebacked bonds Outstanding by savings and (end of period) loan assoc. Privately insured New issues Outstanding (end of period) 1976 13,764 30,571 1,396 2,671 n.a. n.a. 75 1977 17,440 44,896 4,131 6,610 242 238 1,115 1978 15,358 54,347 6,212 11,892 1,011 1,141 465 1979-Jan. Feb. Mar. 1,703 1,361 1,464 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 1,489 1,673 1,860 60,274 61,551 63,001 364 572 382 12,790 13,296 13,562 151 201 142 1,619 1,821 1,915 0 0 400 July Aug. 2,032 2,934 2,640 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. Dec. 2,639 3,250 1,895 71,457 74,106 76,401 530 186 361 14,838 14,916 15,180 470 383 300 2,987 3,353 3,641 0 0 70 1980-Jan. Feb. Mar. 2,611 1,354 1,125 78,849 79,900 80,843 180 207 106 15,274 15,397 15,454 405 205 342 4,227 4,421 4,771 50 0 0 Apr. May June 1,778 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. 1,874 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 Sept. Oct. Sept. New issues Outstanding (end of period) New issues 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.