Full text of H.16 Capital Market Developments : October 1, 1979

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1

, r- •

October 1, 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




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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 Nonbank Thrift Institutions
Mortgage Commitments Outstanding at Selected Institutions
Net New Money Borrowings by Major Housing Credit Agencies
Net Change in Mortgage Holdings at Selected Institutions
Net Change in Mortgage Debt Outstanding, By Type of Property
Average Rates and Yields on Home Mortgages and Pass-Through Securities
FNMA Auctions of Commitments to Purchase Home Mortgages
FHLMC Auctions of Commitments to Purchase Home Mortgages
Issues of Mortgage-Backed Securities

SYMBOLS
e
P
r
n.a.
—

estimate
preliminary
revised
not available
data do not exist

SUBSCRIPTION RATES
Weekly $15.00 per year or $.40 each in the United States, its possessions, Canada, and Mexico; 10 or more of the same issue to one
address, $13.50 per year or $ . 3 5 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 B o n d Market

Week ending
1979-July

New issue
Aaa utility'1

6
13
20
27

9.57
9.63

Aug.

3
10
17
24
31

9.52
9.40
9.42
9.47
9.62

Sept.

7
14
21
28

9.84
9.97
9.98p

Yields
Recently offered
Aaa utility?
9.41
9.50
9.58
9.59

—

Gross offerings3
($ millions)
175
440
257
754

Volume
Percent sold by
end of week
77
70
96
90

New issues in syndicate4
($ millions)
4»
133
10
79

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

9.70
9.87
9.92r
9.97p

110
945
296
615

85
93
99r
75

17
67
lr
153

2. YIELDS, V O L U M E A N D RECEPTION
Municipal B o n d Market
Yields
Week e n d i n g

e

1979-July

Aug.

#
Sept.

e

Moody's new
issue Aaa

Bond Buyer
G.O.bond
index

6
13
20
27

5.50
5.60
5.60
5.60

6.08
6.11
6.15
6.19

3
10
17
24
31

5.60
5.70
5.70
5.75
5.85

6.14
6.13
6.16
6.23
6.36

7
14
21
28

5.85
5.90
5.90
5.95

6.47
6.49
6.57
6.56

Volume
Bond Buyer
Rev. b o n d
index

Gross offerings
($ millions)

Percent sold by
e n d of w e e k 3

N e w issues in
syndicate4
($ millions)

465
8.36
427
941

83
90
82
86

278
299
272
274

548
823
1,066
798
605

92
81
84
91
85

208
291
404
348
244

366
706
497
583

84
89
88
90

181
164
104
117

—

•
—

7.23
7.25

#
Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection
2rinTthee^7tourn^eeksmPlied

vield

°"

utilit

V ^

with 5-year call protection, released from price restrictions sometime

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 whe.
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
N e w issue
Aaa utility1

Date

9.80 (5/2)
8.89 (2/7)

1975-High
Low

1976-High
1977-High
1978-High

9.01 (5/2)
8.63 (9/19)
8.57 (2/28) 7.63 (2/21)

Bond Buyer
G.O. bond
index5

B o n d Buyer
Rev. b o n d
index6

7.67 (10/3)
6.27 (2/13)

9 . 2 9 (12/15} 9 . 5 4 (12/22) 9 . 2 7 (12/29) 9 . 0 0 ( 1 2 / 2 2 ) 6 . 6 7 (12/22)
8.60 (3/24) 8.84 (1/6)
8.30 (1/6) 8.02 (1/6)
5.58 (3/17)

Low

9.98 (9/28) 9.97 (9/28)
9.40 (8/17) 9.39 (6/29)

1979-High
Low

9.52 ( 5 / 1 1 ) 9 . 3 0 ( 5 / 1 1 )
9.16 (7/6) 8.79 (7/6)

6.57 (9/21)
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
9.03
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.

9.58
9.48
9, 93p

9.53
9.49
9.87p

9.20
9.23
n.a.

8.92
8.97
9.20p

6.13
6.20
6.52

——

9.52
9.40
9.42
9.47
9.62

9.57
9.44
9.45
9.47
9.54

9.24
9.20
9.20
9.23
9.30

8.96
8.92
8.95
8.97
9.04

6.14
6.13
6.16
6.23
6.36

—

9.70
9.87
9.92r
9.97p

9,34
9.42
9.49
9.49p

9.18
9.19
9.19r

6.47
6.49
6.57
6.56

Sept.

Aug.

3
10
17
24

31
Sept.

7

14
21
28

6

U.S. govt.
20-year constant
maturity4

8 . 3 6 (12/16: 8 . 8 4 (12/30) 8 . 2 8 (12/30) 7 . 9 9 ( 1 2 / 3 0 ) 5 . 9 3 ( 2 / 4 )
7.90 (1/7) 7.95 (1/7)
7.88 (1/7) 7.26 (1/7)
5 . 4 5 (11/17)

Low

3
4
^

9.71 (5/25)
9.06 (2/28)

Moody's
seasoned
corporate A a a 3

8.95 (5/28) 9.10 (1/2)
8.66 (5/28) 8.17 (5.28) 7.29 (1/2)
7 . 9 3 (12/10: 7.84 (12/31) 7 . 9 1 (12/31) 7 . 2 7 ( 1 2 / 3 1 ) 5 . 9 5 (12/16)

Low

1
2

Recently offered
Aaa u t i l i t y 2

t-T-

9.84
9.97
9_. 98p

9.22p

——

1

1

7.23
7.25

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.
Weekly average of daily figures. U.S. Treasury data.
7? TUr f C '? y f'Qures. The average rating of the 2 0 general obligation bonds used in this index falls midway between the five top groups as classified bv
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
I nvestors Service. Weekly Bond Buyer data.




LONG " iM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS
Gross proceeds, millions of dollars
Corporate 1

Period

State and Local %

January
February
March

1977
4,358
3,790
5,578

1978
3,326
2,770
4,569

1979
3,770
3,170
4,401

1977
3,402
3,442
4,063

1978
3,306
2,753
4,844

1979
2,834
2,595
4,640

April
May
June

3,928
3,733
5,632

3,397
4,227
5,539

4,311
4,167
6,044

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

3,550e
3,450e
3,500e

3,113
4,118
4,013

3,920
6,407
2,323

3,262
3,900e
2,700e

October
November
December

4,025
5,341
6,518

3,799
3,207
4,401

3,807
3,332
3,646

3,231
4,320
3,690

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. TREASURY AND GOVERNMENT-SPONSORED AGENCY BORROWING
Millions of dollars
Federal Government
Means of financing combined deficit
Net cash borrowing from the public2
Public debt securities
Gov't,
Nonagency
Bills
Coupons
marketable securities

Combined
deficit(+)
or
surplus(—J1

Total 3

CY-/-1977
CY -1978

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 , 8 3 4
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

48

3,518

1,305

-71

-619

3,955

Period

July

8,167

Other

Decreased)/ Sponsored
increase!—)
agency
borrowing4
in cash
operating
balance

3,094e

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

5 CY = Calendar Year.



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

1976
1977
1978
1978-QI
QII
QUI
QIV

1979-Jan.
Feb.

Mar.
Apr.
May
June

Memo
Issues included
Foreign
Convertible

Total

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

2,342
1,161
802

994
849
418

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

233
260
120
189

4
158
115
129

3,770
3,170
4,401
4,311
4,167
6,044

1,282
1,336
1,904
2,984
1,999
4,146

1,824
921
1,825
748
1,576
1,017

664
913
672
579
592
881

16
10
21
23
1
n.a.

3
5
0
759
350
n.a.

7. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUER
Gross proceeds, millions of dollars
Period

1976
1977
1978

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.
Apr.
May
June

934
399
763
570
1,293
1,137

817
1,186
1,056
1,123
865
1,302

259
558
582
261
109
409

1,759
1,026
2,000
2,357
1,899
3,197

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.




7
8. 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 B LONG-TERM S E C U R I T I E S : C O R P O R A T E 1

Issuer

Amount
(millions
of dollars)
Com. s t k .
40.0
Mtg.-bcked, 6 5 . 0
Debt.
30.0
Pfd. stk.
75.0
Debt.
250.0
Notes
75.0

Maturity

Coupon
rate

Offering Moody's/S&P's
yield
ratings

n.a.
1989
1999
n.a.
2018
1985

n.a.
10.00
12.00
8.54
9.88
10.25

n.a.
10.00
12.00
8.54
10.00
10.31

40.0
65.0
100.0
100.0
175.0
125.0
30.0
73.3
50.0
100.0

1999
2009
2009
1986
1999
1989
2009
n.a.
2004
1986

8.75
10.25
10.88
9.63
9.63
9.63
11.00
n.a.
12.50
9.90

8.75
10.22
10.97
9.68
9.63
9.63
10.95
n.a.
12.50
9.90

—/BBBA/AABaa/BBB
Aa/AA
Aa/AA
Aa/AA
Baa/A-

1 s t mtg.
Pfd. stk.
Com. s t k .
1 s t Mtg.
Debt.
Com. s t k .
Pfd. stk.
Com. s t k .
1 s t mtg.
Notes 2 /
Debt.
Notes

60.0
67.5
46.4
75.0
50.0
25.0
25.0
43.2
25.0
150.0
125.0
150.0

1999
n.a.
n.a.
2009
2009
n.a.
n.a.
n,a.
2009
1987
2009
1986

12.00
7.20
n.a.
11.00
9.85
n.a.
9.54
n.a.
10.13
12.00
10.75
9.90

12.00
7.20
n.a.
11.03
9.85
n.a.
9.54
n.a.
10.00
12.00
10.80
10.10

Ba/BB+
—/B—

Debt.
Bonds
Notes
Bonds
Com. s t k .

300.0
100.0
100.0
250.0
65.0

2009
1999
1987
2009
n.a.

9.88
10.15
10.13
9.75
n.a.

9.92
10.20
10.20
9.77
n.a.

Date
1979
B a l l y M a n u f a c t u r i n g Corp
9/5
Community F e d e r a l S&L A s s o c .
9/6
I r o q u o i s Brands L t d .
9/6
Southern C a l i f o r n i a Edison Co 9 / 6
South C e n t r a l B e l l T e l . Co.
9/11
Transamerica F i n a n c i a l Corp.
9/11
F i r s t Union Real E s t a t e
Investments Trust
9/12
Utah Power & L i g h t Co.
9/12
D e t r o i t Edison Co.
9/12
Times-Mirror Co.
9/12
S u p e r i o r O i l Co.
9/13
S u p e r i o r O i l Co.
9/13
Potomac Edison Co.
9/18
C e n t r a l & South West Corp.
9/19
Gulf Resources & Chemical Corf 9/19
Anheuser-Busch I n c .
9/20
New Hampshire P u b l i c
S e r v i c e Co.
9/20
MCI Communications Corp.
9/21
Niagara Mohawk Power Co.
9/25
Toledo Edison Co.
9/25
Big Three I n d u s t r i e s I n c .
9/25
Southwest Gas Co.
9/26
L o u i s v i l l e Gas & E l e c t r i c Co. 9/26
Northwest Energy Co.
9/26
L o u i s v i l l e Gas & E l e c t r i c Co. 9/26
Georgia P a c i f i c Corp.
9/27
General T e l . Co. of CA
9/27
Boise Cascade Corp.
9/27

Conv. d e b t ,
1 s t mtg.
1 s t mtg.
Notes
Debt.
Notes
1 s t mtg.
Com. s t k .
Debt.
Notes

OTHER
Ontario,
European
European
Imperial
Northern

P r o v i n c e of
I n v e s t m e n t Bank
I n v e s t m e n t Bank
Oil Ltd.
Telecom L t d .

9/6
9/12
9/12
9/13
9/13

type

*

Rights offering.

1

Includes only corporate and other security offerings of $25 million and over; excludes options, exchanges, and secondary offerings.

Floating rate
Digitized for2 FRASER


—— -

Aaa/AAA
B/B
Aa/AA
Aaa/AAA
A/A+

——

B/B
Aa/AA-

Baa/A
A/A+
Aa/AA
Aaa/AA
Aa/A
A/A
A/A

Aaa/AAA
Aaa/AAA
Aaa/AAA
Aaa/AAA

9. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL 1
Issuer

Date

Type 2

1979
New J e r s e y Economic D e v e l .
Auth.
C a l i f o r n i a Hsg. F i n . Agcy.
Kanawha C o . , W. VA
Kanawha C o . , W. VA
Kanawha C o . , W. VA
Ohio, S t a t e of
Anne Arundel C o . , MD
Anne Arundel C o . , MD
V i r g i n i a Hsg. D e v e l . Auth.
G r e a t e r Chicago M e t r o . S a n t .
D i s t . , IL
South C a r o l i n a S t a t e Hsg. Auth
South C a r o l i n a S t a t e Hsg. Auth
South C a r o l i n a S t a t e Hsg. Auth
Wyoming Comm. D e v e l . A u t h .
Wyoming Comm. D e v e l . Auth.
A u s t i n , TX
G a i t h e r s b u r g , MD
G a i t h e r s b u r g , MD
S t . Bernard Home Mtg. Auth.
La.
S t . Bernard Home Mtg. A u t h . ,
La.
S t . Bernard Home Mtg. A u t h .
La.
Du Page Co. F o r e s t P r e s e r v e
D i s t . , IL
P e o r i a , IL
Sacramento Mun. U t i l . D i s t .
CA
Sacramento Mun. U t i l . D i s t . ,
CA
Pope Co. R e s i d . Hsg. F a c . Bd.
AR
Pope Co. R e s i d . Hsg. F a c . Bd.
AR
J e f f e r s o n C o . , KY
J e f f e r s o n C o . , KY
W i s c o n s i n , S t a t e of
Maine M u n i c i p a l Bond Bank
Maine M u n i c i p a l Bond Bank
Maine M u n i c i p a l Bond Bank
Maine M u n i c i p a l Bond Bank
M i s s o u r i Hsg. D e v e l . Comm.
M i s s o u r i Hsg. D e v e l . Comm.
Allegheny Co. I n d . D e v e l .
A u t h . , PA
Azusa R e d e v e l . A g c y . , CA
Azusa R e d e v e l . A g c y . , CA
Azusa R e d e v e l . A g c y . , CA
New York S t a t e Hsg. F i n . Agcy.

Amount
(millions
of $)

Maturity

Net
interest
cost

Moody's/S&P's
ratings

Aa/AA
MIG—1/—
Aa/AA
Aa/AA
Aa/AA
Aa/AA
Aa/AAAa/AAMIG—1/—

2009
1981
1980-1999
2010
2011
1980-2004
2009
2004
1981

7.00^
7.33
7.33
7.33
6.55
n.a.
n.a.
6.94

6.90
6.50
5.50-7.10
7.38
7.38
5.50-6.75
6.94
6.82
6.60

6.24
6.79
6.79
6.79
n.a.
n.a.
6.62
n.a.
n.a.

5.70-6.40
5.50-6.50
6.40
6.96
5.60-6.60
6.90
5.95-6.75
8.00
8.75

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

2.7
22.7

1981-1999
1981-1998
2000
2011
1981-2000
2011
1993-2006
1989
2009

Rev.

8.8

1981-1999

n.a.

5.80-7.30

Aa/AA

9/18

Rev.

13.1

2010

n.a.

7.50

Aa/AA

9/18

Rev.

3.1

2011

n.a.

7.50

Aa/AA

9/18
9/18

G.O.
G.O.

32.0
30.2

1981-1994
1982-2008

5.90
6.43

5.55-5.90
5.70-6.70

Aa/AA
Aa/AA

9/20

Rev.

17.0

1983-2004

6 . 7 5 ^ 5.60-6.60

Aa/AA

9/20

Rev.

33.0

2019

9/20

Rev.

8.2

1981-1999

9/20
9/25
9/25
9/25
9/26
9/26
9/26
9/26
9/26
9/26

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

17.9

9/26
9/26
9/26
9/26
9/27

Rev.
Rev.
Rev.
Rev.
Rev.

9/5
9/6
9/6
9/6
9/6
9/6
9/6
9/6
9/11

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

42.6
35.0
14.2

9/12
9/12
9/12
9/12
9/13
9/13
9/13
9/17
9/17

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

50.0
92.8
4.0
73.4
89.7
35.3

9/18

21.0

4.8
65.0
55.0
20.0
41.5

60.0

6.80

6.83

Aa/AA

n.a.

6.00-7.40

Aa/—

57.1

2011
2004
2009
1980-2004
1980-1984
1980-1989
1980-1994
1980-1999
1981-2004
2022

n.a.
6.72
6.72
5.71
5.92
5.95
6.04
6.20
6.95
6.95

7.88
6.60
6.70
5.30-6,
5.70
5.70-5.
5.70-6.
5.70-6,
5.60-6,
7.00

Aa/—
Aaa/—
Aaa / —
Aaa/AAA
Con. Aa/AA
Con. Aa/AA
Con. Aa/AA
Con. Aa/AA
Con. Aa/AA
Con. Aa/AA

35.0
7.3
26.6
4.5
6.5

2009
1981-1994
2011
2012
1980-1993

7.06
n.a.
n.a.
n.a.
8.39

7.00
6.25-7.40
7.88
7.88
6.50-8.50

20.0
40.0
90.0

.8

5.7
3.1
20.0

18.8

6.75^

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

10
85
10
40
75

Aa/AAA/A
A/A
A/A
Baa/A

9
9. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL 1 ( C o n t d . )
Issuer

New York
New York
New York
Comm.
New York
Coram.
New York
Comm.

Date

1979

S t a t e Hsg. F i n . Agcy, 9/27
S t a t e Hsg. F i n . Agcy, 9/27
C i t y Hsg. D e v e l .
9/27
C i t y Hsg. D e v e l .
9/27
C i t y Hsg. D e v e l .
9/27

Maturity

Net
interest
cost

Offering
yield

8.4
85.1

1999
2019

8.39
8.39

8.00
8.25

Rev.

11.8

1983-1999

n.a.

6.00-7.00

Con. Aa/AA

Rev.

11.0

2009

n.a.

7.38

Con. Aa/AA

Rev.

26.8

2021

n.a.

7.50

Con. Aa/AA

Type2

Amount
(millions
of$)

Rev.
Rev.

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

Baa/A
Baa/A

10. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: U.S. TREASURY
Notes and Bonds
Amount (millions of dollars)
Offering
date

1979

Payment
date

Maturity
date

1979

J u l y 24
31

7/31
8/15

1
2
22
28

8/15
8/15
8/31
9/5

Aug.

Length

2-yr.
3-yr.
7 - y r . 6 -mo
29-yr.9-mo
2-yr.
\-yr.8-mo

Coupon Auction
average
rate
(percent) (percent)

Gross proceeds

Net proceeds

Total

Private1

iota I

Private 1 .2

37

37

7/31/81
8/15/82

9-3/8
9

9.41

3,047

9.06

3,217
3,586

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

'1,464

2,513 i

3,258
2,502

233
2,562

233
2,502

2,811
2,001

1

Excludes amounts sold to Government investment accounts and the Federal Reserve. Also excludes add-ons to foreign accounts.

3

Additional amounts of securities issued to foreign and international monetary authorities at the average auction price for new cash.

2 May be larger than the total if the Government accounts and/or the Federal Reserve do not fully roll-over their maturing holdings.



Memo:
Foreign
add-ons 3

0
0
0
0
0
60

11. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: GOVERNMENT SPONSORED AGENCIES
Issuer

Offering Payment
date
date

Length

Maturity
date

Yield
(percent)

Amount (millions of dollars)
Gross
proceeds

Maturing
issues

Net
proceeds

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

9/25

1 0 / 1 0 3 - y r . 11-mo.

9/10/84

9.75

700

400

300

FFCB
FHLB
FHLMC
FNMA

—
—
—
—

Federal
Federal
Federal
Federal




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

As of September 28, 1979
12. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE 1
Issuer

I n d i a n a & Michigan E l e c . Co.
Duke Power Co.
I n d i a n a p o l i s Power & L i g h t 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.
McDonalds Corp.
Telecom Corp.
Sharon S t e e l Corp.
D i a l F i n a n c i a l Corp.
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.
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 Edison Co.
*ITT F i n a n c i a l Corp.
Houston I n d u s t r i e s I n c .
Columbia Gas System I n c .
E l s i n o r e Corp.
C e n t r a l Main Power Co.
*Arizona Pub. S e r v i c e Co.
Utah Power & L i g h t 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.
Gulf S t a t e s U t i l i t i e s Co.
General T e l . Co. of t h e Southwest
General T e l . Co. of t h e Southwest
El Paso E l e c . Co.
^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 . Co.
*High V o l t a g e E n g i n e e r i n g Corp.
*IBM
*IBM
*United T e l . Co. of F l o r i d a
*United G r o c e r s I n c .
* C r y s t a l O i l Co.
Consumers Power Co.
*Duquesne L i g h t Co.
^ L o u i s i a n a 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 .
POSTPONED
Archer D a n i e l Midland Co.
Southern P a c i f i c T r a n s p . Co.

*

Included in table for first time.

Type

Pfd. stk.
1 s t mtg.
Com. s t k .
Com. s t k .
Debt.
Units
Notes
Debt.
Debt.
Debt.
1 s t mtg.
Pfd. stk.
Com. s t k .
1 s t mtg.
Debt.
Com. s t k .
Debt.
Debt.
1 s t mtg.
1 s t mtg.
Com. s t k .
Debt.
Debt.
Com. s t k .
Debt
Pfd. stk.
1 s t mtg.
Debt.
Com. s t k .
Com. s t k .
Debt.
Debt.
Notes
Debt.
Notes
Debt.
Com. s t k .
Com. s t k .
1 s t mtg.
Debt.
Com. s t k .
Conv. d e b t .
Equip. t r .

Amount
(millions of dollars)

Approximate date
of offering

40.0
150.0
25.0
40.0
170.0
60.0
50.0
25.0
50.0
50.0
100.0
40.0
65.0
200.0
125.0
60.0
100.0

35.0
40.0
75.0
65.0
175.0
50.0
40.0
75.0
25.0
25.0
70.0
90.0
40.0
25.0
500.0
500.0
30.0
30.0
25.0
90.0
55.0
75.0
300.0
100.0
100.0
24.0


1 Includes only corporate and other security issues of $25 million and over; excludes exchanges, options, and secondary offerings.


Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Nov.
Nov.
Nov.
Nov.

2
2
3
3
3
3
4
4
4
4
10
10
10
11
11
16
17
17
18
18
18
23
24
24
25
25
29
30
30
31

7
8
13
13

S e p t . 27
S e p t . 25

As of September 28, 1979
13. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE-AND LONG-TERM SECURITIES: STATE AND LOCAL*
Amount
(millions of dollars)

Issuer

Type

Dade C o . , F l o r i d a
^ P e n n s y l v a n i a Housing F i n a n c e Agency
Kentucky, S t a t e of
^ C a l i f o r n i a Housing F i n a n c e Agency
Memphis Shelby Co. A i r p o r t A u t h . , TE
Houston, Texas
*San Pablo R e d e v e l . Agency, CA
Nassau C o . , NY
S a l t R i v e r A g r i c . Improv. & Power D i s t . , AZ
Chicago P u b l i c B l d g . Comm., IL
Coon R a p i d s , MN
* T a r r a n t Co. Water C o n t r o l & Improv. D i s t . , T X
L o u i s i a n a , S t a t e of
Oregon, S t a t e of
*Ohio Water D e v e l . A u t h .
P u e r t o Rico Water R e s o u r c e s Auth.
New York S t a t e Power Auth.
*Mercer C o . , ND
C a l i f o r n i a D e p t . of Water R e s o u r c e s
Los Angeles D e p t . of A i r p o r t s , CA
*North C a r o l i n a , S t a t e of
Union Co. R e s i d . Hsg. F a c . B d . , AR
Allegheny Co. H o s p i t a l D e v e l . A u t h . , PA

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

67.5
53.8
145.0
70.0
27.1
35.0
48.7
27.4
240.0
29.0
45.0
342.8
100.0
200.0
41.0
100.0
150.0
27.2
90.0
255.0
67.3
25.0
41.5

Rev.

25.0

POSTPONEMENT
Union Co. R e s i d . Hsg. F a c . B d . , AR

*

Included in table for first time.


1 Includes state and local government issues of $25 million and over; excludes secondary offerings.


Approximate date
of offering

Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.

2
3
3
3
3
3
3
4
4
4
5
8
9
9
11
15
18
23
23
24
30

Sept . 2 5

14
14. STOCK PRICES 1

AMEX4
107.05 (7/12)
84.31 (1/2)

NASDAQ6
92.52 (7/15)
78.06 ( 1 / 2 )

Date
1976-High
Low

NYSE Index3
57.51 (9/21)
48.04 (1/2)

DJ Industrials
1014.79 ( 9 / 2 1 )
858.71 (1/2)

1977-High
Low

57.69 (1/2)
49.78 (11/2)

999.75 ( 1 / 3 )
800.85 ( 1 1 / 2 )

127.89 ( 1 2 / 3 0 )
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 / 2 8 )

176.87 ( 9 / 1 5 )
119.73 (1/11)

139.25 (9/13)
99.09 (1/11)

1979-High
Low

62.88 (9/21)
53.88 (2/27)

893.94 ( 9 / 2 1 )
807.00 ( 2 / 2 7 )

227.61 (9/20)
152.03 (1/2)

150.65 (9/21)
117.84 ( 1 / 2 )

1979-Aug.

3
10
17
24
31

59.33
60.64
61.70
61.94
62.40

846.16
867.06
883.36
880.20
887.63

198.99
202.41
211.00
216.24
217.61

142.63
145.07
147.84
149.40
150.44

Sept.

7
14
21
28

61.39
62.08
62.88
62.24

874.15
879.10
893.94
878.67

222.59
225.92
227.24
225.18

148.07
150.56
150.65
149.98

15. T R A D I N G V O L U M E 2

Date
1976-High
Low

NYSE
44.5 (2/20)
10.3 (1/2)

1977-High
Low

10.6 (10/10)

1978-High
Low

66.4 (8/3)
7.6 (1/20)

1979-High
Low

18.0 (1/2)

35.3 (11/11)

52.4 (9/21)

AM EX

8.6 (2/20)
1.1

(1/2)

4.2 (1/12)
1.4 (9/22)

NASDAQ

11.1 (2/20)
3.5 (1/2)

11.2 (11/10)
5 . 1 (5/27)

11.0 (10/30)
1.3 (1/20)

1 8 . 8 (5/18)

7.9 (6/7)

1 9 . 7 (7/10)
7.2 (1/2)

2.2 (1/22)

2.8 (1/20)

1979-Aug.

3
10
17
24
31

33.1
37.8
41.5
35.6
29.6

3.8
4.2
5.2
4.6
4.4

14.1
14.3
15.7
15.4
14.8

Sept.

7
14
21
28

34.9
38.4
41.8r
34.3

5.1
5.4
5.8r
5.1

15.0
15.6
15.8r
14.7

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. SECURITY CREDIT1
Outstanding, dollar amounts in millions

End of period

1976
1977
1978

1

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

7,960
9,740
10,830

204
250
205

810
887
955

88
81
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 -r- 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.

11,840
12,060

178
176

960
975

81
86

Margin account debt as reported by the New York Stock Exchange.




17. SAVINGS FLOWS AT SELECTED NONBANK THRIFT INSTITUTIONS
Millions of dollars
Mutual Savings Banks
(regular deposits) 1
Net flow

Date

N.S.A.

12,670
10,783
8,426

1976
1977
1978

Sea. adj.
——
— —

—

Savings and Loan Associations
Net flow

Annual
growth
rate 3

N.S.A.

11.5
8.8
6.4

50,169
50,888
44,209

Sea. adj.

Annual
growth
rate 3

Memo:
Net New Money 2

Total
Net
flow
(sea. adj.)

Annual
growth
rate 3

At
insured
S&L's

At
MSB's

17.4
15.1
11.4

62,409
61,583
52,867

15.7
13.4
10.2

34,369
32,004
23,460

5,283
2,874
-591

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.
MayJune

-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

July
Aug.
Sept .

341
260
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
1,627
1,469

-1,192
-341
—649

July
Aug.

-318
-100

12
720

0.1
6.0

2,018
1,220

2,822
3,640

7.5
9.6

2,834
3,858

5.7
7.7

1,455
729

-714
-500

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 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
1977
1978

27.3
39.2
38.3

24.6
34.7
33.4

2.7
4.5
4.9

8.1
11.3
17.4

3.8
5.4
10.6

3.8
4.5
4.9

0.5
1.4
1.9

1978-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Dec.

38.6
37.6
36.9
36.2
35.8
35.9
35.6
36.2
36.7
38.8
39.1
38.3

33.6
33.0
32.7
32.3
31.9
31.5
31.5
31.9
32.3
33.9
34.0
33.4

4.4
4.3
4.3
4.3
4.3
4.6
4.6
4.6
4.4
4.8
4.9
4.9

12.3
13.5
13.9
14.0
14.9
14.6
15.2
15.0
15.9
17.2
17.3
17.3

6.5
7.3
7.5
8.0
9.0
8.7
9.0
8.8
9.4
10.7
10.9
10.6

4.5
4.8
5.0
4.8
4.6
4.4
4.5
4.3
4.5
4.6
4.7
4.8

1.3
1.4
1.4
1.2
1.3
1.5
1.7
1.9
2.0
1.9
1.7
1.9

1979-Jan.
Feb.
Mar.
Apr.
May
June
July

37.5
36.6
36.0
36.0
35.4
35.2
35.3

32.6
31.8
31.4
31.6
31.3
31.1
31.3

4.9
4.8
4.6
4.4
4.1
4.1
4.0

15.7
14.3
13.2
12.6
11.9
11.3
11.2

9.2
7.8
6.7
6.3
6.0
5.4
5.2

4.8
4.9
5.0
4.9
4.7
4.7
4.7

1.7
1.6
1.5
1.4
1.2
1.2
1.3

Nov.

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
Millions of dollars
Total including
short-term
discount notes

Total

FHLB

FHLMC

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
Apr
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

563
1,731
912
701
3,338
1,504
1,626
1,550
1,627
1,799
1,429
2,250

82
1,399

0
1,399
-1
-1
1,498
0
700

82
0
0
-129

0
0
0

481
332
913
231
1,842
204
-274
550
551
104
316
202

1979-Jan.
Feb.
Mar
Apr
May
June

967
1,457
912
1,027
304
1,363

Period

J u l y
i/
Aug.-'

1,688

-141

Based on data from Treasury Survey of Ownership.




Intermediate- and long-term issues

-1

470
1,496
1,300
1,900

1,000

1,000

1,076
1,695
1,113
2,048

0
-5
1,114
598

0
1,033
1,372
997
215
1,299
1,898
400

0
834

0

0
222
0
700
400

-2

300
0
0
126
0
-1
200

0

199
-128
-3
-7
199
198

0

FNMA

600

0

1,000
1,200

0

950
1,700

0

1,250

0
0
1,500

1,000

0

1,100
1,000

0

FNMA and FHLB
short-term
discount notes

967
424
-460
30
89
64
-210

-541

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

1976
1977
1978

Total

Total

76,152 65,603
114,568 96,407
126,091 102,875

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

FNMA
and
GNMA

14,600
26,500
35,400

4,074
6,595
6,378

44,515
58,158
51,695

2,414
5,184
9,402

-2,120

350
487
505
660
1,420
870
538
915
808
898
604
654

9,675
8,281
10,322
9,178
11,425
10,813
10,273
10,861
10,612
11,432
11,765
10,671

8,146
7,953
8,551
7,836
8,665
8,983
8,337
9,026
8,546
8,738
9,341
8,602

2,748
2,537
2,632
2,356
3,053
3,292
3,426
3,231
3,162
3,027
3,067
2,854

587
554
625
520
583
468
594
544
498
456
626
263

4,319
4,384
4,736
4,349
4,300
4,472
3,647
4,214
4,188
4.450
4,762
3,818

492
478
558
611
729
751
670
1,037
698
805
886
1,667

1979-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.

10,343
9,728
1 0 , 4 61
9,037
9,920
10,417
n.a.
n.a.

7,973
7,346
7,241
7,495
8,322

2,840
2,466
2,362
2,464
2,348
2,789
2,886
3,089

575
486
395
375e
356
330
415
n.a.

3,925
3.451
3,414
3,780
4,641
4,362
3,741
3,840

633
820
943
846
1,070
1,395
876
466
977
1,016
1,399
610
n.a.
-221
n * a #« n . a .

n.a.
n.a.

GNMAguaranteed

-718
-993

890
8,696

1978-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

8,880

Mortgage pools
FHLMC

12,314
14,325
9,451

-212

-84
17
239

889
-502
954
387
996
712
700
1,219
865

-88

-198
-731
-300
516
18
268
178
-49

1,018

1,217
974

231
74
338
-

1,177
1,034
1,451
1,285

60

1,168

- 45
— 84
79
n,a.

1,364
1,274
n.a.

i
Monthly data for commercial banks bated 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 Nationel Mortgage Association, the Government National Mortgage Associetion, and the Federal
Home Loan Mortgege Corporation. Data for mutual savings banks and life insurance compantos may differ somewhat from those derived from regular
quarterly series because of minor conceptuel differences for wrfilch edjustments ere not made in the monthly series. Altogether, these groups accounted
for 89 percent of the net Increase estimated for ell 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 T Y P E OF P R O P E R T Y 1
Billions of dollars, seasonally adjusted annual rates
Residential2

1

2

Commercial

Multifamily
and
commercial

Farm

Total

1 - t o 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-Q1
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
162.2

104.9
114.6
116.1
126.4

95.8
105.3
104.0
116.2

9.1
9.2
12.0
10.2

19.3
21.7
26.9
25.4

28.4
31.0
38.9
35.6

9.0
9.6
11.8
10.3

1979-Qlp

150.0

112.8

103.4

9.4

24.8

34.2

12.4

Quarter

Total

1976-Q1
Q2
Q3
Q4

Multifamily

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 - to 4-family and multifamily mortgage debt.




21
22. A V E R A G E R A T E S A N D Y I E L D S O N 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
S e c o n d a r y market

Primary market

Conventional mortgages

F H A / V A mortgages
Rates o n
conventional
loans at
S&L's

Period

1976-High
Low

1977-High
Low

1978-High
Low

Period

9.10
8.70

1976-High

9.00
8.65

1977-High

9.73
8.98

1978-High

Low

Low

Low

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.

Sept. 7
14
21

11.20
11.30
11.35

Sept.10
17
24

1979-June

July

Aug.

Yield in
FNMA
auction

Discount
points
in F N M A
auction

9.20
8.39

4.93
2.05

9
8

8.44
7.57

9.31
8.80

—

8.98
8.46

5.03
1.50

8-1/2
8

8.39
7.56

9.21
8.81

9.02
8.63

9.86
9.13

5.92
4.00

9
8-1/2

8.43
9.05

10.07
9.28

10.42
9.12

10.79

5.10

June

9
16
23
30

6
13
20
27
Sept. 4

mmrnmm

10.74

——

4.81
——

10.66

4.31

10.65

4.22
——

10.64
i
10.69

4.16
mmm —

10.92

4.46
'i i
5.90

11.25

7.91

Ceiling
rate

Yield o n
GNMA
securities

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

10
10
10
10
10

9.82
9.88
9.90
10.03
10.14

10
10
10

10.36
10.38
10.36

Yield in
FNMA
auction

— —

11.54
11.60
11.54
11.51
11.50
—

11.53
11.67
— —

11.83

Yield in
FHLMC
auction

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

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, 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 60 days) delivery.




22
23. FNMA AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES
Dollar amounts in millions
Date of
auction

Offered

FHA/VA mortgages
Accepted

Average yield

Offered

Conventional mortgages
Average yield
Accepted

1976-High
Low

634.3
20.9

321.4
18.9

9.20
8.39

170.6
33.4

126.5
24.7

9,31

1977-High
Low

855.4
50.3

569.7
35.1

8.98
8.46

383.4
122.9

278.0
70.5

8.81

1978-High
Low

1,249.4
130.3

605.3

80.1

10.69
9.13

716.9
74.7

362.5
47.5

10.92
9.28

8.80

9.21

1979-July

9
23

36.5
96.7

19.4
50.2

10.66
10.65

36.0
57.5

27.5
42.4

11.54
11.51

Aug.

6
20

55.7

54.6

10.64
10.69

106.8

106.6

28.1

139.1

88.9
95.2

11.50
11.53

Sept. 4
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

24. FHLMC AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES
Conventional mortgages, dollar amounts in millions
Date of
auctionI

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
79.8

191.7
53.6

10.42
9.12

398.3
13.4

84.4
11.2

11.81
9.20

1979-July

6
13
20
27

134.7
139.5
264.3
298.0

121.5
119.3
150.5
134.2

10.94
10.87
10.82
10.88

n.a.
n.a.
n.a.
86.7

n.a.
n.a.
n.a.
21.8

n.a.
n.a.
n.a.
10.98

Aug.

3
10
17
24
31

206.9
186.9
164.1
162.2
140.4

107.6
96.7
105.3
106.7
93.2

10.99
11.10
11.20
11.28
11.37

n.a.
n.a.
n.a.
n.a.
71.8

n.a.
n. a.
n.a.
n. a.
20.3

n.a.
n.a.
n.a.
n.a.
11.39

7

147.4

106.1

11.49

n.a.

n.a.

n.a.

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




25. ISSUES OF MORTGAGE-BACKED SECURITIES
Millions of dollars, not seasonally adjusted

Period

GNMA-guaranteed
New issues

1976
1977
1978

1978-Jan.
Feb.

Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1979-Jan.
Feb.

Mar.
Apr.
May
June
July
Aug.
Sept.

Outstanding
(end of period)

Pass-through securities
FHLMC 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

13,764
17,440
15,362

30,571
44,896
54,347

1,396
4,131
6,212

2,671
6,610
11,892

n.a.
242
1,011

n.a.
238
1,141

75
1,115
465

1,327
929
1,315
823
1,255
999
997
1,648
1,203
1,762
1,721
1,381

45,890
45,325
46,357
46,463
47,387
48,033
48,663
50,051
50,844
52,095
53,358
54,347

504
470
120
466
651
1,093
299
725
394
369
581
540

7,033
7,431
7,471
7,861
8,434
9,422
10,371
10,224
10,512
10,987
11,463
11,892

0
10
119
201
135
23
72
35
33
57
36
275

236
243
358
557
689
703
764
797
822
872
897
1,161

0
0
50
290
75
0
0
50
0
0
0
0

1,703
1,361
1,465
1,488
1,673
1,860
2,032
2,934
n.a.

55,627
56,575
57,955
58,939
60,042
61,341
62,545
n.a.
n.a.

317
494
118
364
572
382
321
n.a.
n.a.

12,093
12,462
12,466
12,790
13,296
13,562
13,781
n.a.
n.a.

60
59
49
146
160
54
143
n.a.
n.a.

1,223
1,273
1,320
1,447
1,577
1,617
1,699
n.a.
n.a.

0
0
0
0
0
400
225
350
65

GN MA-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.