Full text of H.16 Capital Market Developments : November 27, 1978
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Capital Market Developments e | \ • •• iu. L November 27, 1978 Prepared by the C A P I T A L MARKETS SECTION in conjunction with the MORTGAGE and CONSUMER F I N A N C E SECTION DIVISION OF RESEARCH AND STATISTICS BOARD OF GOVERNORS F E D E R A L R E S E R V E SYSTEM Washington, D C. 20551 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 $.50 each. Address requests to Publications Services, Division of Administrative Services, and make payment remittance payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. Currency. TABLES 1 - 6 S E C U R I T Y VOLUME A N D Y I E L D S 7, 8 STOCK MARKET A N D S E C U R I T Y CREDIT 9 - 1 6 MORTGAGE MARKET SYMBOLS e ESTIMATE p PRELIMINARY r REVISED n.a. NOT AVAILABLE DATA DO NOT EXIST Table 1 YIELDS, VOLUME AND RECEPTION CORPORATE BOND MARKET YIELDS WEEK ENDING 1978 - Oct. Nov. 6 13 20 27 3 10 17 24 N E W ISSUE A a a UTILITY 1 VOLUME RECENTLY OFFERED Aaa UTILITY 9.04 9.19 9.23 9.25 9.30 9.25r 2 3 GROSS OFFERINGS ($ MILLIONS) PER C E N T S O L D BY END OF WEEK 9.04 9.03 9.15 9.24 340 294 585 250 90 98 96 100 9.28 9.30 9.24r 9.26p 272 400 439 260 99 100 98 72 NEW ISSUES 4 IN S Y N D I C A T E ($ MILLIONS) 35 5 24 0 3 0 10 73 MUNICIPAL BOND MARKET YIELDS WEEK ENDING MOODY'S N E W ISSUE Aaa VOLUME BOND BUYER 20-60ND INDEX GROSS OFFERINGS ($ MILLIONS) 3 PER C E N T S O L D BY END OF WEEK NEW ISSUES 4 IN S Y N D I C A T E ($ MILLIONS) 1978 - Oct. 6 13 20 27 5.50 5.50 5.50 5.60 6.07 6.10 6.14 6.21 614 795 819 514 86 87 84 90 126 148 236 113 Nov. 3 10 17 24 5.70 5.65 5.50 n.a. 6.22 6.17 6.11 6.16 421 845 1,557 217 89 9095 86 78 107 101 121 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 1 RECENTLY OFFERED Aaa UTILITY 2 MOODY'S SEASONED CORPORATE Aaa 3 U.S. GOVT. 20-YEAR CONSTANT MATURITY 4 BOND BUYER 2 0 - B 0 N D INDEX 1974 - High Low 10.61 (10/4) 8.05 (2/15) 10.52 (10/11) 8.13 ( 1 / 4 ) 9.39 (10/11) 7.73 (1/4) 8 . 6 8 (8/30) 7.39 ( 1 / 4 ) 7.15 (12/12) 5.15 ( 2 / 7 ) 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 . 6 3 (9/19) 7.63 (2/21) 7.67 ( 1 0 / 3 ) 6.27 (2/13) 1976 - High Low 8.95 (5/28) 7.93 (12/10) 9.10 (1/2) 7.84 (12/31) 8.66 (5/28) 7.91 (12/31) 8.17 (5/28) 7.27 (12/31) 7.29 ( 1 / 2 ) 5.95 (12/16) 1977 - High Low 8.36 (12/16) 7.90 ( 1 / 7 ) 8.48 (12/30) 7.95 (1/7) 8.28 (12/30) 7.88 (1/7) 7.99 (12/30) 7.26 ( 1 / 7 ) 5.93 ( 2 / 4 ) 5.45 (11/17) 1978 - High Low 9.30 (11/10) 8.60 (3/24) 9 . 3 0 (11/10) 8.48 (1/6) 9.06 (11/10) 8.30 (1/6) 8.80 (11/10) 8.02 (1/6) 6.32 (7/13) 5.58 ( 3 / 1 7 ) 1978 - August September October 8.82 8.86 9.17 8.91 8.86 9.13 8.69 8.69 8.89 8.45 8.47 8.69 6.12 6.09 6.13 9.04 9.04 9.03 9.15 9.24 8.81 8.85 8.88 8.94 8.64 8,61 8.67 8,73 6.07 6.10 6.14 6.21 9.28 9.30 9.24r 9.26p 9.04 9.06 9.02 9.00p 8.80 8.80 8.72r 8.70p 6.22 6.17 6.11 6.16 Oct. Nov. 6 13 20 27 3 10 17 24 - - 9.19 9.23 9.25 9.30 9.25r — 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 5 Table 3 LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS IN MILLIONS OF DOLLARS w # e e z 1978 STATE AND LOCAL 1 1977 1 1976 3,381 3,863 6,632 1,300 2,748 4,828 3,402 3,442 4,063 2,451 2,885 3,365 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 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 3,750e 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 01 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 1978 CORPORATE 1977 1976 January February March 3,013 2,657 4,442 4,362 2,792 5,578 April May June 3,285 4,035 5,215 July August September October November December PERIOD e GROSS PROCEEDS 1 # # # NOTES: 1 Securities and Exchange Commission estimates of gross proceeds. Public S e c u r i t i e s A s s o c i a t i o n estimates of http://fraser.stlouisfed.org/ e Estimated by Federal Reserve Board on the Federal Reserve Bank of St. Louis p r i n c i p a l amounts. b a s i s of a v a i l a b l e data. \ Table 4 NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE AND ISSUER IN MILLIONS OF DOLLARS GROSS PROCEEDS BY TYPE OF ISSUER GROSS PROCEEDS BY TYPE OF ISSUE PERIOD BONDS TOTAL PUBLICLY OFFERED COMMON AND PRIVATELY PREFERRED PLACED STOCK MEMO ISSUES INCLUDED FOREIGN CONVERTIBLE MANUFACTURING COMMUNICATIONS PUBLIC UTILITY 3,527 4,975 3,506 5,999 2,707 2,874 2,214 4,217 268 346 272 275 6 108 495 39 3,031 3,440 3,250 4,054 3,047 4,125 2,901 4,246 1,415 1,059 644 1,320 5,238 4,830 5,140 6,460 1977 - I II III IV 12,732 13,455 11,935 16,083 6,498 5,606 6.215 5,867 1978 - I II 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 1977 - June July August September October November December 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 1978 - January February March April May June July 3,013 2,657 4,442 3,285 4,035 5.215 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 — — 349 353 1 OTHER ISSUERS NOTES: 1 Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other. Source: Securities and Exchange Commission. http://fraser.stlouisfed.org/ Federal # Reserve Bank of St. # Louis e # # e e # e • 4 Table 5A INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 October 30 through November 24, 1978 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE —— — OFFERING YIELD MOODY'S/S&P'S RATINGS CORPORATE New York State Electric & Gas Co. Public Service of Colorado Southern California Edison Co. Hughes Tool Corp. Studebacker-Worthington Inc. Pacific Tel. & Tele. Co. American Electric Power Co. Delmarva Power & Light Co. Kansas Gas & Electric Co. Puget Sound Power & Light Co. General Electric Credit Corp. Norfolk & Western Railroad Co. Otter Tail Power Co. Montgomery Ward Credit Corp. Public Service Electric & Gas Co, Dana Corp. General Motors Accept. Corp. Com. stk. Com. stk. 1st mtg. Debt. Debt. Debt. Com. stk. Pfd. stk. Com. stk. Com. stk. Notes Equip, tr. 1st mtg. Notes 1st mtg. Debt. Notes 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 50.0 100.0 100.0 250.0 - — — 1984 1978-1993 2008 1984 2008 2008 1984 9.13 9.13 9.63 9.38 9.38 8.88 9.00 9.18 10.00-9.15 9.63 9.43 9.30 8.92 9.07 OTHER Ontario, Province of Bonds 250.0 2008 9.38 9.48 2003 2008 2003 2014 9.00 - —— 9.70 9.10 9.35 9.63 —•— 8.90 Aa/AA A/A+ A/A Aa/A+ —— A/A — — Rights offering. Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings. 9.63 9,00 9.35 9.63 — NOTES: * 1 . Aa/AAAa/AA+ A/A A/A Aa/AA Aa/AA Aaa/AA Aaa/AAA Table SB INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 October 30 through November 24, 1978 ISSUER STATE AND LOCAL 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. 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 NET INTEREST COST 6.92 7.19 7.19 — —— !—1 r-4 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 MATURITY ro co G.O. 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. AMOUNT (MILLIONS OF DOLLARS) X) 00 Wayne Co. Comm. Coll. D l s t . , Mich. B e l l e v i l l e , 111. B e l l e v i l l e , 111. Davenport, Iowa Davenport, Iowa Richmond Indust. Auth., Va. Richmond Indust. Auth., Va. Grand Rapids Pub. Sch. D i s t . , Mich. Eugene, Ore. Indianapolis, Ind. Indianapolis, Ind. Maine, State of North Slope Borough, Alaska Miami, Fla. M i s s i s s i p p i , State of M i s s i s s i p p i , S t a t e of Coutland Ind. Dev. Board, Ala. Oakland Co. Comm. Coll. D i s t . , Mich. New York State Dorm. Auth. New York State Dorm. Auth. Rock Island, I l l i n o i s Rock Island, I l l i n o i s Washington Sub. Sanitary D i s t . , Md. Washington Sub. Sanitary D i s t . , Md. TYPE 5.68 5.61 6.87 6.87 5.27 5.96 5.40 6.46 6.45 6.45 5.74 6.09 OFFERING YIELD 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 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 # # # # # # * # # # Table 5B Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY October 30 through November 24, 1978 TYPE ISSUER AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S/S&P'S RATINGS STATE AND LOCAL Maricopa Co. Indust. Dev. Auth., Ariz. Maricopa Co. Indust. Dev. Auth., Ariz. Maricopa Co. Indust. Dev. Auth., Ariz. Nebraska Public Pwr. D i s t . Nebraska Public Pwr. D i s t . Nebraska Public Pwr. D i s t . Nebraska Public Pwr. D i s t . Triborough Bridge & Tunnel Auth., 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, 111. Bartow Co. Dev. Auth., Ga. Putnam Co. Dev. Auth., Ga. Bucks Co. Indust. Dev. Auth., Pa. F a i r f i e l d Indust. Dev. Bd., Ala. Puerto Rico Puerto Rico Puerto Rico Massachusetts Hsg. F i n . Agcy. M a s s a c h u s e t t s H s g . Fin. A g c y . M a s s a c h u s e t t s H s g . Fin. A g c y . M a s s a c h u s e t t s H s g . Fin. A g c y . New Jersey Hlth. Care Fac. Fin. Auth. / Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G • 0. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. GO. 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 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 7.55 . 7.55 7.55 — — - - 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,.80-7. 00 7.79 6.20 5.,25-6. 60 6.75 6.96 7.10 5.63 5.00 5.00 5 .00-5.40 5 .20-6. .45 6.60 6.70 6.88 5 .50-6, .80 7.20 7.10 7.10 6.60 6.60 6 .00-7. .25 8.00 7.63 7.30 7.44 7.44 5 .40-7. 00 5 .25-6. 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 5B Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY October 30 through November 24, 1978 ISSUER 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. Rev. Rev. G.O. Rev. 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 9.3 16.1 11.3 14.5 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 1980-1999 2009 1984-1996 1981-2008 Rev. 2.8 Rev. Rev. Rev. 12.5 20.0 17.9 NET INTEREST COST OFFERING YIELD MOODY'S/S&P'S RATINGS STATE AND LOCAL New Jersey Hlth. Care Fac. Fin. Auth. New Mexico, State of I l l i n o i s , State of West Palm Beach, Florida Phoenix, Ariz. Phoenix, Ariz. Cape Coral Hlth. Fac. Auth., Fla. Cape Coral Hlth. Fac. Auth., Fla. Erie Co., New York Alabama State Docks Department Virginia Beach, Virginia New Orleans, La. New Orleans, La. 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 Asst. Corp., N.Y.C. Pueblo, Colo. Pueblo, Colo. Richardson Ind. Sch. D i s t . , Texas Santa Monica Redev. Agcy., C a l i f . Maryland Hlth. & Higher Educ. Fac. Auth. Maryland Hlth. & Higher Educ. Fac. Auth. Port of Oakland, C a l i f . Alaska Housing Finance Corp. 6.04 5.27 5.49 5.60 5.32 5.60 5.29 6.68 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 5.35-7.00 7.30 5.00-6.40 5.40-6.70 1982-1992 8.04 5.75-7.10 Baa/BBB 2009 1996-1999 1980-1998 8.04 6.20 7.06 8.00 5.90-6.10 5.50-6.80 Baa/BBB A-1/A+ A/A — — — — 6.96 6.85 5.63 6.04 6.01 7.34 7.34 7.34 — — — 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 —/AA ~/AA Aa/A+ A/A- Table SB Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY October 30 through November 24, 1978 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S/S&P'S RATINGS STATE AND LOCAL Alaska Housing Finance Corp. Ottawa Co., Mich. Ottawa Co., Mich. Rev. G.O. G.O. 26.1 8.5 2.5 2008 1980-1996 1980-1998 7.06 5.45 5.66 7.13 5.10-5.65 5.10-5.75 A/A Aa/AA Aa/AA 12 Table 6A FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As o f November 2 4 , 1 9 7 8 TYPE AMOUNT (IN MILLIONS OF DOLLARS) Southern P a c i f i c Transp. Co. Early C a l i f o r n i a Industries Inc. San Diego 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. Michigan B e l l Tele. Co. Walter Kidde & Co. Associates F i r s t Capital Corp. Sun Chemical Corp. Bank of North Dakota Kay Corp. Belding Heminway Co. Inc. Houston Lighting & Power Co. Central I l l i n o i s Public Svc. Co. Wisconsin E l e c t r i c Power Co. Ohio Edison Co. Mountain S t a t e s Tel. & Tele. Co. South Carolina Elec. & Gas Co. Virginia E l e c . & Power Co. Utah Power & Light Co. American General Insurance Co. Aristar Inc. I t e l Corp. Champion Parts Rebuilders Inc. CCI Corp. Caesars World Inc. Golden Nugget Inc. UNC Resources Inc. Equip t r . Units Com. s t k . Com. s t k . Debt. Debt. Notes Debt. Bonds Debt. Debt. 1 s t mtg. Com. s t k . Pfd. s t k . Com. s tk. Debt. Pfd. s t k . Com. s t k . Com. s t k . Debt. Notes Notes Debt. Debt. Debt. Units Debt. 23.1 25.0 35.0 150.0 100.0 100.0 75.0 60.0 50.0 15.0 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 45.0 50.0 CANCELLED GOV Inc. Debt. ISSUER CORPORATE 50.0 NOTES: * Included in table for first time. 1 Includes only corporate and other security issues of $15 million and over; excludes exchanges, options APPROXIMATE DATE OF OFFERING 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. Dec. 28 28 28 28 28 28 1 6 6 7 7 12 12 12 13 13 Table 6B FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of November 2 4 , 1 9 7 8 • ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING STATE & LOCAL • • • # e e # i Lomod Bunker H i l l Hsg. Dev. Corp., Calif. Warren, Ohio Katy Ind. Sch. D i s t . , Texas D e t r o i t , Mich. Troy Sch. D i s t . , Mich. Beavertown Sch. D i s t . , Oregon *Wayne County, Mich. *Maine Municipal Bond Bank *0akland County, Mich. *North Carolina Medical Care Comm. New York State Hsg. Fin. Agcy. *Rhode Island Hsg. & Mtge. Fin. Corp. *Grand Junction Hsg. A s s i s t . Corp., Colo. Wisconsin Hsg. Fin. Auth. Paradise Valley Sch. D i s t . #69, Ariz. Garland Ind. Sch. D i s t . , Texas Washington, State of *Detroit School D i s t . , Mich. Chicago Comm. College D i s t . #508, 111. Jordan School D i s t . , Utah Ohio, State of Washington Public Power Supply Sys. Madison Voc. Tech. Educ. D i s t . #4, Wise. Minneapolis S t . Paul Metro Airports Comm., Minn. Lower Colorado River Auth., Texas Dallas Fort Worth Reg. Airport, Tx. I l l i n o i s Hsg. Dev. Auth., 111. South Carolina State Hsg. Auth. St. Paul, Minn. California, State of Irvine Ranch Wtr. D i s t . , C a l i f . *Washoe Co. Airport Auth., Nev. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. 45.8 10.4 22.8 42.9 15.1 11.8 10.6 13.7 14.9 35.2 106.0 Rev. 61.6 Nov. 30 Rev. Rev. 15.0 58.2 Nov. Dec. 1 G.O. G.O. G.O. G.O. 11.0 10.0 36.7 41.7 Dec. Dec. Dec. Dec. 4 4 5 5 G.O. G.O. Rev. Rev. 11.1 22.0 40.0 180.0 Dec. Dec. Dec. Dec. 5 5 5 5 G.O. 20.0 Dec. 6 Rev. Rev. Rev. Rev. Rev. G.O. G.O. G.O. Rev. 15.0 48.0 147.0 55.9 85.0 13.8 150.0 13.8 44.5 Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. 6 6 7 7 8 12 12 12 13 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. 27 27 27 28 28 29 29 30 30 30 30 Rev. Rev. G.O. G.O. G.O. G.O. Rev. Rev. G.O. Rev. Rev. 14 Table 6B Continued FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of November 24, 1978 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING STATE & LOCAL Rhode Island, State of Michigan State Hospital Auth. Garfield Heights, Ohio Evanston, 111. New Jersey Sports & Expos. Auth. New Jersey Sports & Expos. Auth. G.O. Rev. Rev. Rev. Rev. Rev. 21.3 16.6 27.4 25.0 300.0 70.0 POSTPONEMENT Atlanta, Ga. Rev. 31.0 Dec. 14 Dec. 19 Dec. Dec. Dec. Dec. Dec. 5 Table 7 STOCK PRICES AND VOLUME 1 STOCK PRICES DATE NYSE INDEX 3 B J INDUSTRIALS AMEX 4 2 TRADING VOLUME NYSE NASDAQ AMEX NASDAQ 1974-High Low 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 (9/26) 7 . 5 (1/3) 2.8 (7/5) 1975-High Low 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) 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) 4 4 . 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 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 ) 35.3 (11/11) 10.6 (10/10) 4 . 2 (1/13) 1.4 (9/22) 11.2 (11/10) 5 . 1 (5/27) 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) 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 24 53,.49 52 .72 52 .54 53,.44 823.11 807.09 797.73 810.12 145.32 143.39 143.38 148.59 115.49 114-84 113.69 116.17 43.9 21.9 24.9 21.7 6.8 2.7 3.5 2.7 14.5 8.3 8.6 7.7 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 12/31/66 = 50 4 Based on average price change until September 4, 1973 thereafter, based on market value of shares listed. 16 Table 8 SECURITY CREDIT REGULATED MARGIN CREDIT EXTENDED BY END OF PERIOD BROKERS ON MARGIN STOCK OUTSTANDING 1 BROKERS ON 2 CONVERTIBLE BONDS 1977 - September October November December 9,590 9,560 9,610 9,740 196 1978 - January February March April May June July August September October 9,590 9,780 9,920 10,260 10,660 11,090 11,190 11,740 12,400 12,090 246 242 246 248 245 242 1977 - September October November December 30 -30 50 130 -4 -5 1 9 7 8 - January February March April May June July August September October -150 190 140 340 400 430 100 550 660 310 CHANGE IN OUTSTANDING 250 BANKS UNREGULATED NONMARGIN STOCK CREDIT AT BANKS 881 882 872 873 2,581 2,579 2,604 2,568 851 877 855 914 2,565 2,544 2,544 2,560 series discontinued n.a. n.a. n.a. n.a. 5/ -4 1 -6 -2 25 -36 n. a .- -10 -4 -4 4r 2 -3 -3 -22 -3 26 -21 4 1 -22 16 -59 series discontinued n.a. n.a. n.a. n.a. NOTES: Margin account debt as reported by the New York Stock Exchange, excluding credit for subscription issues and convertible bonds. 1 2 3 4 New York Stock Exchange data. 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. Non margin 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. • • • • • • • s e e Table 9 SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS IN MILLIONS OF DOLLARS REGULAR DEPOSITS DATE NET FLOW 1974 1975 1976 1977 2,165 11,070 12,670 10,647 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 1 ANNUAL 3 GROWTH RATE 2.3 11.3 11.6 8.9 — NET NEW MONEY TOTAL SAVINGS & LOAN ASSOCIATIONS MUTUAL SAVINGS BANKS 2 -2,822 4,757 5,275 2,874 338 -553 97 -90 38 -75 -41 50 4.0 3.0 4.8 4.5 8.5 10.7 11.4 8.7 SHARE CAPITAL NET FLOW ANNUAL 3 GROWTH RATE NET NEW MONEY 2 DEPOSITS NET FLOW 4,668 29,276 34,369 32,004 18,171 53,839 62,839 61,610 NOT SEASONALLY ADJUSTED 7,153 — 2,592 558 — 401 2,380 — 2,145 6,656 — 1,744 3,074 — 2,812 2,312 — 2,069 6,406 —— 1,576 8,864 294 2,816 7,960 3,415 2,572 7,784 SEASONALLY ADJUSTED 8.7 2,845 6.5 2,133 9.1 3,010 10.3 3,452 15.4 5,192 15.9 5,439 6,085 17,6 3,293 2,474 3,553 3,966 6,155 6,661 7,398 16,006 42,769 50,169 50,963 7.1 17.6 17.6 15.2 ANNUAL 3 GROWTH RATE 5.6 15.8 15.9 13.5 — 2 NET NEW MONEY 1,846 34,033 39,644 34,783 2,930 -152 2,242 1,654 2,850 1,994 1,535 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 18 T a b l e 10 MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS BILLIONS OF DOLLARS, S E A S O N A L L Y A D J U S T E D NET CHANGE OUTSTANDING COMMITMENTS PERIOD TOTAL MUTUAL ALL SAVINGS SAVINGS BKS & LOAN ASSOCIATIONS ( N Y. S T A T E ) TOTAL MUTUAL ALL SAVINGS & LOAN SAVINGS 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 - .25 1976 27.8 25.0 2.8 7.46 6.80 .66 1977 - Jan. Feb. Mar. Apr. May June July Aug. Sept. 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 .07 .53 - .03 .18 .17 .37 .23 - .10 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 - .24 - .09 — . 06 - .04 .05 .34 — .08 - .04 — . 08 Oct. Nov. Dec. 1978 - Jan. Feb. Mar. Apr. May June July Aug. Sept. ( ( . < 4 ( < * S&L Data have been r e v i s e d by FHLBB back to 1977. 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 19 T a b l e 11 NET NEW MONEY BORROWINGS BY MAJOR HOUSING AGENCIES IN MILLIONS OF DOLLARS PERIOD TOTAL INCLUDING SHORT-TERM DISCOUNT NOTES INTERMEDIATE AND LONG-TERM ISSUES TOTAL FHLB 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 1,683 1,750 -12 1,388 -17 600 1,483 1,276 1,881 1,182 1,131 1,700 0 1,400 0 0 1,500 0 700 1,200 0 0 -12 -12 -17 0 -17 276 -19 -18 181 0 0 0 0 600 0 1000 1200 0 950 1700 411 324 904 248 1,608 216 -276 629 552 50 NOTES: Based on data from Treasury Survey of Ownership. Sales of FHLB discount notes began in May 1974. Table 12 20 NET CHANGE IN MORTGAGE HOLDINGS IN MILLIONS OF DOLLARS PERIOD 1970 1971 1972 1973 1974 1975 1976 1977 2 FINANCIAL INSTITUTIONS TOTAL INCLUDING FNMA-GNMA TOTAL COMMERCIAL BANKS MSB's S & L's 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 S 890 406 304 488 854 373 850 556 1,006 320 498 # 473 608 1,244 773 728 998 # 984 Not Seasonally Adiusted 1978 - Jan. Feb . Mar . Apr . May June July Aug. Sept. 5,557 6,155 8,751 9,304 10,307 11,125 8,849 10 ,961 5,237 5,657 8,278 8,696 9,063 10,352 8,121 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 6 42 6 74 636 516 3,019 3,409 4,837 4,856 5,021 5,660 3,991 4,721 4,270 Seasonally Adiusted 1978 - Jan. Feb. Mar • Apr • May June July Aug. Sept. 7,602 7,885 8,827 8,544 9,720 9,579 8,263 10,273 7,223 7,285 8,267 7,797 8,265 8, 610 7,819 9,343 1,788 2,009 2,329 2,149 2,893 2,833 2,858 3,499 2,540 572 515 587 482 563 454 6 35 585 538 # 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 + 969 444 930 745 e 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. Digitized2for FRASER Beginning January 1972 data reflect activity in limited amount of conventional mortgages. Table 13 21 NET INCREASE IN MORTGAGE DEBT OUTSTANDING IN BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL RATES 2f RESIDENTIAL QUARTER TOTAL TOTAL 1- to 4FAMILY MULTIFAMILY COMMERCIAL MULTFAMILY & 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 I I (p) 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 NOTES 1 m u U l f l X 1 Mortgage n °nfa™ =<™ of 1 - t o 4-family and Table 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—FAMILY 1,324 1,352 1,925 2,219 1,820 1,074 939 1,297 1,677 626 647 906 1,033 882 644 676 894 1,125 COMPLETIONS STARTS 2 - O R 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 2,025 2,081 2,080 1,156 1,103 1,429 1,492 1,478 1,441 1,453 1,440 1,462 1,447 392 466 618 673 576 683 666 5 85 619 633 ! TOTAL 2 - O R MORE FAMILY 1—FAMILY ! 1 —FAMILY 2 - O R MORE FAMILY MOBILE HOME 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 1,254 592 617 692 828 840 760 430 336 398 413 401 497 576 567 329 216 246 277 1,759 1,696 1,821 1,943 1,854 1,890 1,943 1,970 1,929 1,300 1,233 1,363 1,515 1,426 1,344 1,289 1,367 1,405 459 463 . 458 428 428 546 65 4 60 3 524 324 265 285 252 258 263 232 283 272 286 j| 1978 - Jan. Feb . Mar. Apr. May June July Aug. Sept. Oct. 1,526 1,534 1,647 1,740 1,597 1,821 1,632 1,563 1 , 7 31 1,681 1,032 957 1,037 1,157 1,058 1,123 1,035 1,020 1,09 2 1,126 494 577 610 583 539 698 597 543 6 39 555 ! ! ! NOTES: Private building p e r m i t s ( f o r 14,000 areas w i t h p e r m i t s y s t e m s , e x c l u d i n g f a r m ) , starts, a n d c o m p l e t i o n s are C e n s u s B u r e a u d a t a . A d w e l l i n g u n i t is s t a r t e d w h e n e x c a v a t i o n begins. In t h e c a s e of a p a r t m e n t buildings, all u n i t s a r e c o n s i d e r e d s t a r t e d at t h a t t i m e ; h o w e v e r , all s u c h u n i t s are c o n s i d e r e d c o m p l e t e d w h e n m o r e t h a n half of t h e u n i t s in t h e s t r u c t u r e are r e a d y f o r use. P r i v a t e m o b i l e h o m e shipments are M o b i l e H o m e M a n u f a c t u r e r s A s s o c i a t i o n d a t a c o n v e r t e d t o s e a s o n a l l y a d j u s t e d a n n u a l r a t e b y C e n s u s B u r e a u . 1 P e r m i t d a t a for 1 9 6 9 a n d 1970 b a s e d o n 13,000 areas w i t h p e r m i t s y s t e m s > • • • • • i t 9 • • Table 15 AVERAGE RATES AND YIELDS ON HOME MORTGAGES CONVENTIONAL LOANS PRIMARY MARKET NEW HOMES 1 PERIOD SPREAD BETWEEN RETURNS ON NEW Aaa NEW HOMES CONVENTIONAL UTILITY 1 AND HUD(FHA) BOND DISCOUNT SPREAD NEW HOME YIELD (BASIS (PERCENTAGE MORTGAGES (IN PER CENT) POINTS) POINTS) (BASIS POINTS) HUD(FHA) INSURED LOANS SECONDARY MARKET EXISTING HOMES 1 RATE (IN PER CENT) SPREAD (BASIS POINTS) RATE (IN PER CENT) SPREAD (BASIS POINTS) YIELD (IN PER CENT) 1976 - High 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 - Jan. 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 Df 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.18 24 T a b l e 16 FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS CONVENTIONAL GOVERNMENT-UNDERWRITTEN DATE OF AUCTION AMOUNT (IN M I L L I O N S O F D O L L A R S ) ACCEPTED OFFERED ACCEPTED 855 (12/27) 570(12/27) 8.98(12/27 383 ( 5 / 2 ) 278 ( 5 / 2 ) OFFERED 1977 High Low AVERAGE YIELD AMOUNT (IN M I L L I O N S O F D O L L A R S ) 50 ( 9 / 7 ) 35 (9/7) 8.46 (1/10 123 ( 7 / 2 5 ) AVERAGE YIELD 9.21 (12/27) 71 ( 9 / 1 9 ) 8.81 Jan. 9 23 1011.0 768.8 605.3 356.6 9.13 9.21 403.6 546.3 192.8 256.8 9.28 9.37 Feb. 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 Mar. 6 20 358.8 164.9 218.5 116 .4 9.36 9.33 444 .8 378.7 266.4 246.1 9.59 9.62 Apr. 3 17 625 .5 283.8 363.7 165.5 9.44 9.44 522.8 451.4 295.3 282.8 9.69 9.74 May 1 15 30 655.1 611.4 851.2 349.9 269.9 446.9 9.52 9.63 9.83 645.8 716.9 573.1 305.4 362.5 300.4 9.80 9.89 10.01 June 12 26 522.0 573.0 285.2 351.4 9.86 9.96 350.1 224.4 207.0 135.0 10.07 10.13 July 10 24 503.3 253.4 327.4 144.1 10.02 10.00 169.8 146.2 90.5 88.4 10.17 10.21 Aug. 7 21 130.3 368.8 80.1 197.1 9.82 9.80 74.7 150.0 47.5 81.0 10.15 10.07 Sept. 5 18 351.2 366.7 154.7 181.2 9.78 9.79 199.4 285.3 126.3 157.4 10.02 10.01 Oct 2 16 30 682.4 425.4 857.0 278.6 176.2 377.6 9.91 9.98 10.20 395 .5 336.1 425.2 166 .9 148.8 179.9 10.10 10.18 10.31 Nov 13 452.8 182.4 10.27 488.2 199.5 10.49 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 by bidders relate to total eligible bids received. Digitizedoffered for FRASER