Full text of H.16 Capital Market Developments : October 10, 1978
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"11 Capital Market Developments ( October 10, 1978 Prepared by the CAPITAL MARKETS SECTION in conjunction with the MORTGAGE and CONSUMER FINANCE SECTION DIVISION O F RESEARCH AND STATISTICS BOARD OF GOVERNORS F E D E R A L RESERVE SYSTEM Washington, D C. 20551 Index 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 7, 8 SECURITY VOLUME AND YIELDS STOCK MARKET AND SECURITY CREDIT 9 — 16 MORTGAGE MARKET SYMBOLS e ESTIMATE P PRELIMINARY r REVISED n.3. NOT A V A I L A B L E D A T A DO NOT EXIST Table 1 YIELDS, VOLUME AND RECEPTION CORPORATE BOND MARKET VOLUME YIELDS WEEK ENDING 1978 - Aug. Sept. Oct. NEW ISSUE A a a UTILITY RECENTLY OFFERED A a a UTILITY 2 GROSS OFFERINGS ( $ MILLIONS) 3 PER CENT SOLD BY END O F WEEK NEW ISSUES 4 IN SYNDICATE ( $ MILLIONS) 8.80 8.91 8.89 9.00 8.87 310 190 43 688 100 93 100 82 0 14 0 123 8.80 8.77 8.74 8.90 9.06 8.85 8.79 8.73 8.92 9.00r 133 437 390 405 130 68 97 77 85 0 33 15 90 59 100 9.04p 9.05p 340 90 35 4 11 18 25 8.90 8.81 1 8 15 22 29 6 1 mm mm MUNICIPAL BOND MARKET VOLUME YIELDS WEEK ENDING MOODY'S NEW ISSUE Aaa BOND BUYER 20-60ND INDEX 3 GROSS OFFERINGS ( $ MILLIONS) PER CENT SOLD BY END O F WEEK NEW ISSUES 4 IN SYNDICATE ( $ MILLIONS) 4 11 18 25 5.65 5.55 5.50 5.60 6.12 6.03 6.19 6.11 1,916 1,027 818 1,485 90 92 89 95 184 172 188 179 Sept. 1 8 15 22 29 5.50 5.50 5.40 5.60 5.60 6.16 6.13 6.02 6.12 6.09 653 280 500 748 419 89 85 96 87 94 156 139 57 117 67 Oct. 6 5.50 6.07 614 86 126 1978 - Aug. 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. 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. 4 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 . 0 5 (2/15) 10.52 (10/11) 8 . 1 3 (1/4) 9.39 (10/11) 7 . 7 3 (1/4) 8.68 (8/30) 7.39 ( 1 / 4 ) 7.15 (12/12) 5.15 (2/7) 1975 - High Low 9.80 ( 5 / 2 ) 8 . 8 9 (2/7) 9 . 7 1 (5/25) 9.06 (2/28) 9 . 0 1 (5/2) 8.57 (2/28) 8 . 6 3 (9/19) 7 . 6 3 (2/21) 7.67 (10/3) 6.27 (2/13) 1976 - High Low 8.95 (5/28) 7 . 9 3 (12/10) 9.10 ( 1 / 2 ) 7.84 (12/31) 8.66 (5/28) 7 . 9 1 (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 . 4 8 (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 9.18 ( 7 / 7 ) 8 . 6 0 (3/24) 9.22 (7/14) 8.48 (1/6) 8.90 (7/14) 8.30 (1/6) 8.72 (7/14) 8.02 ( 1 / 6 ) 6.32 (7/13) 5.58 (3/17) 8.90 8.81 8.80 8.91 8.89 9.00 8.87 8.76 8.66 8.70 8.69 8.49 8.41 8.52 8.42 6.12 6.03 6.19 6.11 8.80 8.77 8.74 8.90 9.06 8.85 8.79 8.73 8.92 9.00r 8.67 8.67 8.63 8.70 8.77 8.43 8.39 8.36 8.49 8.61 6.16 6.13 6.02 6.12 6.09 9.04p 9.05p 8.79p 8.65p 6.07 1978 - Aug. Sept. 4 11 18 25 1 8 15 22 29 Oct. 6 — — 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 Bayer data. 5 5 Table 3 LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS IN MILLIONS OF DOLLARS w PERIOD 1978 # • $ • CORPORATE 1977 GROSS PROCEEDS 1 1976 1978 STATE AND LOCAL 1977 2 1976 January February March 3,013 2,657 4,442 4,362 2,792 5,578 3,381 3,863 6,632 3,298 2,742 4,761 3,402 3,442 4,063 2,451 2,885 3,365 April May June 3,285 4,035 5,421 3,998 3,797 5,660 3,507 4,186 6,439 3,796 5,441 4,262 3,409 4,566 5,786 2,218 3,575 3,115 July August September 3,400e 2,900e 3,500e 4,289 3,469 4,177 3,216 3,357 4,817 3,860 6,161 2,300e 3,113 4,118 4,013 2,734 2,821 2,814 4,221 5,331 6,531 4,511 3,074 6,503 3,807 3,332 3,646 3,524 3,336 2,342 October November December Q1 Q2 Q3 Q4 10,112 12,741 9,800e 12,732 13,455 11,935 16,083 13,876 14,132 11,390 14,088 10,801 13,499 12,321e 10,907 13,761 11,244 10,785 8,701 8,908 8,369 9,202 1st Half 3 Qtrs. Year 22,853 32,653e 26,187 38,122 54,205 28,008 39,398 53,488 24,300 36,621e 24,668 35,912 46,697 17,609 25,978 35,180 • # # NOTES: 1 Securities and Exchange Commission estimates of gross proceeds. 2 P u b l i c S e c u r i t i e s A s s o c i a t i o n e s t i m a t e s of p r i n c i p a l amounts. e E s t i m a t e d by F e d e r a l Reserve Board on t h e b a s i s of a v a i l a b l e d a t a . Table 4 NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE AND ISSUER IN MILLIONS OF DOLLARS GROSS PROCEEDS BY TYPE OF ISSUER GROSS PROCEEDS BY TYPE OF ISSUE PERIOD 1977 - I II III IV 1978 - I II BONDS TOTAL PUBLICLY OFFERED MEMO COMMON MANUFACAND ISSUES INCLUDED PRIVATELY TURING PREFERRED PLACED FOREIGN CONVERTIBLE STOCK PUBLIC UTILITY COMMUNICATIONS OTHER ISSUERS 12,732 13,455 11,935 16,083 6,498 5,606 6.215 5,867 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 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 JulyAugust 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 3,013 2,657 4,442 3,285 4,035 5,215 1,382 1,464 1,902 1,958 1,719 1,744 998 667 1,718 853 1,277 2,066 633 526 822 474 1,039 1,405 233 0 0 12 106 142 0 0 4 20 2 136 273 716 1,229 549 878 1,471 644 465 1,258 743 1,685 1,244 519 34 291 35 1,578 1,441 1,665 1,960 1,470 2,151 NOTES: 1 Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other. Source: Securities and Exchange Commission. - - 349 1 Table SA INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 October ISSUER TYPE 2 through October AMOUNT (MILLIONS OF DOLLARS) 6, 1978 MATURITY COUPON RATE OFFERING YIELD MOODY'S/S&P'S RATINGS CORPORATE P u b l i c Service Co. of New Mexico Waste Management, I n c . Northern I n d i a n a P u b l i c Svc. Co. Arkansas L o u i s i a n a Gas Co. Avco F i n a n c i a l S e r v i c e s I n c . Bangor Punta Corp. 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. Chesapeake & Potomac T e l . Co. of Maryland Com. s t k . Com. s t k . Com. s t k . 1 s t . mtg. Debt. Debt. 1 s t . mtg. 41.0 29.0 35.0 50.0 100.0 40.0 25.0 1998 1998 1998 2008 9.10 9.38 11.25 9.13 9.10 9.40 11.25 9.28 Debt. 125.0 2018 9.00 8.97 - - - - NOTES: * 1 Rights offering. Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings. - - - - - - - Aa/AA' A/A B/B Aa/AA Aaa/AAA Table 5B INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' October 2 through October 6, 1978 AMOUNT (MILLIONS OF DOLLARS) MATURITY Rev. Rev. Rev. G.O. G.O. G.O. G.O. 15.0 2.3 5.7 5.3 6.4 2.9 1.1 2008 1997 1982-1994 1979-1996 1981-1996 1979-1998 1979-1983 Rev. 19.0 Rev. Rev. G.O. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. TYPE ISSUER OFFERING YIELD MOODY'S/S&P'S RATINGS 5.17 5.29 5.14 4.76 7.75 7.25 5.80-7.10 4.40-5.40 4.55-5.40 4.40-5.40 4.40-4.65 Baa/BBBf Baa/BBB+ Baa/BBBf Aaa/AAA Aaa/AAA Aaa/AAA Aaa/AAA 1981-1998 6.38 4.75-5.70 Aa/A+ 25.3 2008 6.38 6.30 48.6 77.3 26.6 13.4 5.5 2.7 13.0 1.8 136.7 113.3 2.3 1.7 2018 1979-2003 2018 1983-2003 1981-1994 1998 2009 2010 2008 1980-1998 1982-1993 1998 6.38 5.04 6.02 6.02 6.50 4.40-5.60 6.10 4.70-5.90 5.50-7.00 7.13 7.50 7.50 6.63 4.80-6.20 5.60-7.25 7.50 NET INTEREST COST STATE AND LOCAL J a s p e r Medical C l i n i c Bd., A l a . J a s p e r Medical C l i n i c Bd., A l a . J a s p e r Medical C l i n i c Bd., A l a . Minneapolis, Minn. Minneapolis, Minn. M i n n e a p o l i s , Minn. Minneapolis, Minn. S a l t River A g r i c . Improv. & Pwr. D i s t . , Ariz. S a l t River A g r i c . Improv. & Pwr. D i s t . , Ariz. S a l t River A g r i c . Improv. & Pwr. D i s t . , AriZi Wisconsin, S t a t e of Sacramento Muni. U t i l . D i s t . , C a l i f . Sacramento Muni. U t i l . D i s t . , C a l i f . Cuyahoga Co., Ohio Cuyahoga Co., Ohio Cuyahoga Co., Ohio Cuyahoga Co., Ohio Kentucky Turnpike Auth. Kentucky Turnpike Auth. Bucks Co. I n d u s t r i a l Dev. A u t h . , Pa. Bucks Co. I n d u s t r i a l Dev. A u t h . , Pa. — — — - — — - - — — —— — — - ~ - Aa/A+ NOTES: 1 2 Includes only state and local security offerings of $10 million and over; excludes secondary offerings. For State and local government securities, G O. denotes general obligation; Rev. denotes revenue obligations. http://fraser.stlouisfed.org/ # Federal Reserve Bank of St. # Louis e # # # # # # # Aa/A+ Aaa/AAA Aa/AA Aa/AA --/A--/A--/A--/AA1/A+ A1/A+ ——y—— --/— • • • • • • • e Table 5B Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY October 2 through October 6, 1978 ISSUER STATE AND LOCAL Bucks Co. I n d u s t r i a l Dev. A u t h . , Pa. Toledo-Lucas Co. P o r t A u t h . , Ohio Toledo-Lucas Co. P o r t A u t h , , Ohio TYPE Rev. Rev. Rev. AMOUNT (MILLIONS OF DOLLARS) 6.0 4.8 12.5 MATURITY 2008 1982-1988 1998 NET INTEREST COST OFFERING YIELD 7.75 5.60-6.50 7.00 MOODY'S/S&P'S RATINGS 10 Table 6A FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY As of October 6, 1978 ISSUER Carolina Power & Light Co. D e t r o i t Edison Co. Montgomery Ward C r e d i t Corp. Toledo Edison Co. *Western Co. of North America *Western Co. of North America •Western Co. of North America New Orleans P u b l i c S e r v i c e Co. Southern C a l i f o r n i a Edison Co. Long I s l a n d L i g h t i n g Co. Commonwealth Edison Co. •Household Finance Corp. •Household Finance Corp. P a c i f i c Power & Light Co. Georgia Power Co. Gulf S t a t e s U t i l s . MFC Oil Corp. Ohio B e l l Telephone Co. Southern C a l i f o r n i a Gas Co. •Tandy Corp: Southern C a l i f o r n i a Edison Co. New York S t a t e E l e c t r i c & Gas Co. Lachmar Lachmar El Paso E l e c t r i c Co. Integon Corp. Golden Nugget I n c . Risdon Manufacturing Co. Savin Corp. • C a r t e r Hawley Hale S t o r e s I n c . • P a c i f i c Tel. & T e l e . Co. •Kansas Gas & E l e c t r i c Co. • P u b l i c Service of New Hampshire • O t t e r T a i l Power Co. • P u b l i c Service E l e c t r i c & Gas Co. •Wisconsin Power & L i g h t Co. OTHER Canada Canada TYPE 1 AMOUNT (IN MILLIONS OF DOLLARS) Com. s t k . 1 s t . mtg. Debt. 1 s t . mtg. Govt. g t r . Govt. g t r . Govt. g t r . 1 s t . mtg. Com. s t k . Com. s t k . ( r t s ) 1 s t . mtg. Debt. Debt. Com. s t k . 1 s t . mtg. Com. s t k . Conv. d e b t . Debt. 1 s t . mtg. Conv. d e b t . 1 s t . mtg. Com. s t k . Govt. g t r . Govt. g t r . 1 s t . mtg. Conv. d e b t . Debt. Debt. Debt. Debt. Debt. Com. s t k . Com. s t k . 1 s t . mtg. 1 s t . mtg. Com. s t k . 76.0 70.0 50.0 65.0 19.5 19.5 19.5 15.0 165.0 120.0 250.0 50.0 100.0 52.0 100.0 56.0 25.0 150.0 50.0 100.0 200.0 37.0 25.0 15.0 30.0 25.0 45.0 20.0 50.0 60.0 300.0 30.0 30.0 20.0 100.0 20.0 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. Nov. Nov. Bonds Notes 350.0 400.0 Oct. 18 Oct. 18 NOTES: * 1 Included in table for first time. Includes only corporate and other security issues of $15 million and over; excludes exchanges, options APPROXIMATE DATE OF OFFERING 11 11 12 12 12 12 12 17 17 17 17 17 17 18 18 19 23 24 25 26 31 31 8 9 14 14 15 15 Table 6B FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY As of October 6, 1978 ISSUER TYPE 1 AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING STATE & LOCAL Oregon, S t a t e of *Albany, N.Y. New J e r s e y Hsg. Finance Agy. Washington Pub. Power Supply Sys. Michigan S t a t e Hsg. Dev. Auth. East China Tp. Sch. D i s t . , #3, Mich. A u s t i n , Texas A u s t i n , Texas *Mass. Hsg. F i n . Agy. *Arvada, Colorado Marquette, Mich. Martin Co. S c h l . D i s t . , F l a . *West V i r g i n i a Hsg. Dev. Fund C a l i f o r n i a Hsg. Finance Agy. * S a l t Lake C i t y , Utah New York, S t a t e of Connecticut Hsg. Finance Auth. Houston, Texas Los Angeles Dept. of Water & Pwr., Calif. Columbus, Ohio North C a r o l i n a , S t a t e of ^ F a i r f a x Co., V i r g i n i a Oakland Co., Mich. * B u f f a l o , N.Y. C a l i f o r n i a , S t a t e of New York S t a t e Mtg. Agy. Nebraska P u b l i c Pwr. D i s t . I l l i n o i s Indust. Poll. Cntl. Fin. Auth. Municipal A s s t . C o r p . , N.Y.C. G a r f i e l d H e i g h t s , Ohio Eugene, Ore. *Nebraska P u b l i c Pwr. D i s t . *North C a r o l i n a Mun. Power Agy. #1 G. 0 . G. 0. Rev. Rev. Rev. 200.0 19.0 160.0 170.0 30.0 Oct. Oct. Oct. Oct. Oct. 10 11 11 12 12 G.O. Rev. G.O. Rev. G.O. Rev. G.O. G.O. Rev. Rev. G.O. Rev. Rev. 13.0 77.8 13.3 39.5 21.2 51.0 12.5 57.9 50.0 37.0 60.0 120.0 45.0 Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. 12 12 12 13 16 16 16 17 17 17 17 18 18 Rev. G.O. G.O. G.O. G.O. G.O. G.O. Rev. Rev. 40.0 40.3 50.0 35.0 12.4 21.0 100.0 110.0 175.0 Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. 18 18 18 18 19 24 24 26 26 Rev. G.O. Rev. G.O. Rev. Rev. 13.0 125.0 27.4 18.5 300.0 400.0 Oct. Oct. Oct. Nov. 1 Nov. 9 Nov. 16 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. Table 7 STOCK PRICES AND VOLUME 1 STOCK PRICES DATE NYSE INDEX 3 BJ INDUSTRIALS AMEX 4 2 TRADING VOLUME NASDAQ NYSE AMEX NASDAQ 1974-High Low 53.37 ( 3 / 1 3 ) 32.89 (10/3) 891.66 (3/13) 577.60 (12/6) 102.01 (3/14) 58.26 ( 1 2 / 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) 1 1 . 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 / 1 2 ) 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 / 1 1 ) 139.25 (9/13) 99.09 (1/11) 66.4 ( 8 / 3 ) 7.6 (1/20) 8 . 2 (9/13) 1 . 3 (1/20) 18.8 ( 5 / 1 8 ) 2.8 (1/20) Aug. 4 11 18 25 58.34 58.53 59.06 59.22 888.43 890.85 896.83 895.53 157.93 161.30 164.52 167.89 129.71 132.00 134.71 135.84 44.1 38.0 35.6 34.7 4.9 4.7 5.5 5.6 14.2 14.2 15.0 14.3 Sept. 1 58.54 8 60.24 15 . 58.81 22 57.37 29 57.78 879.33 907.74 878.55 862.44 865.82 170.70 175.13 174.06 167.28 168.81 135.35 138.36 137.36 132.30 132.89 34.4 39.3 38.4 32.8 24.7 6.8 6.7 7.6 5.3 3.5 14.2 14.9 15.4 13.0 10.0 880.02 170.23 134.00 23.5 3.3 9.5 Oct. 6 58.33 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 12/31/66-60 4 Based on average price change until September 4, 1973 thereafter, based on market value of shares listed. 13 Table 8 SECURITY CREDIT REGULATED MARGIN CREDIT EXTENDED BY END OF PERIOD B R O K E R S ON MARGIN STOCK 1 B R O K E R S ON 2 CONVERTIBLE BONDS 3 BANKS UNREGULATED NONMARGIN STOCK CREDIT AT BANKS OUTSTANDING 1977 October November December 9,230 9,460 9,560 9,590 9,560 9,610 9,740 - January February March April May June July August 9,590 9,780 9,920 10,260 10,660 11,090 11,190 11,740 - June July August September 1978 198 204 200 196 24 U ' 250 246 242 246r 248 245 242 873 875 885 881 882 872 873 2,551 2,568 2,587 2,581 2,579 2,604 2,568 851 877 855 914 2,565 2,544 2,544 2,560 series discontinued CHANGE IN OUTSTANDING 1977 - June July August September October November December 160 230 100 30 -30 50 130 1978 - January February March April May June July August -150 190 140 340 400 430 100 550 2 6 -4 -4 -5 5/ n.a. 4 -4 -4 4r 2 -3 -3 72 206 17 19 -2 10 -4 1 -6 -2 25 -36 -10 1 -3 -22 26 -21 -22 -59 s e r i e s discontinued 16 NOTES: 1 Margin account debt as reported by the New York Stock Exchange, excluding credit for subscription issues and convertible bonds. 2 3 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. 4 Nonmargin stocks are those not listed on a national securities exchange and not included on the Board of Governors of the Federal Reserve System's list of OTC margin stocks. At banks, loans to purchase or carry nonmargin stocks are unregulated; at brokers, such stocks have no value. 5 Data p r i o r t o November n o t s t r i c t l y comparable due t o changes i n r e p o r t i n g . 4 f Table 9 SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS IN MILLIONS OF DOLLARS MUTUAL SAVINGS BANKS REGULAR DEPOSITS DATE NET FLOW 1974 1975 1976 1977 2,165 11,070 12,670 10,647 1 ANNUAL 3 GROWTH RATE 2.3 11.3 11.6 8.9 SAVINGS & LOAN ASSOCIATIONS NET NEW MONEY 2 -2,822 4,757 5,275 2,874 SHARE CAPITAL NET FLOW 16,006 42,769 50,169 50,963 ANNUAL 3 GROWTH RATE 7.1 17.6 17.6 15.2 NET NEW MONEY 4,668 29,276 34,369 32,004 TOTAL 2 DEPOSITS NET FLOW 18,171 53,839 62,839 61,610 ANNUAL 3 GROWTH RATE 5.6 15.8 15.9 13.5 NET NEW MONEY 2 1,846 34,033 39,644 34,783 NOT SEASONALLY ADJUSTED 1978-January February March April May June U l y f P/ Augus t™ 626 476 1,712 -264 436 1,277 341 300 — -59 170 338 -553 97 -97 38 -50 2,745 2,297 7,153 558 2,380 6,645 3,020 2,312 — — — — — —— 2,877 2,073 2,592 401 2,145 1,744 2,812 2,110 SEASONALLY ADJUSTED 1978-January February March April May June July August p/ 721 370 448 341 543 487 963 1,262 6.5 3.3 4.0 3.0 4.8 4.3 8.5 11.1 — — — — — — 2,012 2,226 2,846 2,133 3,009 3,454 5,193 5,478 6.2 6.8 8.7 6.5 9.1 10.3 15.4 16.0 — — —— 3,371 2,773 8,865 294 2,816 7,922 3,361 2,612 2,733 2,596 3,294 2,474 3,552 3,941 6,156 6,740 mmmmm —— 6.3 5.9 7.5 5.6 8.0 8.8 13.7 14.8 2,818 2,243 2,930 -152 2,242 1,647 2,850 2,060 —— 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 3 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. 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 15 Table 10 MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS BILLIONS OF DOLLARS, SEASONALLY ADJUSTED OUTSTANDING COMMITMENTS PERIOD TOTAL ALL SAVINGS MUTUAL & LOAN SAVINGS BKS ASSOCIATIONS (N Y. STATE) NET CHANGE TOTAL ALL SAVINGS MUTUAL & LOAN SAVINGS BKS ASSOCIATIONS (N Y. STATE) 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 .76 .70 .06 1977 - J a n . Feb. Mar. Apr. May June July Aug. Sept. OctNov* Dec. 28.2 28.6 29.7 30.2 30.6 31.9 32.4 33.9 35 .2 37.3 38.7 39.0 25.4 25.6 26.5 27.0 27.3 28.1 28.7 30.0 31.0 32.8 34.0 34.3 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 .43 1.07 .49 .37 1.33 .54 1.50 1.24 1.95 1.41 .24 .38 .23 .90 .49 .30 .80 .57 1.32 1.07 1.78 1.18 .34 .07 .20 .17 1978 - Jan. Feb. Mar. Apr. May June July Aug. 38.6 37 .6 37 .0 36.3 35.8 35.9 35.7 36.2 34.2 33.3 32.8 32.0 31.5 31.3 31.1 31.7 4.4 4.3 4 .2 4.2 4.3 4.6 4.5 4.5 - .35 -1.05 - .45 - .74 - .50 .10 - .19 .54 - .11 .96 .51 .70 .55 .24 .11 .58 — — .07 .53 - .03 .18 .17 .37 .23 - .10 - .24 .09 .06 .04 .05 .34 - .08 - .04 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 evels as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding. H.16 16 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 I S S U E S TOTAL FHLB +300 0 100 700 0 600 —64 302 115 -263 —48 69 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 -255 364 188 -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 -12 1,388 -17 600 1,483 1,276 1,881 1,182 950 0 1,400 0 0 1,500 0 700 1,200 0 +236 -398 215 587 152 669 +300 -700 100 850 200 600 0 -700 0 +150 0 0 1976 - J a n . 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 1977 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 12 -862 289 344 532 605 531 347 195 247 466 1,078 1978 - Jan. Feb. Mar. April May 399 1,712 887 848 3,091 1,492 1,605 1,811 1,502 % Sept. NOTES: Based on data from Treasury Survey of Ownership. Sales of FHLB discount notes began in May 1974. Digitized 1for FRASER FNMA 0 0 0 0 200 0 1975 - J u l y Aug. Sept. Oct. Nov. Dec. June FHLMC FNMA & FHLB SHORT-TERM DISCOUNT. NOTES 1 -12 -12 -17 0 -17 276 -19 -18 0 0 0 0 600 0 1000 1200 0 950 411 324 904 248 1,608 216 -276 629 552 17 Table 12 NET CHANGE IN MORTGAGE HOLDINGS J IN MILLIONS OF DOLLARS PERIOD 1970 1971 1972 1973 1974 1975 1976 1977 2 FINANCIAL INSTITUTIONS TOTAL INCLUDING FNMA-GNMA TOTAL 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 COMMERCIAL BANKS 2,462 9,940 16,800 19,600 11,700 4,200 13,900 25,400 MSB's S & L's INSURANCE COMPANIES 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 2,348 1,221 1,452 4,278 5,078 2,933 2,414 5,184 4,910 2,388 2,026 3,300 6,222 4,839 -2,120 890 3,019 3,409 4,835 4,856 5,021 5,663 3,989 4,793 406 304 488 854 373 850 556 320 498 473 608 1,244 773 728 4,305 4,041 4,830 4,300 3,993 4,619 3,628 4,364 544 377 615 817 509 851 679 379 600 560 747 1,455 969 444 FNMA-GNMA Not S e a s o n a l l y Adiusted 1978 - J a n . Feb . Mar . Apr. May June July Aug. 5,557 6,155 8,749 9,304 10,307 11,107 8,854 5,237 5,657 8,276 8,696 9,063 10,334 8,126 1,400 1,600 2,400 2,500 3,100 3,200 2,900 3,600 412 344 553 486 569 621 681 S e a s o n a l l y Ad l u s t e d 1978 - J a n . Feb • Mar. Apr • May June July Aug. 7,588 7,542 8,921 8,495 9,413 9,706 8,251 7,209 6,942 8,361 7,748 7,958 8,737 7,807 1,788 2,009 2,329 2,149 2,893 2,833 2,858 3,499 572 515 587 482 563 434 642 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. Beginning January 1972 data reflect activity in limited amount of conventional mortgages. Table 13 18 NET INCREASE IN MORTGAGE DEBT OUTSTANDING IN BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL RATES RESIDENTIAL QUARTER TOTAL TOTAL 1- to 4 FAMILY MULTIFAMILY COMMERCIAL MULTFAMLY & COMMERCIAL FARM 1972 - I II III IV 67.6 74.1 77.6 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 88.1 49.3 54.1 59.1 63.6 29.6 25.9 36.6 3.5 3.5 3.6 3.6 1973 - I II III IV 80.6 87.4 80..7 70..4 56.0 59.9 56.2 48.5 47.8 46.9 43.7 40.6 8.2 13.0 12.5 7.9 19.1 21.7 19.4 16.4 27.3 34.7 31.9 24.3 5.6 5.8 5.0 5.5 1974 - I II III IV 69.9 70.9 54.5 46.7 48.7 47.2 35.1 29.7 39.2 40.3 28.4 25.4 9.5 6.9 6.7 4.3 17.5 18.7 13.6 11.2 27.0 25.6 20.3 15.5 3.6 4.9 5.8 5.9 1975 - I II III IV 44.0 55.0 62.3 67.7 29.7 39.8 45.3 50.8 28.9 39.8 44.9 51.9 0.8 0.0 0.4 -1.1 9.0 10.3 12.9 12.8 9.8 10.3 13.3 11.7 5.3 4.9 4.0 4.1 1976 - I II III IV 78.6 77.1 94.0 98.5 59.7 57.8 73.8 78.0 58.3 58.0 70.0 75.5 1.4 -0.1 3.8 2.5 13.7 14.5 13.4 13.0 15.0 14.4 17.2 15.5 5.3 4.8 6.9 7.6 1977 - I II III IV 105.3 136.4 142.1 152.1 82.0 113.1 115.1 116.8 77.9 104.6 108.2 107.2 4.1 8.5 6.9 9.6 14.5 14.0 18.5 26.5 23.3 23.3 27.0 35.3 8.8 9.3 8.5 8.8 1978 - I II (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: Derived from data on mortgage debt outstanding from Federal Deposit Insurance Corporation. Federal Home Loan Bank Board, Institute of Life 1 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 o property, where not available, and interpolations and extrapolations, where required, estimated mainly by Federal Reserve. 2 R e s i d e n t i a l mortgage debt i n c l u d e s nonfarm only and i s sum of 1 - t o 4 - f a m i l y and mortgage d e b t . multifamily # # # # # # # Table 14 PRIVATE HOUSING PERMITS, STARTS, COMPLETIONS, AND MOBILE HOME SHIPMENTS IN THOUSANDS OF UNITS, SEASONALLY ADJUSTED ANNUAL RATES PERMITS 1 PERIOD TOTAL 1—FAMILY 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 2,128 2,029 1,156 1,103 1,429 1,492 1,478 1,441 1,453 1,442 392 466 618 673 576 679 675 587 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 1,125 698 705 1,018 1,186 937 431 264 403 552 1978 - J a n . Feb. 1,526 1,534 1,647 1,740 1,597 1,821 1,632 1,571 1,032 957 1,037 1,157 1,058 1,123 1,035 1,023 494 577 610 583 539 698 597 548 May June July Aug. 2 - O R MORE FAMILY TOTAL 1969 1970 1971 1972 1973 1974 1975 1976 1977 Mar. Apr. COMPLETIONS STARTS 2 - O R MORE FAMILY i 1—FAMILY TOTAL i 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 1,254 392 617 692 828 840 760 430 336 398 413 401 . 497 576 567 329 216 246 277 1,759 1,696 1,821 1,943 1,854 1,898 1,924 1,300 1,233 1,363 1,515 1,426 1,342 1,253 459 463 458 428 432 556 671 324 265 285 251 258 263 252 NOTES: Private building permits (for 1 4 , 0 0 0 areas with permit systems, excluding farm), starts, and completions are Census Bureau data. A dwelling unit is started when excavation begins. In the case of apartment buildings, all units are considered started at that time; however, all such units are considered completed when more than half of the units in the structure are ready for use. Private mobile home shipments are Mobile Home Manufacturers Association data converted to seasonally adjusted annual rate by Census Bureau. 1 Permit data for 1969 and 1970 based on 1 3 , 0 0 0 areas with permit systems http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis L : i m o T a b l e 15 AVERAGE RATES AND YIELDS ON HOME MORTGAGES CONVENTIONAL LOANS PRIMARY MARKET NEW HOMES EXISTING HOMES 1 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 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 8.01 197 8 - J311. 9.15 9.25 9.30 9.40 9.60 9.75 9.80 9.80 NA 54 47 48 58 59 72 100 9.20 9.25 9.30 9.45 9.60 9.75 9.80 9.80 NA 54 47 53 58 59 72 100 9.11 NA 9.29 9.37 9 .67 NA 9.92 9.78 NA NA 46 45 65 NA 84 98 4.7 NA 4.1 4.7 5 .0 NA 3.1 2.1 4 NA 1 3 - 7 NA -12 2 NA 8.71 8.83 8.92 9.02 9.16 9.08 8.80 Feb . Mar. Apr. May June July Aug. NOTES: 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. 1 Rates on conventional first mortgages (excluding additional fees and charges) are based on unweighted HUD (FHA) field office opinions on prevailing contract interest rates in the market areas of the insuring offices, rounded to the nearest 5 basis points. For secondary market data, weighted HUD office opinions on the average bid price for HUD (FHA) loans with minimum downpayment, prepaid in 15 years, for immediate delivery, are used. http://fraser.stlouisfed.org/ • # Federal Reserve Bank of St. Louis H.16 IT # # • # # e e # 21 Table 16 FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS CONVENTIONAL GOVERNMENT-UNDERWRITTEN AMOUNT (IN MILLIONS OF DOLLARS) DATE OF AUCTION OFFERED 1977 - High AVERAGE YIELD AMOUNT (IN MILLIONS OF DOLLARS) OFFERED ACCEPTED 855 (12/27) 570(12/27) 8.98(12/27] 383 ( 5 / 2 ) Low 50 ( 9 / 7 ) 35 (9/7) 8.46 ( l / l O ] 123 (7/25) AVERAGE YIELD ACCEPTED 278 ( 5 / 2 ) 9.21 (12/27) 71 (9/19) 8.81 (1/10) 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 J u l y 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 Sep 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 2 682.4 278.6 9.91 395 .5 166 .9 10.10 NOTES: Average secondary market yields are gross before deduction of the fee of 38 basis points paid for mortgage servicing. They reflect the average accepted bid yield for home mortgages assuming a prepayment period of 12 years for 30-year loans, without special adjustment for Federal National Mortgage Association (FNMA) commitment fees and FNMA stock purchase and holding requirements on 4-month commitments. Mortgage amounts offered by bidders relate to total eligible bids received. H.16