Full text of H.16 Capital Market Developments : November 26, 1979
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November 26, 1979 Capital Market Developments Prepared by the Capital Markets Section in conjunction with the Mortgage and Consumer Finance Section and the Government Finance Section Division of Research and Statistics Board of Governors of the Federal Reserve System Washington, D C. 20551 CONTENTS 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 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 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. Stock Prices Trading Volume Security Credit Savings Flow at Selected N on bank 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. i 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 $ . 3 5 each. Elsewhere, $20.00 per year or $.50 each. Address requests t o Publications Services, Division of Support Services, and make payment remittance payable t o the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. Currency. 1. YIELDS, VOLUME AND RECEPTION Corporate Bond Market Week ending Yields New issue Recently offered Aaa utility 1 Aaa utility? 1979-Aug. 3 10 17 24 31 9.52 9.40 9.42 9.47 9.62 Sept. 7 14 21 28 —— Oct. Nov. Gross offerings ($ millions) 3 Volume Percent sold by end of week New issues in syndicate 4 ($ millions) 9.57 9.44 9.45 9.47 9.54 429 456 361 587 179 90 83 92 99 94 42 72 30 8 10 9.84 9.97 9.98 9.70 9.87 9.92 10.00 110 945 296 615 85 93 99 80 17 67 1 123 5 12 19 26 10.22 10.88 11.05 11.45 10.25 10.79 11.00 11.36 1,575 300 204 360 80 97 97 100 283 10 6 0 2 9 16 23 11.51 11.50 11.50r 11.55p 11.42 11.45 11.41r 11.43p 170 160 350 150 100 100 79 93 0 0 75 10 2. YIELDS, VOLUME AND RECEPTION Municipal Bond Market Volume Yields Week ending 1979-Aug. Sept. Oct. Nov. Moody's new issue Aaa 3 10 17 24 31 5.60 5.70 5.70 5.75 5.85 7 14 21 28 Bond Buyer G O. bond index Bond Buyer Rev. bond index 6.14 6.13 Gross offerings ($ millions) Percent sold by end of w e e k 3 New issues in syndicate 4 ($ millions) 6.23 6.36 548 823 1,066 798 605 84 91 85 208 291 404 348 244 5.85 5.90 5.90 5.95 6.47 6.49 6.57 6.56 7.23 7.25 366 706 497 583 84 89 88 90 181 164 104 117 5 12 19 26 5.95 6.35 6.35 6.35 6.64 7.12 7.18 7.38 7.35 7.75 7.94 8.15 1,015 80 1,051 757 88 97 90 183 206 90 129 2 9 16 23 6.35 6.35 6.55 7.26 7.27 7.31 7.38 8.05 483 1,093 1,457 605 93 87 95 89 76 164 85 144 6.60 6.16 8.16 8.05 8.24 1,080 92 81 Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection. Federal Reserve series of implied free-market yield on Aaa-rated utility bond with 5-year call protection, released from price restrictions sometime during the last four weeks. Estimated by F.R. on the basis of available data. 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. 3. HIGH GRADE BOND YIELDS New issue Aaa utility 1 Recently offered Aaa utility 2 Moody's seasoned corporate Aaa3 U.S. govt. 20-year constant maturity4 Bond Buyer G O. bond index 5 Bond Buyer Rev. bond index 6 1975-High Low 9.80 (5/2) 8.89 (2/7) 9.71(5/25) 9.06(2/28) 9.01 (5/2) 8.57(2/28) 8.63(9/19) 7.63(2/21) 7.67(10/3) 6.27(2/13) — 1976-High Low 9.10 (1/2) 8.95(5/28) 7.93(12/10) 7.84(12/31) 8.17(5/28) 8.66(5/28) 7.91(12/31) 7.23(12/31) 7.29 (1/2) 5.83(12/30) 1977-High Low 8.36(12/16) 8.48(12/30) 7.95 (1/7) 7.90 (1/7) 8.28(12/30) 7.99(12/30) 7.88 (1/7) 7.26 (1/7) 5.93 (2/4) 5.45(11/17) 1978-High Low 9.30(11/10) 9.54(12/22) 8.61(3/24) 8.48 (1/6) 9.27(12/29) 9.00(12/22) 8.30 (1/6) 8.01 (1/6) 6.67(12/22) 5.58(3/17) 1979-High Low 11,55(11/23) 11.45(11/9), 9.40(8/17) 9.39(6/29) Date 10.83(11/23) 10.56(11/9) 9.16 (7/6) 8.79 (7/6) 7.38(11/23) 6.08 (7/6) — —— «— — - - —— - - • -» —- 1979-Jan. Feb. Mar. 9.54 9.53 9.62 9.51 9.56 9.62 9.25 9.26 9.37 8.98 9103 9.08 6.47 6.31 6.33 Apr. May June 9.70 9.83 9.50 9.74 9.84 9.50 9.38 9.50 9.29 9.21 9.21 8.91 6.29 6.25 6.13 July Aug. Sept. 9.58 9.48 9.93 9.53 9.49 9.87 9.20 9.23 9.44 8.92 8.97 9.21 6.13 6.20 6.52 Oct. 10.97 10.91 10.13 9.99 7.08 9.70 9.87 9.92 10.00 9.34 9.42 9.49 9.50 9.18 9.1"9 9.19 9.26 6.47 6.49 6.56 6.56 7.23 7.25 9.38 9.85 10.04 10.42 6.64 7.12 7.18 7.38 7.35 7.75 7.94 8.15 10.44 10.56 10.42r 10.47p 7.26 7.27 7.31 7.38 8.05 8.16 8.05 8.24 Sept. Oct. Nov. 7 14 21 28 9.84 9.97 9.98 5 12 19 26 10.22 10.88 11.05 11.45 10.25 10.79 11.36 9.66 9.91 10.09 10.50 2 9 16 23 11.51 11.50 11.50r 11.55p 11.42 11.45 11.41r 11.43p 10.73 10.83 10.7 5r 10.83p —• — 11.00 mm mm —— mm mm mm - - - mm • —— - - —— 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 6 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. 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 Investors Service. Weekly Bond Buyer data. 4 . LONG-TERM C O R P O R A T E A N D S T A T E A N D LOCAL G O V E R N M E N T S E C U R I T Y O F F E R I N G S A N D P L A C E M E N T S Gross proceeds, millions o f dollars Period Corporate 1 1978 3,326 2,770 4,569 1979 3,770 3,170 4,401 1977 3,402 3,442 4,063 State and Local 2 1978 3,306 2,753 4,844 1979 2,834 2,595 4,640 January February March 1977 4,358 3,790 5,578 April May June 3,928 3,733 5,632 3,397 4,227 5,539 4,692 4,167 6,247 3,409 4,566 5,786 3,824 5,525 4,369 3,501 3,030 4,559 July August September 4,251 3,458 4,178 4,414 3,379 4,236 4,008 3,450e 3,600e 3,113 4,118 4,013 3,920 6,407 2,323 3,262 4,124 2,700e October November •» December 4,025 5,341 6,518 3,799 3,207 4,401 4,150e 3,807 3,332 3,646 3,231 4,320 3,690 4,200e 53,792 47,264 46,697 48,512 Year 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. 5. T R E A S U R Y A N D G O V E R N M E N T S P O N S O R E D A G E N C Y B O R R O W I N G Millions of d o l l a r s Period "••***•* CY -197& 1979-Jari. Feb. Mar. . 61,410 56,762 52,870 ; 53,683 -2,504 706 45,973 , 31,777 14,314 22,644 5 Other -887 -1,431 5,250 3,206 -602 -4,019 7,327 23,509 3,312 -668 8,012 539 131 3,044 2,551 1,320 2,906 414 -2,109 2,525 -208 -16 -432 -762 -1,558 6,508 1,146 8,258 -798 1,736 2,154 2,196 Apr. -9,834 May 4,822 June -11,237 -4,965 1,806 -1,458 -1,729 -654 -3,186 2,396 2,937 -18 -5,494 -312 1,853 -168 -237 -92 -4,212 -669 3,049 -657 3,685 -12,828 2,218 1,037 2,181 4,831 3,268 48 551 3,518 2,701 1,305 -50 -71 -17 -619 6,155 3,955 6,580 3,115 1,200 8,167 16,003 U.S. unified budget deficit or surplus plus off-budget entities deficit or surplus. accounts 3 Totals Decrease(+)/ Sponsored increase(—) agency • in cash borrow! ng4 : operating balance 3,696 6,032 13,722 July Aug. 1 Combined deficit(+) or surplus(-)1 Federal Government Means of financing combined deficit Net cash borrowing from the public2 Public debt securities ? Gov't, agency NonBills i Coupons , marketable securities - tstan< *' n 9 amount of public debt securities and government agency securities less change in holdings of those securities by government Also includes changes in matured and noninterest-bearing public debt * 5 CY = Calendar Year. f " " " f "™ c ™ d " = " " * • " « ™ •-«" 1-"" 6. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE Gross proceeds, millions of dollars Bonds Memo Issues included Convertible Foreign Total Publicly offered Privately placed Common and preferred stocks 1976 1977 1978 53,488 53,792 47,230 26,453 24,072 19,815 15,927 17,943 17,057 11,108 11,777 10,358 1,592 1,340 1,092 994 863 418 1978-QI QII QUI QIV 10,665 13,163 12,029 11,373 4,748 5,422 5,159 4,486 3,886 4,788 4,526 3,857 2,031 2,953 2,344 3,030 413 341 181 157 4 158 127 129 1979-Jan. Feb. Mar. 3,770 3,170 4,401 1,282 1,336 1,904 1,824 921 1,825 664 913 672 16 10 21 3 5 0 Apr. May. June July 4,692 4,167 6,247 4,008 2,984 1,999 4,171 2,247 1,129 1,576 1,185 780 579 592 891 981 23 1 8 201 759 350 385 153 Period 7. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUER Gross proceeds, millions of dollars Period Manufacturing Public utility Communications Other issuers1 15,495 13,393 10,813 14,418 14,127 12,232 3,563 4,442 3,640 20,011 21,827 20,549 1978-QI QII QUI QIV 2,555 3,148 2,699 2,411 2,433 3,728 3,049 3,022 854 424 1,143 1,219 4,822 5,863 5,142 4,722 1979-Jan. Feb. Mar. 934 399 763 817 1,186 1,056 259 558 582 1,759 1,026 2,000 Apr. May June July 572 1,293 1,193 963 1,410 865 1,373 772 261 109 409 94 2.450 1,899 3,272 2,178 1976 1977 1978 1 Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other. Source: Securities and Exchange Commission and Federal Reserve Board. 8. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE 1 Issuer Gulf S t a t e s U t i l i t i e s Co. W e s t e r n Co. of N o r t h America Commonwealth E d i s o n Co. Duquesne L i g h t Co. L o u i s i a n a Power & L i g h t Co. F l o r i d a Power & L i g h t Co. Waterman S t e a m s h i p C o r p . Middle South U t i l i t i e s I n c . Hughes Tool Co. P a c i f i c T e l . & T e l . Co. U n i t e d T e l . Co. of F l o r i d a V i r g i n i a E l e c . & Power Co. P u b l i c S e r v i c e E l e c . & Gas Co Gulf Energy & D e v e l . C o r p . F l o r i d a Power & L i g h t Co. A r i z o n a P u b l i c S e r v i c e Co. OTHER E u r o p e a n Economic Community 1 Date 1979 11/1 11/1 11/7 11/8 11/8 11/8 11/9 11/13 11/14 11/14 11/14 11/19 11/19 11/19 11/20 Ll/20 Type Com. s t k . Pfd. stk. Pfd. stk. Com. s t k . 1 s t mtg. 1 s t mtg. Govt. g t d . Com. s t k . Com. s t k . Debt. 1 s t . mtg. Com. s t k . 1st mtg. Debt. Pfd. s t k . om. s t k . 1 1 / 1 5 Bonds Amount (millions of dollars) 39.8 30.0 75.0 53.2 55.0 75.0 30.2 65.0 71.3 300.0 30.0 Maturity Coupon rate 125.0 25.0 50.0 43.1 n.a. n.a. n.a. n.a. 2009 2009 1994-'05' n.a. n.a. 2019 2009 n.a. 2009 1994 n.a. n.a. n.a. 8.50 11.70 n.a. 13.50 12.13 11.25 n.a. n.a. 12.70 12.13 n.a. 125.0 1999 66.8 12.00 12.00 Offering yield n.a. 8.50 11.70 n.a. 13.50 12.20 11.25 n.a. n.a. 12.70 12.13 n.a. Ba/B Baa/ABaa/BBBA/ A— A/A A/A+ Aa/AA 10.50 n.a. 12.00 12.00 10.50 n.a. A/A 11.60 11.60 Aaa/AAA Rights offering. Includes only corporate and other security offerings of $25 million and over; excludes options, exchanges, and secondary offerings. Moody's/S&P's ratings 9. PUBLIC O F F E R I N G S O F I N T E R M E D I A T E - A N D L O N G - T E R M S E C U R I T I E S : S T A T E A N D L O C A L 1 Issuer Date Type 2 1979 Municipal A s s t . C o r p . , N.Y.C. 1 1 / 1 11/2 Arkansas Hsg. D e v e l . Agcy. Arkansas Hsg. Devel. Agcy. 11/2 Arkansas Hsg. D e v e l . Agcy. 11/2 Arkansas Hsg. D e v e l . Agcy. 11/2 P e r s o n Co. I n d u s t . P o l l . C t r l . F i n . A u t h . , NC 11/5 Michigan S t a t e Hsg. D e v e l . Auth. 11/6 Michigan S t a t e Hsg. Devel. Auth. 11/6 Michigan S t a t e Hsg. D e v e l . Auth. 11/6 Ohio W a t e r D e v e l . A u t h . 11/7 Ohio W a t e r D e v e l . A u t h . Xl/7 W a s h i n g t o n , S t a t e of ll/7 W a s h i n g t o n , S t a t e of 11/7 Maryland D e p t . of T r a n s p . 11/7 I l l i n o i s Enviro. Fac. Fin. Auth. Ll/7 I l l i n o i s Enviro. Fac. Fin. Ll/7 Auth. I l l i n o i s Hsg. Devel. Auth 11/8 I l l i n o i s Hsg. D e v e l . Auth Ll/8 I l l i n o i s Hsg. Devel. Auth. Ll/8 C h u l a V i s t a R e d e v e l . A g c y . , CA L l / 8 C h u l a V i s t a R e d e v e l . A g c y . , CA L l / 8 I l l i n o i s Hsg. Devel. Auth. Ll/8 I l l i n o i s Hsg. Devel. Auth. Ll/8 I l l i n o i s Hsg. Devel. Auth. Ll/8 Ll/8 I l l i n o i s Hsg. Devel. Auth. West V i r g i n i a H s g . D e v e l . F u n d 1 1 / 9 West V i r g i n i a H s g . D e v e l . F u n d 1 1 / 9 West V i r g i n i a H s g . D e v e l . F u n d 1 1 / 9 West V i r g i n i a H s g . D e v e l . Fund L l / 9 Mesa C o u n t y , CO 11/9 11/9 Mesa C o u n t y , CO Mesa C o u n t y , CO Ll/9 11/12 H u n t s v i l l e H o s p . A u t h . , AL 11/12 H u n t s v i l i e H o s p . A u t h . , AL 11/12 H u n t s v i l l e H o s p . A u t h . , AL 11/13 D a l l a s C o . , TX 11/13 D a l l a s C o . , TX 11/13 E l P a s o C o u n t y , CO E l P a s o C o u n t y , CO 11/13 E l P a s o C o u n t y , CO 11/13 M i c h i g a n S o u t h C e n t r a l Power Agcy. 11/13 M i c h i g a n S o u t h C e n t r a l Power Agcy. Ll/13 Ohio A i r Q u a l i t y D e v e l . A u t h . 11/13 Ohio Air Quality Devel. Auth. U / 1 3 Amount (millions of $) Maturity Rev. Rev. Rev. Rev. Rev. 90.0 27.1 9.7 51.0 12.2 Rev. 63.0 Rev. 19.1 Rev. 10.9 2004 Rev. Rev. Rev. G.O. G.O. Rev. 40.2 97.5 170.4 35.0 66.4 45.0 2022 1980-1999 2018 1980-2004 1980-2004 1988-1994 Rev. 10.0 2004 Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. G.O. Rev. Rev. Rev. 2008 1981-1997 2000 2010 2011 18.9 Rev. Rev. Rev. 76.1 10.0 40.0 9.00 6.75-7.80 n.a. 8.38 8.38 2009 n.a. 8.00 1982-1999 n.a. 1984-1994 2009 2004 2009 n.a. 6.90-8.10 8.40 n.a. 8.63 8.04 7.00-7.75 8.04 8.08 6.78 6.10-7.00 6.77 .6.10-7.00 6.72^ ' 6 . 4 0 - 6 . 7 0 n.a. 8.38 n.a. n.a. n.a. n.a. n.a. n.a. 7.75 7.75 7.75 7.75 8.05 8.05 8.05 8.05 8.05 8.05 8.05 n.a. n.a. n.a. 6.34 6.30 n.a. n.a. n.a. 8.50 7.95 8.45 8.45 7.10-8.25 8.63 6.75-7.90 8.00 8.40 6.00 6.60-7.60 7.80 n.a. 8.13 7.00-8.30 8.88 8.88 7.00-7.70 8.25 9.00 6.10-6.65 6.00-6.55 7.00-8.00 8.50 8.88 8.82 7.10-8.10 8.82 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. Offering yield 9.09 8.29 8.29 8.29 8.29 40.0 2009 4.0 1981 65.7 1981 11.5 1981 5 . 3 1982-1994 21.0 2011 8 . 8 1981-1999 2002 3.0 35.9 2018 20.2 2023 4 . 4 :1982-1999 2.2 2003 2011 5.0 2022 13.9 1981-1999 27.9 2010 48.6 8.5 2011 1984-1993 5.0 4.2 1998 27.0 2012 1981-2000 24.0 11.0 1981-2000 8.6 1980-1999 7.1 2004 . 14.3 2011 Rev. Net interest cost 8.80 9.10 9.20 Moody's/S&P's ratings Baa—l/A Aa/AA Aa/AA Aa/AA Aa/AA A/A A-1/A+ A-1/A+ A-1/A+ A/AA A/AA Aa/AA+ Aa/AA+ Aa/AA Baa/A Baa/A —f— —/— — / A— —/AA-l/AA A- l / A A A-l/AA A-l/AA Aa/-Aa/-Aa/-Aa/ — A-l/AA A- l / A A A- l / A A A/A A/A A/A Aaa/AAA Aaa/AAA —/AA —/AA —/AA A/AA/A- 9. PUBLIC O F F E R I N G S OF INTERMEDIATE- A N D LONG-TERM SECURITIES: S T A T E A N D LOCAL 1 ( c o n ' t . ) Issuer Date 1979 New J e r s e y H e a l t h C a r e F a c . 11/14 F i n . Auth. New J e r s e y H e a l t h C a r e F a c . 11/14 F i n . Auth. 11/14 H a m i l t o n , Ohio 11/14 H a m i l t o n , Ohio 11/14 H a m i l t o n , Ohio 11/14 C a l i f o r n i a , S t a t e of Los A n g e l e s D e p t . of W a t e r & 11/14 Power, CA W i s c o n s i n H o u s i n g F i n . Agcy. 11/15 11/15 L i n c o l n , NB 11/15 L i n c o l n , NB L i n c o l n , NB 11/15 C o n n e c t i c u t Hsg. F i n . Auth. 11/15 Connecticut Hsg. F i n . Auth. 11/15 Connecticut Hsg. F i n . Auth. 11/15 New York S t a t e Dorm. A u t h . 11/15 New York S t a t e Dorm. A u t h . 11/15 New York S t a t e D o r a . A u t h . 11/15 New J e r s e y H s g . F i n . Agcy. 11/15 New J e r s e y H s g . F i n . Agcy. 11/15 New J e r s e y H s g . F i n . A g c y . 11/15 Rhode I s l a n d H s g . & M t g e . F i n . Corp. 11/16 Rhode I s l a n d H s g . & M t g e . F i n . Corp. 11/16 B r a z o s R i v e r A u t h . , TX 11/16 B r a z o s R i v e r A u t h . , TX 11/16 Columbus Hosp. A u t h . , GA 11/16 Columbus Hosp. A u t h . , GA 11/16 M a s s a c h u s e t t s H s g . F i n . Agcy. 1 1 / 1 6 M a s s a c h u s e t t s H s g . F i n . Agcy. 1 1 / 1 6 M a s s a c h u s e t t s H s g . F i n . Agcy. 1 1 / 1 6 M a s s a c h u s e t t s H s g . F i n . Agcy. 1 1 / 1 6 Birmingham M e d i c a l C l i n i c B d . , AL 11/19 Birmingham M e d i c a l C l i n i c B d . , AL 11/19 Birmingham M e d i c a l C l i n i c B d . , AL 11/19 Birmingham M e d i c a l C l i n i c B d ; , AL 11/19 Birmingham M e d i c a l C l i n i c B d . , AL 11/19 Birmingham M e d i c a l C l i n i c B d . , AL 11/19 Howard C o . , Md. 11/20 Howard C o . , Md. 11/20 Maryland H l t h . & E d u c . F a c . Aut h Auth. 11/20 Maryland H l t h . & E d u c . F a c . Auth. 11/20 Net interest cost Type2 Amount (millions of $) Rev. 16.3 1983-1994 n.a. Rev. Rev. Rev. Rev. G.O. 24.4 5.6 5.5 26.2 150.0 2009 1985-1994 1999 2010 1981-2005 Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. 50.0 56.0 10.6 6.5 24.9 13.9 39.7 7.8 24.7 47.8 37.8 8.4 42.5 17.2 1983-1984 1982 1980-1999 2004 2015 1983-1999 2018 2021 1981-1994 2005 2009 1982-1994 2014 2023 n.a. 8.75 9.31 7.75-8.60 9.31 9.00 9,31- , 9.25 6.75^' 6.10-7.00 q 6.95-' 6.63 n . a . - , 8.00 7.73f 6.75-7.30 7.73t' , 7.60 7.73^' 7.75 7.59 6.30-7.38 7.59 7.88 7.59 7.58 n.a. 7.00-8.40 n.a. 8.75 n.a. 8.59 n.a. 6.70-7.50 n.a. 8.38 n.a. 8.00 A-l/AA A-l/AA A-l/AA Aa/AA Aa/AA Aa/AA Baa/A+ Baa/A+ Baa/A+ A-l/AA A-l/AA A-l/AA Rev. 13.1 1982-1994 n.a. 7.20-8.00 A-1/A+ Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. 36.6 15.0 35.0 18.2 18.4 19.6 9.2 30.7 17.3 2007 2004 2009 1983-2002 2010 1982-2000 2004 2012 2022 n.a. 7.65 7.65 7.65 7.65 n.a. n.a. n.a. n.a. 8.75 7.50 7.63 6.40-7.50 7.75 7.00-8.25 8.50 8.63 8.40 A-1/A+ Aa/AA Aa/AA A-l/AA A-l/AA A-1/A+ A-1/A+ A-1/A+ A-1/A+ Rev. 13.0 1984-1994 n.a. 7.00-7.70 Aa/AA- Rev. 10.0 1999 n.a. 8.13 Aa/AA- Rev. 32.3 2008 n.a. 8.30 Aa/AA- Rev. 5.0 1980-1994 n.a. 6.90-7.70 Aa/AA- Rev. 3.3 1999 n.a. 8.13 Aa/AA- Rev. G.O. G.O. 6.1 15.8 10.7 2005 1980-1999 1982-2009 8.25 6.20-6.85 7.081/ 6 . 2 0 - 7 . 2 5 Aa/AAAa/AA Aa/AA Rev. 8.6 1982-1989 8.43 7.00-7.80 A-1/A+ Rev. 4.3 1993 8.43 Maturity 1 includes only state and local security offerings of $25 million and over; excludes secondary offerings. 2 For state and local government securities, G O. denotes general obligation; Rev. denotes revenue obligations. 3 Canadian interest cost. Offering yield 7.30-8.25 8.00 Moody's/S&l rating$ A/A A/A --/A--/A--/AAaa/AAA MIG-l/AA — — A-1/A+ 10 9. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL 1 ( C o n t d . ) Issuer Maryland H l t h . & E d u c . F a c . Auth. Maryland H l t h . & E d u c . F a c . Auth. M i s s o u r i H l t h . & Educ. Fac. Auth. Missouri H l t h . & Educ. Fac. Auth. P e n n s y l v a n i a S t a t e P u b . Sch, Auth. P e n n s y l v a n i a S t a t e P u b . Sch, Auth. P e n n s y l v a n i a S t a t e P u b . Sch, Auth. P e n n s y l v a n i a S t a t e P u b . Sch, Auth. J e f f e r s o n C o u n t y , CO J e f f e r s o n C o u n t y , CO Date Type2 1979 Amount (millions of $) Maturity Net interest cost Offering yield 11/20 Rev. 2.2 1995 8.43 8.00 A-1/A+ 11/20 Rev. 15.1 2009 8.43 8.50 A-1/A+ 11/20 Rev. 15.1 1982-1995 9.02 11/20 Rev. 48.0 11/21 Rev. 13.3 1980-1992 7.52 7.25-7.40 Baa-l/AA- 11/21 Rev. 11.7 1998 7.52 7.60 Baa-l/AA- 11/21 Rev. 7.52 7.67 Baa-l/AA- Ll/21 Ll/23 11/23 Rev. Rev. Rev. 7.52 n.a. n.a. 7.23 6.90-8.30 9.00 Baa-l/AAAa/AA Aa/AA 10.1 30.7 64.3 2009 2008 1980-1999 2011 9.02 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 7.00-8.50 9.00 A/A A/A 11 10. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: U.S. TREASURY Notes and Bonds Offering date Payment date Length Maturity date Amount (millions of dollars) Coupon Auction " Gross proceeds Net proceeds average rate (percent) (percent) Private? Private1 2 Total Total 1978 Dec. 19 20 1/2 1/2 2-yr. 4-yr. 12/31/80 12/31/82 9-7/8 9-3/8 9.99 9.45 3,546 3,205 2,561 2,568 1,509 3,146 1,509 2,760 > 858 123 1,509 291 1,509 56 ( Memo: Foreign add-ons 3 535 200 1979 Jan. 4 23 1/1 1/31 1 5 - y r . 1-mo 2-yr. 2/15/94 1/31/81 9 9-3/4 9.00 9.85 Feb. 6 7 21 27 2/15 2/15 2/28 3/5 8-yr. 2/15/87 2 9 - y r . 9-mo 1 1 / 1 5 / 0 8 2-yr. 2/28/81 4 - y r . 1-mo 3 / 3 1 / 8 3 9 8-3/4 9-3/4 9-1/4 9.01 9.03 9.85 9.35 2,801 2,001 2,887 2,930 2,519" 2,535 42 2,930 5 4/9 4/18 4/30 2-yr. L4-yr 10-mo 2-yr. 3/31/81 2/15/94 4/30/81 9-5/8 9 9-3/4 9.68 9.14 9.78 3,516 1.500 3,013 2,867 1.500 2,547 -3 1,500 5/15 5/15 5/31 10-yr. 30-yr. 2-yr. 5/15/89 5/15/09 5/31/81 9-1/4 9-1/8 9-3/4 9.37 9.23 9.77 2,689 2,207 2,542 2,339 2,627 2,007 2,303' 455 2-yr. 4-yr. L 5 - y r . 1-mo 6/30/81 6/30/83 8/15/94 9-1/8 8-7/8 8—3/4 9.22 8.89 8.81 3,057 3,123 1,506 2,807 2,793 1,506 2,090 2, !,005 | 1,506 1,506 7/31/81 8/15/82 9-3/8 9 9.41 9.06 3,217 3,586 3,047 37 37 0 0 2/15/87 5/15/09 8/31/81 5/15/84 9 9-1/8 9-5/8 9—1/4 9.00 8.92 9.65 9.25 3,028 2,398 3,714 2,562 2,528 2,001 J*1 , 4 6 4 2,513 0 3,258 2,502 233 2,562 233 2,502 0 60 10.21 9.79 10.17 12.66 11.64 10.75 3,654 2,770 1.501 4,372 3,551 2,401 3,254 2,502 1.501 3,902 2,751 3,654 2,770 1,501 38 3,254 2,502 1,501 38 2,315 2,001 1,046 1 1 / 1 5 / 09 1 0 - 3 / 8 1 0 . 4 4 n.a.' 0 0 0 0 0 0 Apr. 10 24 May 1 2 22 J u n e 19 21 27 7/2 7/2 7/9 J u l y 24 31 7/31 8/15 Aug. 8/15 8/15 8/31 9/5 Oct. Nov. 1 2 3 1 2 22 28 3 4 10/9 10/10 11 1 0 / 1 8 24 1 0 / 3 1 30 1 1 / 1 5 31 11/15 1 11/15 2-yr. 3-yr. 7 - y r . 6-mo 2 9 - y r . 9-mo 2-yr. 4 - y r . 8-mo 2-yr. 9/30/81 10-1/8 4-yr. 9/30/83 9-3/4 : . 5 - y r . 1-mo 1 1 / 1 5 / 9 4 LO-1/8 2-yr. 10/31/81 12-5/8 3-1/2 yr. 5/15/83 11-5/8 10-yr. 11/15/89 10-3/4 30-yr. 3,209 ?}-•318 2,278 2,811 1,021 2,001 j ,318 A? 42 V 2,535 -12 1,500 714 !,627 | 455 Excludes amounts sold to Government investment accounts and the Federal Reserve. Also excludes add-ons to foreign accounts. May be larger than the total if the Government accounts and/or the Federal Reserve do not fully roll-over their maturing holdings. Additional amounts of securities issued to foreign and international monetary authorities at the average auction price for new cash. 0 235 0 0 0 395 9 0 307 0 0 0 0 ' 84 0 12 H . PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: GOVERNMENT SPONSORED AGENCIES Offering Payment date date Issuer Length Maturity date Yield (percent) Amount (millions of dollars) Gross proceeds Maturing issues Net proceeds 1.979 1979 FNMA 6/6 6/6 6/6 6/11 6/11 6/11 3-yr,10-mo 5-yr. 10-yr. 4/11/83 6/11/84 6/12/89 . 9.25 9.25 9.30 FNMA 6/27 6/27 6/27 7/10 7/10 7/10 3 - y r . 3-mo 5-yr. 8-yr. 10/11/82 7/10/84 7/10/87 9.00 9.05 9.10 7/11 7/11 7/11 7/23 7/23 7/23 . 2 - y r . 6-mo 4 - y r . 6-mo 122 - y r . 1/20/82 8.90 1/23/84 7/22/91 9.00 1,128 9.10 662 FHLB 7/19 7/25 L - y r . 4-mo 11/25/80 9.30 700 0 700 FHLMC 7/19 8/2 3 0 - y r . 1-mo 9/15/09 10.05 200 0 200 FHLB 8/15 8/15 8/27 8/27 2 - y r . 9-mo 4 - y r . 6-mo 5/25/82 2/27/84 9.15 9.05 900 900 1,400 400 FNMA 8/30 9/10 3 - y r . 6-mo 3/10/83 9.50 700 1,000 -300 FFCB 9/19 10/1 4 - y r . 9-mo 6/4/84 9.70 749 201 548 FNMA 9/26 10/10 3-yr.11-mo 9/10/84 9.75 700 400 300 10/11 1 0 / 2 3 10/11 1 0 / 2 3 10/11 1 0 / 2 3 3 - y r . 6-mo 7-yr. 10-yr. 4/20/83 10/20/86 10/23/89 10.90 10.75 542 630 414 1,069 517 FHLB 10/18 1 0 / 2 5 10/18 1 0 / 2 5 2-yr.10-mo 4 - y r . 7-mo 8/25/82 5/25/84 11.25 11.00 750 550 0 1,300 FNMA 11/8 4 - y r . 1 1 - mo 10/10/84 11.70 500 0 500 FFCB FFCB FFCB FHLB FHLMC FNMA — — — — Federal Federal Federal Federal 11/13 ^ J *• • Farm Credit Banks Home Loan Banks Home Loan Mortgage Corporation National Mortgage Association 10.60 1,000 500 500 500 1,000 900 1,100 1,000 1,000 1,314 1,128 500 653 As of November 2 3 , 1979 13 12. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE 1 Issuer P e n n s y l v a n i a Power & L i g h t Co. Gulf S t a t e s U t i l i t i e s Co. New York S t a t e E l e c . & Gas 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. P u g e t Sound Power & L i g h t Co. P u g e t Sound Power & L i g h t Co. G e n e r a l T e l . of t h e N o r t h w e s t Braniff I n t e r n a t i o n a l Corp. United Grocers I n c . High V o l t a g e E n g i n e e r i n g C o r p . A s s o c i a t e s F i r s t C a p i t a l Corp. Northwestern Mutual L i f e I n v e s t o r s Dayton Power & L i g h t Co. Kansas C i t y 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. Consumers Power Co. Kentucky Power Co. El P a s o N a t u r a l Gas Co. P u b l i c S e r v i c e Co. o f Oklahoma Union E l e c t r i c Co. Houston L i g h t i n g & Power Co. Iowa E l e c . L i g h t & Power Co. Ohio E d i s o n Co. Chris-Craft Industries Inc. Aristar Inc. *Gelco C o r p . * N o r t h w e s t e r n I n d i a n a P u b . S e r v . Co. * S o u t h w e s t e r n E l e c . Power Co. OTHER Sweden, Kingdom of Sweden, Kingdom of * 1 Type Com. s t k . 1 s t mtg. 1 s t mtg. Com. s t k . 1 s t mtg. Com. s t k . Debt Pfd. stk. Notes Debt. Notes Notes 1 s t mtg. 1 s t mtg. 1 s t mtg. Com. s t k . 1 s t mtg. Debt. 1 s t mtg. Com. s t k . 1 s t mtg. 1 s t mtg. 1 s t mtg. Debt. Notes Debt. 1 s t mtg. 1 s t mtg. Notes Bonds Amount (millions of dollars) 50.0 75.0 50.0 30.0 50.0 45.0 35.0 75.0 30.0 25.0 50.0 25.0 65.0 50.0 500.0 90.0 30.0 75.0 55.0 80.0 125.0 30.0 100.0 25.0 35.0 55.0 60.0 60.0 100.0 100.0 Included in table for first time. Includes only corporate and other security issues of $25 million and over; excludes exchanges, options, and secondary offerings. Approximate date of offering 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. Dec. Nov. Nov. 27 27 27 28 29 29 29 3 4 4 4 5 6 10 11 11 12 13 27 27 + As of November 23, 1979 13. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL 1 Issuer Corona R e d e v e 1 . A g c y . , CA Ohio B u i l d i n g A u t h . El Paso H s g . F i n . C o r p . , TX * H o u s t o n , TX Hampton Roads S a n t . D i s t . , VA *Grand Haven, MI *Delaware S o l i d Waste A u t h . D e s o t o P a r i s h . , LA Oregon, S t a t e of W i s c o n s i n , S t a t e of Los A n g e l e s Comm. R e d e v . A g c y . , CA H a r r i s C t y . F l o o d C o n t . D i s t . , TX ^ S o u t h e a s t T e x a s H o s p . F i n . Agcy. El Paso C o . , TX Alaska Hsg. F i n . Corp. S. C a l i f o r n i a R a p i d T r a n s i t . D i s t . *New C a s t l e C o . , DE POSTPONEMENT Pima C o . , AZ * 1 Type Approximate date of offering Rev. Rev. Rev. Rev. G.O. Rev. Rev. Rev. G.O. G.O. Rev. G.O. Rev. G.O. Rev. G.O. Rev. 125.0 Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. G.O. 37.6 Nov. Included in table for first time. Includes state and local government issues of $25 million and over; excludes secondary offerings. Amount (millions of dollars) 98.1 84.0 109.5 50.0 26.0 88.5 57.4 28.7 300.0 46.5 110.0 25.0 60.0 25.0 57.4 28.0 26 26 26 27 27 28 28 29 4 4 5 6 10 11 14 19 20 14. STOCK PRICES 1 Date NYSE Index3 1976-High Low 57.51 (9/21) 48.04 (1/2) 1014.79 (9/21) 858.71 (1/2) 107.05 (7/12) 84.31 (1/2) 92.52 (7/15) 78.06 (1/2) 1977-High Low 57.69 (1/2) 49.78 (11/2) 999.75 (1/3) 800.85 (11/2) 127.89 (12/30) 109.61 (1/12) 105.05 (12/30) 93.66 (4/5) 1978-High Low 60.38 (9/12) 48.37 (3/6) 907.74 (9/8) 742.12 (2/28) 176.87 (9/15) 119.73 (1/11) 139.25 (9/13) 99.09 (1/11) 1979-High Low 63.39 (10/5) 53.88 (2/27) 897.61 (10/5) 796.67 (11/8) 235.15 (10/5) 152.03 (1/2) 152.29 (10/5) 117.84 (1/2) AMEX4 DJ Industrials NASDAQ5 1979-Oct. 5 12 19 26 63.39 59.29 57.62 56.96 897.61 838.99 814.68 809.30 235.15 212.81 205.48 200.79 152.29 140.71 136.59 133.75 Nov. 2 9 16 23 58.19 57.74 59.11 59.66 818.94 806.48 815.70 811.77 209.04 208.74 218.06 223.14 136.88 135.86 139.06 139.85 15. T R A D I N G V O L U M E 2 Date NYSE AMEX NASDAQ 1976-High Low 44.5 (2/20) 10.3 (1/2) 8.6 (2/20) 1 . 1 (1/2) 11.1 (2/20) 3.5 (1/2) 1977-High Low 35.3 (11/11) 10.6 (10/10) 4.2 (1/12) 1.4 (9/22) 11.2 (11/10) 5 . 1 (5/27) 1978-High Low 66.4 (8/3) 7.6 (1/20) 11.0 (10/30) 1.3 (1/20) 18.8 (5/18) 2.8 (1/20) 1979-High Low 81.6 (10/10) 18.0 (1/2) 13.2 (10/10) 2.2 (1/22) 24.5 (10/10) 7.2 (1/2) 1979-Oct. 5 12 19 26 37.4 50.7 34.1 33.5 6.1 7.9 4.0 4.5 17.3 19.2 13.9 12.4 Nov. 2 9 16 23 25.8 25.9 29.8 30.4p 4.0 3.1 3.9 3.6p 11.4 11.5 13.5 8.5p 1 2 3 4 5 Figures other than highs and lows are Friday figures only. Volume figures are weekly averages of daily figures (millions of shares). Highs and lows refer to single days 12/31/65 = 50 8/31/73-100 2/5/71 - 100 16 16. SECURITY CREDIT? Outstanding, dollar amounts in millions End of period Marginable stock Convertible bonds Number of margin accounts (thousands) Percent of debt in accounts with 40 percent or more customer equity 1976 7,960 204 810 88 1977 9,740 250 887 81 1978 10,830 205 955 67 Mar. 9,590 9,780 9,920 246 242 246 890 890 900 75 75 79 Apr. MayJune 10,260 10,660 11,090 248 245 242 915 930 945 85 85 84 July Aug. Sept. 11,190 11,740 12,400 247 243 225 955 965 990 87 88 85 Oct. 12,090 11,000 10,830 216 209 205 960 955 955 53 68 67 10,750 10,790 10,870 199 195 181 950 950 965 79 71 79 Apr. May June 11,220 11,130 11,590 194 183 172 960 970 975 77 78 79 July Aug. Sept. Oct. 11,840 12,060 12,000 11,310 178 176 177 173 960 975 985 985 81 86 84 73 1978 — J a n . Feb. Nov. Pec. 1979 - J a n . Feb. Mar. 1 Margin credit extended by brokers on: Margin account debt as reported by the New York Stock Exchange. 17. S A V I N G S FLOWS A T S E L E C T E D N O N B A N K T H R I F T I N S T I T U T I O N S Millions of d o l l a r s M u t u a l Savings B a n k s (regular d e p o s i t s ) 1 Net f l o w Date N.S.A. Sea. a d j . Annual growth rate3 Savings a n d L o a n A s s o c i a t i o n s Net f l o w N.S.A. Sea. a d j . — Annual growth rate3 Memo: N e t New M o n e y 2 Total Net flow (sea. a d j . Annual growth rate3 At insured S&L's At MSB's 17.4 62,409 15.7 34,369 5,283 50,888 15.1 61,583 13.4 32,004 2,874 6.4 44,209 11.4 52,867 10.2 23,460 -591 850 489 533 7.7 4.4 4.8 2,744 2,296 7,152 2,640 2,729 3,129 8.2 3,490 3,218 8.0 8.4 9.6 3,662 7.4 8.3 2,877 2,073 2,592 -59 170 338 -209 436 1,304 494 559 723 4.4 5.0 6.4 558 2,380 6,656 2,327 3,095 4,675 7.0 9.3 14.0 2,821 6.4 3,654 5,398 8.2 12.1 401 2.145 1,744 -553 97 -90 341 668 1,054 1,116 3,074 2,312 6,433 3,846 4,578 5,757 11.4 13.4 16.7 4,514 5,632 6,873 2,812 1,378 5.9 9.2 9.7 10.0 260 12.3 14.9 2,069 1,606 38 -75 -41 Oct. Nov. Dec. 510 275 1,317 1,096 353 537 9.4 3.0 4.6 2,645 2,157 5,802 3,510 4,399 3,710 10.0 4,606 4,752 4,247 9.9 12.4 10.4 10.1 9.0 2,534 1,897 710 48 -59 -405 1979-Jan. Feb. Mar. 218 404 712 728 3.4 6.0 4,743 2,881 8,348 4,564 3,416 3,833 12.7 9.4 10.5 4,968 4,128 4,561 10.4 8.6 9.4 4,377 2,580 3.146 -118 342 463 -1,150 2,041 6,866 890 2,796 4,738 2.4 7.5 12.7 816 2,986 5,011 1.6 6.1 10.2 -1,490 -1,192 1,627 -341 -649 1,469 2,018 1,202 4,756 2,822 3,622 4,023 7.5 9.5 10.5 2,834 4,329 4,350 5.7 8.7 8.7 1,455 -714 -504 717 - 1 9 5 -1,000 1976 12,670 11.5 50,169 1977 10,783 8.8 1978 8,426 1978-Jan. Feb. Mar. 626 476 1,712 Apr. May June July Aug. Sept 683 1,971 6.1 -74 190 273 —0.6 1.6 -318 12 0.1 fiZ600 707 327 Apr. May June -832 July Aug. Sept 61 890 1 -112 2.3 5.9 2.7 Regular deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of total deposits. 2 New deposits net of both withdrawals and interest. Data for S&L's are for insured associations only, which represent 9 6 percent of industry total resources. 3 Annual growth rate for monthly data is the annualized monthly percentage increase in deposits. Source: National Association of Mutual Savings Banks and Federal Home Loan Bank Board. 18. MORTGAGE COMMITMENTS OUTSTANDING AT SELECTED INSTITUTIONS Billions of dollars, seasonally adjusted Federal and Related Agencies Thrift Institutions End of Period Total All savings and loan associations Mutual savings banks (N.Y. state) Total FNMA GNMA FHLMC 1976 27.3 24.6 2.7 8.1 3.8 3.8 0.5 1977 39.2 34.7 4.5 11.3 5.4 4.5 1.4 1978 38.3 33.4 4.9 17.4 10.6 4.9 1.9 38.6 37.6 36.9 33.6 33.0 32.7 4.4 4.3 4.3 12.3 13.5 13.9 6.5 7.3 7.5 4.5 4.8 5.0 1.3 1.4 1.4 June 36.2 35.8 35.9 32.3 31.9 31.5 4.3 4.3 4.6 14.0 14.9 14.6 8.0 9.0 8.7 4.8 4.6 4.4 1.2 1.3 1.5 July Aug. Sept. 35.6 36.2 36.7 31.5 31.9 32.3 4.6 4.6 4.4 15.2 15.0 15.9 9.0 8.8 9.4 4.5 4.3 4.5 1.7 1.9 2.0 Oct. 38.8 39.1 38.3 33.9 34.0 33.4 4.8 4.9 4.9 17.2 17.3 17.3 10.7 10.9 10.6 4.6 4.7 4.8 1.9 1.7 1.9 Mar. 37.5 36.6 36.0 32.6 31.8 31.4 4.9 4.8 4.6 15.7 14.3 13.2 9.2 7.8 6.7 4.8 4.9 5.0 1.7 1.6 1.5 Apr. May June 36.0 35.4 35.2 31.6 31.3 31.1 4.4 4.1 4.1 12.6 11.9 11.3 6.3 6.0 5.4 4.9 4.7 4.7 1.4 1.2 1.2 July Aug. Sept. 35.3 35.7 36.7 31.3 31.8 32.7 4.0 3.9 4.0 11.2 10.9 n.a. 5.2 5.3 6.6 4.7 4.3 4.0 1.3 1.3 n.a. 1978-Jan. Feb. Mar. Apr. May Nov. Dec. 1979-Jan. Feb. ! 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; S8t L commitments also include loans in process. Subtotals may not add to total because of rounding. 19 19. NET NEW MONEY BORROWINGS BY^VtAd0R H€NJSIISH3^REOIT AGENCIES Millions of dollars Period Total including short-term discount notes FNMA and FHLB short-term discount notes Intermediate- and long-term issues Total FHLB FHLMC FNMA 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 i-Jan. Feb. Mar. 563 1,731 912 82 1,399 -1 0 1,399 —1 82 0 0 0 0 0 481 332 913 Apr. May June 701 3,338 1,504 470 1,496 1,300 -1 1,498 0 -129 -2 300 600 0 1,000 231 1,842 204 July Aug. Sept. 1,626 1,550 1,627 1,900 1,000 1,076 700 1,000 0 0 0 126 1,200 0 950 -274 550 551 Oct. Nov. Dec. 1,799 1,429 2,250 1,695 1,113 2,048 -5 1,114 598 0 -1 200 1,700 0 1,250 104 316 202 '-Jan. Feb* Mar. 967 1,457 912 0 1,033 1,372 0 834 0 0 199 -128 0 , 0 1,500 Apr. May June 1,027 304 1,363 997 215 1,299 0 222 0 -3 -7 199 1,000 0 1,100 30 89 64 July Au g . , Sept.- 1,625 360 633 1,916 613 -56 700 415 0 216 198 244 1,000 0 -300 -291 -253 689 Based on data from Treasury Survey of Ownership. . 967 424 -460 , 20 2 0 . N E T C H A N G E IN M O R T G A G E H O L D I N G S A T S E L E C T E D I N S T I T U T I O N S Millions of d o l l a r s , s e a s o n a l l y a d j u s t e d Major private financial institutions Period Total Total Commercial banks MSB's S&L's Life i n s u r . companies Mortgage pools FNMA and GNMA FHLMC GNMA- * FHLMCguaranteed guaranteed 1976 76,152 65,603 14,600 4,074 4/: , 5 1 5 2,414 -2,120 -718 12,314 1,073 1977 114,568 96,407 26,500 6,595 58,158 5,184 890 -993 14,325 3,939 1978 126,091 102,875 35,400 6,378 51,695 9,402 8,696 -212 9,451 5,281 911 -459 932 364 326 73 468 1,103 786 383 542 979 998 -815 375 19 7 8 - J a n . Feb. Mar. 9,697 7,320 10,300 8,146 7,953 8,551 2,748 2,537 2,632 587 554 625 4,319 4,384 4,736 492 478 558 350 487 505 —84 17 239 Apr. May June 9,259 11,532 10,887 7,836 8,665 8,983 2,356 3,053 3,292 520 583 468 4,349 4,300 4,472 611 729 751 660 1,420 870 -198 -731 July Aug. Sept. 10,381 8,337 9,026 8,546 3,426 3,231 3,162 594 544 498 3,647 4,214 4,188 670 1,037 698 538 915 808 -300 516 18 808 843 761 Oct. Nov. Dec. 11,431 11,783 10,691 8,738 9,341 456 626 263 4.450 4,762 3,818 886 805 8,602 3,027 3,067 2,854 1,667 898 604 654 268 178 -49 1,017 1,235 994 510 425 490 19 7 9 - J a n . Feb. Mar. 10,371 9,777 2,840 2,466 2,362 575 486 395 3,925 3.451 3,414 633 943 1,070 820 846 1,125 231 74 338 1,205 1,083 10,006 7,973 7,346 7,241 142 428 36 Apr. May June 9,758 11,237 10,864 7,495 8,322 8,471 2,464 2,348 2,789 375e 356 330 3,780 4,641 4,362 876 977 990 1,016 July Aug. Sept. 9,941 10,173 n.a. 8,216 2,886 3,741 3,484 3,498 1,174 994 n.a. 10,485 10,508 6,992 n.a. 2,589 3,062 415 -75 n.a. 466 610 -2.20 515 n.a. —88 - 60 - 45 - 84 79 156 162 1,266 1,540 1,469 1,610 317 475 257 1,597 2,129 2,152 269 381 308 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, F e d e r a l Home Loan an Board, American Council of Life Insurance, the Federal National Mortgage Association, the Government National Mortgage Association, and t e e era Home Loan Mortgage Corporation. Data for mutual savings banks and life insurance companies may differ somewhat from those derived from regu ar quarterly series because of minor conceptual differences for which adjustments are not made in the monthly series. Altogether, these groups accounte for 89 percent of the net increase estimated for all holders in 1978. * Seasonally a d j u s t e d d a t a r e v i s e d d u e t o r e e s t i m a t i o n of s e a s o n a l f a c t o r s . 2 1 . N E T C H A N G E IN M O R T G A G E D E B T O U T S T A N D I N G , BY TYPE OF P R O P E R T Y 1 Billions o f dollars, seasonally adjusted annual rates Residential2 2 Commercial Multifamily and commercial Farm Quarter 1976-Ql 80.9 62.5 61.0 1.5 13.3 14.8 5.2 Q2 74.5 55.0 55.2 -0.2 14.8 14.5 4.7 Q3 93.1 72.7 68.9 3.8 13.5 17.2 6.9 Q4 99.6 78.9 76.5 2.4 13.0 15.5 7.7 1977-Q1 108.5 85.9 81.6 4.2 14.0 18.2 8.6 Q2 133.8 110.0 101.8 8.3 14.5 22.8 9.2 Q3 140.9 114.5 106.2 8.3 17.8 26.1 8.6 Q4 152.8 118.6 110.2 8.4 25.6 34.0 8.7 9.0 Total Multifamily 1978-Q1 133.2 104.9 95.8 9.1 19.3 28.4 Q2 145.9 114.6 105.3 9.2 21.7 31.0 9.6 Q3 154.8 116.1 104.0 12.0 26.9 38.9 11.8 Q4 161.3 124.6 114.2 10.4 26.2 36.6 10.5 1979-Ql 152.8 114.7 105.1 9.6 25.8 35.4 12.3 156.8 116.0 105.7 10.3 27.7 39.0 13.1 Q2p 1 1 - t o 4family Total 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 oonfarm mortgage debt by type of property, where not available, and interpolations and extrapolations, where required, estimated mainly by Federal Reserve. Residential mortgage debt includes nonfarm and is the sum of 1- to 4-family and multifamily mortgage debt. 2 2 . A V E R A G E R A T E S A N D Y I E L D S ON HOME M O R T G A G E S A N D P A S S - T H R O U G H S E C U R I T I E S Secondary market Primary market Conventional mortgages FHA/VA mortgages Rates on conventional loans at S&L's Period Yield in FNMA auction Period Discount points in F N M A auction Ceiling rate Yield o n GNMA securities Yield in FNMA auction Yieid in FHLMC auction 19 7 6-High Low 9.10 8.70 1976-High Low 9.20 8.39 4.93 2.05 9 8 8.44 7.57 8.80 1977-High Low 9.00 8.65 1977-High Low 8.98 8.46 5.03 1.50 8-1/2 8 8.39 7.56 8.81 9.21 9.02 8.63 1978-High Low 9.73 8.98 1978-High Low 9.86 9.13 5.92 4.00 9 8 1/2 8.43 9.05 10.07 9.28 10.42 1979-High Low 12,0(3 10.38 1979-High Low 13.29 10.42 12.54 4.16 11-1/2 9-1/2 11.58 9.51 13.80 10.92 12.17 10.40 10.90 11.03 11.05 11.10 11.10 June 4 11 10.79 5.10 25 10.74 4.81 10 10 11.13 July 9 10.66 4.31 10 10 23 30 10.65 4.22 10 10 6 13 20 27 Sept. 4 10.64 4.16 10.69 4.46 10 10 10 10 10.92 5.90 11.25 7.91 11.66 7.25 10-1/2 12.60 12.54 11.77 11,58 13.80 12.17 12.84 13.36 11.73 11.51 13.97 13.56 13.22 1979-June 1 8 15 22 29 July 6 13 20 27 Aug. 3 10 17 24 31 Sept. 7 14 21 28 Oct. 5 12 19 26 Nov. 2 9 18 July 16 11.08 11.08 11.08 11.08 11.08 11.08 11.10 11.13 11.20 11.30 11.35 11.35 Aug. S e p t . 10 17 24 Oct. 1 11.35 11.45 11.75 9 15 22 29 12.00 12.80 12.85 10 Nov. 5 13 10 10 10 10 10 10 13,29 10.43 10-1/2 10-1/2 10-1/2 11-1/2 12.93 8.44 11-1/2 11-1/2 9.83 9.76 9.72 9.82 9.69 9.31 9.12 11.04 11.54 11.60 11.11 11.13 11.16 11.01 9.69 9.78 9.80 9.88 11.54 11.51 10.82 10.88 9.82 9.88 9.90 10.03 10.14 11.50 10.99 10.36 10.38 10.36 10.65 11.02 11.21 10.94 10.87 11.53 11.10 11.20 11.28 11.67 11.37 11.83 11.99 11.49 11.57 11.63 11.64 11.64 12.75 Column 2 is average of contract interest rates on commitments for conventional first mortgages with 8 0 percent loan-to-value ratios made by a sample of insured S&Ls. Columns 4 and 8 are average gross yield to FNMA before deduction of the fee of 37% basis points paid for mortgage servicing. They reflect the average accepted bid yield for first mortgages for optional delivery within 4 months, assuming prepayment in 12 years for 30-year loans, without adjustments for FNMA commitment fees and FNMA stock retention requirements. Column 7 is a 1 -day quote on average net yields to investors on GNMAguaranteed mortgage-backed securities for immediate delivery, assuming prepayment in 12 years on pools of 30-year FHA/VA mortgages carrying a coupon rate 50 basis points below the current FHA/VA ceiling rates shown in Column 6. Column 9 is the average net yield to FHLMC on accepted bids in its weekly auction of commitments to buy conventional home mortgages for immediate (within 6 0 days) delivery. 23. FNMA AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES Dollar amounts in millions Date of auction Offered 1977-High FHA/VA mortgages Accepted Average yield Offered Conventional mortgages Accepted Average yield 855.4 50.3 569.7 35.1 8.98 8.46 415.9 122.9 278.0 70.5 9.21 8.81 1,249.4 130.3 605.3 80 LI 10.60 9.13 716.9 74.7 362.5 47.5 10.92 9.28 1,034.9 36.5 448.3 19.4 13.29 10.42 454.0 19.4 165.9 17.9 13.80 10.92 613.5 807.6 285.0 314.9 10.92 11.25 289.7 237.6 172.2 153.4 11.67 11.83 1 15 29 891.1 1,017.4 1,034.9 360.8 448.3 321.3 11.66 12.60 13.29 195.0 400.9 454.0 126.6 165.9 138.7 11.99 12.75 13.80 Nov. 13 357.7 168.7 12.93 274.4 136.9 13.97 Low 1978-High Low 1979-High Low 1979-Sept. 4 17 Oct. 24. FHLMC AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES Conventional mortgages, dollar amounts in millions Immediate delivery program Average yield Accepted Future commitment program Average yield Accepted Date of auction Offered 1977-High Low 303.0 76.7 132.6 49.8 9.02 8.63 262.8 66.4 131.0 35.3 9.03 8.63 1978-High Low 359.7 71.2 191.7 53.6 10.42 9.12 247.1 69.7 84.4 18.2 10.54 9.20 1979-High Low 298.0 56.3 150.5 48.4 12.84 10.40 166.6 70.6 37.8 19.7 11.85 10.43 1979-Sept. 7 14 21 28 147.4 126.4 101.0 101.9 106.1 106.2 84.9 93.9 11.49 11.57 11.63 11.64 5 12 19 26 182.8 186.0 134.8 82.3 121.3 73.7 59.4 47.2 11.64 12.17 12.84 13.36 134.6 2 50.8 42.8 14.06 — Oct. Nov. Offered . —— —— —— 71.9 29.1 __ we —— —— 11.85 —— 23.5 13.89 , Offerings in the FNMA auctions of 4-month purchase commitments relate to total bids submitted, and average yields to FNMA on accepted bids are gross (before deduction of 37% basis points for mortgage servicing) assuming prepayment in 12 years for 30-year mortgages, without adjustments for FNMA commitment fees or stock related requirements. Offerings in the FHLMC auctions relate to total bids submitted, and average yields to FHLMC on accepted bids are net, excluding 37% basis points for mortgage servicing. Source: FNMA and FHLMC 24 25. ISSUES OF MORTGAGE-BACKED SECURITIES Millions of dollars, not seasonally adjusted / Period GNMA-guaranteed New issues Outstanding (end of period) Pass-through securities FH LMC-guaranteed New issues Outstanding (end of period) Public offerings of mortgagebacked bonds Outstanding by savings and (end of period) loan assoc. Privately insured New issues 75 1976 13,764 30,571 1,396 2,671 n.a. n.a. 1977 17,440 44,896 4,131 6,610 242 238 1,115 1978 15,358 54,347 6,212 11,892 1,011 1,141 465 1978-Jan. Feb. Mar. 1,327 929 1,315 45,890 45,325 46,357 504 470 120 7,033 7,431 7,471 0 10 119 236 243 358 0 0 50 Apr. May June 823 1,255 999 46,463 47,387 48,033 466 651 1,093 7,861 8,434 9,422 201 135 23 557 689 703 290 75 0 July Aug. 997 1,648 1,203 48,663 50,051 50,844 299 725 394 10,371 10,224 10,512 72 35 33 764 797 822 0 50 0 Dec. 1,762 1,721 1,381 52,095 53,358 54,347 369 581 540 10,987 11,463 11,892 57 36 275 872 897 1,161 0 0 0 1979-Jan. Feb. Mar. 1,703 1,361 1,464 55,627 56,575 57,955 317 494 118 12,093 12,462 12,466 60 136 84 1,325 1,411 1,482 0 0 0 Apr. May June 1,489 1,673 1,860 60,274 61,551 63,001 364 572 382 12,790 13,296 13,562 51 201 142 1,619 1,821 1,915 0 0 400 July Aug. Sept. 2,032 2,934 2,640 64,401 67,135 69,358 321 554 347 13,781 14,200 14,421 204 190 254 2,105 2,257 2,516 225 350 65 Oct. 2,639 Sept. Oct. NoV. GNMA-guaranteed securities are issued by private institutions and represent undivided interests in pools of Government-underwritten home mortgages formed by these institutions. FHLMC-guaranteed securities include Participation Certificates and Guaranteed Mortgage Certificates issued by FHLMC against pools of conventional residential mortgages formed by FHLMC. Privately-insured pass-through securities are issued by private institutions against pools of conventional residential mortgages underwritten by major private mortgage insurance companies. Source: GNMA, FHLMC, HUD, and Federal Reserve.
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