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November 5, 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.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.

Yields, Volume and Reception: Corporate Bond Market
Yields, Volume and Reception: Municipal Bond Market
High Grade Bond Yields
Long-Term Corporate and State and Local Government Security Offerings and Placements
Treasury and Government-Sponsored Agency Marketable Coupon Offerings and Placements
New Corporate Security Issues by Type of Issue
New Corporate Security Issues by Type of Issuer
Public Offerings of Intermediate- and Long-Term Securities: Corporate
Public Offerings of Intermediate- and Long-Term Securities: State and Local
Public Offerings of Intermediate- and Long-Term Securities: U.S. Treasury
Public Offerings of Intermediate- and Long-Term Securities: Government-Sponsored Agencies
Forthcoming Public Offerings of Intermediate- and Long-Term Securities: Corporate
Forthcoming Public Offerings of Intermediate- and Long-Term Securities: State and LocaL
Stock Prices
Trading Volume
Security Credit
Savings Flow at Selected Nonbank Thrift Institutions
Mortgage Commitments Outstanding at Selected Institutions
Net New Money Borrowings by Major Housing Credit Agencies
Net Change in Mortgage Holdings at Selected Institutions
Net Change in Mortgage Debt Outstanding, By Type of Property
Average Rates and Yields on Home Mortgages and Pass-Through Securities
FNMA Auctions of Commitments to Purchase Home Mortgages
FHLMC Auctions of Commitments to Purchase Home Mortgages
Issues of Mortgage-Backed Securities

SYMBOLS
e

estimate

P
t

revised

preliminary

n.a.

not available

— —

data d o not exist

SUBSCRIPTION R A T E S

Weekly $15.00 per year or $.40 each in the United States, its possessions, Canada, and Mexico; 10 or more of the same issue to one
address, $13.50 per year or $.35 each. Elsewhere, $20.00 per year or $.50 each. Address requests to Publications Services, Division of
Support Services, and make payment remittance payable to the order of the Board of Governors of the Federal Reserve System in a
form collectible at par in U.S. Currency.



1. Y I E L D S , V O L U M E A N D R E C E P T I O N

Corporate Bond Market
Week ending

1979-Aug.

New issue
Aaa utility 1

9.52
9.40
9.42
9.47
9.62

3
10
17
24
31

Sept.

Yields
Recently offered
Aaa utility2

Gross offerings-*
($ millions)

Volume
Percent sold by
end of week

New issues in syndicate4
($ millions)

9.57
9.44
9.45
9.47
9.54

429
456
361
587
179

90
83
92
99
94

10

110
945
296
615

85
93
99
80

17
67
1
123

42
72
30
8

7
14
21
28

9.84
9.97
9.98

9.70
9.87
9.92
10.00

Oct.

5
12
19
26

10.22
10.88
11.05
11.45r

10.25
10.79
11.00
11.36r

1,575
300
204
360

80
97
97
100

283
10
6
1
o

Nov.

2

11.49p

11.43p

170

100

0

——

2. Y I E L D S , V O L U M E A N D R E C E P T I O N

Municipal Bond Market
Yields
Week ending

1979-Aug.

3
10
17
24
3

"

Sept.

1

7
14

5.60
, 5-70
5.70
5.75
5.85

6.14
6.13
6.16
6.23
6.36

548
823
1,066
798
605

6.47
6.49
6.57
6.56

,

;

28
Oct.

5
12
19
26

5.95
6.35
6.35
6.35

.

Nov.

1
2
3
4

• V '..'t
Gross offerings
($ millions)

Moody's new
~ issue Aaa

5.85
5.90
5.90
5.95

2

6.35

V-

-

Bond Buyer
G.O. bond
Index

Bond Buyer
Rev. bond
index

Volume
Percent sold by
-end of week3 V
:

v

92
: si

New issues in
syndicate4
($ millions)

84
91
85

208
291
404
348
244

7.23
7.25

366
706
497
583

84
89
88
90

181
164
104
117

6.64
7.12
7.18
7.38

7.35
7.75
7.94
8.15

1,015
1,080
1,051
757

80
88
97
90

7.26

8.05

355

93

-

•'

'

183
206
90
129
76

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 G R A D E B O N D Y I E L D S

New issue
Aaa utility1

Recently offered
Aaa utility2

Moody's
seasoned
corporate Aaa3

U.S. govt.
20-year constant
maturity4

Bond Buyer
G O. bond
index5

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

8.95(5/28)
7.93(12/10)

9.10 (1/2)
7.84(12/31)

8.66(5/28)
8.17(5/28)
7.91(12/31) 7.27(12/31)

7.29 (1/2)
5.95(12/16)

1977-High
Low

8.36(12/16) 8.84(12/30)
7.90 (1/7)
7.95 (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

9.29(12/15) 9.54(12/22)
8.60(3/24)
8.84 (1/6)

9.27(12/29) 9.00(12/22)
8.30 (1/6)
8.02 (1/6)

6.67(12/22)
5.58(3/17)

Date

11.49(11/2)
9.40(8/17)

1979-High
Low

11.43(11/2)
9.39(6/29)

10.70(11/2)
9.16 (7/6)

10.42(10/26)
8.79 (7/6)

7.38(10/26)
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

9.58
9.48
9.93

9.53
9.49
9.87

9.20
9.23
9.44

8.92
8.97
9.21

10.97p

10.91p

10.13

9.99

- -

6.13
6.20
6.52

Oct.

- -

6.29
6.25
6.13

July
Aug.
Sept.

Bond Buyer
Rev. bond
index6

7.08

Sept.

- -

•

9.70
9.87
9.92
10.00

9.34
9.42
9.49
9.50

9.18
9.19
9.19
9.26

6.47
6.49
6.56
6.5b

7.23
7.25

5
12
19
26

10.22
10.88
11.05
11.45r

10.25
10.79
11.00
11.36

9.66
9.91
10.09
10.50r

9.38
9.85
10.04
10.42

6.64
7.12
7.18
7.38

7.35
7.75
7.94
8.15

Nov.

3

9.84
9.97
9.98

Oct.

1
2

7
14
21
28

2

11.49p

11.43p

10.70p

10.40p

7.26

8.05

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 competitively bid Aaa-rated utility bond with 5-year call protection released from price
restrictions sometime during the last four weeks.
Weekly average of daily closing figures.

4 Weekly average of daily figures. U.S. Treasury data.
5

J h u r j d f v f , 9 u r e s - T h e average rating of the 2 0 general obligation bonds used in this index falls midway between the five top groups as classified by
Moody s Investors Service. Weekly Bond Buyer data.

6

Thursday figures. The average rating of the 25 revenue bonds used in this index falls midway between the five top groups as classified by Moody's
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 of 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 , COS
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

4,150

3,807
3,332
3,646

3,231
4,320
3,690

53,792

47,264

46,697

48,512

Year
1
2
e

Securities and Exchange Commission estimates of gross proceeds.
Public Securities Association estimates of principal amounts,
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 dollars
Federal Government
Means of financing combined deficit
Net cash borrowing from the public2
Public debt securities
Gov't,
agency
NonBills
Coupons
marketable securities

Decrease(+)/ Sponsored
agency
increase!—)
borrowing^
in cash
operating
balance

Combined
deficit(+)
or
surplus!—)1

Total 3

CY-/-1977
CY - 1 9 7 8

61,410
52,870

56,762
53,683

-2,504
706

45,973
31,777

14,314
22,644

-887
-1,431

5,250
3,206

-602
-4,019

7,327
23,509

1979-Jan.
Feb.
Mar.

3,696
6,032
13,722

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 - 1 1 , 2 3 7

-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

8,167
16,003

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

Period

July
Aug.

1
2
3
4

Other

U.S. unified budget deficit or surplus plus off-budget entities deficit or surplus.
Change in outstanding amount of public debt securities and government agency securities less change in holdings of those securities by government
accounts.
Also includes changes in matured and noninterest-bearing public debt.
Change in outstanding amount of marketable securities issued by Federal Farm Credit Banks, Federal Home Loan Banks, Federal Home Loan Mortgage Corporation, Federal National Mortgage Association.

5 CY = Calendar Y e a r .



6. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE
Gross proceeds, millions of dollars
Bonds
Publicly
offered

Privately
placed

Common and
preferred
stocks

53,488
53,792
47,230

26,453
24,072
19,815

15,927
17,943
17,057

11,108
11,777
10,358

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

1979-Jan.
Feb.
Mar.

3,770
3,170
4,401

1,282
1,336
1,904

Apr.

4,692
4,167
6,247
4,008

2,984
1,999
4,171
2,247

Total

1976
1977
1978

Period

MayJune
July-

Memo
Issues included
Convertible
Foreign
1,592
994
1,092

863
418

2,031
2,953
2,344
3,030

413
341
181
157

4
158
127
129

1,824
921
1,825

664
913
672

16
10
21

3
5

1,129

579
592
891
981

23

759
350
385
153

1,576
1,185
780

1,340

1

8
n.a.

0

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

I n d i a n a r Michigan E l e c . Co.
Duke Power Co,
Kansas Power & L i g h t Co.
P a c i f i c Northwest B e l l T e l .
Co.
TransWorld Corp.
Oak I n d u s t r i e s I n c .
Beckman I n s t r u m e n t s I n c .
Telecom Corp.
D i a l F i n a n c i a l Corp.
McDonalds Corp.
IBM
IBM
P h i l a d e l p h i a E l e c . Co.
L o u i s i a n a Power & L i g h t Co.
Ohio Edison Co.
P u b l i c S e r v i c e E l e c . & Gas Co
Southern C a l i f o r n i a E d i s o n Co
Houston I n d u s t r i e s I n c .
Columbia Gas System I n c .
Arizona P u b l i c S e r v i c e Co.
Apache Marine S e r v i c e s I n c .
P a c i f i c Gas & E l e c . Co.
Mountain S t a t e s T e l . & T e l .
Co.
A t l a n t a Gas L i g h t Co.
Sharon S t e e l Corp.
General T e l . Co. of t h e
Southwest
General T e l . Co. of t h e
Southwest
Southern C a l i f o r n i a Gas Co.
C a r o l i n a Power & L i g h t Co.
Kansas Gas & E l e c t r i c Co.
Gulf S t a t e s U t i l i t i e s Co.
Western Co. o f North America

OTHER
Hydro-Quebec

1979
10/2
10/2
10/3
10/3
10/3
10/4
10/4
10/4
10/4
10/4
10/4
10/4
10/10
10/10
10/10
10/10
10/11
10/17
10/17
10/18
10/18
10/23

Coupon
rate

Offering
yield

40.0
150.0
33.3

n.a.
2009
n.a.

11.00
10.75
n.a.

11.00
10.80
n.a.

Baa/BBB
A/A+

Debt.
170.0
Units
90.0
Com. s t k .
33.5
Com. s t k .
54.3
Debt.
25.0
Debt.
50.0
Notes
50.0
Notes
500.0
Debt.
500.0
100.0
1 s t mtg.
Pfd. Stk.
40.0
Pfd. stk.
30.3
Com. s t k .
59.3
1 s t mtg.
200.0
Com. s t k .
68.9
Debt.
100.0
1 s t mtg.
75.0
Govt. g t d .
29.0
Com. s t k .
196.0

2019
1999
n.a.
n.a.
1999
2000
1989
1986
2004
2005
n.a.
n.a.
n.a.
2004
n.a.
1999
2009
2004
n.a.

10.13
10.00
n.a.
n.a.
10.38
10.50
10.25
9.50
9.38
12.50
n.a.
n.a.
n.a.
11.75
n.a.
11.75
12.13
10.40
n.a.

10.20
10.00
n.a.
n.a.
10.38
10.56
10.25
9.62
9.41
12.50
13.12
11.90
n.a.
11.85
n.a.
11.85
12.20
10.40
n.a.

Aaa/AAA
B/B

175.0
50.0
60.0

2019
2004
1999

11.25
12.75
14.25

11.25
12.75
15.00

Aaa/AAA
A/A
Ba/BB

75.0

2009

12.25

12.30

A/A

25.0
70.0
100.0
31.0
39.8
30.0

n.a.
1999
2009
n.a.
n.a.
n.a.

9.72
12.75
12.25
n.a.
n.a.
8.50

9.72
12.75
12.25
n.a.
n.a.
8.50

A/A
A/A
A/A

200.0

2009

11.25

11.40

Aa/AA

Type
y

fd. stk.
1 s t mtg.
Com. s t k .

1 0 / 2 3 Debt.
1 0 / 2 4 1 s t mtg.
1 0 / 2 4 Debt.
10/25 Debt.
10/25
10/30
10/30
10/31
11/1
11/1

Amount
(millions
of dollars)

Maturity

Date

Pfd. stk.
1 s t mtg.
1 s t mtg.
Com. s t k .
Com. s t k .
Pfd. stk.

1 0 / 1 8 Bonds

*

Rights offering.

1

Includes only corporate and other security offerings of $ 2 5 million and over; excludes options, exchanges, and secondary offerings.




Moody's/S&P's
ratings

——

—
W
——

B/B
A/A+
A/A+
Aaa/AAA
Aaa/AAA
A/ABa/BB
Ba/BB
Aa/AA
—

A/A
A/Aj

——

Ba/B

9. PUBLIC O F F E R I N G S OF I N T E R M E D I A T E - A N D LONG-TERM 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

Type 2

Amount
I millions

1979
10/3
10/3
10/3
10/3
10/3
10/3

Rev.
Rev.
Rev.
Rev.
Rev.
Rev.

13.7
35.1
47.1
22.9
10.0
25.0

1981-1998
2011
1982-1999
2014
1983-1999
2013

Rev.

29.0

1981-1999 6.66

6 . 0 0 - 6 . 8 0 Aa/AH-

Rev.

27.1

1982-1999 6 . 6 3 ^

5 . 8 0 - 6 . 8 0 A/A

Rev.

37.6

1983-2000 7.09

5 . 7 0 - 6 . 8 0 Aa/A+

Rev.

31.3

2007

7.09

7.10

Aa/A+

Rev.

11.9

2009

7.09

—

Aa/A+

Rev.
Rev.
Rev.
Rev.
Rev.
G.O.
G.O.
Rev.
Rev.
Rev.
Rev.
Rev.

89.2
8.5
5.0
11.5
42.0
27.4
67.5
17.3
27.7
44.1
40.0
64.4

2019
1982-1998
2009
2010
1982
1980-2009
1980-2004
1980-1999
2009
1981-1995
2002
2009

Rev.

87.4

1991-2000 7.26

Rev.

56.0

Rev.
G.O.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.

199.4
200.0
14.1
19.9
18.7
2.7
41.0
15.0
35.0

Rev.

55.0

1989-200S ) 7 . 4 9

7 . 1 0 - 7 . 5 C)

G.O.

95.0

1982-201/i 7.19

6 . 1 0 - 7 . 4 C ) Aa/AA

Rev.

45.0

3,
1982-199S ) 7 . 6 9 - '

6 . 4 0 - 7 . 3 C) Aaa/AAA

Rev.

23.0

2004

7.69- '

7.60

Aaa/AAA

Rev.

57.0

2012

7.69^''

7.75

Aaa/AAA

Sail P a b l o R e d e v e l . A g c y . , CA
San P a b l o R e d e v e l . A g c y . , CA
C a l i f o r n i a Hsg. F i n . Agcy.
C a l i f o r n i a Hsg. F i n . Agcy.
Houston, Texas
Houston, Texas
Chicago P u b l i c B l d g . Comm.,
10/3
IL
Memphis S h e l b y Co. A i r p o r t
10/3
A u t h . , TE
S a l t R i v e r A g r i c . Improv. &
10/4
Power D i s t . , AZ
S a l t R i v e r A g r i c . Improv. &
10/4
Power D i s t . , AZ
S a l t R i v e r A g r i c . Improv. &
10/4
Power D i s t . , AZ
S a l t R i v e r A g r i c . Improv. &
10/4
Power D i s t . , AZ
10/4
Union x C o . , AR
10/4
Union C o . , AR
10/4
Union C o . , AR
Michigan Hgr. Educ. Loan Auth. 1 0 / 4
10/4
Nassau C o . , NY
10/4
Dade C o . , FL
10/5
Coon R a p i d s , MN
10/5
Coon R a p i d s , MN
10/5
Kentucky Turnpike Auth.
10/5
Kentucky Turnpike Auth.
10/5
Kentucky Turnpike Auth.
Tarrant Co. Water C o n t r o l &
10/8
Improv. D i s t . # 1 , TX
Tarrant Co. Water C o n t r o l &
10/8
Improv. D i s t . # 1 , TX
Tarrant Co. Water C o n t r o l &
10/8
Improv. D i s t . # 1 , TX
10/9
Oregon, S t a t e of
10/9
P e n n s y l v a n i a Hsg. F i n . Agcy.
10/9
P e n n s y l v a n i a Hsg. F i n . Agcy.
10/9
P e n n s y l v a n i a Hsg. F i n . Agcy.
10/9
P e n n s y l v a n i a Hsg. F i n . Agcy.
10/11
Ohio Water D e v e l . Auth.
10/12
Morgan County, CO
10/12!
Morgan County, CO
M i n n e a p o l i s - S t . P a u l Metro,
10/K)
Council
Washington Suburban S a n t .
1 0 / 1 :1
Dist., M
D
Washington P u b l i c Power Suppl) 7
lo/i:1
Sys.
Washington P u b l i c Power Supplyi
1 0 / 1 '1
Sys.
Washington P u b l i c Power Supply/
1 0 / 1 7|
Sys.
1
2
3

Net
interest
cost

Date

of $)

Maturity

2004
2013
1992-2005
1983-2000
2010
2021
2023
2009
2004
2009

n.a.
n.a.
7.19
7

-193/
° J/
7.08^-

1

'

7.09
n.a.
n.a.
n.a.
6.70
6.80
n.a.
n.a.
n.a.
7.13
7.13
7.13

7.26
7.26,,/
6.717.55
7.55
7.55
7.55
7.44
7.40
7.40

Includes only state and local security offerings of $25 million and over; excludes secondary offerings.
For state and local government securities, G.O. denotes general obligation; Rev. denotes revenue obligations.
Canadian interest cost.




Offering
yield

Moody's/S&P's
1
ratings

6.25-7.70
8.00
6.00-7.30
7.50
5.75-6.75
7.20

7.25
6.00-7.50
7.63
7.88
6.30
6.00-6.75
5.75-6.95
6.00-7.80
8.00
5.80-6.50
7.10
7.20

~/A—/A—
A—1/AA+
A-1/AA+
A/A
A/A

Aa/A+
A-l/—
A—1/—
A-l/—
Aa/A+
A-l/AAA
A-1/A+
—/A+
—/A+
A-1/A+
A-1/A+
A-1/A+

6 . 2 0 - 7 . 0 0 A/AA7.15
7.30
6.25-6.75
6.00-7.50i
7.54
7.70
7.70
7.46
7.25
7.38

A/AAA/AAAaa/AA+
A-1/A+
A-1/A+
A-1/A+
A-l/AHA/A
—/—
— / —
/

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 LONG-TERM 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
L i t t l e Rock H l t h . Fac. Bd.,AR
L i t t l e Rock H l t h . Fac. Bd.,AR
V i r g i n i a Msg. D e v e l . Auth.
V i r g i n i a Hsg. D e v e l . Auth.
V i r g i n i a Hsg. D e v e l . Auth.
V i r g i n i a Hsg. D e v e l . Auth.
Puerto Rico Water Resources
Auth.
Puerto Rico Water Resources
Auth.
Vanceburg, KY
Vanceburg, KY
Vanceburg, KY.
New York S t a t e Power Auth.
New York S t a t e Power Auth.
Duarte Redevel. Agcy. , CA
Duarte R e d e v e l . A g c y . , CA
New J e r s e y Hsg. F i n . Agcy.
New J e r s e y Hsg. F i n . Agcy.
New J e r s e y Hsg. F i n . Agcy.
C a l i f o r n i a Dept. of WaterResources
C a l i f o r n i a Dept. of Water
Resources
C a l i f o r n i a Dept. of Water
Resources
Mercer Co., N.D.
Mercer Co., N.D.
Mercer Co., N.D.
Los A n g e l e s Dept. of A i r p o r t s
CA
Los Angeles Dept. Of A i r p o r t s
CA
Los A n g e l e s Dept. of A i r p o r t s
CA
C a r l i s l e Sewer S y s . A u t h . , PA
C a r l i s l e Sewer S y s . A u t h . , PA
Kentucky Hsg. Corp.
Kentucky Hsg. Corp.
Kentucky Hsg. Corp.
North C a r o l i n a , S t a t e of
Houston, Texas
Municipal A s s t . C o r p . , N.Y.C.
Arkansas Hsg. Dev. Agcy.
Arkansas Hsg. Dev. Agcy.
Arkansas Hsg. Dev. Agcy.
Arkansas Hsg. Dev. Agcy.

Amount
(millions
of $)

Maturity

Net
interest
cost

10/18
10/18
10/18
10/18
10/18
10/18

Rev.
Rev.
Rev.
Rev.
Rev.
Rev.

10.5
25.1
9.6
4.5
30.3
4.8

1980-1996
2009
1983-1995
1998
2012
2022

8.12
8.12
8.12
8.12

10/18

Rev.

20.0

2004

10/18
10/18
10/18
10/18
10/18
10/18
10/19
10/19
10/19
10/19
10/19

Rev.
Rev.
Rev.
Rev.
G.O.
G.O.
Rev.
Rev.
Rev.
Rev.
Rev.

80.0
11.0

2009
1984-1995

26.0
|124.0
5.8

10/23

Offering
yield

Moody's/S&P's
ratings

8.25
8.29

Aa/A+
Aa/A+
A-l/AA
A-l/AA
A-l/AA
A-l/AA

9.07

9.00

A/A

9.00
7.20-8.30
8.63
9.00
6.80-7.75

19.5
61.5
18.9

2018
1987-1999
2009
1981-1994
2011
1982-1998
2017
2023

9.07
n . a.
n. a.
n . a.
8.03
8.03
n. a.
n. a.
n. a.
n. a.
n.a.

Rev.

25.0

1984-2004

7.74-

6.60-7.40

Aa/AA

10/23

Rev.

12.3

2009

7.74

7.60

Aa/AA

10/23
10/23
10/23
10/23

Rev.
Rev.
Rev.
Rev.

58.5
3.6
10.5
12.9

2022
1981-1994
2004
2009

7.74n. a.
n.a.
n.a.

7.75
6.85-7.60

Aa/AA
A/A
A/A
A/A

10/24

Rev.

98.2

1983-2000

8.52-

10/24

Rev.

116.8

10/24
10/24
10/24
10/25
10/25
10/25
10/30
L0/31
Ll/1
Ll/2
Ll/2
Ll/2
Ll/2

Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
G.O.
G.O.
Rev.
Rev.
Rev.
Rev.
Rev.

40.0
22.5
6.7
9.8
24.4
13.8
67.3
50.0
90.0
27.1
9.7
51.0

13.3

86.1

22.1

12.2

2002

6.50-7.75
8.40
6.90-7.50

8.45
8.45

8.00

6.75-7.90
8.25
6.75-7.60
8.25

8.10

8.00

8.13
3/

7.00-8.25

A/A
Con. A/BBB+
Con. A/BBB+
Con. A/BBB+
A/A
A/A
— /A
— /A
A-l/AA
A-l/AA
A-l/AA

A-l/A

2010

8.52—^

2010

8.35-'
8.00
n.a.
8.00
n.a.
7.00-7.75
7.98
6.75-7.60
7.98
8.25
7.98
8.25

A-l/AAA

6.00—6.70
6.10-6.70
9.00
6.75-7.80

Aaa/AAA
Aaa/AAA
Baa-l/A
Aa/AA
Aa/AA
Aa/AA
Aa/AA

1984
1983-2004
1982-2000
2014
2019
1981-1999
1981-2000

2008
1981-1997

2000
2010
2011

9.09
n.a.
n.a.
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.




(contd.)

8.50

8.38
8.38

A-l/A

Aa/AA
Aa/AA
Aa/AA

10
10. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: U.S. TREASURY
Notes and Bonds
Offering
date

Payment
date

Length

Maturity
date

Coupon Auction
average
rate
(percent) (percent)

Amount (millions of dollars)
Net proceeds

Gross proceeds
Total

Private^

Total

1

2

Private <

Memo:
Foreign
add-ons3

1978
Dec. 19
20

1/2
1/2

2-yr.
4-yr.

12/31/80
12/31/52

9-7/8
9-3/8

9.99
9.45

3,546
3,205

2,561
j*
2,568

535
200

123^

858

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

1,509
3,146

1,509
2,760

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

3,209
2,801
2,887
2,930

2,278)
1,318
2,OOlJ
2,519
42
2,535 2,930

42 \
2,535

0
0
0 .
395

Apr.

5
10
24

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

-12
1,500
714

9
0
307

May

1
2
22

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

June 19
21
27

7/2
7/2
7/9

2-yr.
4-yr ,
L5-yr. 1-mo

6/30/81
6/30/83
8/15/94

9-1/8
'— 7 / 8
3
.
8-3/4

9.22
8.89
8.81

3,057
3,123
1,506

2,807
^2,090
2,793
1,506 1,506

J u l y 24
31

7/31
8/15

7/31/81
8/15/82

9-3/8
9

9.41
9.06

3,217
3,586

3,047
2,811 '

Aug.

1
2
22
28

8/15
8/15
8/3}
9/5

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 :
I1 464
2,001 > '
3,258"
233
2,502 2,562

Oct.

3
4
11
24
30
31

10/9
10/10
10/18
10/31
11/15
11/15

10.21
9.79
L0.17
12.66
11.64
10.75

3,654
2,770
1,501
4,372
3,551
2,401

Nov.

1

11/15

1 1 / 1 5 / 09 1 0 - 3 / 8 1 0 . 4 4

2,315

3,254 3,654
2,502 2,770
1,501 1,501
3,902 ,
2,751
2,001
>1,046
2,001

1
2
3

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 / 3 0 / 8 3 9—3/4
:L5-vr. 1-mo 1 1 / 1 5 / 9 4 :LO-1/8
2-yr.
10/31/81 12-5/8
5/15/83 11-5/8
3-1/2 yr.
11/15/89 10-3/4
10-yr.
30-yr.

1,509
291

-3
1,500
1,021

)

37

1"

1,318 j

2

-

627

455

I

;

0
0
0
0
84
0

2,005. |
1,506
37
f
2,513<
233 >•
2,502
3,254
2,502
1,501
38

0
0
0
0
60
0
0
0
0
0
0

n.a. ^

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

.1,509
56

0

II. PUBLIC O F F E R I N G S OF INTERMEDIATE- A N D LONG-TERM SECURITIES: G O V E R N M E N T S P O N S O R E D AGENCIES

Issuer

FNMA

Offering Payment
date
date
1979
1979

Length

Maturity
date

Yield
(percent)

Amount (millions of dollars)
Gross
Maturing
Net
proceeds
issues
proceeds

3-yr,10-mo
5-yr.
10-yr.

4/11/83
6/11/84
6/12/89

. 9.25
9.25
9.30

1,000
500
500

900

1,100

10/11/82
7/10/84
7/10/87

9.00
9.05
9.10

500
1,000
500

1,000

1,000

1/20/82
1/23/84
7/22/91

8.90
9.00
9.10

653
1,128
662

1,314

1,128

4-mo

11/25/80

9.30

700

0

700

3 0 - y r . 1-mo

9/15/09

10.05

200

0

200

6/6
6/6
6/6

6/11
6/11
6/11

6/27
6/27
6/27

7/10
7/10
7/10

7/11
7/11
7/11

7/23
7/23
7/23

FHLB

7/19

7/25

FHLMC

7/19

8/2

FHLB

8/15
8/15

8/27
8/27

2-yr.
4-yr.

9-mo
6-mo

5/25/82
2/27/84

9.15
9.05

900
900

1,400

400

FNMA

8/30

9/10

3-yr.

6-mo

3/10/83

9.50

700

1,000

-300

FFCB

9/19

10/1

4-yr.

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

FFCB

10/11
10/11
10/11

10/23
10/23
10/23

4/20/83
10/20/86
10/23/89

10.90
10.75
10.60

542
630
414

1,069

517

10/18
10/18

10/25
10/25

8/25/82
5/25/84

11.25
11.00

750
550

0

1,300

FNMA

FFCB

FHLB

FFCB
—
FKLB
FHLMC —
FNMA
—

Federal
Federal
Federal
Federal

3-yr.
5-yr.
8-yr.

3-mo

2 - y r . 6-mo
4 - y r . 6-mo
12-yr.
1-yr.

3-yr.
7-yr.
10-yr.

6-mo

2-yr.10-mo
4 - y r . 7-mo

Farm Credit Banks
Home Loan Banks
Home Loan Mortgage Corporation
National Mortgage Association




12

As of November 2, 1979

12. F O R T H C O M I N G P U B L I C 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 : C O R P O R A T E 1
Type

Issuer

L o u i s i a n a Power & L i g h t Co.
Duquesne L i g h t Co.
*Utah Power & L i g h t Co.
P a c i f i c T e l . & T e l . Co.
Middle South U t i l i t i e s I n c .
F l o r i d a Power & L i g h t Co.
^Commonwealth E d i s o n Co.
* P u b l i c S e r v i c e E l e c . & Gas Co.
Kentucky U t i l i t i e s Co.
V i r g i n i a E l e c . & Power Co.
A r i z o n a P u b l i c S e r v i c e Co.
W i s c o n s i n P u b l i c S e r v i c e Co.
Gulf S t a t e s U t i l i t i e s Co.
P e n n s y l v a n i a Power & L i g h t Co.
P u b l i c S e r v i c e o f New Mexico
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.
*General T e l . of t h e N o r t h w e s t
*Puget Sound Power & L i g h t Co.
Kentucky U t i l i t i e s Co.
B r a n i f f I n t e r n a t i o n a l Corp.
* A s s o c i a t e s F i r s t C a p i t a l Corp.
F l o r i d a Power & L i g h t Co.
Hughes Tool Co.
Waterman S t e a mshi p Co.
United Grocers I n c .
High V o l t a g e E n g i n e e r i n g Corp.
E l i s n o r e Corp.
Kansas C i t y Power & L i g h t Co.
^Southern B e l l T e l . & T e l . Co.
^Consumers Power Co.
^Kentucky Power Co.
*Puget Sound Power & L i g h t Co.
^ P u b l i c S e r v i c e Co. o f Oklahoma
^Houston L i g h t i n g & Power Co.
*Union E l e c t r i c Co.
ITT F i n a n c i a l Corp.

1 s t mtg.
Com. s t k .
Com. s t k .
Debt.
Com. s t k .
1 s t mtg.
Pfd. s t k .
1 s t mtg.
Com. s t k .
Com. s t k .
Com. s t k .
1 s t mtg.
1 s t mtg.
Com, s t k .
1 s t mtg.
Com. s t k .
1 s t mtg.
Com. s t k .
1 s t mtg.
Pfd. stk.
Notes
Pfd. s t k .
Com. s t k .
1 s t mtg.
Notes
Debt. .
Debt.
1 s t mtg.
1 s t mtg.
Com. s t k .
1 s t mtg.
1 s t mtg.
1 s t mtg.
1 s t mtg.
Com. s t k .
Debt.

OTHER
European Economic Community

Debt,

POSTPONEMENT:
Enserch Corp.

Com. s t k .

*
1

Amount
(millions of dollars)

A p p r o x i m a t e date
of offering

65.0
55.0
42.5
300.0

100.0
75.0
75.0
125.0

20.0
80.0
45.0
40.0
75.0
50.0
50.0
30.0
50.0
45.0
40.0
75.0
75.0
50.0

60.0
30.0
30.0
25.0
35.0
50.0
50.0

90.0
30.0
50.0
55.0
125.0

80.0

125.0

200.0

75.0

Included in table for first time.
Includes only corporate and other security issues of $25 million and over; excludes exchanges, options, and secondary offerings.




Nov. 8
Nov.
9
Nov. 13
Nov. 13
Nov. 13
Nov, 14
Nov. 17
Nov. 19
Nov. 19
Nov. 19
Nov. 20
Nov. 27
Nov. 27
Nov. 27
Nov. 28
Nov. 28
Nov. 29
Nov. 29
Nov. 29
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Dec. 4
Dec. 4
Dec. 4
Dec. 5
Dec. 6
D e c . 10
D e c . 11
D e c . 11
Indef.

Nov.

O c t . 31

As of November 2, 1979
13. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL 1
Issuer

*Chula V i s t a R e d e v e l . A g c y . , CA
^Person Co. I n d u s t . P o l l . C t r l . F i n . A u t h . , NC
Michigan S t a t e Hsg. D e v e l . Auth.
*Mesa County, CO
Washington, S t a t e of
Maryland D e p t . o f T r a n s p o r t a t i o n
Ohio Water D e v e l . Auth.
*E1 Paso Hsg. F i n . C o r p . , TX
Birmingham M e d i c a l C l i n i c B d . , AL
D a l l a s C o . , TX
P e n n s y l v a n i a S t a t e Pub. S c h . B l d g . Auth.
Los A n g e l e s D e p t . of Water & Power, CA
C a l i f o r n i a , S t a t e of
^ L i n c o l n , NB
Ohio B u i l d i n g Auth.
Corona R e d e v e l . A g c y . , CA
Pima C o . , AZ

POSTPONEMENT
Delaware S o l i d Waste Auth.

*
1

Type

Rev.
Rev.
Rev.
Rev.
G.O.
Rev.
Rev.
Rev.
Rev.
C.O.
Rev.
Rev.
G.O.
Rev.
Rev.
Rev.
G.O.

Rev.

Included in table for first time.
Includes state and local government issues of $25 million and over; excludes secondary offerings.




Amount
(millions of dollars)

A p p r o x i m a t e date
of o f f e r i n g

96.1
37.6

Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.

57.0

Nov.

26.3
63.0
51.0
85.0
101.4
45.0
290.0

110.0
77.0
35.0
50.7
50.0
150.0
47.0

88.0

5
5
6
7
7
7
7

8
12
13
14
14
14
15
15
15
20

14. STOCK P R I C E S 1
NYSE Index3

Date

AMEX4

DJ Industrials

107.05 (7/12)
84.31 (1/2)

NASDAQ5

92.52 (7/15)
78.06 (1/2)

1976-High
Low

57.51 (9/21)
48.04 (1/2)

1014.79 (9/21)
858.71 (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)
807.00 (2/27)

235.15 (10/5)
152.03 (1/2)

152.29 (10/5)
117.84 (1/2)

1979-Oct.

5
12
17
24

63.39
59.29
59.62
56.97

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

58.19

818.94

209.04

136.88

15. T R A D I N G V O L U M E ?
Date

NYSE

AM EX

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-Hlgh
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
17
24

37.4
50.7
34.1
33.5r

6.1
7.9
4.0
4.5r

17.3
19.2
13.9
12.4r

Nov.

2

26.3

4.1

11.5

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. S E C U R I T Y C R E D I T 1

Outstanding, dollar amounts in millions

End of period

Margin credit extended
by brokers on:
Marginable
stock

Convertible
bonds

Number of
margin accounts
(thousands)

Percent of debt
in accounts with
40 percent or more
customer equity

1976

204

810

88

1977

9,740

250

887

81

1978

10,830

205

955

67

1978 - J a n .
Feb.
Mar.

9,590
9,780
9,920

246
242
246

890
890
900

75
75
79

Apr.
May
June

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.
Nov.
Dec.

12,090
11,000
10,830

216
209
205

960
955
955

53
68
67

1979 - J a n .
Feb.
Mar.

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.

1

7,960

11,840
12,060
12,000

178
176
177

960
975
985

81
86
84

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 dollars
Mutual Savings Banks
(regular deposits)1
Net flow

Date

N.S.A.

Sea. adj.

Annual
growth
rate3

Savings and Loan Associations
Net flow

Annual
growth
rate3

Memo:
Net New Money 2

Total
Net
flow
(sea. adj.)

Annual
growth
rate3

At
insured
S&L's

At
MSB's

N.S.A.

Sea. adj.

11.5

50,169

—

17.4

62,409

15.7

34,369

5,283

—

15.1

61,583

13.4

32,004

2,874

11.4

52,867

10.2

23,460

-591

1976

12,670

1977

10,783

8.8

50,888

1978

8,426

6.4

44,209

1978-Jan.
Feb.
Mar.

626
476
1,712

850
489
533

7.7
4.4
4.8

2,744
2,296
7,152

2,640
2,729
3,129

8.2
8.4
9.6

3,490
3,218
3,662

8.0
7.4
8.3

2,877
2,073
2,592

-59
170
338

Apr.
May
June

-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
3,654
5,398

6.4
8.2
12.1

401
2,145
1,744

-553
97
-90

341
July
260
Aug.
Sept. 1,378

668
1,054
1,116

5.9
9.2
9.7

3,074
2,312
6,433

3,846
4,578
5,757

11.4
13.4
16.7

4,514
5,632
6,873

10.0
12.3
14.9

2,812
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
12.4
10.4

4,606
4,752
4,247

9.9
10.1
9.0

2,534
1,897
710

48
-59
-405

1979-Jan.
Feb.
Mar.

218
683
1,971

404
712
728

3.4
6.0
6.1

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

Apr.
May
June

-832
61
890

-74
190
273

-0.6
1.6
2.3

-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 , 1 9 2
1,627
-341
-649
1,469

July
Aug.
Sept.

-318
,-112
600

12
707
327

0.1
5.9
2.7

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

-714
1,455
-504
717
-195 -1,000

1

—

Regular deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of
total deposits.
2 New deposits net of both withdrawals and interest. Data for S&L's are for insured associations only, which represent 96 percent 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 O U T S T A N D I N G A T SELECTED INSTITUTIONS
Billions of dollars, seasonally adjusted
1

Federal and Related Agencies

Thrift Institutions
Total

All savings
and loan
associations

Mutual
savings banks
(N.Y. state)

Total

FNMA

GNMA

FHLMG

19 76

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

1978-Jan.
Feb.
Mar.

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

Apr.
May
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.
Nov.
Dec.

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

1979-Jan.
Feb.
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
n.a.

4.7
4.3
n.a.

1.3
1.3
n.a.

End of Period

i

Based on data from Federal Home Loan Bank Board, Savings Banks Association of New York State, and federal and related agencies, seasonally adjusted
by Federal Reserve. Both thrift institutions series include a minor amount of non-residential commitments; S&L commitments also include loans in
process. Subtotals may not add to total because of rounding.




18
19. NET NEW MONEY BORROWINGS BY MAJOR HOUSING CREDIT AGENCIES

Mtl liens ef dollar*
Period

Total including
short-term
discount notes

Intermediate- and long-term issues
Total

FHLB

FHLMC

FNMA

FNMA and FHLB
short-term
discount notes

1976

-1,750

-1,131

-2,031

0

900

-619

1977

2,732

1,444

496

-4

952

1,288

1978

19,030

13,578

6,302

576

6,700

5,452

1978-Jan.
Feb.
Mar.

563
1,731

0
1,399
-1

82
0
0

0
0

912

82
1,399
-1

481
332
913

Apr.
May ;
June

701
3,338
1,504

470
1,496
1,300

-1
1,498
0

-129

600

-2

0

300

1,000

July
Aug.
Sept.

1,626
1,550
1,627

1,000

1,000

700

1,200

1,076

0

0
0
126

Oct.
Nov.
Dec.

1,799
1,429
2,250

1,695
1,113
2,048

-5
1,114
598

0

1,700

-1

0

104
316

200

1,250

202

1979-Jan.
Feb.
Mar.

967
1,457
912

0
1,033
1,372

0
834
0

0

0

199
-128

0

967
424
-460

Apr.
May
June

1,027
304
1,363

997
215
1,299

0
222
0

-3
-7
199

1,000

July
Aug.
Sept.-

1,625

1,916

1,000

613
-56

700
415
0

216

360
633

198
244

0

1,900

Based on data from Treasury Survey of Ownership.




0

0

950

1,500

0

1,100

-300

231
1,842
204
-274
550
551

30
89
64
-291
-253
689

20. NET CHANGE IN MORTGAGE HOLDINGS AT SELECTED INSTITUTIONS
Millions of dollars, seasonally adjusted
Period

Total

Total

Major private financial institutions
Commercial
Life insur.
MSB's
S&L's
banks
companies

FNMA
and
GNMA

Mortgage pools
FHLMC

GNMAFHLMCguaranteed guaranteed

1976

76,152

65,603

14,600

4,074

4/: . 515

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

19 7 8 - J ail.
Feb.
Mar.

9,675
8,281
10,322

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

889
-502
954

364
326
73

Apr.
May
June

9,178
11,425
10,813

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

—88
-198
-731

387
996
712

383
542
979

July 10,273
Aug.
10,861
Sept. 10,612

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

700
1,219
865

998
-815
375

Oct.
Nov.
Dec.

11,432
11,765
10,671

8,738
9,341
8,602

3,027
3,067
2,854

456
626
263

4,450
4,762
3,818

805
886
1,667

898
604
654

268
178
-49

1,018
1,217
974

510
425
490

1979-Jan.
Feb.
Mar.

10,343
9,728
10,191

7,973
7,346
7,241

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

1,177
1,034
1,451

142
428
36

Apr.
May
June

9,503
10,936
10,618

7,495
8,322
8,471

2,464
2,348
2,789

375e
356
330

3,780
4,641
4,362

876
977
990

466
1,016
610

- 60
- 45
— 84

1,285
1,168
1,364

317
475
257

July
Aug.
Sept.

9,618
n. a .
n.a.

8,216
6,992
n.a.

2,886
2,589
3,062

3,741
3,484
3,498

1,174
994
n.a.

-2.20
515
n.a.

1,274
3,478
2,218

269
181
n.a.

415
-75
n.a.

79
174
n.a.

Monthly data for commercial banks based on Federal Reserve estimates bench marked to Call Report data on real estate loans outstanding as available.
Other data derived from mortgage debt outstanding as reported separately by National Association of Mutual Savings Banks, Federal Home Loan Bank
Board, American Council of Life Insurance, the Federal National Mortgage Association, the Government National Mortgage Association, and the Federal
Home Loan Mortgage Corporation. Data for mutual savings banks and life insurance companies may differ somewhat from those derived from regular
quarterly series because of minor conceptual differences for which adjustments are not made in the monthly series. Altogether, these groups accounted
for 89 percent of the net increase estimated for all holders in 1978.




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 of dollars, seasonally adjusted annual rates

Total

Residential2
1 - to 4family

80.9
74.5
93.1
99.6

62.5
55.0
72.7
78.9

61.0
55.2
68.9
76.5

1.5
-0.2
3.8
2.4

13.3
14.8
13.5
13.0

14.8
14.5
17.2
15.5

5.2
4.7
6.9
7.7

1977-Ql
Q2
Q3
Q4

108.5
133.8
140.9
152.8

85.9
110.0
114.5
118.6

81.6
101.8
106.2
110.2

4.2
8.3
8.3
8.4

14.0
14.5
17.8
25.6

18.2
22.8
26.1
34.0

8.6
9.2
8.6
8.7

1978-Q1
Q2
Q3
Q4

133.2
145.9
154.8
161.3

104.9
114.6
116.1
124.6

95.8
105.3
104.0
114.2

9.1
9.2
12.0
10.4

19.3
21.7
26.9
26.2

28.4
31.0
38.9
36.6

9.0
9.6
11.8
10.5

1979-Q1
Q2p

152.8
156.8

114.7
116.0

105.1
105.7

9.6
10.3

25.8
27.7

35.4
39.0

12.3
13.1

Quarter

1976-Q1
Q2
Q3
Q4

1

2

Total

Multifamily

Commercial

Multifamily
and
commercial

Farm

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.
Residential mortgage debt includes nonfarm and is the sum of 1 - t o 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
FHA/VA mortgages

Primarv market
Rates on
conventional
loans at
S&L's

Period

Period

Yield in
FNMA
auction

Discount
points
in FNMA
auction

Ceiling
rate

Conventional mortgages

Yield on
GNMA
securities

Yield in
FNMA
auction

Yield in
FHLMC
auction

1976-High
Low

9.10
8.70

1976-High
Low

9.20
8.39

4.93
2.05

9
8

8.44
7.57

9.31
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

9.21
8.81

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
9.12

1979-High
Low

12.00
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

1979-June

July

Aug.

Sept .

Oct.

1
8
15
22
29

10.90
11.03
11.05
11.10
11.10

4
11
18
25
July
2

6
13
20
27

11.13
11.08
11.08
11.08

July

3
10
17
24
31

11.08
11.08
11.08
11.10
11.13

Aug.

7
14
21
281
5
12
19
26

10.79

5.10

10.74

4.81

9
16
23
30

10.66

4.31

10.65
—

4.22

6
13
2C
27'
S e p t . 4i

10.64

4.16

10.69

4.46

10.92

5.90

11.20
11.30
11.35
11.35

Sept.It)
1/'
21 t
Oct.
].

—
11.25

7.91

11.66

7.25

11.35
11.45
11.75
12.00

9i
Ifi
22
29i

—
12.60

12.54

13,29

10.43

10
10
10
10
10

9.83
9.76
9.72
9.82
9.69

10
10
10
10

9.69
9.78
9.80
9.88

11.54

10
10
10
10
10

9.82
9.88
9.90
10.03
10.14

11.50

10
10
10
10-1/2

10.36
10.38
10.36
10.65

10-1/2

June

11.02

10-1/2
10-1/2
11-1/2

11.21
11.77
11,58

11.54
11.60

11.51

11.53
11.67

11.83
11.99

—

11.04
11.11
11.13
11.16
11.01
10.94
10.87
10.82
10.88
10.99
11.10
11.20
11.28
11.37
11.49
11.57
11.63
11.64
11.64

12.75
13.80

12.17
12.84
13.36

Column 2 is average of contract interest rates on commitments for conventional first mortgages with 80 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, m t } n o " x
adjustments for FNMA commitment fees and FNMA stock retention requirements. Column 7 is a 1-day quote on average net yields to investors on (JNMAguaranteed 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 60 days) delivery.




22
23. FNMA A U C T I O N S O F C O M M I T M E N T S TO P U R C H A S E HOME M O R T G A G E S

Dollar amounts in millions
Conventional mortgages
Accepted
Average yield

FHA/VA mortgages
Accepted

Average yield

Offered

855.4
50.3

569.7
35.1

8.98
8.46

415.9
122.9

278.0
70.5

9.21
8.81

1978-High
Low

1,249.4
130.3

605.3
80.1

10.60
9.13

716.9
74.7

362.5
47.5

10.92
9.28

1979-High
Low

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

17

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

Date of
auction

Offered

1977-High
Low

1979-Sept.

Oct.

2 4 . FHLMC A U C T I O N S O F C O M M I T M E N T S TO P U R C H A S E HOME M O R T G A G E S

Conventional mortgages, dollar amounts in millions
Date of
auction

Offered

Immediate delivery program
' Accepted
Average yield

Offered

Future commitment program
Accepted
Average yield

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

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

182.8
186.0
134.8

121.3
73.7
59.6

11.64
12.17
12.84

1979-Sept.

Oct.

—

—

——

——

71.9

29.1

1 1 , 85
__

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!4 basis points for mortgage servicing.
Source: FNMA and FHLMC




2 5 . ISSUES O F M O R T G A G E - B A C K E D S E C U R I T I E S

Millions of dollars, not seasonally adjusted
GNMA-guaranteed

Period

New issues

Outstanding
(end of period)

Pass-through securities
F H LMC-guaranteed
New issues

Outstanding
(end of period)

Public offerings
of mortgagebacked bonds
Outstanding by savings and
(end of period)
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

15,362

54,347

6,212

11,892

1,011

1,141

465

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.
Sept.

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

Oct.
Nov.
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.
Mar.

1,703
1,361
1,465

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

1,488
1,673
1,860

58,939
60,042
61,341

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
2,697

62,545
66,201
68,351

321
354
n.a.

13,781
14,000
n.a.

204
190
254

2,105
2,257
2,516

225
350
65

1978-Jan.

Feb.

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.





Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102