Full text of H.16 Capital Market Developments : November 19, 1973
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Capital Market Developments November 19,1973 Prepared by the CAPITAL MARKETS SECTION in conjunction with the MORTGAGE, AGRICULTURAL, and CONSUMER FINANCE SECTION DIVISION O F RESEARCH AND STATISTICS BOARD OF GOVERNORS F E D E R A L RESERVE SYSTEM Washington, D C. 20551 Index TABLES 1-6 7,8 9-16 SYMBOLS SECURITY VOLUME AND YEILDS STOCK MARKET AND SECURITY CREDIT MORTGAGE MARKET e ESTIMATE P PRELIMINARY r REVISED n.a NOT AVAILABLE — DATA DO NOT EXIST Table 1 YIELDS, VOLUME AND RECEPTION CORPORATE BOND MARKET WEEK ENDING YIELDS NEW ISSUE 1 Aaa UTILITY VOLUME RECENTLY OFFERED Aaa UTILITY 2! GROSS 3 OFFERINGS ($ MILLIONS) PER CENT SOLD BY END OF WEEK NEW ISSUES 4 IN SYNDICATE ($ MILLIONS) 1973 - Oct. 5 12 19 26 7.75 7.96 7.99r 7.97 7.90 7.88 7.98 7.98 350 350 353 570 83 100 72 66 60 0 99 18r Nov. 2 9 16 7.76 8.00r 7.98p 7.97r 8.02r 8.00p 105 155 730 71 87 74 25 2 75 } MUNICIPAL BOND MARKET YIELDS WEEK ENDING MOODY'S NEW ISSUE Aaa VOLUME BOND BUYER' 2Q-BOND INDEX 3 GROSS OFFERINGS ($ MILLIONS) PER CENT SOLD BY END OF WEEK NEW ISSUES 4 IN SYNDICATE ( $ MILLIONS) 1973 - Oct. 5 12 19 26 4.70 4.70 4.75 4.90 5.04 4.99 5.05 5.12 461 302 792 162 78 74 74 65 177 155 384 189 Nov. 2 9 16 4.95 5.05 5.10 5.17 5.19 5.27 461 872 671 73 195 154 167 80 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. H.16 Table 2 HIGH GRADE BOND YIELDS NEW ISSUE Aaa UTILITY DATE 1 RECENTLY OFFERED Aaa UTILITY 2 MOODY'S SEASONED CORPORATE Aaa 3 U.S. GOVT. 20-YEAR , CONSTANT MATURITY 4 BOND BUYER 2Q-BOND INDEX 1971 - High Low 8.26 (7/30) 7.02 (2/5) 8.23 (1/1) 7.17 (12/31) 7.71 (8/12) 7.06 (2/12) 6 . 5 1 (6/18) 5.69 (3/23) 1972 - H i g h Low 7.60 (4/21) 6.99 (11/24) 7.46 (5/12) 7.17 (1/7) 7,36 (4/28) 7.05 (12/8) 6.19 (4/14) 5 . 7 4 (11/17) 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) .5 , 6.23 (6/23) 4.97 (10/21) 5.54 (4/13) / 4.96 (10/21) 1973 - Oct. 5 12 19 26 7.75 7.96 7.99r 7.97 7.90 7.88 7.98 7.98 7.59 7.56 7.58 7.64 7.14 7.10 7.22 7.26 5.04 4.99 5.05 5.12 Nov. 2 9 16 7.76 8.00r 7.98p 7.97r 8.02P 8.00p 7.65 7.67 7. 69p 7.28 7.33r 7.3 6p 5.17 5.19 5.27 & NOTES; 1 Federal Reierve 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. "H.16 Table 3 LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS IN MILLIONS OF DOLLARS GROSS PROCEEDS I CORPORATE PERIOD 1973 1 1972 1 1971 1973 2 STATE AND LOCAL 1 1972 1 1971 January February March 2,327 1,962 3,933 3,205 3,369 3,229 3,115 3,000 6,075 1,974 1,499 2,451 1,776 2,005 2,239 2,732 1,851 2,258 April May 2,497 2,543 3,578 3,275 3,598 4,341 4,042 3,300 4,375 1,818 1,921 2,072 1,989 2,017 2,270 1,891 2,167 2,013 July August September 2,553 1,675 3,582 2,893 2,720 4,147 2,532 3,768 1, 958 1,489 1,805 1,966 1,726 1,989 1,903 2,098 3,791 3,377 3,396 3,387 3,704 3,673 2,200 1,861 1,794. 1,728 2,264 2,068 9,803 11,214 9,195 10,564 12,190 11,688 10,447 10,764 6,020 6,276 5,494 5,855 6,841 6,081 5,990 6,060 21,017 30,212 40,776 23,844 34,325 45,089 12,296 17,790 23,645 12,812 18,902 24,962 October November December Q1 02 03 04 1st Half 3 Qtrs. Year 8,222 8,618 NOTES: 1 Securities and Exchange Commission estimates of gross proceeds. 2 Securities Industry Association estimates of principal amounts. 5,924 5,811 Table 4 NEW CORPORATE SECURITY I S S U E S BY TYPE OF ISSUE AND ISSUER IN MILLIONS OF DOLLARS GROSS PROCEEDS BY TYPE OF ISSUE PERIOD TOTAL GROSS PROCEEDS BY TYPE OF ISSUER BONDS MEMO COMMON MANUFACAND ISSUES INCLUDED PUBLICLY PRIVATELY OFFERED PLACED PREFERRED FOREIGN (CONVERTIBLE TURING STOCK COMMUNICATIONS OTHER ISSUERS 1972 - IX III IV 11,214 9,195 10,564 4,634 4,192 4,158 2,781 1,867 3,147 3,789 3,136 3,258 245 57 245 449 836 428 2,109 1,629 1,398 3,495 2,680 2,934 1,369 856 1,079 4,240 4,030 5,151 1973 - I II 8,222 8,618 2,945 3,345 1,405 2,872 3,971 2,402 105 145 112 118 898 1,409 2,427 2,886 1,215 964 3,683 3,361 1972 - Aug. Sept. 3,893 2,720 1,523 863 421 789 948 1,070 17 37 183 203 452 603 635 1,247 237 33 1,568 838 Oct. Nov. Dec. 3,791 3,377 3,396 1,773 1,361 1,024 564 982 1,601 1,454 1,034 770 28 124 93 162 171 95 383 426 589 1,280 794 860 371 658 50 1,757 1,499 1,895 1973 - J a n . Feb. Mar. 2,327 1,962 3,933 989 641 1,315 287 316 802 1,050 1,004 1,817 14 27 64 81 28 3 176 213 509 900 596 931 33 174 1,008 1,218 980 1,485 Apr. May June 2,497 2,543 3,578 93& 1,049 1,358 801 673 1,398 758 822 822 63 44 38 25 82 11 282 399 728 519 771 596 258 374 332 1,439 1,000 922 July Aug. 2,553 1,675 857 792 944 461 752 422 117 10 0 40 515 239 907 507 301 310 829 620 NOTES: 1 PUBLIC UTILITY Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other. Source: Securities and Exchange Commission. Estimated data are derived by Federal Reserve based upon available information. * 1 Table 5A LARGE LONG-TERM PUBLIC SECURITY ISSUES FOR NEW CAPITAL OTHER THAN U.S. TREASURY 1 November 1 - t h r u November 16,1973 ISSUER MATURITY COUPON RATE OFFERING YIELD MOODY'S RATING « CORPORATE Carolina Pwr. & Light Co. Avery Products Corp United Tel. Co. of F l o r i d a Nabisco Inc. Dayton Pwr. & Light Co. Mortgage I n v e s t o r of Wash. 1st Va. Mtge. & Real E s t . Inv Central Pwr. & Light Duke Power Co. New England T e l . and T e l . Southern Railway Gen. T e l . Co. of Florida Toledo Edison Co. W.E. H e l l e r & Co. W.E. H e l l e r & Co. Corning Glass Works MGIC Mtg. Corp. Ala. F i n . Grp. New England E l e c t r i c System D e t r o i t Edison Co. Barnett-Winston Inv. T r s t . AMOUNT (MILLIONS OF DOLLARS) TYPE Com s t k Com s t k 1st mtg SF Deb Bonds Sr Sub notes Sr sub notes 1st mtg Debs Debs Equip t r s t Bonds 1st mtg Sr notes Sub debs S.F. debs Notes Debs Com s t k Com s t k Conv debs 69.0 27.2 15.0 75.0 40.0 15.0 20.0 40.0 100.0 170.0 15.0 50.0 40.0 50.0 25.0 50.0 100.0 30.0 30.0 80.0 30.0 __ tmmm —— —- 2003 2001 2003 1980 1980 8.50 7.75 8.00 8.00 8.50 8.00 8.13 8.00 8.00 8.00 8.00 7.63 8.50 7.75 8.63 8.50 2003 2003 — 2003 2003 1980 1993 1998 1979 2003 —— 8.25 7.79 8.00 8.00 8.50 8.00 8.15 8.07 8.25^7.85-7.90 8.20 8.00 7.97 8.50 7.75 8.63 8.50 —— — A Aa Aa -—— Aa A Aaa Aa A Aa —— -- Aa A —— __ 1998 8,20 8.20 — NOTES: • Rights offering. Includes corporate and other security offerings of $15 million and over. Digitized for 1FRASER H.16 Table 5B LARGE LONG-TERM PUBLIC SECURITY I S S U E S FOR NEW CAPITAL OTHER THAN U.S. TREASURY1 November 1 - thru November ]£, 1973 2 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE OFFERING YIELD MOODY'S RATING STATE AND LOCAL Rev Puerto Rico Aqueduct & Swr. Auth. Rev Puerto Rico Aqueduct & Swr. Auth Rev Kentucky Housing Corp. Rev Kentucky Housing Corp. Rev Georgia Highway Authority Rev New York S t . Dormitory Rev New York S t . Dormitory Adv-ref-rev Port of S e a t t l e , Wash. Rev Alaska S t . Housing Auth. Rev New J e r s e y Mortgage F i n . Agency New J e r s e y Health Care Fac. F i n . Auth. Rev New J e r s e y Health Care Fac. F i n . Auth. Rev New J e r s e y Health Care Fac. Fin. Auth. •Rev Los Angeles Dept. of Wtr. & Pwr., Calif, Rev Los Angeles Dept. of Wtr. & Pwr., Calif Rev Rev South Carolina Pub. Serv. Auth. Rev South Carolina Pub. Serv. Auth G.O. Oregon Rev Sacramento, C a l i f . Muni. U t i l . D i s t . Rev Sacramento, C a l i f . Muni. U t i l . D i s t . Rev S u f f o l k Co. Wtr. Auth., N. Y. G.O. Denver, Colo. 7.5 30.0 10.0 42.1 25.0 10.2 28.9 110.0 15.3 100.0 5.2 5.6 2.2 25.2 24.8 83.5 16,5 100.0 10.0 40.0 13.0 38.1 1978-1992 2006 1975-1988 2013 1974-1998 1976-2005 1975-2004 1974-2001 1976-1993 1974-1983 2005 " 1976-1988 1*993 1979-1998 2013. 1993 1993 1979-1991 1978-1992 2013 1974-2007 1976-1989 ##— - - --- 5.10 5.34 5.79 5.70 5.62 — 5.80 5.50 — — 5.75 —- —- 5.38 5.63 4.81 4.75-5.65 5.98 4.50-5.40 5.98 4.20-5.25 4.25-5.60 4.70-6.00 4.50-5.90 4.90-5.90 4.50-5.00 5.80 4.60-5.20 5.50 4.30-5.35 5.50 4.60-5.40 4.20-4.94 4.35-5.15 5.50 4.50-5.70 4.25-5.00 A A A — Aa Aaa A-l A Baa A-l A A A Aa Aa A A Aaa Aa Aa A-l Aa NOTES: 1 2 Includes state and local security offerings of $10 million and over. 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. foreign government and International Bank for Reconstruction and Development issues and non-guaranteed issues by Federal Agencies. Digitized3 forIncludes FRASER Table SB Continued LARGE LONG-TERM PUBLIC SECURITY I S S U E S FOR NEW CAPITAL OTHER THAN U.S. TREASURY November 1 - t h r u November 16, 1973 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY OFFERING YIELD COUPON RATE MOODY'S RATING STATE AND LOCAL Colo. Springs, Colo. Henrico Co., Va Anne Arundel Co., Md. Detroit New York S t . Housing F i n . Agency New York S t . Housing F i n . Agency Salem, Mass. Penna. S t a t e Public Sch. Bldg. Auth. T r i n i t y River Auth. of Tex. Maryland U n i v e r s i t y of Houston Lansing, Mich. Rev G.O. G.O. G.O. G.O. G.O. G.O. Rev Rev G.O. Rev Rev 10.0 23.0 25.0 16.9 5.0 158.0 12.1 15.7 23.0 57.9 25.0 14.0 1984-2003 1974-1993 1974-1998 1974-1988 — 1974-1993 1976-2013 1978-1999 . 1976-1988 1974-1999 1991 5,39 4.86 5.09 5.52 5.48 5.93 4.70-5.50 4.20-5.10 4.20-^.40 4.75-5.60 4.50-5.97 4.50-5.97 4.30-5.20 4.50-5.65 4.40-5.75 4.20-4.90 4.25-5.75 4.25-5.00 - - 5.49 5.35 4.65 5.46 4.79 Aa Aa A-l A-l A-l Aa A A Aaa A-l Aaa I H.16 Table 6A FORTHCOMING LARGE LONG-TERM PUBLIC SECURITY OFFERINGS FOR NEW CAPITAL OTHER THAN U.S. TREASURY ' as of November 16, 1973 TYPE ISSUER AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING CORPORATE Carolina Pwr. & Light Co *Kentucky U t i l i t i e s *Baltimore Gas & E l e c t r i c Co. Columbus & So. Ohio Elec. Co. Transcontinental Gas P i p e l i n e Co. Avco F i n . Serv. Eaton Corp. Dallas Pwr. & Light Co. *Kerr-McGee AT&T Southern Co. Diamond S t a t e s Telephone Co. P a c i f i c Gas & Elec. Co. CIT F i n . Corp. Wang Lab. Arkansas Power & Light Co. General Telephone Co. of Ind. General Telephone Co. of Ind. Georgia Pwr. Co. Georgia Pwr. Co. Flexi-Van Corp. White Consolidated I n d u s t r i e s I n c . Metro Edison Co. Total Petroleum Ltd. Lionel Edie Cap. Fd Investors Diversified ^Niagara Mohawk Pwr. Co. F l o r i d a Pwr. Corp. F l o r i d a Pwr. Co. *San Diego Gas & Elec. Co. *Alabama Pwr. Co. *Consumer Pwr. Co. Niagara Mohawk Pwr. Co. *Nevada Power Co. New England Power Co. I l l i n o i s Bell Tele. Co. *Indiana & Michigan E l e c t r i c Co. Long Island Lighting Co. *Duquesne Light Co. *American General Optional I n v e s t o r s *Arizona Pub. Service Co. 1st mtg Com s t k Pfd s t k Bonds „ Bonds Sr debs Sr debs Pfd s t k Pref s t k Pfd s t k Com s t k Debs Bonds Debs Conv sub debs Pfd s t k Pfd s t k 1 s t mtg Bonds Pfd s t k Debs Conv debs 1st mtg Com s t k Com s t k Bene i n t Com s t k Bonds Pfd s t k Com s t k Pfd s t k Com s t k Bonds Pfd s t k 1st mtg Debs Pfd s t k Bands Com s t k Com s t k Com s t k 100.0 16.6 20.0 45.0 50.0 75.0 75.0 30.0 26.6 500.0 175.0 15.0 125.0 100.0 20.0 15.0 14.0 25.0 15.0 25.0 35.0 51.5 40.0 15.0 . 105.0 12.0 51.6 70.0 50.0 35.0 50.0 60.0 80.0 15.0 40.0 300.0 30.0 60.0 45.0 50.0 37.0 November November November November November November November November November November November November November November November November November November November November November November November November November November December December December December December December December December December December December December December December December 19 19 20 20 20 20 21 26 27 27 27 27 27 27 28 28 29 29 3 4 4 4 4 5 10 11 11 12 13 17 17 NOTES: * Included in table for first time. 1 Includes corporate and other security issues of $15 million and over. H.16 Table 6B 11 FORTHCOMING LARGE LONG-TERM PUBLIC SECURITY OFFERINGS FOR NEW CAPITAL OTHER THAN U.S. TREASURY ' as of November 16, 1973 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING STATE & LOCAL Los Angeles DWAP Alabama Public School & Coll. Auth. Manatee Co. F l a . Michigan Sarasota Co. F l a . , Spc. U t i l Dist#L B a l t o . , Co. Md. Coastal Indus. Wt. Auth. Tex. Chicago, 111. F a i r f i e l d Swr. Imp. D i s t . #1, Cal. New York S t a t e Housing F i n . Agency *Sarpy Co. Hosp. Auth. #1 Neb. New J e r s e y Health Care Fac. Auth •Washington, D. C. Maryland Dept. of Trans. V i r g i n i a , S t a t e of Puerto Rico Wtr. Res. Auth. New York S t a t e Greater Chicago, 111., Metro San D i s t . *Muskogee Hosp. T r s t . , Okla. Rev Rev Rev G.O. Rev G.O. Rev G.O. G.O. G.O. Rev Bond Bond Rev G.O. -Elec rev G.O. Rev G.O. 50.0 23.0 11.7 25.0 10.2 15.0 35.0 14.0 12-15.0 160.0 . 19.2 12.9 65.0 47.2 103.0 120.0 152.5 November November November November November November November November November November November November December December December December December 17 20 20 20 20 27 28 30 20.0 20.0 December December 5 1 4 4 4 5 NOTES: 1 Includes state and local government issues of $10 million and over. 2 Includes foreign government and International Bank for Reconstruction and Development issues and issues of Federally sponsored agencies. H.16 Table 7 STOCK PRICES AND VOLUME 1 STOCK PRICES DATE NYSE INDEX 1971 - High Low 57.75(4/18) 48.73 (1/4) 1972 - High Low 65.14(12/11) 56.23(1/3) 1973 - High Low 65.48(1/11) 53.36(7/6) 3 DJ INDUSTRIALS | 4 AMEX 1 2 TRADING VOLUME NASDAQ NYSE 950.82(4/28) 26.68(4/28) 112.66 (12/31) 797.97(11/23) 22.72(1/4) 100.52(2/26) | AMEX | NASDAQ 22.1(2/12) 11.0(9/17) 6.7(2/5) 2.7(8/13) 8.9(12/30) 5.1(11/26) 1036.27(12/11) 28.53(4/14) 133.28(4/21) 889.30(1/3) 25.61(1/3) 114.88(1/7) 21.8(11/10) 11.2(9/8) 7.4(3.10) 2.6(9/8) 11.7(3/10) 6.5(9/10) 1051.70(1/11) 851.90(8/22) 21.5(9/28) 10.2(7/6) 4.8(1/12) 1.5(8/24) 10.4(1/12) 4.0(7/6) 26.70(1/8) 136.18(1/12) 22.20(6/25) 99.39(7/5) Oct. 5 12 19 26 59.34 60.25 59.49 59.90 971.25 978.63 963.73 987.06 106.47 109.82 108.96 108.70 112.56 114.10 113.25 112.78 19.4 20.2. 18.1 16.1 3.8 3.9 3.1 2.8 7.1 7.1 6.1 5.7 Nov. 2 9 16 57.61 56.51 935.28 908.41 891.33 106.56 104.18 100.64 108.93 105.77 101.38 17.3 17. 4r 20.9 2.8 2.9 4.0 6.0 6.5r 7.4 NOTES: Figures other than highs and lows are Fridays only. Highs and lows are for the year and are not necessarily for Fridays. 1 k y a W S 0f dailV fi ures (million$ o f shares) 2 hnwJTrtZITrr ; T ? - ^ ' " 9 is normally conducted for 5% hours per day and 5 days per week, or 27% hours per week. In recent years, however abbreviated trading to the extent, and over the time periods, shown below: Fmm January 3, 1969 July 7, 1*969 January 2, 1970 3 12/31/65 = 50 4 Average dollar value of shares listed. Through July 3, 1969 December 31, 1969 May 1, 1970 Market Value Index r e p l a c e s P r i c e Level Index Hours/Day Days/Week Hours/Week 4 4% 5 5 5 5 20 22% 25 Table 8 13 SECURITY CREDIT REGULATED MARGIN CREDIT EXTENDED BY END OF PERIOD 3 BROKERS ON 1 BROKERS ON % MARGIN CONVERTIBLE STOCK BONDS BANKS • •ianr*r*i 11 i x e n NONMARGIN UAyii UNREGULATED STOCK CREDIT AT BANKS OUTSTANDING 1972 - Sept. Oct. Nov. Dec. 1973 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. 7,800 7,800 7,890 7,900 248 250 249 254 7,700 7,500 7,200 7,040 6,540 6,180 6,010 5,830 5,730 5,690 249 248 244 232 224 215 216 210 -204 n.a. . 1,008 943 902 865 865 867 879 872 866 871 n.a. n.a. n.a. n.a. 1,871 1,875 1,871 1,896 l,932r 1,954 l,962r l,952r l,992r 1,964 n.a. CHANGE IN OUTSTANDING 1972 - S e p t . 20 Oct. -— Nov. 90 10 Dec. 1973 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. -200 -200 -300 -160 -500 -360 -70 -180 -100 40 2 2 -1 5 -5 -1 -4 -12 -8 -9 1 -6 -6 -24 -65 -41 -37 2 12 -7 -6 -5 n.a. . n.a. 71 4 -4 25 44 14 -37 52 41 46 n.a. n.a. - NOTES: Margin account debt as reported by the New York Stock Exchange, excluding credit for subscription issues and convertible bonds. 1 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 H.16 4 Table 9 SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS IN MILLIONS OF DOLLARS SAVINGS & LOAN ASSOCIATIONS MUTUAL SAVINGS BANKS REGULAR DEPOSITS ANNUAL 3 GROWTH RATE 1970 1971 1972 4,517 9,621 9,788 6.8 13.5 12.0 1972 - J u l y Aug. Sept. 582 419 1,015 —-» — — 1973 - J u l y Aug. Sept. p -412 -506 283 - - 1973 - Mar. Apr. May June July Aug. Sept. p 579 387 451 777 -173 -117 198 7.5 5.0 5.8 9.9 -2.2 -1.5 2.5 — NET NEW MONEY 2 SHARE CAPITAL ' NET FLOW 10,965 28,230 32,902 414 293 218 2,290 1,801 3,395 -603 -651 -613 -225 -1,158 1,850 — - —- NET NEW MONEY TOTAL 2 DEPOSITS NET FLOW ANNUAL 3 GROWTH RATE NOT SEASONALLY ADJUSTE&) 936 5,678 5,397 mm mm • i < o NET FLOW 1 8.1 19.3 19.5 __ - - — - - — 7.7 17.5 17.0 6,221 26,331 29,281 — "2,573 2,001 1,704 5,2&5 20,653 23,884 15,482 37,851 42,690 2,159 1,708 1,486 2,872 2,220 4,410 -291 -1,186 -345 -633 -1,664 2,133 mm mm 2,980 1,646 2,396 3,172 362 -331 1,586 11.7 6.4 9.3 12.2 1.4 -1.3 6.0 2,40fEASONlbL.Y5ADJUSTEe-«• 1,259 7.0 - 1,945 10.8 - 2,395 13.2 —— 535 2.9 — -214 -1.2 1,388 7.5 NET NEW MONEY 2 -915 -1,837 -958 —— - —— - - NOTES: 1 Regular deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of total deposits. 2 New deposits net of both withdrawals and interest. Data for S&L's are for insured associations only, which represent 96 per cent of industry total resources. 3 Annual growth rate for monthly data is the annualized monthly percentage increase in deposits. Source: National Association of Mutual Savings Banks and Federal Home Loan Bank Board. H.16 MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS BILLIONS OF DOLLARS, SEASONALLY ADJUSTED OUTSTANDING COMMITMENTS PERIOD ALL SAVINGS MUTUAL & LOAN SAVINGS BK£3 ASSOCIATIONS (N Y. STATE]1 TOTAL NET CHANGE TOTAL ALL SAVINGS MUTUAL & LOAN SAVINGS BKS ASSOCIATIONS (N Y. STATE) ( B i l l i o n s of Dollars i, Seasonally A d j u s t e d ) r / 1971 - Dec. .17.7 14.0 3.7 1972 - J a n . 18.0 19.1 19.7 20.1 20.6 20.7 21.0 21.8 22.9 23.6 24.3 24.9 14.1 15.0 15.4 15.7 16.2 16.3 16.5 17.3 18.1 18.7 19.4 20.0 3.9 4.1 4.3 4.4 4.4 4.4 4.5 4.5 4.8 4.9 4.9 4.9 20.8 21.6 21.3 20.7 20.1 19.8 18.6 17.9 16.8 5.1 5.0 4.8 4r6 4.5 4.4 4.3 4.1 4.0 Feb. March April Hay June July Aug. Sept. Oct. Nov. Dec. 1973 - J a n . Feb. Mar. Apr. May July ) Aug / Sept \ 25.9 26.6 26.1 25.3 24.6 24.2 22.9 22.0 20.8 . .59 .38 .21 .24 1.19 .49 .42 .60 .53 .36 .83 .99 .73 .73 .68 .11 .91 .38 .29 .55 .60 ,26 .76 .77 .63 .69 .65 .13 .28 .11 .13 .05 -.07 .10 .07 .22 .10 .04 .03 .98 ,62 -.54 -.68 -.84 -.38 -1.25 .81 .74 -x32 -.53 -.67 -.29 -1.15 .17 -.12 -.22 -.15 -,17 , *.09 -.10 -.15 -.09 - • 88 -1.19 . • 73 -1.10 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 endof period outstanding " leVetiT^s reported and efterseasonal-edjustment by Federal Reserve. Subtotals may not.add^o tptals because 0 f rounding. H.16 Table 11 16 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 1971*- Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. -439 -696 -388 -483 +604 +335 +453 +942 -96 +563 -100 -451 -453 -136 +411 +200 +526 +849 +300 +500 1972 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. -259 +169 +176 +138 +129 +599 -367 • +120 +624 -112 +628 +273 +399 -+248 -1 +299 +813 -1 -1 +100 -47 +311 +475 +103 +337 -1 1973 - J a n . Feb. Mar. Apr. May June +131 +452 +582 +1,267 +1,769 +740 +122 +312 +378 +1,303 +1,600 +961 +251 -1 +1,195 +1,200 +600 1973- +1,475 +1,693 +1,911 +1,946 +1,528 +1,350 +1,850 +1,950 +. 998 +1,350 +1,500 +1,300 v July Aug.p Sept.p Oct. Nov. Dec. — -450 -651 -452 -337 -39 -87 -28 +200 -250 FHLMC FNMA —— +350 +200 -1 +201 +450 -13 +554 +649 +550 +500 —— . —— - - +300 • - - — - - — — —— -403 -2 -1 -200 -1 -1 -1 — —. — —— +200 — —— +602 +250 —— . +500 — -1 +814 - - - - - - —— - - - -25 +76 +116 3+51 — +1 +400 +100 -150 -1 +400 +6 +10 +379 +107 — +361 +530 —— —— — —— +350 +650 SHORT-TERM DISCOUNT NOTES -339 -245 +65 -347 +193 +135 -73 +93 -396 +63 -259 -230 -72 +139 -170 -214 -366 +121 +524 -65 +317 -202 +9 +140 +204 -36 +169 -221 -58 +343 +61 -4 NOTES: Based on data from the Treasury Survey of Ownership. H.16 Table 12 17 NET CHANGE IN MORTGAGE HOLDINGS IN MILLIONS OF DOLLARS 2 FINANCIAL INSTITUTIONS TOTAL INCLUDING FNMA-GNMA TOTAL 19,699 16,827 39,259 55,882 5,649 5,101 4,772 5,071 6,002 5,404 2,462 9,940 16,800 2,682 1,845 3,938 5,377 9,561 10,172 24,160 31,982 2,052 2,348 1,221 1,723 4,375 4,909 2,388 2,026 1972 - Aug Sept Oct Nov Dec 24,074 21,736 41,647 57,908 6,017 5,238 4,867 5,201 6,134 1,714 1,610 1,488 1,587 1,191 553 502 472 517 598 3,313 2,926 2,673 2,712 3,101 69 63 139 255 1,112 368 137 95 130 132 1973 - Jan Feb Mar Apr May June July Aug Sept 4,060 3,854 5,313 4,768 5,791 6,518 5,682 6,170 4,483 3,865 3,788 5,244 4,768 5,954 6,264 5,075 5,324 3,997 1,200 1,300 1,600 1,600 2,000 1,800 1,500 1,900 1,900 458 331 568 506 562 649 557 494 321 2,045 2,128 2,999 2,991 3,250 3,301 2,689 2,516 1,393 162 29 77 -329 142 514 329 414 383 195 66 69 - 4 -163 254 607 846 486 1972 - Aug Sept Oct Nov Dec 5,454 5,090 4,834 5,347 5,781 5,228 4,834 4,873 5,273 5,672 1,558 1,364 1,481 1,622 1,435 516 503 501 510 517 3,097 2,874 2,769 2,876 2,950 57 93 122 265 770 226 256 - 39 74 109 1973 - Jan Feb Mar Apr May June July Aug Sept 5,030 4,842 5,399 4,892 5,702 5,812 5,466 5,593 4,091 4,810 4,706 5,265 4,755 5,726 5,481 4,906 4,893 3,725 1,459 1,516 1,654 1,601 1,890 1,585 1,409 1,742 1,652 501 437 556 555 562 572 542 456 320 2,620 2,650 2,947 2,870 3,089 2,770 2,604 2,294 1,340 230 103 108 -271 185 554 351 401 413 220 136 134 137 - 24 331 560 700 366 PERIOD COMMERCIAL BANKS MSB's S & L's INSURANCE FNMA-GNMA COMPANIES Not Seasonally Adjusted 1969 197& 1971 1972 Seasonally Adlusted 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 89 per cent of the net increase estimated for all holders in 1972. 2 Beginning January 1972 data reflect activity in limited amount of conventional mortgages. H.16 NET INCREASE IN MORTGAGE DEBT OUTSTANDING IN BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL RATES RESIDENTIAL QUARTER MULTIFAMILY & COMMERCIAL FARM 6.4 6.0 6.5 7.4 9.5 9.2 10.1 11.3 2.3 2.2 1.8 1.9 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 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 27.3 36.0 38.9 40.7 19.2 26.5 30.1 31.9 8.0 9.4 8.8 8.9 8.1 9.5 11.1 11.0 16.1 18.9 19.8 . 19.9 ' 2.2 2.3 2.3 2.5 62.4 64.9 65.2 68.4 45 .4 47.1 47.3 50.6 35.9 37.5 38.5 40.2 9.5 9.6 8.8 10.4 14.5 15.2 15.2 15 .4 23.9 24.8 24.0 25.8 2.6 2.6 2.6 2.5 77.9 76.7 58.1 55.6 45.7 43.3 12.4 12.3 15.8 17.3 28.2 29.6 4.0 3.9 TOTAL TOTAL 1- to 4FAMILY MULTIFAMILY 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 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 1970 - I II III IV 20.7 22.9 28.5 31.8 14.4 16.8 21.3 22.8 1971 - I II III IV 37.5 47.8 52.2 54.2 1972 - I II III IV 1973 - I II COMMERCIAL 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. t 2 May differ somewhat from related flow of funds series mainly because of more aggregative type of seasonal adjustment. f 3 Residential mortgage debt includes nonfarm only and is sum of 1-to 4- family and multifamily mortgage debt combined. H.165 Table 14 PRIVATE HOUSING PERMITS, STARTS, COMPLETIONS, AND MOBILE HOME SHIPMENTS IN THOUSANDS OF UNITS, SEASONALLY ADJUSTED ANNUAL RATES PERMITS!/ PERIOD TOTAL 1—FAMILY COMPLETIONS STARTS 2 - O R MORE FAMILY TOTAL 1—FAMILY 2 - O R MORE FAMILY TOTAL 1—FAMILY MOBILE 2 - O R MORE HOME FAMILY SHIPMENTS 1969 1970 1971 1972 1,322 1,352 1,952 2,219 626 647 928 1,033 696 705 1,025 1,186 1,500 1,467 2,085 2,379 811 813 1,151 1,309 656 898 901 1,048 1,399 1,452 1,740 2,002 808 802 1,014 1,145 592 617 692 829 1972 - August September October November December 2,281 2,366 2,318 2,226 2,399 1,065 1,029 1,138 1,013 1,001 1,216 1,337 1,180 1,213 1,398 2,424 2,426 2,446 2,395 2,369 1,373 1,382 1,315 1,324 1,207 1,051 1,045 1,131 1,071 1,162 1,973 1,972 1,945 1,980 2,147 1,210 1,118 1,156 1,153 1,168 763 853 789 828 980 534 494 548 666 606 1973 - January February March April May June July August September 2,233 2,209 2,129 1,939 1,838 2,030 1,780 1,750 1,604 1,062 1,079 1,022 945 954 934 904 805 779 1,171 1,130 1,107 994 884 1,096 876 945 825 2,497 2,456 2,260 2,123 2,413 2,128 2,191 2,066 1,763 1,450 1,372 1,245 1,202 1,271 1,124 1,247 1,116 985 1,047 1,084 1,015 921 1,142 1,004 944 950 778 2,147 2,033 2,162 2,067 2,168 2,201 1,984 1,802 1,324 1,259 1,310 1,168 1,285 1,278 1,050 1,081 823 774 851 899 883 925 935 721 648 642 737 680 661 616 569 546 413 401 497 576 I NOTES: M Private building permits (for 14,000 areas with permit systems, excluding farm), starts and completions are Census Bureau data, with completions converted to a seasonally adjusted annual rate ^ by the Federal Reserve. 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 half of the units in the structure are ready for use. Private mobile home shipments are Mobile Home Manufacturers Assoc. data converted to seasonally adjusted annual rate by Census Bureau. Digitized 1/ for FRASER Data f o r 1969 and 1970 based on 13,000 p e r m i t - i s s u i n g p l a c e s . , Table 15 8 AVERAGE RATES AND YIELDS ON HOME MORTGAGES CONVENTIONAL LOANS PRIMARY MARKET EXISTING HOMES NEW HOMES 1 1 PERIOD RATE (IN PER CENT) SPREAD (BASIS POINTS) SPREAD BETWEEN RETURNS ON NEW Aaa NEW HOMES CONVENTIONAL UTILITY 1 AND HUD(FHA) BOND NEW HOME SPREAD DISCOUNT YIELD (BASIS MORTGAGES (IN PER CENT) (PERCENTAGE POINTS) POINTS) (BASIS POINTS) HUD(FHA) INSURED LOANS SECONDARY MARKET RATE (IN PER CENT) SPREAD (BASIS POINTS) YIELD (IN PER CENT) 1971 - High Low 7.95 7.55 52 01 - 8.05 7.65 62 06 7.97 7.32 31 07 7.8 2.7 28 01 8.04 7.28 1972 - High Low 7.70 7.55 61 15 7.75 7.60 66 20 7.57 7.45 48 05 / 4.7 3.7 14 06 7.45 7.09 1972 - J u l y Aug 7.65 7.65 7.70 7.70 7.70 , 7.70 27 28 30 32 61 55 7.70 7.70 7.75 7.75 7.7 5 7.75 32 33 35 37 66 60 7.54 7.55 7.56 7.57 7.57 7.56 16 18 16 19 48 41 4.4 4.5 4.6 4.7 4.7 4.6 11 10 14 13 13 14 7.38 7.37 7.40 7.38 7.09 7.15 7.70 7.75 7.80 7.90 7.95 8.05 8.40 8.85 8.95 8.80 32 35 31 44 44 41 39 49 107 88 7.75 7.80 7.85 7.90 8.00 8.10 8.40 . 8.85 8.95 8.85 37 40 36 44 49 46 39 49 107 93 7.55 7.56 7.63 7.73 7.79 7.89 8.19 17 16 14 27 28 25 18 4.5 4.6 5.2 5.9 6.4 7.2 9.4 15 19 17 17 16 16 21 5.2 3.6 -23 -17 7.38 7.40 7.49 7.46 7.51 7.64 8.01 8.36 7.88 7.92 Sept Oct Nov Dec 1973 - Jan Feb Mar Apr May June July Aug Sept Oct. - - - - 9.18 8.97 130 105 __ 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. Table 16 21 FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS GOVERNMENT-UNDERWRITTEN DATE OF AUCTION AMOUNT (IN MILLIONS OF DOLLARS) OFFERED 1 9 3 - Jan Feb Mar. Apr. 2 8 22 5 6 19 21 5 6 19 21 | ACCEPTED AVERAGE YIELD 74.2 107.0 61 .3 92 .1 7.69 7.70 128.6 65 .4 7.71 - - - - 110.3 71 .6 7.73 . - - - - 170.8 107 .7 - - — 297.3 168 .7 7.81 - - - - - 145 .9 7.86 2 3 16 17 30 234.6 216.6 14 29 June 11 25 July 7 .75 -• CONVENTIONAL AMOUNT (IN MILLIONS OF DOLLARS) AVERAGE YIELD OFFERED 1 ACCEPTED 39.4 25 .5 7.84 - - - - 62 .9 7.89 - - - 100.9 - — 66.0 60.3 - - 49 .6 44 .3 7.92 7.95 - - - - — 86.8 56 .4 8.02 111.9 81 .6 8.11 88 .4 88 .2 8.17 8.23 190 .7 7.89 -• - - 261.2 185 .9 7.92 111.0 128.9 258.3 212.4 187,.7 140..0 7.96 8.00 117.6 113.3 84 .4 74,.0 8.31 8.39 184.5 199.3 142,.2 118.,7 8.04 8.09 110.1 95.0 74..1 69.,4 8.44 8.51 9 23 539.0 351.4 244. 8 181. 4 8.38 8.54 108.4 119.0 •72.,5 61. 7 8.67 8.79 Aug. 6 20 458.5 525.0 201. 9 223. 8 8.71 8.95 154.3 171.3 77. 4 77. 2 8.98 9.27 Sept. 4 17 551.0 138.1 288. 9 107. 9 9.27 9.37 118.6 48.6 61. 5 46. 8 9.53 9.68 Oct. 1 15 29 32.5 24.8 28.2 24. 1 16. 6 21. 6 4.11 8.97 8.94 9.1 18.6 17.4 7. 1 16. 2 9. 4 9.43 9.10 9.01 Nov. 12 29.3 23. 1 8.87 24.1 16. 7 8.94 May - - - - — 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 b i d s r e c e i v e d . H.16
@FedFRASER