Full text of H.16 Capital Market Developments : November 20, 1978
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% o- Capital Marl<et \ •y• Developments November 20, 1978 Prepared by the CAPITAL MARKETS SECTION in conjunction with the MORTGAGE and CONSUMER FINANCE SECTION DIVISION OF RESEARCH AND STATISTICS BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM Washington, D C. 20551 Index TABLES 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 $.50 each. Address requests to Publications Services, Division of Administrative Services, and make payment remittance payable to the order of the Board of Governors of the Federal Reserve System in a form STOCK MARKET AND SECURITY CREDIT 9 - 1 6 MORTGAGE MARKET collectible at par in U.S. Currency. e ESTIMATE p r PRELIMINARY REVISED 1-6 SECURITY VOLUME AND YIELDS 7, 8 SYMBOLS n.a. NOT A V A I L A B L E DATA DO NOT EXIST Table 1 YIELDS, VOLUME AND RECEPTION CORPORATE BOND MARKET YIELDS WEEK ENDING 1978 - O c t . Nov. 6 13 20 27 3 10 17 NEW ISSUE Aaa UTILITY 1 VOLUME RECENTLY OFFERED A a a UTILITY 2 3 GROSS OFFERINGS ($ MILLIONS) PER C E N T S O L D B Y END OF WEEK NEW ISSUES 4 IN S Y N D I C A T E ($ MILLIONS) 9.19 9.23 9.04 9.03 9.15 9.24 340 294 585 250 90 98 96 100 35 5 24 0 9.25 9.30 9.26p 9.28 9.30r 9.25p 272 400 439 99 100 98 3 0 10 9.04 MUNICIPAL BOND MARKET VOLUME YIELDS WEEK ENDING MOODY'S N E W ISSUE Aaa BOND BUYER 20-BOND INDEX 1978 - O c t . 6 13 20 27 5.50 5.50 5.50 5.60 6.07 6.10 6.14 6.21 Nov. 3 10 17 5.70 5.65 5.50 6.22 6.17 6.11 3 GROSS OFFERINGS ($ MILLIONS) PER C E N T S O L D B Y END OF WEEK 614 795 819 514 421 845r 1,557 NEW ISSUES 4 IN S Y N D I C A T E ($ MILLIONS) 86 87 84 90 126 148 236 113 89 9095 78 107 101 NOTES: 1 Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection. 2 Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection, released from price restrictions sometime during the last four weeks. 3 Estimated by F.R. on the basis of available data. 4 Corporate Market: Salomon Brothers Bond Market Roundup; Municipal Market: Weekly Bond Buyer. Data are adjusted by Federal Reserve when necessary to make coverage of this series consistent with the gross offerings series. Table 2 HIGH GRADE BOND YIELDS NEW ISSUE Aaa UTILITY DATE 1974 - High 1976 1977 1978 1978 - - - - - RECENTLY OFFERED Aaa UTILITY 2 MOODY'S SEASONED CORPORATE Aaa 3, U.S. GOVT. 20-YEAR CONSTANT MATURITY 4 B O N D BUYER 2 0 - B 0 N D INDEX 10.61 (10/4) 10.52 8.05 (2/15) 8.13 High 9.80 (5/2) 9.71 (5/25) Low 8.89 (2/7) 9.06 (2/28) High 8.95 (5/28) 9.10 (1/2) Low 7.93 (12/10) 7.84 (12/31) High 8.36 (12/16) 8.48 Low 7.90 (1/7) 7.95 High 9.30 (11/10) Low 8.60 (3/24) August 8.82 8.91 8.69 8.45 6.12 September 8.86 8.86 8.69 8.47 October 6.09 9.17 9.13 8.89 8.69 6.13 Low 1975 1 Oct. 6 9.04 13 Nov. (10/11) 9.39 (10/11) 8.68 (8/30) 7.15 (12/12) (1/4) 7.73 (1/4) 7.39 (1/4) 5.15 (2/7) 9.01 (5/2) 8.63 (9/19) 7.67 (10/3) 8.57 (2/28) 7.63 (2/21) 6.27 (2/13) 8.66 (5/28) 8.17 (5/28) 7.29 (1/2) 7.91 (12/31) 7.27 (12/31) 5.95 (12/16) (12/30) 8.28 (12/30) 7.99 (12/30) 5.93 (2/4) (1/7) 7.88 (1/7) 7.26 (1/7) 5.45 (11/17) 9.30 (11/10) 9.06 (11/10) 8.80 (11/10) 6.32 (7/13) 8.48 (1/6) 8.30 (1/6) 8.02 (1/6) 5.58 (3/17) 9.04 8.81 8.64 6.07 9.03 8.85 8.61 6.10 20 9.19 9.15 8.88 8.67 6.14 27 9.23 9.24 8.94 8.73 6.21 3 9.25 9.28 9.04 8.80 6.22 10 9.30 9.30r 9.06 8.80 6.17 17 9.26p 9.25p 9.04p 8.74p 6.11 NOTES: 1 Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection. 2 Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection released from price restrictions sometime during the last 4 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 bonds used in this index falls midway between the four top groups as classified by Moody's Investors Service. Weekly Bond Buyer data. 5 Table 3 LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS IN MILLIONS OF DOLLARS GROSS PROCEEDS PERIOD 1 CORPORATE 1977 1976 1978 1977 1976 January February March 3,013 2,657 4,442 4,362 2,792 5,578 3,381 3,863 6,632 3,300 2,748 4,828 3,402 3,442 4,063 2,451 2,885 3,365 April May June 3,285 4,035 5,215 3,998 3,797 5,660 3,507 4,186 6,439 3,824 5,474 4,339 3,409 4,566 5,786 2,218 3,575 3,115 July August September 4,226 2,900e 3,500e 4,289 3,469 4,177 3,216 3,357 4,817 3,899 6,351 2,258 3,113 4,118 4,013 2,734 2,821 2,814 October November December 3,75Qe 4,221 5,331 6,531 4,511 3,074 6,503 3,200e 3,807 3,332 3,646 3,524 3,336 2,342 Q1 02 03 04 10,112 12,535 10,626e 12,732 13,455 11,935 16,083 13,876 14,132 11,390 14,088 10,876 13,637 12,508 10,907 13,761 11,244 10,785 8,701 8,908 8,369 9,202 1st Half 3 Qtrs. Year 22,647 33,273e 26,187 38,122 54,205 28,008 39,398 53,488 24,513 37,021 24,668 35,912 46,697 17,609 25,978 35,180 NOTES: 1 2 e 2 STATE AND LOCAL 1978 Securities and Exchange Commission estimates of gross proceeds. P u b l i c S e c u r i t i e s A s s o c i a t i o n e s t i m a t e s of p r i n c i p a l a m o u n t s . E s t i m a t e d b y F e d e r a l R e s e r v e B o a r d on t h e b a s i s o f a v a i l a b l e d a t a . Table 4 NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE AND ISSUER IN MILLIONS OF DOLLARS PERIOD 1977 - I II III IV 1978 - I II 1977 - June July August September October November December 1978 - J a n u a r y February March April May June July TOTAL 12,732 13,455 11,935 16,083 GROSS PROCEEDS BY TYPE OF ISSUE GROSS PROCEEDS BY TYPE OF ISSUER 1 BONDS MEMO COMMON PUBLIC MANUFACCOMMUNIOTHER AND ISSUES INCLUDED PUBLICLY PRIVATELY ISSUERS UTILITY CATIONS TURING OFFERED PLACED PREFERRED FOREIGN CONVERTIBLE STOCK 6,498 3,527 2,707 6 268 3,031 3,047 1,415 5,238 346 5,606 4,975 2,874 108 4,125 3,440 1,059 4,830 272 6.215 3,506 2,214 495 3,250 2,901 644 5,140 275 5,867 5,999 4,217 4,246 39 4,054 1,320 6,460 10,112 12,535 4,748 5,421 3,383 4,196 1,981 2,918 233 260 4 158 2,218 2,898 2,367 3,672 844 384 4,684 5,581 5,660 4,289 3,469 4,177 4,221 5,331 6,531 2,045 2,360 1,947 1,908 2,114 2,211 1,542 2,580 972 965 1,569 979 1,200 3,820 1,035 695 557 700 1,128 1,920 1,169 332 90 160 22 10 89 176 56 25 262 208 1 22 16 1,416 1,349 1,068 833 731 782 2,541 1,471 903 497 1,501 1,437 1,729 1,080 416 277 45 322 8 1,013 299 2,356 1,761 1,858 1,521 2,045 1,805 2,610 3,013 2,657 4,442 3,285 4,035 5.21 5 4,226 1,382 1,464 1,902 1,958 1,719 1,744 2,177 998 667 1,718 853 1,277 2,066 1,541 633 526 822 474 1,039 1,405 508 233 0 0 12 106 142 80 0 0 4 20 2 136 16 273 716 1,229 549 878 1,471 842 644 465 1,258 743 1,685 1,244 799 519 34 291 35 1,578 1,441 1,665 1,960 1,470 2,151 2,231 NOTES: 1 Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other. Source: Securities and Exchange Commission. — — 349 353 Table 5A INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 O c t o b e r 30 t h r o u g h November 1 7 , ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) 1978 MATURITY COUPON RATE OFFERING YIELD MOODY'S/S&P'S RATINGS CORPORATE New Y o r k S t a t e E l e c t r i c & Gas Co. P u b l i c S e r v i c e of C o l o r a d o S o u t h e r n C a l i f o r n i a E d i s o n Co. Hughes T o o l C o r p . Studebacker-Worthington Inc. P a c i f i c T e l . & T e l e . Co. A m e r i c a n E l e c t r i c Power Co. D e l m a r v a Power & L i g h t Co. K a n s a s Gas & E l e c t r i c Co. P u g e t Sound Power & L i g h t Co. General E l e c t r i c C r e d i t Corp. N o r f o l k & W e s t e r n R a i l r o a d Co. O t t e r T a i l Power Co. M o n t g o m e r y Ward C r e d i t C o r p . P u b l i c S e r v i c e E l e c t r i c & Gas Co. Dana C o r p . Com. s c k . Com. s t k . 1st mtg. Debt. Debt. Debt. Com. s t k . Pfd. stk. Com, s t k . Com. s t k . Notes Equip, t r . 1st mtg. Notes 1st mtg. Debt. 34.0 48.0 200.0 60.0 100.0 300.0 126.0 20.2 28.8 31.5 150.0 18.7 20.0 50.0 100.0 100.0 OTHER O n t a r i o , P r o v i n c e of Bonds 250.0 ___ 2003 2008 2003 2014 mmmm 9.63 9.00 9.35 9.63 9.70 9.10 9.35 9.63 Aa/AA A/A+ A/A Aa/A+ 9.00 8.90 A/A w* • * mm* mmm — m mm —• 1984 1978-1993 2008 1984 2008 2008 2008 NOTES: * Rights offering. 1 Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings. . —— __ mm w 9.13 9.13 9.63 9.38 9.38 8.88 9.18 10.00-9.15 9.63 9.43 9.30 8.92 Aa/AAAa/AA+ A/A A/A Aa/AA Aa/AA 9.38 9.48 Aaa/AAA Table 5B INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' O c t o b e r 30 t h r o u g h November 1 7 , TYPE ISSUER STATE AND LOCAL Wayne Co. Comm. C o l l . D l s t . , M i c h . B e l l e v i l l e , 111. B e l l e v i l l e , 111. D a v e n p o r t , Iowa D a v e n p o r t , Iowa Richmond I n d u s t . A u t h . , V a . Richmond I n d u s t . A u t h . , Va. Grand R a p i d s Pub. Sch. D i s t . , Mich. Eugene, Ore. Indianapolis, Ind. Indianapolis, Ind. Maine, S t a t e of North Slope Borough, Alaska Miami, F l a . M i s s i s s i p p i , S t a t e of M i s s i s s i p p i , S t a t e of C o u t l a n d I n d . Dev. B o a r d , A l a . O a k l a n d Co. Comm. C o l l . D i s t . , M i c h . New Y o r k S t a t e Dorm. A u t h . New Y o r k S t a t e Dorm. A u t h . Rock I s l a n d , I l l i n o i s Rock I s l a n d , I l l i n o i s W a s h i n g t o n S u b . S a n i t a r y D i s t . , Md. W a s h i n g t o n S u b . S a n i t a r y D i s t . , Md. AMOUNT (MILLIONS OF DOLLARS) G .0. Rev. Rev. Rev. Rev. Rev. Rev. G.O. G.O. Rev. Rev. G.O. G.O. G.O. G.O. G.O. Rev. G.O. Rev. Rev. Rev. Rev. G.O. G.O. 1978 NET INTEREST COST MATURITY 5.10-6.90 5.10-6.80 7.25 5.60-7.20 7.75 6.50-7.60 8.50 5.10-5.80 5.10-5.80 5.40-6.60 7.00 5.00-5.30 5.00-6.75 5.20-6.70 4.90-5.60 5.00-5.70 7.00 5.35-6.50 6.20 6.50 5.25-7.00 7.40 5.00-6.10 5.10-6.35 6.92 1979-1995 1980-1998 2009 1982-1998 2008 1981-1991 2005 1982-1998 1981-1996 1982-1999 2008 1979-1988 1979-1991 1980-1998 1980-1998 1979-1998 2008 1980-1994 1998 2010 1979-1999 2008 1981-2003 1981-2013 24.0 9.2 15.8 12.7 18.3 2.3 7.9 14.0 18.5 43.4 46.7 14.9 74.2 18.2 15.0 10.0 30.0 17.5 5.9 13.7 8.5 11.6 8.5 87.3 OFFERING YIELD — — — 5.68 5.61 6.87 6.87 5.27 5.96 5.40 5.43 — — 6.46 6.45 6.45 — — 5.74 6.09 MOODY'S/S&P'S RATINGS A/A ~/AA —/AA A/AA/A——/BBB —/BBB Aaa/AA Aa/AA A/A+ A/A+ Aa/AAA A/A A-1/A+ Aa/AAAa/AAA/BBB+ A-1/A+ Aaa/AAA Aaa/AAA —/AA —/AA Aa/AA Aa/AA NOTES: 1 Includes only state and local security offerings of $10 million and over; excludes secondary offerings. 2 For State and local government securities, G O. denotes general obligation; Rev. denotes revenue obligations. # # # # # # # # # < Table 5B Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY O c t o b e r 30 t h r o u g h November 1 7 , 1978 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) Rev. Rev. Rev. Rev. Rev. Rev. Rev, Rev. Rev. Rev. G.O. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. G.O. G.O. Rev. Rev. Rev. Rev. Rev. 21.5 57.4 6.9 72.7 23.0 75.3 129.0 73.0 5.7 2.8 20.0 77.9 25.9 55.9 240.3 5.7 11.1 38.0 37.0 17.0 13.0 17.0 65.0 18.0 11.7 27.3 4.0 10.2 12.4 MATURITY NET INTEREST COST OFFERING YIELD MOODY'S/S&P'S RATINGS STATE AND LOCAL M a r i c o p a Co. I n d u s t . Dev. A u t h . , A r i z . M a r i c o p a Co. I n d u s t , Dev. A u t h . , A r i z . M a r i c o p a Co. I n d u s t . Dev. A u t h . , A r i z , N e b r a s k a P u b l i c Pwr. D i s t . Nebraska P u b l i c Pwr. Dis t . N e b r a s k a P u b l i c Pwr, D i s t . N e b r a s k a P u b l i c Pwr. D i s t . Triborough Bridge & T u n n e l A u t h . N.Y. Triborough Bridge & Tunnel Auth. N.Y. Triborough Bridge & Tunnel Auth. N.Y. Harris Co., Texas North Carolina Mun. Power Agcy. # 1 North Carolina Mun. Power Agcy. # 1 North Carolina Mun. Power Agcy. # 1 North Carolina Mun. Power Agcy. # 1 Quincy, 111. Quincy, 1 1 1 . Bartow Co. Dev. Auth., Ga. Putnam Co. Dev. Auth., Ga. Bucks Co. Indust. Dev. Auth., Pa. Fairfield Indust. Dev. Bd., Ala. Puerto Rico Puerto Rico Puerto Rico Massachusetts Hsg. Fin. Agcy. Massachusetts Hsg. Fin. Agcy. Massachusetts Hsg. Fin. Agcy. Massachusetts Hsg. Fin. Agcy. New Jersey Hlth. Care Fac. Fin. Auth. 1983-1996 2010 2011 1981-1999 2002 2009 2017 1983 1979 1980 1979-1998 1986-2000 2003 2008 2020 1980-1998 2010 2008 2008 2008 2008 1980-1988 2002 1993 2008 2019 2021 1980-1999 1989-1999 —— • —— - - - - — — 5.25 6.81 6.81 6.81 6.81 7.16 7.16 7.17 7.17 - - - 7.98 7.98 7.98 7.38 7.38 7.38 7.38 6.04 5 . 8 0 - 7 . 00 7.79 6.20 5 . 2 5 - 6 . 60 6.75 6.96 7.10 5.63 5.00 5.00 5 . 0 0 - 5 . .40 5.20-6.45 6.60 6.70 6.88 5 . 5 0 - 6 .80 7.20 7.10 7.10 6.60 6.60 6 . 0 0 - 7 .25 8.00 7.63 7.30 7.44 7.44 5 . 4 0 - 7 . .00 5 . 2 5 - 6 . .00 A/A+ A/A+ A/A+ A-1/A+ A-1/A+ A—1/A+ A-1/A+ A-1/A+ Aaa/ Aaa/ Aaa/AAA A/A+ A/A+ A/A+ A/A+ - -/AA --/AA Baa/BBB Baa/BBB Aa/AAAa/AABaa-l/A Baa-l/A Baa-l/A A-l/A A-l/A A-l/A A-l/A Aaa/AAA Table SB Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY O c t o b e r 30 t h r o u g h November 1 7 , ISSUER 1978 TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY Rev. Rev. G.O. G.O. G.O. Rev. Rev. Rev. G.O. Rev. G.O. G.O. Rev. Rev. Rev. Rev. G.O. 10.2 30.9 140.0 12.1 18.0 15.8 2.4 7.9 13.8 20.0 36.3 18.0 6.0 11.4 5.9 22.4 250.0 2005 1979-1983 1979-2003 1979-1993 1985-1994 1980-1998 1984-1994 2008 1979-2001 1981-2001 1979-2003 1980-2003 1980-2003 1982-1993 1999 2011 2008 NET INTEREST COST OFFERING YIELD MOODY S/S&P'S RATINGS STATE AND LOCAL New J e r s e y H l t h . C a r e F a c . F i n . A u t h . New M e x i c o , S t a t e o f I l l i n o i s , S t a t e of W e s t Palm B e a c h , F l o r i d a Phoenix, Ariz. Phoenix, Ariz. Cape C o r a l H l t h . F a c . A u t h . , F l a . Cape C o r a l H l t h . F a c . A u t h . , F l a . E r i e C o . , New Y o r k Alabama S t a t e D o c k s D e p a r t m e n t V i r g i n i a Beach, V i r g i n i a New O r l e a n s , L a . New O r l e a n s , L a . Duarte Redev. Agcy., C a l i f . Duarte Redev. Agcy., C a l i f . Duarte Redev. Agcy., C a l i f . Municipal A s s t . C o r p . , N.Y.C. 6.04 5.27 5.49 5.60 5.32 5.60 — — —— 6.96 6.85 5.63 6.04 6.01 — — - — — 6.20 5.20-5.10 5.00-5.80 5.10-5.70 5.10-5.35 5.00-5.90 6.75-7.63 8.13 5.20-7.00 5.50-7.00 5.10-6.00 5.10-6.25 5.25-6.40 5.60-6.80 7.13 7.38 8.38 Aaa/AAA Aaa/AAA Aaa/AAA A1/A+ Aa/AA Al/AA ——/ —— — /— A/ - Baa/BBB+ Aa/AA A/A A/A+ --/A --/A --/A Baa-l/A Table 6A FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of November 1 7 , 1978 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING CORPORATE C i n c i n n a t i Gas & E l e c t r i c Co. General Motors Accept. Corp. Sun C h e m i c a l C o r p . Kay C o r p . GDV I n c . A r i z o n a P u b l i c S e r v i c e Co. Early California Industries Inc. San D i e g o Gas & E l e c t r i c Co. P a c i f i c Gas & E l e c t r i c Co. M i c h i g a n B e l l T e l e . Co. * W a l t e r K i d d e & Co. Golden Nugget I n c . UNC R e s o u r c e s I n c . A s s o c i a t e s F i r s t C a p i t a l Corp. Bank of N o r t h D a k o t a B e l d i n g Heminway Co. I n c . H o u s t o n L i g h t i n g & Power Co. C e n t r a l I l l i n o i s P u b l i c S e r v i c e Co. W i s c o n s i n E l e c t r i c Power Co. O h i o E d i s o n Co. M o u n t a i n S t a t e s T e l & T e l e . Co. S o u t h C a r o l i n a E l e c t r i c & Gas Co. V i r g i n i a E l e c t r i c & Power Co. U t a h Power & L i g h t Co. A m e r i c a n G e n e r a l I n s u r a n c e Co. *Aristar Inc. * I t e l Corp. ^Champion P a r t s R e b u i l d e r s I n c . *CCI C o r p . C a e s a r s World I n c . POSTPONEMENT W i s c o n s i n Power & L i g h t Co. P u b l i c S e r v i c e o f New H a m p s h i r e Com. s t k . Notes Debt. Debt. Debt. Com. s t k . Units Com. s t k . Com. s t k . Debt. Debt. Units Debt. Notes Bonds Debt. 1 s t . mtg. Com. s t k . Pfd. stk. Com. s t k . Debt. Pfd. stk. Com. s t k . Com. s t k . Debt. Notes Notes Debt. Debt. Debt. 60.0 250.0 60.0 15.0 50.0 60.0 25.0 35.0 150.0 100.0 100.0 45.0 50.0 75.0 50.0 20.0 100.0 24.0 60.0 108.0 150.0 20.0 80.0 30.0 100.0 25.0 75.0 15.0 25.0 25.0 Com. s t k . Com. s t k . 20.0 30.0 NOTES: * Included in table for first time. 1 Includes only corporate and other security issues of $15 million and over; excludes exchanges, options Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. 20 21 21 21 21 21 28 28 28 28 28 1 6 6 7 7 12 12 12 13 Nov. 15 Nov. 14 12 Table 6B FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of November 1 7 , 1978 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING STATE & LOCAL *Lomod Bunker Hill Hsg. Dev. Corp. Calif. R i c h a r d s o n I n d . Sch. D i s t . , Texas Ottawa Co., Mich. S a n t a Monica R e d e v . A g c y . , C a l i f . Beavertown S c h l . D i s t . , Oregon P o r t of ' O a k l a n d , C a l i f . Alaska Housing Finance Corp. * W a r r e n , Ohio Katy I n d . Sch. D i s t . , Texas * D e t r o i t , Mich. Troy Sch. D i s t . , Mich. *New Y o r k S t a t e H s g . F i n . A g c y . ^Maryland H l t h . & H i g h e r Educ. Fac. Auth. ^Wisconsin Housing Fin. Auth. * P a r a d i s e V p l l e y Sch. D i s t . #69, Ariz. Garland I n d . Sch. D i s t . , Texas ^ W a s h i n g t o n S t a t e of ^ C h i c a g o Comm. C o l l e g e D i s t . # 5 0 8 , 111. *Jordan School D i s t . , Utah O h i o , S t a t e of *Madison Voc. Tech. Educ. D i s t . # 4 , Wise. M i n n e a p o l i s S t . Paul Metro. A i r p o r t s Comm., M i n n . Lower C o l o r a d o R i v e r A u t h . , T e x a s * D a l l a s F o r t Worth Reg. A i r p o r t , Texas ^ I l l i n o i s H o u s i n g Dev." A u t h . , 1 1 1 . *South Carolina S t a t e Hsg. Auth. *Rhode Island C a l i f o r n i a , S t a t e of Irvine Ranch Wtr. Dist., Calif. ^Michigan S t a t e H o s p i t a l Finance Auth. * W a s h i n g t o n P u b l i c Power S u p p l y S y s . Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. 45.8 11.3 11.0 14.5 11.8 20.0 44.0 10.4 22.8 42.9 15.1 106.0 Rev. Rev. 15.4 57.0 Nov. Dec. 1 G.O. G.O. G.O. 11.0 10.0 36.7 Dec. 4 Dec. 4 Dec. 5 G.O. G.O. Rev. 11.1 22.0 40.0 Dec. 5 Dec. 5 Dec. 5 G.O. 20.0 Dec. 6 Rev. Rev. 15.0 48.0 Dec. 6 Dec. 6 Rev. Rev. Rev. G.O. G.O. G.O. 147.0 55.9 85.0 21.3 150.0 13.8 Dec. Dec. Dec. Dec. Dec. Dec. Rev. Rev. 16.6 180.0 D e c . 19 Dec. NOTES: 1 Includes state and local government issues of $10 million and over, foreign government, International Bank for Reconstruction issues of Federally sponsored agencies; excludes secondary offerings. * Included in the table for the first time. 20 20 20 20 21 21 21 27 27 28 28 30 Rev. G.O. G.O. Rev. G.O. Rev. Rev. Rev. G.O. G.O. G.O. Rev. 7 7 8 12 12 12 13 Table 6B Continued • . FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' As of November 1 7 , ISSUER TYPE 1978 AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING STATE & LOCAL G a r f i e l d H e i g h t s , Ohio Evanston, 111. New J e r s e y S p o r t s & E x p o s . A u t h . New J e r s e y S p o r t s & E x p o s . A u t h . Rev. Rev. Rev. Rev. 27.4 25.0 300.0 70.0 Dec. Dec. Dec. Dec. Table 7 STOCK PRICES AND VOLUME NYSE INDEX 1974-High Low 1975-High Low 1976-High Low 1977-High Low 1978-High Low 1 STOCK PRICES DATE 3 DJ INDUSTRIALS AMEX 4 2 TRADING VOLUME NASDAQ NYSE AMEX NASDAQ 53.37 (3/13) 32.89 (10/3) 891.66 (3/13) 577.60 (12/6) 102.01 (3/14) 58.26 (12/9) 96.53 (3/15) 54.87 (10/3) 24.9 (1/3) 7.5 (7/5) 4.4 (1/3) .9 ( 9 / 2 6 ) 7.5 (1/3) 2.8 (7/5) 51.24 (7/15) 37.16 (1/8) 881.81 (7/15) 632.04 (1/2) 96.86 (7/15) 62.20 (1/2) 88.00 (7/15) 60.70 (1/2) 35.2 (2/13) 8.7 (9/15) 4.2 (2/21) 1.1 (9/15) 8 . 1 (2/13) 2.5 (9/15) 57.51 (9/21) 48.04 (1/2) 1014.79 (9/21) 8 5 8 . 7 1 (V2) 107.05 (7/12) 8 4 . 3 1 (V2) 92.52 (7/15) 78.06 (1/2) 44.5 (2/20) 10.3 (1/2) 8.6 (2/20) 1.1 (1/2) 11.1 (2/20) 3.5 (1/2) 57.69 (V2) 49.78 (11/2) 999.75 (1/3) 800.85 (11/2) 127.89 (12/30) 109.61 (1/12) 105.05 (12/30) 93.66 (4/5) 35.3 (11/11) 10.6 (10/10) 4.2 (1/13) 1.4 (9/22) 11.2 (11/10) 5.1 (5/27) 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) 66.4 (8/3) 7.6 (1/20) 11.0 (10/30) 1.3 (1/20) 18.8 (5/18) 2.8 (1/20) Oct. 6 13 20 27 58.34 58.93 54.76 52.52 880.02 897.07 838.01 806.05 170.23 170.79 152.39 141.31 134.00 135.58 123.82 115.25 24.3 23.8 34.2 33.8 3.3 3.2 4.8 5.1 9.7 10.7 13.2 12.5 Nov. 3 10 17 53.49 52.72 52.54 823.11 807.09 797.73 145.32 143.39 143.38 115.49 114.84 113.69 43.9 21.9 24.8 6.8 2.7 3.6 14.5 8.3 8.8 NOTES: 1 Figures other than highs and lows are Fridays only. Highs and lows are for the year and are not necessarily for Fridays. 2 Volume figures are weekly averages of daily figures (millions of shares). 3 12/31/65 = 50 4 Based on average price change until September 4, 1973 thereafter, based on market value of shares listed. 15 Table 8 SECURITY CREDIT REGULATED MARGIN CREDIT EXTENDED BY END OF PERIOD BROKERS ON MARGIN STOCK 1 BROKERS ON 2 CONVERTIBLE BONDS 3 BANKS UNREGULATED NONMARGIN STOCK CREDIT AT BANKS OUTSTANDING 1977 1978 - - 881 2,581 882 2,579 September 9,590 196 October 9,560 191 November 9,610 246- 872 2,604 December 9,740 250 873 2,568 , January 9,590 246 851 2,565 February 9,780 242 877 2,544 March 9,920 246 855 2,544 April 10,260 248 May 10,660 245 2,560 914 series discontinued June 11,090 242 July 11,190 n.a. August 11,740 n. a. September 12,400 n.a. October 12,090 n.a. CHANGE IN OUTSTANDING 1977 - September October 1978 - 30 -4 -30 "5 5 / -4 -6 1 -2 -10 25 1 -36 November 50 December 130 4 -150 -4 -22 -3 190 -4 • 26 -21 January February n.a.— March 140 4r -22 April 340 2 -59 May 400 -3 June 430 -3 July 100 n.a. August 550 n.a. September 660 n.a. October 310 n.a. 16 series discontinued NOTES: 1 Margin account debt as reported by the New York Stock Exchange, excluding credit for subscription issues and convertible bonds. 2 New York Stock Exchange data. 3 June data for banks are universe totals; all other data for banks represent estimates for all commercial banks based on reports by a reporting sample, which accounted for 60 per cent of security credit outstanding at banks on June 30. 4 Nonmargin stocks are those not listed on a national securities exchange and not included on the Board of Governors of the Federal Reserve System's list of OTC margin stocks. At banks, loans to purchase or carry nonmargin stocks are unregulated; at brokers, such stocks have no value. 4 Table 9 SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS IN MILLIONS OF DOLLARS DATE REGULAR DEPOSITS NET FLOW 1974 1975 1976 1977 2,165 11,070 12,670 10,647 1 ANNUAL 3 GROWTH RATE 2.3 11.3 11.6 8.9 NET NEW MONEY TOTAL SAVINGS & LOAN ASSOCIATIONS MUTUAL SAVINGS BANKS 2 SHARE CAPITAL NET FLOW -2,822 4,757 5,275 2,874 16,006 42,769 50,169 50,963 338 -553 97 -90 38 -75 -41 50 7,153 558 2,380 6,656 3,074 2,312 6,406 ANNUAL 3 GROWTH RATE 7.1 17.6 17.6 15.2 NET NEW MONEY 4,668 29,276 34,369 32,004 2 DEPOSITS NET FLOW 18,171 53,839 62,839 61,610 ANNUAL 3 GROWTH RATE 5.6 15.8 15.9 13.5 2 NET NEW MONEY 1,846 34,033 39,644 34,783 NOT SEASONALLY ADJUSTED 1978-March April May June July August September October^- 1,712 -264 436 1,304 341 260 1,378 375 1978-March April May June July August September October^- 448 341 543 514 963 1,222 1,313 1,009 — — — — — — —— 2,592 401 2,145 1,744 2,812 2,069 1,576 8,864 294 2,816 7,960 3,415 2,572 7,784 — 2,930 -152 2,242 1,654 2,850 1,994 1,535 SEASONALLY ADJUSTED 4.0 3.0 4.8 4.5 8.5 10.7 11.4 8.7 2,845 2,133 3,010 3,452 5,192 5,439 6,085 8.7 6.5 9.1 10.3 15.4 15.9 17.6 — 3,293 2,474 3,553 3,966 6,155 6,661 7,398 7.5 5.6 8.0 8.9 13.7 14.6 16.0 — 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 17 T a b l e 10 MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS BILLIONS OF DOLLARS, SEASONALLY A D J U S T E D OUTSTANDING COMMITMENTS PERIOD TOTAL ALL SAVINGS MUTUAL & LOAN SAVINGS BKS ASSOCIATIONS (N.Y. S T A T E ) NET CHANGE TOTAL ALL SAVINGS MUTUAL & LOAN S A V I N G S BKS ASSOCIATIONS (N.Y. S T A T E ) 1972 25.3 20.3 5.0 7.48 6.28 1.20 1973 20.0 16.4 3.5 -5.31 -3.92 -1.39 1974 14.7 12.4 2.3 -5.20 -3.91 -1.29 1975 20.2 18.2 2.2 5.81 6.06 1976 27.8 25.0 2.8 7.46 6.80 .66 1977 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 27.8 28.5 29.7 30.4 30.8 32.1 32.8 34.0 35.0 37.2 38.2 38 . 3 25.0 25.5 26.5 27.2 27.5 28.3 29.0 30.1 30.9 32.7 33.5 33.7 2.8 3.0 3.2 3.2 3.3 3.8 3.8 3.9 4.1 4.5 4.7 4.6 .45 .66 1.20 .68 .47 1.32 .60 1.29 .97 2.23 1.05 .06 .38 .46 1.00 .68 .40 .79 .63 1.11 .80 1.86 .82 .16 .07 .20 .17 1978 - J a n . Feb. Mar. Apr. May June July Aug. Sept. 38.0 37.3 36.9 36.5 36.2 36.1 36.0 36.4 36.7 33.6 33.0 32.7 32.3 31.9 31.5 31.5 31.9 32.3 4.4 4.3 4.2 4.2 4.3 4.6 4.5 4.5 4.4 -.32 -.70 -.40 -.46 .62 .03 -.11 .32 .36 -.08 -.61 -.34 -.42 -.57 -.31 -.03 .36 .44 - - - .25 .07 .53 .03 .18 .17 .37 .23 .10 — - .24 .09 . 06 .04 .05 .34 — . 08 - .04 - .08 * S&L D a t a h a v e b e e n r e v i s e d by FHLBB b a c k t o 1 9 7 7 . NOTES: Based on data from Federal Home Loan Bank Board and Savings Banks Association of New York State. Both series include a minor amount of nonresidential commitments; S&L commitments also include loans in process. Net changes are derived directly from unrounded end of period outstanding levels as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding. H.16 18 Table 11 NET NEW MONEY B O R R O W I N G S BY MAJOR HOUSING A G E N C I E S IN MILLIONS OF DOLLARS PERIOD TOTAL INCLUDING SHORT-TERM DISCOUNT NOTES INTERMEDIATE AND LONG-TERM ISSUES TOTAL FHLB FHLMC FNMA FNMA &FHLB SHORT-TERM DISCOUNT NOTES 1 1975 - July Aug. Sept. Oct. Nov. Dec. +236 -398 215 587 152 669 +300 -700 100 850 200 600 0 -700 0 +150 0 0 0 0 0 0 200 0 +300 0 100 700 0 600 -64 302 115 -263 -48 69 1976 - Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. -197 -964 -851 124 -953 -107 -58 787 195 -37 -552 145 0 -604 -304 693 -607 -206 291 +190 190 310 -297 -219 0 -1,100 0 0 -600 0 0 0 0 0 -300 0 0 196 -4 -7 -7 -6 -9 +190 -10 -8 -9 -7 0 300 -300 700 0 -200 300 0 200 318 12 -212 -197 -360 -547 -569 -346 99 -349 597 5 -347 -255 364 1977 - Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 12 -862 289 344 532 605 531 347 195 247 466 1,078 188 -592 -354 746 297 203 553 301 -291 211 500 0 0 -200 0 -6 105 0 0 304 0 0 300 0 -189 -393 -4 0 200 3 -47 -3 9 11 200 0 -1 1 -350 752 -8 200 600 0 -300 200 0 0 -176 -270 643 -402 235 402 -22 46 486 -36 -34 1,078 1978 - Jan. Feb. Mar. Apr. May June July Aug. Sept Oct.- 399 1,712 887 848 3,091 1,492 1,605 1,811 -12 1,388 -17 600 1,483 1,276 1,881 1,182 -12 -12 -17 0 -17 276 -19 -18 1,683 1,750 1,131 1,700 0 1,400 0 0 1,500 0 700 1,200 0 0 0 0 600 0 1000 1200 0 950 411 324 904 248 1,608 216 -276 629 552 1700 50 NOTES: Based on data from Treasury Survey of Ownership. Sales of FHLB discount notes began in May 1974. 0 181 0 1 19 T a b l e 12 NET CHANGE IN MORTGAGE HOLDINGS IN M I L L I O N S O F DOLLARS PERIOD 1970 1971 1972 1973 1974 1975 1976 1977 2 FINANCIAL INSTITUTIONS TOTAL INCLUDING FNMA-GNMA TOTAL COMMERCIAL BANKS MSB's S & Ls 21,930 41,406 57,587 58,372 42,739 43,497 62,783 96,814 17,020 39,018 55,561 55,072 36,517 38,658 64,903 95,924 2,462 9,940 16,800 19,600 11,700 4,200 13,900 25,400 1,956 3,938 5,377 5,642 2,172 2,236 4,074 6,474 10,254 23,919 31,932 25,552 17,567 29,289 44,515 58,566 INSURANCE FNMA-GNMA COMPANIES 2,348 1,221 1,452 4,278 5,078 2,933 2,414 5,184 4,910 2,388 2,026 3,300 6,222 4,839 -2,120 890 3,019 3,409 4,837 4,856 5,021 5,660 3,991 4,721 4,270 406 304 488 854 373 850 556 1,006 320 498 473 608 1,244 773 728 998 4,319 4 , 384 4 , 736 4,349 4,300 4,472 3,647 4,214 4,164 544 377 615 817 509 851 679 1,045 379 600 560 747 1,455 969 444 930 Not S e a s o n a l l y Ad l u s t e d 1978 - J a n . Feb . Mar . Apr. May June July Aug. Sept. 5,557 6,155 8,751 9,304 10,307 11,104 8,856 10 , 9 6 1 5,237 5,657 8,278 8,696 9,063 10,331 8,128 9,963 1,400 1,600 2,400 2,500 3,100 3,200 2,900 3,600 2,700 412 344 553 486 569 621 681 636 S e a s o n a l l y Ad i u s t e d 1978 - J a n . Feb • Mar • Apr • May June July Aug. Sept. 7,602 7,885 8,827 8,544 9,720 9,706 8,270 10,273 7,223 7,285 8,267 7,797 8,265 8,590 7,826 9,343 1,788 2,009 2,329 2,149 2,893 2,833 2,858 3,499 2,540 572 515 587 482 563 434 642 585 NOTES: 1 Monthly data for commercial banks based on Federal Reserve estimates benchmarked to Call Report data on real estate loans outstanding as available. Other data derived from mortgage debt outstanding as reported separately by National Assn. of Mutual Savings Banks, Federal Home Loan Bank Board, Institute of Life Insurance and, through August 1968, the Federal National Mortgage Association, and thereafter by FNMA and the Government National Mortgage Association. Data for mutual savings banks and for Life Insurance companies may differ somewhat from those derived from regular quarterly series because of minor conceptual differences for which adjustments are not made in the monthly series. Altogether, these groups accounted for 83 per cent of the net increase estimated for all holders in 1974. 2 Beginning January 1972 data reflect activity in limited amount of conventional mortgages. 2 0 T a b l e 13 NET INCREASE IN MORTGAGE DEBT OUTSTANDING IN BILLIONS OF DOLLARS, S E A S O N A L L Y ADJUSTED A N N U A L R A T E S 1 RESIDENTIAL — " QUARTER TOTAL TOTAL 1- t o 4 FAMILY MULTIFAMILY COMMERCIAL MULTFAMLY & COMMERCIAL FARM 1972 - I II III IV 67.6 74.1 77.6 88.1 49.3 54.1 59.1 63.6 38.0 41.0 48.1 47.9 11.3 13.1 11.0 15.7 14.8 16.5 14.9 21.0 26.1 29.6 25.9 36.6 3.5 3.5 3.6 3.6 1973 - I II III IV 80.6 87.4 80.7 70.4 56.0 59.9 56.2 48.5 47.8 46.9 43.7 40.6 8.2 13.0 12.5 7.9 19.1 21.7 19.4 16.4 27.3 34.7 31.9 24.3 5.6 5.8 5.0 5.5 1974 - I II III IV 69.9 70.9 54.5 46.7 48.7 47.2 35.1 29.7 39.2 40.3 28.4 25.4 9.5 6.9 6.7 4.3 17.5 18.7 13.6 11.2 27.0 25.6 20.3 15.5 3.6 4.9 5.8 5.9 1975 - I II III IV 44.0 55.0 62.3 67.7 29.7 39.8 45.3 50.8 28.9 39.8 44.9 51.9 0.8 0.0 0.4 -1.1 9.0 10.3 12.9 12.8 9.8 10.3 13.3 11.7 5-3 4.9 4.0 4.1 1976 - I II III IV 78.6 77.1 94.0 98.5 59.7 57.8 73.8 78.0 58.3 58.0 70.0 75.5 1.4 -0.1 3.8 2.5 13.7 14.5 13.4 13.0 15.0 14.4 17.2 15.5 5.3 4.8 6.9 7.6 1977 - I II III IV 105.3 136.4 142.1 152.1 82.0 113.1 115.1 116.8 77.9 104.6 108.2 107.2 4.1 8.5 6.9 9.6 14.5 14.0 18.5 26.5 23.3 23.3 27.0 35.3 8.8 9.3 8.5 8.8 1978 - I II 131.4 136.5 99.3 103.3 89.0 93.0 10.3 10.3 22.4 23.4 33.0 33.9 9.7 9.8 (p) : ^ ^ * m • # S s e NOTES: 1 Derived from data on mortgage debt outstanding from Federal Deposit Insurance Corporation, Federal Home Loan Bank Board, Institute of Life Insurance, National Association of Mutual Savings Banks, Departments of Commerce and Agriculture, Federal National Mortgage Association, Federal Housing Administration, Veterans Administration and Comptroller of the Currency. Separation of nonfarm mortgage debt by type of property, where not available, and interpolations and extrapolations, where required, estimated mainly by Federal Reserve. 2 R e s i d e n t i a l m o r t g a g e d e b t i n c l u d e s n o n f a r m o n l y a n d i s sum of 1 - t o 4 - f a m i l y a n d multifamily mortgage debt. # # • # e e e e # # T a b l e 14 PRIVATE HOUSING PERMITS, S T A R T S , COMPLETIONS, AND MOBILE HOME SHIPMENTS IN THOUSANDS OF UNITS, SEASONALLY ADJUSTED ANNUAL RATES PERMITS 1 PERIOD 1969 1970 1971 1972 1973 1974 1975 1976 1977 TOTAL 1,324 1,352 1,925 2,219 1,820 1,074 939 1,297 1,677 1—FAMILY 626 647 906 1,033 882 644 676 894 1,125 COMPLETIONS STARTS 1—FAMILY 2-OR MORE FAMILY 2-OR MORE FAMILY TOTAL 698 705 1,018 1,186 937 431 264 403 552 1,407 1,434 2,052 2,357 2,045 1,338 1,160 1,538 1,987 811 813 1,151 1,309 1,132 888 892 1,162 1,451 656 621 901 1,048 914 450 268 376 375 1,548 1,569 2,047 2,165 2,054 2,124 2,119 2,044 2,073 1,156 1,103 1,429 1,492 1,478 1,441 1,453 1,454 1,451 392 466 618 673 576 683 666 590 622 I TOTAL ! 1 —FAMILY MOBILE 2 - O R MORE HOME FAMILY SHIPMENTS 1,399 1,418 1,706 1,972 2,014 1,692 1,297 1,362 1,652 808 802 1,014 1,143 1,174 932 867 1,026 1,254 592 617 692 828 840 760 430 336 398 413 1,759 1,696 1,821 1,943 1,854 1,890 1,942 1,950 1,300 1,233 1,363 1,515 1,426 1,344 1,286 1,345 459 463 458 428 428 546 656 605 324 265 285 251 258 263 401 497 576 567 329 216 246 277 | 1978 - J a n . Feb . Mar . Apr. May June July Aug. Sep t . 1,526 1,534 1,647 1,740 1,597 1,821 1,632 1,563 1,707 1,032 957 1,037 1,157 1,058 1,123 1,035 1,020 1,098 494 577 610 583 539 698 597 543 609 1 | ! 283 293 290 NOTES. Private bu.iding permits (for 1 4 , 0 0 0 areas with permit systems, excluding farm), starts, and c o m p l e t i o n s are Census Bureau data. A dwelling unit is started w h e n e x c a v a t i o n begins. In t h e case of apartment buildings, all units are considered started at that time; however, all such units are considered c o m p l e t e d w h e n more than half of t h e units in the structure are ready for use. Private m o b i l e h o m e shipments are Mobile H o m e Manufacturers Association data converted t o seasonally adjusted annual rate by Census Bureau. 1 Permit data for 1 9 6 9 and 1 9 7 0 based o n 1 3 , 0 0 0 areas with permit systems Table 15 N> hO AVERAGE RATES AND YIELDS ON HOME MORTGAGES EXISTING HOMES NEW HOMES 1 PERIOD SPREAD BETWEEN RETURNS ON NEW Aaa NEW HOMES UTILITY CONVENTIONAL 1 1 BOND AND HUD(FHA) YIELD NEW HOME DISCOUNT YIELD SPREAD (PERCENTAGE MORTGAGES (IN PER CENT) (BASIS (IN PER CENT) (BASIS POINTS) POINTS) POINTS) HUD(FHA) INSURED LOANS SECONDARY MARKET CONVENTIONAL LOANS PRIMARY MARKET RATE (IN PER CENT) SPREAD (BASIS POINTS) RATE (IN PER CENT) SPREAD (BASIS POINTS) 1976 - H i g h Low 9.05 8.90 91 5 9.10 8.95 95 10 9.06 8.25 59 8 4 .3 2 .0 65 - 4 8.72 8.05 1977 - High Low 9.10 8.80 99 52 9.20 8.85 98 63 9.11 8.40 73 22 4 .7 1.7 40 4 8.31 8.01 1978 - J a n . Feb . Mar. Apr. May June July Aug. Sept. Oct. 9.15 9.25 9.30 9.40 9.60 9.75 9.80 9.80 9.80 9.95 NA 54 47 48 58 59 72 100 74 72 9.20 9.25 9.30 9.45 9.60 9.75 9.80 9.80 9.85 9.95 NA 54 47 53 58 59 72 100 79 72 9.11 NA 9.29 9.37 9.67 NA 9.92 9.78 9.78 9.78 NA NA 46 45 65 NA 84 98 72 55 4.7 NA 4.1 4.7 5 .0 NA 3.1 2.1 2.1 2.1 4 NA 1 3 - 7 NA -12 2 2 17 NA 8.71 8.83 8.92 9.02 9.16 9.08 8.80 9.06 9.23 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. H.16 23 Table 16 FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS CONVENTIONAL GOVERNMENT-UNDERWRITTEN AMOUNT (IN MILLIONS OF DOLLARS) DATE OF AUCTION OFFERED 1977 - High 855 Low 1978 - 50 (9/7) OFFERED ACCEPTED 570(12/27) 35 (9/7) 8.98(12/27] 383 (5/2) 8.46 123 (7/25) (1/10 AVERAGE YIELD ACCEPTED 278 71 (5/2) 9.21 (12/27) (9/19) 8.81 (1/10) 9 1011.0 605.3 9.13 403.6 192.8 9.28 23 768.8 356.6 9.21 546.3 256.8 9.37 6 21 640.9 558.2 338.0 285 .5 9.27 9.35 633.6 580.5 299.3 266.7 9.45 9.53 6 358.8 218.5 9.36 444.8 266.4 9.59 20 164.9 116 .4 9.33 378.7 246.1 9.62 Jan. Feb. Mar. 3 625.5 363.7 9.44 522.8 295.3 9.69 17 283.8 165.5 9.44 451.4 282.8 9.74 9.80 Apr. 1 655.1 349.9 9.52 645.8 305.4 15 611.4 269.9 9.63 716.9 362.5 9.89 30 851.2 446.9 9.83 573.1 300.4 10.01 May June July Aug. Sept. 12 522.0 285.2 9.86 350.1 207.0 10.07 26 573.0 351.4 9.96 224 .4 135.0 10.13 10 503.3 327.4 90.5 10.17 253.4 144.1 10.02 10.00 169.8 24 146.2 88.4 10.21 7 130.3 80.1 9.82 74.7 47.5 10.15 21 368.8 197.1 9.80 150.0 81.0 10.07 5 351.2 154.7 9.78 199.4 126.3 18 366.7 181.2 9.79 285.3 157.4 10.02 10.01 2 682.4 278.6 9.91 395.5 166.9 16 425.4 176.2 9.98 336.1 148.8 30 857.0 377.6 10.20 10.10 10.18 425.2 179.9 10.31 13 452.8 182.4 10.27 488.2 199.5 10.49 Oct Nov (12/27) AVERAGE YIELD AMOUNT (IN MILLIONS OF D O L L A R S ) 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 t o total eligible bids received. H.16