Full text of H.16 Capital Market Developments : November 2, 1981
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November 2, 1981 I?*.. Z lp % ;A •, .Capital Market • Developments As p a r t of an e f f o r t t o r e d u c e c o s t s , p u b l i c a t i o n of C a p i t a l M a r k e t D e v e l o p m e n t s w i l l b e d i s c o n t i n u e d a t t h e end of 1 9 8 1 , w i t h t h e l a s t r e l e a s e s c h e d u l e d t o b e i s s u e d on December 2 1 , 1 9 8 1 . Much of t h e i n f o r m a t i o n c o n t a i n e d i n C a p i t a l Market Developments i s a v a i l a b l e i n the Federal Reserve B u l l e t i n , other s t a t i s t i c a l p u b l i c a t i o n s of t h e B o a r d , o r i n t h e f i n a n c i a l p r e s s . Subc r i b e r s w i l l r e c e i v e r e f u n d s on a p r o r a t a b a s i s f o r i s s u e s t h e y w e r e t o r e c e i v e a f t e r December 1 9 8 1 . Any questions regarding outstanding s u b s c r i p t i o n s should be d i r e c t e d to the Publications Section (202-452-2001). 0 £ # I Prepared by I 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 $.50 each. Address requests to Publications Services, Division of Support Services, and make payment remittance payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. Currency. 1. YIELDS, VOLUME AND RECEPTION Corporate Bond Market Volume Yields Week ending 1981-Aug. New issue Aaa utility 1 7 14 21 28 Sept. 2 9 16 23 30 16.94 — — New issues in syndicate 4 ($ millions) Percent sold by end of week 35 362 345 100 100 100 93 100 0 0 25 0 17.50 17.52 16.92 17.18 75 350 415 813 100 98 100 96 0 8 0 25 17.72 16.96 17.21 17.38r 17.32p 350 418 437 182 602 99 100 68 100 100 4 0 139 0 0 17.55 17.62 16.87 16.79 4 Gross offerings 3 ($ millions) 16.68 16.63 16.80 17.15 —— 11 18 25 Oct. Recently offered Aaa utility? 2. YIELDS, VOLUME AND RECEPTION Municipal Bond Market Volume Yields Week ending 1981-Aug. 7 14 21 28 Oct. 11.10 11.10 11.10 11.10 11.63 11.94 12.49 12.97 12.34 12.55 13.04 13.89 488 417 752 291 97 87 91 93 67 60 68 65 11.10 14.10 14.24 13.78 13.62 369 983 888 646 98 99 95 88 65 19 52 84 13.98 13.62 13.57 13.94 13.97 522 773 547 598 1,075 95 95 95 91 97 58 53 40 98 46 11.80 11.80 25 11.50 13.10 13.21 12.79 12.57 2 9 11.80 11.80 11.80 12.00 12.60 12.93 12.73 12.53 12.99 12.99 16 23 30 New issues in syndicate 4 ($ millions) Moody's new issue Aaa 11 18 Sept. 4 Bond Buyer Rev. bond index Bond Buyer G.O.bond index Gross offerings ($ millions) Percent sold by end of week 3 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 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 for Corporate Digitized FRASERMarket: Salomon Brothers Bond Market Roundup-, Municipal Market: Weekly Bond Buyer. Data are adjusted by Federal Reserve when necessary to make coverage of this series consistent with the gross offerings series. 3. HIGH GRADE BOND YIELDS New issue Aaa utility 1 Date 1978-High Recently offered Aaa utility 2 9.30(11/10) 9.54(12/22) 8.61( 3/24) 8.48( 1/6) Low 1979-High Moody's seasoned corporate A a a 3 U.S. govt. 20-year constant maturity 4 9.27(12/29) 9.00(12/22) 8.30( 1 / 6 ) 8.01( 1/6) 11.51(11/12) 11.45( 11/9) 10.87(12/28) 10.56( 11/9) 9.40( 8/17) 9.39( 6/29) 9.16( 7/6) 8.79( 7/6) Low 1980-High Low 1981-High Low Bond Buyer G O. bond index5 Bond Buyer Rev. bond index 6 6.67(12/22) 5.58( 3/17) 7.38(10/26) 7/6) 8.24(11/23) 7.23( 9/21) 1 4 . 5 1 ( 1 2 / 1 2 ) 1 5 . 0 3 ( 1 2 / 1 2 ) 1 3 . 4 9 ( 1 2 / 1 9 ) 1.2.86(12/12) 1 0 . 5 6 ( 1 2 / 1 9 ) 10.53( 6/20)10.79( 6/20) 10.34( 6/20) 9.59( 6/20) 7.11( 5/9) 11.41(12/19) 8.15( 5/8) 17.62( 9/11)17.72( 10/9) 15.85( 10/9)15.55( 10/9) 13.21( 9/11) 14.05( 1/9)13.99( 3/20) 12.59( 1/9)11.98( 1/9) 9.49 ( 1/9) 14.24( 9/11) 10.34( 1/16) 6.08( 1981-Jan. Feb. Mar. 14.12 14.90 14.71 14.17 14.58 14.41 13.35 13.33 12.29 12.98 12.94 10.10 10.16 10.90 Apr. May June 15.68 15.81 14.76 15.48 15.48 14.81 13.88 14.32 13.75 13.46 13.82 13.20 10.62 10.79 10.67 11.32 11.49 July Aug. Sept. 16.30 15.73 13.92 14.52 15.07 11.14 12.26 12.92 12.96 13.94 1981-Sept. Oct. 12.81 9.66 10.64 11.01 11.60 17.21 17.33 14.38 14.89 15.49 4 11 18 25 17.55 17.62 16.87 16.79 17.50 17.52 16.92 17.18 15.50 15.61 15.30 15.35 15.16 15.12 14.76 14.93 13.10 13.21 12.79 12.57 14.10 14.24 13.78 13.62 2 9 16.94 17.72 16.96 17.21 17.38r 17 , 3 2 p 15.85 15.40 15.18 15.36r 15.61p 15.55 14.98 14.92 15.18r 15.40p 12.93 12.73 12.53 12.99 12.99 13.98 13.62 13.57 13.94 13.97 16 23 30 16.82 11.88 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 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 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. 6 Thursday figures. The average rating of the 25 revenue bonds used in this index falls midway between the five top groups as classified by Moody's Service. Weekly Bond Buyer data. Digitized forInvestors FRASER 4. LONG-TERM CORPORATE AND STATE A N D LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS Gross proceeds, millions of dollars Corporate Period State and Local 1 January February March 1979 3, 770 3,165 4,354 1980 6,173 4,507 4,454 1981 5,581 4,157 6,423 1979 2,840 2,603 4,644 1980 3,078 2,424 2,435 1981 2,675 2,982 3,957 April May June 4,692 4,160 6, 238 5,656 9,074 9,645 6, 835 5,457 9,536* 3,444 3,042 4,724 4,962 4,746 6,136 5,218 3,503 4,805* July August September 4,103 4,211 4,593 8,029 5,437 5,025 4,013 2,866 3,800e* 3,396 4,256 2,472 4,872 3,946 4,523 3,171 October November December 4,601 3,868 3,778 5,819 3,936 5,933 4,217 4,160 3,567 4,474 2,916 3,854 3,500e* 51,553 73,688 43,365 48,366 Year 3,000e 3,100e* 1 Securities and Exchange Commission estimates of gross proceeds. 2 Public Securities Association estimates of principal amounts. e Estimated by Federal Reserve on the basis of available data. * Excludes $150 million issue of Alaska Housing Finance Corporation. 5. TREASURY AND GOVERNMENT SPONSORED AGENCY BORROWING Millions of dollar^ Federal Government Means of financing combined deficit Net cash borrowing f r o m t h e publics Public debt securities Gov't, agency NonCoupons Bills securities marketable Decrease(+)' Sponsored agency increase!—) borrowing4 in cash operating balance Combined deficit(+) or surplus(—) 1 Total 3 -1979 -1980 41,397 50,670 37,360 79,201 10,899 43,458 28,041 50,480 -397 -14,298 -1,402 -577 1,115 484 366 3,621 23,631 24,705 1980 — O c t . Nov . Dec . 17,146 10,698 7,869 4,758 9,231 13,668 2,477 6,412 7,382 2,422 3,267 7,233 -63 -315 -1,023 -23 -30 -79 4,076 -3,985 -720 8,312 5,452 -5,079 5,116 412 3,378 1981 — — Can. 8 , 3 3 9 17,063 Feb . 13,048 Mar . 6,772 13,916 15,138 4,320 8,548 6,343 4,159 5,849 8,997 -1,480 -489 -347 -35 -55 -14 3,179 -664 -1,479 -1,612 3,811 -611 1,408 13 1,960 -15,251 18,379 -13,820 -3,725 539 572 -9,466 -1,336 -5,728 6,307 2,155 7,770 -417 -158 -1,479 -71 -37 -84 -1,092 2,391 -3,705 -10,434 15,449 -10,687 1,478 4,744 2,660 13,120 3,383 -1,254 6,892 -2,166 -36 4,666 5,071 Period CY^ CY Apr . May June July Aug. Sept. Other 1 U.S. unified budget deficit or surplus plus off-budget entities deficit or surplus. 2 Change in outstanding amount of public debt securities and government agency securities less change in holdings of those securities by government accounts. 3 Also includes changes in matured and noninterest-bearing public debt. 4 change in outstanding amount of marketable securities issued by Federal Farm Credit Banks, Federal Home Loan Banks, Federal Home Loan Mortgage Corporation, Federal National Mortgage Association. 5 CY= Calendar Year 6 6. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE Gross proceeds, millions of dollars Bonds Period 1977 1978 1979 1980 Total Publicly offered 2 Privately placed Memo Issues included Foreign Convertible Common and preferred stocks 53,792 47,230 51,533 73,688 24,072 19,815 25,814 41,587 17,943 17,057 14,394 11,612 11,777 10,358 11,325 20,490 1,347 1,349 1,008 1,827 863 418 2,229 4,685 16,161 21,828 9,114 10,791 1,381 2,487 5,666 8,550 277 864 1,317 1,472 1981-Jan. Feb. Mar. 5,581 4,157 6,423 2,928 2,408 3,778 458 426 497 2,195 1,323 2,148 162 105 10 303 575 439 Apr. May June 6,835 5,457 9,536 3,668 2,520 4,603 929 560 998 2,238 2,377 3,935 168 121 575 719 399 354 July Aug. 4,013 2,865 1,925 905 331 508 1,757 1,452 n.a. n.a. 130 260 1981-QI QII 7. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUER Gross proceeds, millions of dollars Manufacturing Public utility 13,393 10,813 11,357 20,248 14,127 12,232 13,324 15,786 4,522 3,640 4,522 7,250 21,827 20,549 22,332 30,404 1981-QI QII 5,387 5,857 3,223 4,696 1,337 2,172 6,221 9,104 1981-Jan. Mar. 2,244 1,344 1,799 1,362 853 1,008 76 303 958 1,901 1,660 2,660 Apr. May June 1,990 2,172 1,695 1,621 1,236 1,839 610 56 1,506 2,614 1,994 4,496 July Aug. 832 440 691 602 840 114 1,650 1,710 Period 1977 1978 1979 1980 Feb. Communications Other issuers1 1 Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other. Source: Securities and Exchange Commission and Federal Reserve Board. 2 T o t a l r e f l e c t s g r o s s proceeds r a t h e r than p a r v a l u e of o r i g i n a l d i s c o u n t bonds. 8. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE 1 Issuer Inter North, Inc. P h i l a d e l p h i a E l e c . Co. H a l l i b u r t o n Co. P u b l i c S e r v i c e of New Mexico Texas O i l & Gas C o r p . Alabama Power Co. C o n n e c t i c u t L i g h t & Power Co. Missouri P a c i f i c Railroad T r a n s c o n t i n e n t a l Gas P i p e l i n e Corp. G e o r g i a Power Co. Enserch Corp. Long I s l a n d L i g h t i n g Co. A t l a n t i c C i t y E l e c . Co. San Diego Gas & E l e c . Co. U n i t e d Energy R e s o u r c e s , I n c . Lorimar Corp. L o u i s i a n a Power & L i g h t Co. Landmark B a n c s h a r e s P a c i f i c Power & L i g h t Co. Houston I n d u s t r i e s Bankamerica C o r p . A p p a l a c h i a n Power Co. V a l e r o Energy C o r p . Middle South U t i l s . Williams E l e c t r o n i c s , I n c . Commonwealth E d i s o n Co. Consumers Power Co. Citicorp OTHER 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 World Bank World Bank Hydro-Quebec Date Type Amount (millions of dollars) 10/2 10/2 10/6 Debt. Com. s t k . Notes 200.0 99.8 150.0 10/6 10/6 10/8 10/14 10/14 1 s t . mtg. Notes 1 s t . mtg. 1 s t . mtg. Equip, t r . 60.0 75.0 100.0 65.0 26.7 10/14 10/15 10/16 10/17 10/21 10/21 10/21 10/21 10/21 10/22 10/22 10/23 10/26 10/28 10/28 10/29 10/29 10/29 10/29 10/30 Debt. 1 s t . mtg. ]onv. d e b t . ?fd. s t k . Com. s t k . Pfd. s t k . Debt. tfotes 1 s t . mtg. 3onv. d e b t . 1 s t . mtg. 3om. s t k . kd.i . n o t e s Pfd. stk. Debt. Com. s t k . 'Conv.debt. 1 s t . mtg. 1 s t . mtg. Notes 100.0 125.0 120.0 50.0 26.1 35.8 50.0 24.6 75.0 7.0 100.0 76.0 250.0 40.0 82.2 63.8 20.0 150.0 100.0 150.0 10/21 10/21 10/22 10/22 10/30 Debt. Notes Notes Notes Debt. 150.0 100.0 300.0 200.0 200.0 Maturity Coupon rate 1991 17.50 — 1988 2011 1991 1989 1991 1982-96 1991 1991 2001 1991 1991 1987 1996 1991 —— 1989 2001 Offering yield Moody's/S&P's ratings —— — — / — 16.00 16.00 Aa/AA 17.50 16.63 18.25 17.75 15.50 17.75 16.65 18.25 17.85 15.85 Aa/AA A/A+ Baa/BBBBaa/BBBA/A 17.25 17.50 10.00 17.00 17.50 17.50 10.00 17.00 Baa/BBB Baa/BBB+ A/ABaa/BBBBa/— 18.60 17.00 13.00 18.13 14.50 18.00 18.60 17.20 20.01 18.40 14.50 18.40 — / — A / A— B/B Baa/BBB— / — Baa/BBB — — 16.38 16.72 16.25 16.38 16.72 19.88 Aaa/AAA Baa/— Ba/BBB— / — 1996 1988 1989 1986 12.75 17.50 18.38 16.45 12.75 17.59 18.56 16.45 B/BA/ABaa/BBBAaa/AA+ 2011 1991 1986 1991 1987 17.00 16.00 16.38 16.88 16.88 17.08 16.21 16.44 16.88 16.92 Aaa/AAA Aaa/AAA Aaa/AAA Aaa/AAA Aa/AA * Rights offering. 1 Includes only corporate and other security offerings of $25 million and over; excludes options, exchanges, and secondary offerings, A/A+ 8 9. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL 1 Amount Issuer S a b i n e R i v e r A u t h . , TX J a s p e r C o . , IN J a s p e r C o . , IN Date 10/1 10/1 10/1 S a l t River A g r i . Improv. & Power D i s t . , AZ 10/5 S a l t River A g r i . Improv. & Power D i s t . , AZ 10/5 10/6 H a w a i i , S t a t e of 10/6 C l a r k C o . , NV 10/7 P h i l a d e l p h i a , PA 10/7 P h i l a d e l p h i a , PA 10/7 P h i l a d e l p h i a , PA 10/7 P h i l a d e l p h i a , PA 10/7 H i l l s b o r o u g h C o . , FL C a l i f o r n i a Health Fac. Auth. 10/7 C a l i f o r n i a Health Fac. Auth. 10/7 C a l i f o r n i a Health Fac. Auth. 10/7 10/8 J a c k s o n C o . , MI 10/9 Red R i v e r A u t h . , TX South C a r o l i n a P u b . S e r v . 10/9 Auth. South C a r o l i n a P u b . S e r v . 10/9 Auth. South C a r o l i n a P u b . S e r v . 10/9 Auth. South C a r o l i n a Pub. S e r v . 10/9 Auth. I n d u s t r y Urban D e v e l . Agcy,CA 1 0 / 1 3 California Poll. Cntrl. Fin. 10/15 Auth. 10/15 G e o r g i a Muni. Dev. A u t h . Montgomery Co. Hosp. A u t h . , 10/16 PA Montgomery Co. Hosp. A u t h . , 10/16 PA Montgomery Co. Hosp. A u t h . * 10/16 PA 10/16 Palm Beach C o . , FL 10/16 Palm Beach C o . , FL 10/16 Palm Beach C o . , FL Adams C o . , CQ 10/19 V i r g i n i a P e n i n s u l a P o r t s Auth, 1 0 / 1 9 P h i l a d e l p h i a Hosp. A u t h . 10/19 P h i l a d e l p h i a Hosp. A u t h . 10/19 P h i l a d e l p h i a Hosp. A u t h . 10/19 P h i l a d e l p h i a Hosp. A u t h . 10/19 P h i l a d e l p h i a Hosp. Auth. 10/19 I l l i n o i s , S t a t e of 10/20 Garden C i t y , KS 10/21 M a r y l a n d , S t a t e of 10/21 Putnam Co. Dev. A u t h . , GA 10/23 S t . P a u l P o r t A u t h . , MN 10/23 Type 2 (millions Maturity of $) 1984 1984 2011 Net interest cost Offering yield n.a. n.a. n.a. 11.50 12.00 14.11 A/AAA/AAa/A Rev. Rev. Rev. 72.5 120.0 55.0 Rev. 3.0 1987-91 n.a. L0.25-11.50 Aa/AA Rev. Rev. G.O. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. 52.0 75.0 26.0 12.0 16.6 25.0 71.5 35.0 7.3 7.3 38.3 123.1 45.0 2021 1984-08 1983-91 1984-91 1996 2001 2006 1982-11 1983-96 2001 2011 1984 2011 n.a. 13.50 11.91 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 14.00 :L 0 . 2 5 - 1 3 . 5 0 ;L 0 . 0 0 - 1 2 . 0 0 !L 0 . 7 5 - 1 3 . 5 0 14.38 14.50 14.61 9.50-13.25 !1 0 . 0 0 - 1 2 . 9 0 13.00 13.25 10.38 13.50 Aa/AA A/AAA A/AAA A/A A/A A/A A/A A/AAA A/A A/A A/A Aaa/AAA Aa/— Rev. 10.0 1986-94 n.a. Rev. 20.0 2001 n.a. 13.25 A-1/A+ Rev. 20.0 2015 n.a. 13.20 A-1/A+ Rev. Rev. 100.0 70.0 2021 1984 n.a. 11.36 13.81 10.75 A-1/A+ A1/A+ Rev. Rev. 70.0 50.0 2011 2011 n.a. n.a. 11.75 13.75 Aaa/AABaa/BBB+ Rev. 1.6 Rev. 2.5 Rev. Rev. Rev. Rev. Hey. Rev. Rev. Rev. Rev. Rev. Rev. G.O. Rev. G.O. Rev. Rev. 27.1 4.5 3.6 17.4 27,4 122.2 5.9 11.6 63.3 11.8 20.0 100.0 111.8 96.3 26.4 25.0 1986-94 n.a. 2000 n.a. 2015 1983-96 2001 2011 2011 1984 1986-92 1999 2010 2011 2012 1982-06 1984 1984-96 2011 1984 n.a. n.a. n.a. n.a. n .a. n.a. n.a. n.a. n.a. n.a. n.a. 11.56 n.a. 11.30 n.a. 11.23 1 Includes only state and local security offerings of $25 million and over; excludes secondary offerings. 2 For state and local government securities, G.O. denotes general obligation; Rev. denotes revenue obligations. 3 Canadian interest cost. Moody's/S&P's ratings 1 # 1 0 . 5 0 - 1 2 . 5 ( i A-1/A+ 10.50-12.5( 1 13.25 A1/A+ A1/A+ 13.75 9.50-12.20 12.50 12.75 A1/A+ —/AAA —/AAA —/AAA 13.75 10.13 10.75-12.2f i 14.00 14.50 13.90 12.63 8.75-12.40 10.63 9.25-12.00 13.75 10.50 A/A / Al/AAl/AAl/AAl/AAl/AAaa/AAA Aaa/AAA Aaa/AAA Baa/BBB+ —/AA \ 9. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL 1 Issuer Date Type2 Amount (millions of $) F a r m i n g t o n , NM F a r m i n g t o n , NM F a r m i n g t o n , NM F a r m i n g t o n , NM I l l i n o i s Health Fac. Auth. P o r t of H o u s t o n A u t h . , TX Kansas H i g h e r Ed. Loan Prgm. L o u i s a C o . , IA T e x a r k a n a H o s p . A u t h . , TX T e x a r k a n a H o s p . A u t h . , TX T e x a r k a n a Hosp. A u t h . , TX T e x a r k a n a Hosp. A u t h . , TX T e x a r k a n a H o s p . A u t h . , TX New J e r s e y , S t a t e of S a b i n e R i v e r A u t h . , TX D e l t a Co. E c o n . Dev. C o r p . , M I L e a v e n w o r t h C o . , KS New York S t a t e Dorm. A u t h . New York S t a t e Dorm. A u t h . New York S t a t e Dorm. A u t h . New York S t a t e Dorm. A u t h . 10/23 10/23 10/23 10/23 10/23 10/23 10/23 10/26 10/26 10/26 10/26 10/26 10/26 10/27 10/28 10/28 10/28 10/30 10/30 10/30 10/30 Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. Rev. Rev. Rev. Rev. Rev. Rev. Rev. 64.3 11.5 6.2 4.7 49.4 25.0 60.0 25.0 2.3 2.1 3.1 .6 27.6 150.0 70.0 83.5 35.0 8.1 11.7 70.6 27.7 2011 2001 1996 1981-91 1983-87 1983-92 1985 2011 1985-96 1996 2000 2012 2012 1982-01 2011 1984 2013 1986-96 2002 2013 2015 60.0 90.0 2001 1991 MEMORANDUM * A l a s k a H o u s i n g F i n a n c e Agcy. * A l a s k a H o u s i n g F i n a n c e Agcy. 10/27 10/27 —— Maturity Net interest cost n.a. 14.13 n.a. 13.63 n.a. 13.00 n . a . L0.00-12.00 n . a . L0.20-11.20 13.87 L0.00-14.00 n.a. 11.00 11.38 n.a. n . a . L0.75-12.25 n.a. 12.72 n.a. 13.64 n.a. n.a. n.a. 14.50 1 2 . 0 9 <) . 0 0 - 1 2 . 7 0 n.a. 13.50 n.a. 10.88 n.a. 11.50 9.00-13.25 n.a. 14.00 n.a. n.a. 14.39 n.a. 14.02 n.a. n.a. 1 Includes only state and local security offerings of $25 million and over; excludes secondary offerings. 2 For state and local government securities, G.O. denotes general obligation; Rev. denotes revenue obligations. 3 Canadian interest cost. * Interest income on t h i s i s s u e i s t a x a b l e . Offering yield 18.95 18.00 Moody's/S&P's ratings Al/A Al/A Al/A Al/A —/AAA A/A+ Al/AAAa/AA —/A —/A —/A —/A —/A Aaa/AAA Aaa/AAA Aaa/AAA Al/— A1/A+ A1/A+ A1/A+ A1/A+ —/AA —/AA 10. PUBLIC O F F E R I N G S OF INTERMEDIATE- AND LONG-TERM SECURITIES: U.S. TREASURY Notes and Bonds Offering date Payment date Length Maturity date Coupon Auction average rate (percent) (percent) Amount (millions of dollars) Gross proceeds Net proceeds Private 1 Total Private?. Total 2 1,501 4,605 1,501 2,045 1,501 1,920 Memo: Foreign add-ons 3 1981 Jan. 6 21 1/12 2/2 2 0 - y r 1-mo 2 / 1 5 / 0 1 2-yr 1/31/83 11-3/4 13-5/8 11.82 13.69 1,501 5,191 Feb. 3 4 5 24 26 2/17 2/17 2/17 3/2 3/4 3-yr 9-yr 29-yr 2-yr 5-yr 13-1/4 13 12-3/4 13-7/8 13-3/4 13.37 12.89 12.68 13.97 13.79 4,662 7 3,038 V 8,669 2,576 , 5,438 4,826 3,460 3,265 3,638 3,508 2,551 3,460 2,365 3,265 0 130 0 186 195 Mar. 18 24 26 31 3/31 3/31 4/2 4/6 2-yr 3/31/83 4-yr 3/31/85 2 0 - y r 1-mo 5 / 1 5 / 0 1 7-yr 4/15/88 12-5/8 13-3/8 13-1/8 13-1/4 12.75 13.49 13.21 13.34 5,601 3,794 1,751 2,972 4,832 3,535 1,751 2,757 2,085 985 1,751 2,972 2,050 952 1,751 2,757 68 0 0 215 Apr. 22 4/30 2-yr 4/30/83 14-1/2 14.51 4,586 4,325 1,573 1,573 0 5 6 5/15 5/15 5/15/84 5/15/91 15-3/4 14-1/2 15.81 14.56 3,776 ' 2,074 \ 6,844 2,212 2,212 7 5/15 3-yr 10-yr 30-yr 5/15/06-11 13-7/8 13.99 2,302 0 0 0 2-yr 5/31/83 15-5/8 5 - y r 5-mo 1 1 / 1 5 / 8 6 1 3 - 7 / 8 15.72 4,763 13.95 3,206 4,352 3,011 2,121 3,206 2,121 3,011 0 195 14.72 14.04 4,607 4,307 3,281 1,753 1,550 879 1,753 1,582 847 1,753 0 0 3,019 0 450 0 May 20 28 June 18 6/1 6/3 6-mo 8 / 1 5 / 8 4 9-mo 1 1 / 1 5 / 9 0 9-mo 1 1 / 1 5 / 1 0 2/28/83 2-mo 5 / 1 5 / 8 6 2-yr 6/30/83 4-yr 6/30/85 2 0 - y r 1-mo 8 / 1 5 / 0 1 7-yr 7/15/88 23 25 30 6/30 6/30 7/2 7/7 July 22 7/31 Aug. 4 8/17 8/17 8/17 8/31 9/8 3 - y r 3-mo 1 1 / 1 5 / 8 4 10-yr 8/15/91 2 9 - y r 9-mo 5 / 1 5 / 0 6 1 1 2-yr 8/31/83 5 - y r 2-mo 1 1 / 1 5 / 8 6 S e p t . 16 9/30 23 30 9/30 10/7 2-yr 9/30/83 4-yr 9/30/85 2 0 - y r 1-mo 1 1 / 1 5 / 0 1 7 10/14 21 11/2 5 6 20 27 Oct. 2-yr 7-yr 2-yr 7/31/83 10/15/88 10/31/83 14-5/8 14 13-3/8 14 J 7 J 13.45 3,393 1,753 14.07 3,469 3,019 3,469 L5-7/8 15.92 4,966 4,615 1,744 1,744 16 L4-7/8 15.96 14.98 14.06 5,780 ) 2,812 I .8,623 3,396 2,975 2,307 5,423 3,469 3,264 1 ^ 694 3,469 1,594 3,264 4,866 1,571 1,571 3,282 991 513 L3-7/8 L6-1/4 L6-1/8 16.14 16 16.12 16.26 L5-7/8 1 5 . 9 1 15-3/4 1 5 . 7 8 15-3/8 5,266 3,959 J 4,848 15.40 15-1/2 15.56 1 Excludes amounts sold to Government investment accounts and the Federal Reserve. Also excludes add-ons to foreign accounts. 2 May be larger than the total if the Government accounts and/or the Federal Reserve do not fully roll-over their maturing holdings. 3 Additional amounts of securities issued to foreign and international monetary authorities at the average auction price for new cash. 0 125 271 150 0 0 205 0 478 n.a. 467 n.a. 11. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: GOVERNMENT SPONSORED AGENCIES Issuer Offering Payment date date Maturity date Yield (percent) 11 -mo 4 / 2 6 / 8 2 8-mo 1 / 2 5 / 8 4 5/27/86 Length Amount (millions of dollars) Gross proceeds Maturing issues Net proceeds 17.05 18.80 15.50 1 , 200 1,000 600 1,400 1,400 FHLB 5/13 5/13 5/13 5/26 5/26 5/26 2-yr 5-y r FFCB 5/28 6/1 4-yr 3-mo 9/3/85 14.90 662 0 662 FNMA 6/3 6/10 3-y4 4-mo 10/10/84 14.90 500 750 -250 FHLB 6/10 6/10 6/25 6/25 1 - y r 9-mo 3 / 2 5 / 8 3 3-yrlO-mo 4/25/85 14.80 14.55 1 ,100 700 0 1 , 800 FNMA 6/26 7/10 3-yrlO-mo 5/10/85 15.25 600 1 , 200 -600 FFCB 7/8 7/8 7/8 7/20 7/20 7/20 3-y r 5-yr 10-yr 7/23/84 7/21/86 7/22/91 15.25 15.15 14.70 759 938 617 905 1,409 FHLB 7/15 7/15 7/15 7/27 7/27 7/27 1-yr 3-y r 5-yr 7/26/82 7/25/84 7/25/86 15.90 15.55 15.35 1,000 1,000 400 900 1,500 FHLB 8/12 8/12 8/12 8/25 8/25 8/25 1-yr 3-y r 4-yr 4-mo 1 2 / 2 7 / 8 2 8/27/84 7-mo 3 / 2 5 / 8 6 16 . 5 0 16.00 15.75 1,400 1, 000 600 1 , 000 800 400 200 600 FNMA 8/14 8/14 8/17 8/17 3-yr 7-yr 6-mo 2/11/85 8/10/88 17.00 16 . 375 700 300 0 0 700 300 FCB 8/26 8/26 9/1 9/1 2-yr 4-yr 6-mo 3-mo 3/11/84 12/2/85 17.00 17.00 415 491 0 0 415 491 FNMA 9/2 9/10 1-yr 8-mo 5 / 1 0 / 8 3 18.00 1,000 1,050 -50 FNMA 9/10 9/15 1-yr 5-mo 2 / 1 0 / 8 3 17.75 400 0 400 FHLB FHLB FHLB 9/16 9/16 9/16 9/25 9/25 9/25 1-yr 3-yr 5-yr 9/27/82 9/25/84 9/25/86 16.50 16.40 16.40 1 , 500 600 500 0 0 0 1,500 600 500 FNMA 9/30 10/13 3-yr 1-mo 1 1 / 1 2 / 8 4 17.20 1,000 600 400 FFCB 10/14 10/14 10/14 10/20 10/20 10/20 2-yr 4-yr 8-yr 6-mo 3-mo 4/23/84 1/20/86 10/20/89 15.50 15.80 15.80 697 815 482 600 1,394 FFCB - Federal FHLB — Federal FHLMC — Federal FNMA - Federal Farm Credit Banks Home Loan Banks Home Loan Mortgage Corporation National Mortgage Association 12 12. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE 1 Issuer Toledo E d i s o n Co. H a w a i i a n T e l . Co. Ohio E d i s o n Co. Kentucky U t i l i t i e s Co. I n d i a n a & M i c h i g a n E l e c . Co. I n d i a n a & M i c h i g a n E l e c . Co. W a s h i n g t o n Gas L i g h t Co. Cleveland E l e c . Illuminum Bankamerica R e a l t y F l o r i d a Power & L i g h t Co. G e n e r a l T e l . Co. of C a l i f . U.S. Leasing Corp. Iowa E l e c . L i g h t & Power Co. U . S . Home C o r p . B . F . G o o d r i c h Co. Farmland I n d u s t r i e s , I n c . Kentucky U t i l i t i e s Co. Kerr-McGee C o r p . E q u i t a b l e of Iowa Companies Xerox C r e d i t C o r p . New York S t a t e Gas & E l e c . Co. ITT F i n a n c i a l C o r p . Cameron I r o n Works, I n c . S o u t h e r n N a t u r a l Gas Co. A n a r d a r k o P r o d u c t i o n Co. A n a r d a r k o P r o d u c t i o n Co. Texas G e n e r a l R e s o u r c e s G e n ' l . E l e c . C r e d i t Corp. G e n ' l . E l e c . C r e d i t Corp. W i s c o n s i n Gas Co. Chase M a n h a t t a n C o r p . C o n t i n e n t a l I l l i n o i s Corp. I n t e r n a t ' l . B u s i n e s s Machines Corp. C r e d i t h r i f t F i n . Corp. Columbia Gas S y s t e m s C a b l e American C o r p . C r y s t a l O i l Co. F l o r i d a Telephone Corp. N o r t h w e s t E n e r g y Co. Ford Motor C r e d i t Co. P h i l l i p s P e t r o l e u m Co. Mellon N a t i o n a l Corp. C a t e r p i l l a r T r a c t o r Co. C e n t r a l Maine Power Co. N i a g a r a Mohawk Power Co. F i r s t Executive Corp. Xerox C r e d i t C o r p . Gearhart I n d u s t r i e s , Inc. Martin M a r i e t t a Corp. N a t ' l . R u r a l U t i l i t i e s Coop. F i n . C o r p . W e l l s F a r g o & Company D a l l a s Power & L i g h t Co. J e t American A i r l i n e s , I n c . C y p r e s s Mines C o r p . Type 1 s t . mtg. 1 s t . mtg. Com. s t k . Com. s t k . Pfd. stk. 1 s t . mtg. 1 s t . mtg. 1 s t . mtg. Conv. d e b t . 1 s t . mtg. 1 s t . mtg. Notes 1 s t . mtg. Bonds Notes Debt. 1 s t . mtg. Debt. Notes Debt. 1 s t . mtg. Notes Notes Debt. Notes Debt. Conv. d e b t . Notes Debt. 1 s t . mtg. Notes Notes Debt. Notes 1 s t . mtg. Notes Conv. d e b t . Notes Debt. Notes Debt. Notes Notes Bonds 1 s t . mtg. Notes Notes Conv. d e b t . Notes Notes Pfd. stk. Pfd. stk. Com. s t k . Notes Amount (millions of dollars) 35.0 35.0 85.0 25.0 40.0 40.0 50.0 60.0 50.0 100.0 50.0 40.0 30.0 100.0 50.0 100.0 75.0 200.0 40.0 100.0 75.0 200.0 75.0 100.0 75.0 75.0 25.0 150.0 300.0 30.0 100.0 100.0 250.0 50.0 125.0 50.0 31.2 45.0 100.0 200.0 350.0 50.0 150.0 75.0 50.0 25.0 100.0 50.0 100.0 100.0 35.0 30.0 28.8 100.0 Approxima of offei Nov. 10 Nov. 12 Nov. 19 Nov. 23 Nov. 24 Nov. 24 Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Indef. * Included in table for first time. 1 Includes only corporate and other security issues of $25 million and over; excludes exchanges, options, and secondary offerings. 13 12. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE 1 Issuer Type Amount (millions of dollars) Cypress Mines Corp. Amoco C r e d i t C o r p . B e n e f i c i a l Corp. Westvaco Corp. Diamond Shamrock C o r p . Pennsylvania Engineering Corp. D a y t o n Power & L i g h t Co. D e t r o i t E d i s o n Co. Union E l e c t r i c Company D e l m a r v a Power & L i g h t Co. S o u t h e r n B e l l T e l . & T e l . Co. Southern C a l i f o r n i a Edison Debt. Debt. Notes Debt. Notes Debt. Pfd. stk. Com. s t k . Pfd. stk. Com. s t k . Debt. 1 s t . mtg. 100.0 100.0 100.0 OTHER K r u g e r Co. O r i e n t L e a s i n g Co. M o n t r e a l , P r o v i n c e of Canadian N a t 1 1 . Railway O l s o Norway Notes Conv. d e b t , Debt. Debt. Bonds 100.0 WITHDRAWAN Republic A i r l i n e s , Conv. d e b t , 50.0 Inc. 75.0 200.0 30.0 30.0 60.0 75.0 25.0 300.0 200.0 30.0 100.0 100.0 100.0 Approximate date of offering Indef. Indef. Indef, Indef, Indef. Indef, Indef. Indef. Indef. Indef, Indef. Indef. Nov. Nov. Nov. Nov. Indef, Oct. * Includes onl^corporat^and'other security issues of $25 million and over; excludes exchanges, options, and secondary offerings. 13. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL 1 Issuer Wyoming Farm Loan Board *King C o . , WA ^Corpus C h r i s t ! I n d . Dev. A u t h . , TX P e n n s y l v a n i a , S t a t e of F l o r i d a Board of E d u c a t i o n C a l i f o r n i a , S t a t e of *New J e r s e y S p o r t s & E x p o s i t i o n A u t h . New York S t a t e Mtg. Agcy. Broward C o . , FL M a s s a c h u s e t t s , S t a t e of M e t r o p o l i t a n Water D i s t . of So. CA P e n n s y l v a n i a H i g h e r Ed. F a c . A u t h . W i s c o n s i n , S t a t e of C a l i f o r n i a Health Fac. Auth. New York S t a t e Power A u t h . POSTPONED C a l e x i c o Comm. R e d e v . A g c y . , CA New J e r s e y H e a l t h C a r e F a c . F i n . A u t h . Type Amount (millions of dollars) Rev. G.O. Rev. G.O. G.O. G.O. Rev. Rev. G.O. G.O. Rev. Rev. G.O. Rev. Rev. 30.0 28.0 75.0 58.0 85.0 100.0 40.5 125.0 75.0 125.0 100.0 85.0 100.0 28.0 200.0 Rev. Rev. 29.8 53.3 * Included in table for first time. 1 Includes state and local government issues of $25 million and over; excludes secondary offerings. Approximate date of offering Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. 2 2 4 4 4 4 6 6 10 17 17 18 18 19 19 O c t . 26 O c t . 29 14. STOCK PRICES 1 Date NYSE Index3 1979-High Low 63.39 (10/5) 53.88 (2/27) 1980-High Low 1981-High Low NASDAQ5 AMEX4 DJ Industrials 897.61 (10/5) 796.67 (11/8) 247.07 (12/31) 152.03 ( 1/2) 152.29 (10/5) 117.84 ( 1/2) 81.02 (11/28) 55.30 ( 3/27) 1000.17 (11/20) 759.13 ( 4/21) 370.75 (11/29) 215.69 ( 3/27) 208.15 (11/28) 124.09 ( 3/27) 79.14 ( 1/6) 64.96 ( 9/25) 1024.05 ( 4/27) 824.01 ( 9/25) 379.77 ( 5/27) 276.76 ( 9/25) 223.47 ( 5/29) 175.03 ( 9/28) 7 14 21 28 76.58 77.00 75.10 71.97 942.54 936.93 920.56 892.22 369.52 378.09 364.65 354.80 211.36 212.12 206.76 197.55 Sept . 4 11 18 25 69.51 70.32 67.27 64.96 861.68 872.81 836.19 824.01 337.28 331.05 300.33 276.76 189.63 189.81 184.27 175.12 2 9 16 23 30 68.86 70.33 69.13 68.83 70.64 860.73 873.00 851.69 837.99 852.55 307.67 314.14 307.19 307.35 312.02 184.37 191.27 190.24 191.91 195.24 1981-Aug. Oct. 15. TRADING VOLUME2 AMEX NYSE Date NASDAQ 1979-High Low 81.6 (10/10) 18.0 ( 1/2) 13.2 (10/10) 2.2 ( 1/22) 25.8 (12/17) 7.2 ( 1/2) 1980-High Low 8 4 . 1 ( 11/5) 16.1 (12/26) 15.0 ( 1/15) 2.5 ( 4/14) 60.4 (11/19) 10.7 ( 4/14) 1981-High Low 92.9 ( 28.9 ( 15.8 ( 1/7) 2.8 (10/12) 53.2 ( 19.7 ( 1/7) 1/2) 7 14 21 28 44.8 47.3 40.7 46.0 4.6 6.0 4.9 5.2 30,2 32.4 29.4 27.5 Sept. 4 11 18 25 41.5 47.1 42.4 49.5 5.1 5.5 4.7 6.0 25.8 28.8 28.3 27.5 Oct. 49.6 50,2 40.2 46. l r 44.9 5.9 4.4 3.6 4.5r 4.2 28.2 25.8 23.6 26.2r 25.1 1981-Aug. 2 9 16 23 30 1 Figures other than highs and lows are Friday figures only. 2 Volume figures are weekly averages of daily figures (millions of shares). Highs and lows refer to single days. 3 12/31/65 = 50 4 8/31/73 = 100 5 2/5/71 = 100 1/7) 1/2) 16. SECURITY CREDITt Outstanding, dollar amounts in millions End of period Margin credit.extended by brokers on: Number of margin accounts (thousands) Percent of debt in accounts with 4 0 percent or more customer equity Marginable stock Convertible bonds 1976 7,960 204 810 88 1977 9,740 250 885 81 1978 10,830 205 955 67 1979 11,450 167 1,020 84 1980 14,500 219 1,180 86 1979-July Aug. Sept. 11,840 12,060 12,000 178 176 177 970 995 1,005 81 86 84 Oct. Nov. Dec. 11,310 10,920 11,450 173 161 167 985 1,000 1,020 73 83 84 1980-Jan. 11,820 12,460 11,740 165 175 171 1,035 1,065 1,075 87 84 54 11,140 11,270 11,200 168 167 165 1,055 1,055 1,065 72 81 83 Sept. 11,320 11,800 12,520 198 204 208 1,075 1,095 1,105 88 89 87 Oct. Nov. Dec. 13,080 14,140 14,500 211 220 219 1,120 1,155 1,180 87 87 86 1981-Jan. 14,020 13,950 14,020 221 220 222 1,195 1,205 1,235 80 80 84 14,630 14,700 14,870 238 250 254 1,260 1,260 1,320 79 79 75 14,870 14,270 13,710 262 274 263 1,365 1,400 1,430 75 62 53 Feb. Mar. Apr. May June July Aug. Feb. Mar. Apr. May June July Aug. Sept. 1 Margin account debt as reported by the New York Stock Exchange. 17. SAVINGS FLOWS AT SELECTED NONBANK THRIFT INSTITUTIONS Millions of dollars Mutual Savings Banks (regular deposits) 1 Date Net flow N.S.A. Sea. adj. Annual growth rate 3 Net flow N.S.A. Sea. adj. Annual growth rate 3 Memo: Net New Money 2 Total Savings and Loan Associations Net flow (sea. adj.) Annual growth rate 3 At insured S&L's At MSB's 17.5 62,854 15.9 34,369 5,283 50,888 15.0 60,982 13.3 31,004 2,874 6.3 44,153 11.3 52,292 10.1 23,460 -591 2,900 2.1 39,051 9.1 42,226 7.4 15,029 -6,963 7,380 5.1 40,955 8.7 48,330 7.9 10,667 -4,831 1976 12,670 11.6 50,169 1977 10,783 8.7 1978 8,426 1979 1980 — -337 -92 520 -76 344 76 -0.6 2.9 0.6 2,006 1,199 4,744 2,799 2,795 2,822 7.4 7.4 7.4 2,723 3,139 2,898 5.5 6.3 5.8 1,455 717 -198 -733 -504 -1,072 Oct. Nov. Dec. -983 -325 1,006 -372 -245 266 -3.1 -2.0 2.2 1,855 1,153 4,505 2,810 3,009 2,666 7.3 7.8 6.8 2,438 2,764 2,932 4.8 5.5 5.8 1,314 732 -700 -1,421 -765 -987 1980-Jan. Feb. Mar. -927 141 930 -399 189 -115 -3.3 1.6 -1.0 2,059 1,622 4,390 2,206 2,734 -101 5.6 6.9 —0.3 1,807 2,923 -216 3.5 5.7 -0.4 1,167 1,079 -696 -1,436 -543 -679 Apr. May June -449 881 1,770 481 1,001 991 4.0 8.3 8.2 325 3,011 5,269 4,235 3,078 3,118 10.7 7.7 7.8 4,716 4,079 4,109 9.2 7.9 7.9 -817 1,785 -169 -1,024 242 -176 July Aug. Sept. 992 610 1,377 1,274 1,017 914 10.5 8.3 7.4 2,216 2,507 5,588 3,083 4,130 3,513 7.6 10.1 8.6 4,359 5,147 4,427 8.3 9.7 8.3 961 1,285 6 246 1 -460 Oct. Nov. Dec. 402 312 1,307 1,078 401 496 8.7 3.2 4.0 3,870 2,507 7,591 4,909 4.698 5,693 11.9 10.8 13.5 5,987 4,899 6,184 11.1 9.0 11.3 2,550 1,461 2,055 -169 -227 -639 1981-Jan. Feb. Mar. -365 295 1,284 200 349 191 1.6 2.8 1.6 1,987 2,304 3,740 1,983 3,546 -1,105 4.7 8.3 -2.6 2,183 3,895 -919 3.9 7.0 -1.6 599 879 -2,137 -979 -385 -757 Apr. ' - 1 , 2 0 1 Mav 229 June 945 -210 349 109 -1.7 2.8 0.9 -2,919 1,557 4 1,461 1,519 -2,293 3.4 3.5 -5.3 1,251 1,868 -2,184 2.2 3.4 -3.9 —4,638 -70 -5,759 -2,025 -676 -1,392 July -1,153 Aug. -375 Sept.P 550 —846 21 78 -6.7 0.2 0.6 -3,529 -1,358 2,055 -2,587 286 -113 —6.0 0.7 -0.3 -3,433 307 -35 -6.2 0.5 -0.1 -5,538 -3,290 -3,948 -1,931 -1,366 -1,500 1979-July Aug. Sept. 1 Regular deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of total deposits. 2 New deposits net of both withdrawals and interest. Data for S&L's are for insured associations only, which represent 96 percent ofindustry total resources. 3 Annual growth rate for monthly data is the annualized monthly percentage increase in deposits. Source: National Association of Mutual Savings Banks and Federal Home Loan Bank Board. 18 18. MORTGAGE COMMITMENTS OUTSTANDING AT SELECTED INSTITUTIONS Billions of dollars, seasonally adjusted Thrift Institutions End of Period Total All savings and loan associations Federal and Related Agencies Mutual savings banks (N.Y. state) Total FNMA GNMA FHLMC 1979 31.4 28.1 3.3 12.1 6.5 4.6 1.0 1980 28.8 27.3 1.5 9.0 3.3 5.1 0.6 1980-Jan. Feb. Mar. 30.7 29.9 26.5 27.5 27.1 24.0 3.2 2.8 2.5 11.7 11.1 10.6 6.0 5.6 5.3 4.7 4.5 4.5 1.1 1.0 0.8 Apr. May June 22.9 21.2 22.5 20.7 19.3 20.7 2.2 1.9 1.8 9.5 9.5 10.5 4.4 3.7 3.9 4.4 5.0 5.6 0.6 0.9 1.0 July Aug. Sept. 25.6 28.5 29.8 23.7 26.7 28.0 1.9 1.8 1.8 10.8 10.8 10.8 4.2 4.6 5.0 5.4 5.2 5.0 1.1 1.0 0.8 Oct. Nov. Dec. 29.4 29.4 28.8 27.7 27.8 27.3 1.7 1.6 1.5 10.0 9.7 9.0 4.5 3.9 3.3 4.9 5.1 5.1 0.7 0.7 0.6 28.5 27.6 26.9 27.0 26.5 26.0 24.9 24.3 23.4 27.1 26.2 25.5 25.3 24.8 24.5 23.6 23.0 22.3 1.4 1.4 1.4 1.7 1.7 1.5 1.3 1.3 1.1 10.2 9.4 9.1 8.5 8.1 9.2 9.9 10.2 9.5 3.2 2.7 2.3 2.1 2.1 2.9 4.1 4.4 4.2 6.3 6.2 6.0 5.8 5.7 5.5 5.2 4.9 4.4. 0.7 0.6 0.8 0.7 0.3 0.9 0.7 0.8 0.9 1981-Jan. Feb. Mar. Apr. May June July Aug. Sept. i Based on data from Federal Home Loan Bank Board, Savings Banks Association of New York State, and federal and related agencies, seasonally adjusted by Federal Reserve. Both thrift institutions series include a minor amount of non-residential commitments; S&L commitments also include loans in process. Subtotals may not add to total because of rounding. 19. NET NEW MONEY BORROWINGS BY MAJOR HOUSING CREDIT AGENCIES Millions of dollars Period Total including short-term discount notes Intermediate- and long-term issues Total FHLB FHLMC FNMA FNMA and FHLB short-term discount notes 1976 -1,750 -1,131 -2,031 0 900 -619 1977 2,732 1,444 496 -4 952 1 , 288 1978 19,030 13,578 6,302 576 6,700 5,452 1979 13,876 10,493 4,424 969 5,100 3,383 Feb . Mar. 328 927 3,580 -2 10 1 , 780 0 -350 1,400 -2 160 -120 0 200 500 330 917 1 , 800 Apr . 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 July Aug. Sept. -979 -458 1 , 325 442 1 , 200 253 0 200 1,000 -8 0 -97 450 1 , 000 -650 -1,421 -1,658 1,072 Oct. Nov . Dec . 3,607 313 3, 390 1 , 300 900 250 1 , 600 150 700 0 0 0 -300 750 -450 2,307 -587 3, 140 1981-Jan. Feb. Mar . 207 -18 957 1,582 496 45 600 200 800 -18 -4 -105 1,000 300 -650 -1,375 -514 912 Apr . May June 1,119 2, 979 2,531 400 1,400 1,550 1 , 200 1,400 1 , 800 0 0 0 -800 0 -250 719 1 , 579 981 July 3,736 1 ,189 1 , 600 205 -616 2,547 1980-Jan . Based on data from Treasury Survey of Ownership. 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 FNMA and GNMA Mortgage pools FHLMC GNMAFHLMCguaranteed guaranteed 1979 122,191 88,939 29,300 3,887 43,135 12,617 8,123 971 22,054 3,288 1980 86,682 59,478 18,400 489 27,930 12,659 7,026 1,032 17,473 1,673 1980 Jan. Feb. Mar. 9,626 8,750 7,262 6,137 6,443 5,184 2,260 2,328 1,973 152 275 22 2,126 2,557 1,828 1,599 1,284 1,361 1,044 632 1,002 50 99 8 2,229 1,439 862 166 ' 138 206 Apr. May June 7,062 3,349 2,350 3,671 1,411 725 1,447 620 195 -13 106 -109 857 -438 -236 1,381 1,124 875 962 545 199 135 -72 -1 2,125 1,263 1,246 169 202 181 July Aug. Sept. 6,362 7,530 8,174 3,984 5,420 6,293 1,195 1,084 1,159 -116 -103 -14 1,767 3,587 4,442 1,138 851 706 454 171 164 60 142 169 1,596 1,639 1,326 269 159 222 Oct. Nov. Dec. 10,435 7,376 8,324 7,934 6,152 6,055 2,401 1,668 2,045r 169 74 48 4,511 3,631 3,251 853 778 711 551 466 862 144 8 290 1,770 771 1,180 36 -21 -63 5,162 5,889 4,522 5,983 4,373 4,121 4,152 n. a. n. a. l,265r 1,934r 2,090 2,879 2,032 1,792 1,874 1,878 2,558 121 125 21 144 -92 -281 -40 -14 n. a. 3,066 2,747 1,787 2,201 1,688 1,811 1,590 559 2 —6 67 -166 125 -243 298 468 814 n.a. —68 139 -35 133 209 59 -81 36 54 964 1,637 892 1,791 1,042 1,807 1,244 385 905 173 82 216 77 242 59 216 -121 191 1981 Jan. Feb. Mar. Apr. May June July Aug. Sept. 6,226 7,814 5,349 8,109 5,623 , 6,344 5,998 n. a. n. a. 710 1,082 628 759 745 799 728 696 n.a. Monthly data for commercial banks based on Federal Reserve estimates benchmarked to Call Report data on real estate loans outstanding as available. Other data derived from mortgage debt outstanding as reported separately by National Association of Mutual Savings Banks, Federal Home Loan Bank Board, American Council of Life Insurance, the Federal National Mortgage Association, the Government National Mortgage Association, and the Federal Home Loan Mortgage Corporation. Data for mutual savings banks and life insurance companies may differ somewhat from those derived from regular quarterly series because of minor conceptual differences for which adjustments are not made in the monthly series. Altogether, these groups accounted for 89 percent of the net increase estimated for all holders in 1978. '1 21. NET CHANGE IN MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY 1 Billions of dollars, seasonally adjusted annual rates Residential Multifamily and commercial Quarter Total 1976-01 Q2 Q3 Q4 85.6 77.9 91.4 94.2 69.6 62.2 71.9 74.7 64.7 57.6 68.0 72.5 4.9 4.6 3.9 2.2 10.9 11.9 13.1 11.9 15.8 16.5 17.0 14.1 5.1 3.8 6.4 7.6 1977-Q1 Q2 Q3 Q4 107.4 133.5 141.4 147.0 84.8 114.3 114.6 113.1 80.9 105.1 107.6 104.0 3.9 9.2 7.0 9.1 16.2 11.7 19.8 26.5 20.1 20.9 26.8 35.6 6.4 7.5 7.0 7.4 1978-Q1 Q2 Q3 Q4 134.5 152.1 151.1 155.7 104.4 121.5 121.4 127.4 95.9 109.6 112.9 119.0 8.5 11.9 8.5 8.4 23.7 23.7 21.2 19.9 32.2 35.6 29.7 28.3 6.4 6.9 8.5 8.4 1979-Q1 Q2 Q3 Q4 151.9 169.3 161.0 141.3 119.2 132.1 122.3 107.0 112.0 123.6 115.1 99.2 7.2 8.5 7.2 7.7 21.7 25.1 26.8 24.1 28.9 33.6 34.0 31.8 11.0 12.1 11.9 10.2 1980-01 Q3 Q4 150.9 86.7 121.5 143.1 104.1 53.5 94.9 105.0 97.0 44.4 86.9 96.1 7.2 9.1 8.0 9.0 30.1 19.7 15.2 23.7 37.3 28.8 23.2 32.7 16.7 13.5 11.4 14.4 1981-Q1 Q2 114.2 112.7 82.2 76.1 77.3 70.9 4.9 5.2 20.5 23.7 25.2 28.9 11.7 12.9 02 Total 1 - to 4family Multifamily Commercial Farm 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. 22 22. AVERAGE RATES AND YIELDS ON HOME MORTGAGES AND PASS-THROUGH SECURITIES Primar market , Secondary market FHA/VA mortgages Rates on Discount Yield in conventional Yield on Period Period points Ceiling FNMA loans at GNMA in FNMA rate auction S&L's securities auction Conventional mortgages Yield in FNMA auction Yield in FHLMC auction 1979-High Low 12.90 10.38 1979--High Low 13.29 10.42 12.54 4.16 11-1/2 9-1/2 11.77 9.51 13.97 10.92 13.56 10.40 1980-High Low 16.35 12.18 1980-Hig? Low 15.93 12.28 15.40 .93 14 11-1/2 14.17 10.73 17.51 12.76 16.22 11.60 1981-High Low 18.63 14.80 1981 High Low 19.23 14.84 12.51 3.47 17-1/2 13-1/2 17.46 13. 18 19.22 14.83 18.92 14.16 1 8 15 22 25 15.82 16.12 16.64 16.63 16.80 May 14-1/2 15-1/2 15-1/2 15-1/2 15-1/2 15.46 15.37 15.16 15.23 14.97 5 12 19 26 16.76 16.69 16.71 16.62 June 15-1/2 15-1/2 15-1/2 15-1/2 14.96 14.75 15.09 15.33 3 10 17 24 31 16.64 16.79 16.74 16.88 17.11 July 15-1/2 15-1/2 15-1/2 15-1/2 15-1/2 15.35 15.56 16.17 15.96 16.55 7 14 21 28 17.13 17.27 17.26 17.48 Aug. 15-1/2 15-1/2 16-1/2 16-1/2 16.04 16.21 17.28 17.26 4 11 18 25 17.79 18.22 18.27 18.36 Sept. 16-1/2 17-1/2 17-1/2 17-1/2 17.41 17.05 16.33 17.46 2 9 16 23 18.28 18.63 18.53 18.39 Oct. 17-1/2 16-1/2 16-1/2 16-1/2 16.72 16.24 16.24 16.95 1981 May June July Aug. Sept. Oct. June Aug. 4 11 18 26 1 8 15 22 29 6 13 20 27 3 10 17 24 31 7 14 21 28 5 12 19 26 —— 17.21 8.58 16.65 5.89 16.17 3.49 16.17 3.47 16.43 4.82 — 16.87 6.94 — 17.27 —— 8.80 —— 17.24 3.72 18.37 8.94 — —— 18.74 5.85 — 19.23 — — 17.74 8.01 —• — 6.10 — —— 18.51 9.58 16.42 —— 16.45 16.31 —— 16.29 16.34 16.53 — 16.94 17.19 — — 18.65 19.06 19.22 18.61 —— 18.61 16.35 16.77 16.51 16.45 16.31 16.16 15.98 16.13 16.43 16.56 16.69 16.96 16.Q9 17.12 17.01 17.09 17.66 18.14 18.81 18.63 18.63 18.92 18.62 18.31 18.43 18.90 23 23. FNMA AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES Dollar amounts in millions FHA/VA mortgages Accepted Conventional mortgages Average yield Accepted Date of auction Offered 1980-High Low 644.2 96.7 354.6 51.9 15.93 12.28 426.0 28.7 133.0 17.9 17.51 12.76 1981-High Low 256.9 26.3 181.6 16.0 19.23 14.84 315.7 12.4 167.8 11.1 19.22 14.83 Average yield Offered July 6 20 130.0 201.9 119.7 170.7 16.43 16.87 124.2 182.4 109.3 128.9 16.34 16.53 Aug. 3 17 31 250.0 256.9 182.6 181.6 112.8 42.2 17.27 17.24 18.37 315.7 308.4 238.1 167.8 84.0 52.5 16.94 17.19 18.65 S e p t . 14 28 102.8 43.1 33.8 30.3 18.74 19.23 85.9 34.8 45.2 20.7 19.06 19.22 26.3 40.0 16.0 21.3 17.74 18.51 15.4 27.8 11.4 16.1 18.61 18.61 Oct. 12 26 24. FHLMC AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES Conventional mortgages, dollar amounts in millions Date of auction Offered Immediate delivery program Average yield Accepted Offered Future c o m m i t m e n t program Average yield Accepted 1980-High Low 401.4 4.9 200.3 2.5 16.22 11.60 258.4 38.6 30.8 18.2 17.15 17.85 1981-High Low 141.6 3.0 65.9 2.3 18.92 14.16 76.3 5.4 21.2 5.0 19.09 15.16 7 14 21 28 65.7 51.7 34.4 32.0 16.9 16.7 14.1 14.7 16.56 16.69 16.96 16.99 25.2 12.4 17.24 4 11 18 25 31.7 39.6 45.5 55.1 15.5 15.5 16.5 15.5 17.12 17.01 17.09 17.66 25.9 16.1 17.54 1 8 15 22 29 55.4 30.6 20.2 24.0 23.0 7.4 5.7 4.2 2.3 4.8 18.14 18.81 18.63 18.63 18.92 52.0 20.6 19.09 6 13 20 27 12.5 3.7 8.3 3.0 5.7 3.7 8.3 3.0 18.62 18.31 18.43 18.90 5.4 5.4 18.99 July Aug. Sept. Oct. 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 3714 basis points for mortgage servicing. Prior to June 24,1980, the FHLMC's future commitment program involved 6-month commitments; subsequently, 8-month commitments have been auctioned. Source: FNMA and FHLMC http://fraser.stlouisfed.org/ (Auction d a t a are f o r f i x e d - r a t e mortgages o n l y . ) Federal Reserve Bank of St. Louis 24 25. ISSUES OF MORTGAGE-BACKED SECURITIES Millions of dollars, not seasonally adjusted Period GNMA-guaranteed New issues Outstanding (end of period i Pass-through securities F H LMC-guaranteed New issues Outstanding (end of period) Public offerings of mortgagebacked bonds Outstanding by savings and (end of period i loan assoc. Privately insured New issues 1978 15,360 54,347 6,212 11,892 1,102 1,161 465 1979 24,997 76,401 4,546 15,180 2,575 3,641 1,110 1980 19,863 93,874 2,527 16,853 5,136 8,724 290 1980-Jan. Feb. Mar. 2,611 1,354 1,126 78,849 79,900 80,843 180 207 106 15,274 15,397 15,454 408 205 342 4,230 4,424 4,771 50 0 0 Apr. May June 1,779 1,127 1,320 82,419 83,385 84,282 199 391 232 15,613 15,949 16,120 510 495 413 5,269 5,760 6,168 0 0 190 July Aug. Sept. 1,087 2,215 1,807 85,634 88,031 89,452 288 320 275 16,370 16,658 16,852 485 466 355 6,603 6,995 7,338 50 0 0 Oct. Nov. Dec. 2,255 1,613 1,569 91,425 92,574 93,874 187 94 48 16,950 16,912 16,853 402 628 427 7,708 8,342 8,724 0 0 0 1,300 1,306 1,046 1,402 1,245 1,383 1,590 959 1,184 95,061 96,292 97,184 98,405 99,144 100,588 101,581 102,743 103,750 168 94 127 97 422 940 238 44 249 16,952 17,010 17,067 17,131 17,515 17,565 17,765 17,773 17,935 556 255 464 510 718 625 714 388 380 9,415 9,665 10,104 10,599 11,286 11,870 12,557 12,876 13,198 0 0 0 40 0 0 0 0 0 1981-Jan. Feb. Mar. Apr. May June July Aug. Sept. I mortgages and are underwritten by major private mortgage insurance companies. Source: GNMA, FHLMC, HUD, and Federal Reserve.
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