Full text of H.16 Capital Market Developments : October 13, 1975
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Capital Market Developments October 13,1975 Prepared by the CAPITAL MARKETS SECTION in conjunction with the MORTGAGE, AGRICULTURAL, and CONSUMER FINANCE SECTION DIVISION O F RESEARCH AND STATISTICS BOARD O F GOVERNORS F E D E R A L RESERVE SYSTEM Washington, D C. 20551 V Index TABLES SYMBOLS 1-6 SECURITY VOLUME AND YIELDS 7, 8 STOCK MARKET AND SECURITY CREDIT 9 — 16 MORTGAGE MARKET e P r n.a. — ESTIMATE PRELIMINARY REVISED NOT AVAILABLE DATA DO NOT EXIST Table 1 YIELDS, VOLUME AND RECEPTION CORPORATE BOND MARKET VOLUME YIELDS WEEK ENDING 1975 - Aug. Sept. Oct. RECENTLY *1 OFFERED Aaa UTILITY NEW ISSUE 1 Aaa UTILITY GROSS 3 OFFERINGS ($ MILLIONS) PER CENT SOLD BY END OF WEEK NEW ISSUES 4 IN SYNDICATE ($ MILLIONS) 1 8 15 22 29 9.37 9.44 9.43 9.53 9.49 9.35 9.51 9.49 9.54 9.50 243 360 244 342 350 80 80 90 95 90 63 96 33 4 - 0 5 12 19 26 9.64 9.68 9.70 9.41 9.50 9.61 9.70 15 285 520 331 99 95 95 91 1 33 30 58 3 10 9.72r 9.60p 9.70r 9.56p 398 357 93 98 5 0 MUNICIPAL BOND MARKET YIELDS WEEK ENDING 1975 - Aug. MOODY'S NEW ISSUE VOLUME BOND BUYER 20-BOND INDEX GROSS 3 OFFERINGS ($ MILLIONS) PER CENT SOLD BY END OF WEEK NEW ISSUES 4 IN SYNDICATE ($ MILLIONS) 1 8 15 22 29 6.40 6.40 6.40 6.40 6.40 7.09 7.16 7.17 7.18 7.18 524 664 442 685 450 90 83 69 85 94 138 146 215 207 155 Sept. 5 12 19 26 6.60 6.66 6.76 6.79 7.34 7.40 7.49 7.54 254 286 591 508 69 90 84 84 183 84 113 107 Oct. 3 10 6.92r 6.80 7.67 7.48 451 479 81 • 76 142 154 NOTES: 1 Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection. 2 Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection, released from price restrictions sometime during the last four weeks. 3 Estimated by F.R. on the basis of available data. 4 Corporate Market: Salomon Brothers Bond Market Roundup; Municipal Market: Weekly Bond Buyer. Data are adjusted by Federal Reserve when necessary to make coverage of this series consistent with the gross offerings series. ) Table 2 HIGH GRADE BOND YIELDS NEW ISSUE A a a UTILITY 1 RECENTLY OFFERED A a a UTILITY 2 MOODY'S SEASONED CORPORATE A a a 3 BOND .BUYER 2Q-BOND INDEX U.S. GOVT. 20-YEAR * CONSTANT MATURITY 1971 High Low 8.26 (7/30) 7 . 0 2 (2^5) 8.23 (1/1) 7 . 1 7 (12/31) 7 . 7 1 (8/21) 7 . 0 6 (2/12) 6.51 (6/18) 5.69 (3/23) 6.23 (6/23) 4.97 (10/21) 1972 High Low 7.60 (4/21) 6 . 9 9 (11/24) 7 . 4 9 (4/21) 7 . 1 5 (12/1) 7.36 (4/28) 7.05 (2/12) 6 . 1 9 (4/14) 5 . 7 4 (11/17) 6.54 (4/13) 4 . 9 6 (10/21) 1973 - High Low 8.52 (8/10) 7.29 (1/21) 8 . 3 2 (8/10) 7.28 (1/5) 7 . 7 7 (8/24) 7.11 (1/5) 7.79 (8/10) 6.42 (1/5) 1974 - High Low 10.61 (10/4) 8.05 (2/15) 10.52 (10/11) 8.13 (1/4) 9 . 3 9 (10/11) 7.73 (1/4) 8.68 (8/30) 7.39 ( 1 / 4 ) 7.15 (12/12) 5.16 (2/7) 1975 - High Low 9.80 (5/2) 8.89 (2/7) 9.71 (5/25) 9.06 (2/28) 9.01 (5/2) 8.57 (2/28) 8.63 (9/19) 7.63 (2/21) 7,67 ( 1 0 / 3 ) 6.27 (2/13) 5 12 19 26 9.64 9.68 9.70 9.41 9.50 9.61 9.70 8.93 8.94 8.98 8.94 8.47 8.61 8.63 8.52 7.34 7.40 7.49 7.54 3 10 9.72r 9.60p 9.70r 9.56p 8.96 8.94p 8.59r 8.46p 7.67 7.48 Oct. . 5.59 (8/3) 4.99 (10/11) NOTES: 1 2 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 4 weeks. 3 Weekly average of daily closing figures. 4 5 Weekly average of daily figures. U S. Treasury data. I Thursday figures. The average rating of the 20 bonds used in this index falls midway between the four top groups as classified by Moody's Investors Service. Weekly Bond Buyer data. Table 3 LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS IN MILLIONS O F DOLLARS G R O S S PROCEEDS l CORPORATE PERIOD 1975 1 1974 1 2 STATE AND LOCAL 1973 1975 I 1974 1 1973 January February 5,376 4,526 5,368 3,328 2,687 3,217 2,327 1,962 3,933 2,361 2,322 2,124 2,255 2,003 2,025 1,977 1,515 2,467 April May June 4,439 5,646 5,570 3,060 3,164 2,981 2,497 2,543 3,578 2,393 2,875 3,020 2,397 2,304 2,166 1,826 1,939 2,152 July August September 3,248 2,667 1,617 2,631 1,806 1,915 3,536 3,302 1,459 1,106 1,701 2,028 1,657 1,750 October November December 4,609 3,739 3,511 3,398 3,563 3,238 2,860 2,483 1,479 2,313 2,257 2,089 6,283 6,867 4,266 6,822 5,959 5,917 5,435 6,659 13,150 17,416 24,238 11,876 17,311 23,970 Q1 02 03 04 15,270 15,655 9,232 9,205 7,532 11,859 8,222 8,618 6,352 10,199 1st Half 3 Qtrs. Year 30,925 18,437 25,969 37,828 16,840 23,192 33,391 6,807 8,288 NOTES: 1 2 3 Securities and Exchange Commission estimates of gross proceeds. Securities Industry Association estimates of principal amounts. August t o t a l i n c l u d e s $565 m i l l i o n of p r i v a t e l y - p l a c e d m u n i c i p a l a s s i s t a n c e c o r p o r a t i o n bonds. Table 4 NEW CORPORATE SECURITY I S S U E S BY TYPE OF ISSUE AND ISSUER IN MILLIONS OF DOLLARS G R O S S PROCEEDS BY TYPE OF ISSUE PERIOD TOTAL 1974 - H I IV 7,532 11,859 5,025 8,611 1,222 1,571 1,285 1,677 373 374 1975 - I II 15,270 15,655 10,829 10,510 2,333 1,564 2,108 3,581 1,255 1,035 1974 - J u n e G R O S S PROCEEDS BY TYPE OF ISSUER BONDS COMMON MEMO AND MANUFACPUBLICLY PRIVATELY ISSUES INCLUDED PREFERRED TURING OFFERED PLACED FOREIGN [CONVERTIBLE STOCK PUBLIC UTILITY COMMUNICATIONS OTHER ISSUERS 310 76 1,887 4,079 2,376 3,702 1,008 743 2,263 3,337 1 656. 6,055 6,513 4,732 4,405 1,380 1,338 3,105 3,399 2,981 1,939 516 526 10 12 477 1,147 356 992 July Aug. Sept. 3,248 2,667 1,617 2,086 2,042 897 616 299 307 546 326 413 223. 150 205 104 1 1,094 605 188 618 1,078 680 295 364 349 1,242 620 401 Oct. Nov. Dec. 4,609 3,739 3,511 3,423 3,016 2,172 355 330 886 831 393 453 175 199 76 728 1,699 1,652 2,109 964 629 475 93 175 1,297 985 1,055 1975 - J a n . Feb. Mar. 5,376 4,526 5,368 3,657 3,201 3,971 1,130 730 500 589 622 897 470 610 175 1 1,901 1,675 2,479 1,268 1,957 1,507 938 125 317 1,268 771 1,066 Apr. May June 4,439 5,646 5,570 2,771 3,796 3,943 422 520 622 1,246 1,330 1,005 135 475 425 130 315 211 1,731 2,479 2,303 1,378 1,549 1,478 563 413 362 766 1,207 1,426 — NOTES: 1 ° t h e r 'ssueri are extractive, railroad and other transportation, real estate and finance, and commercial and other. Source: Securities and Exchange Commission. T a b l e 5A INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 October 1, t h r u October 10, 1975 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE OFFERING YIELD MOODY'S RATING — —— CORPORATE AT&T Standard O i l Co. (Ohio) C i t i e s S e r v i c e Co. H a r t f o r d E l e c t . Light & Power Co. P a c i f i c Gas & E l e c t r i c Union P a c i f i c Ry Co. Brockton Edison Co. Michigan B e l l T e l e . Co. Morton-Norwich P r o d u c t s I n c . Mack Trucks I n c . Savannah E l e c t . & Power Co. Jerrico Inc. L o u i s v i l l e Gas & E l e c t r i c Co. R o c h e s t e r Gas & E l e c t r i c R o c h e s t e r Gas & E l e c t r i c United Nuclear Other Montreal Urban Community No r t h e r n E l e c t r i c Com s t k Com s t k SF debt 1 s t mtge 1 s t mtge Equip t r 1 s t mtge Debt SF debt Notes 1 s t mtge Com s t k Com s t k Pfd s t k Com s t k Com s t k Debt Com s t k 552.0 64.9 150.0 30.0 175.0 15.0 20.0 200.0 60.0 60,0 20.0 31.6 15.6 25.0 15.4 15.3 65.0 58.2 —— — 2000 2005 1985 1990 1985 2008 2000 1985 1981 — A A/BBB Aa/AAAaa Baa/A Aaa A Baa/BBB Ba/BB — — — 11.00 11.00 A —— — — — " " 10.88 A 2000 Rights offering. Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings. 9.80 11.50 9.58 7.50-9.00 11.73 9.60 9.73 10.75 12.50 —— NOTES: • 1 9.75 11.50 9.50 8.75 12.00 9.60 9.63 10.75 12.50 10.88 Table 5 B INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 October 1, t h r u October 10, 1975 ISSUER TYPE 2 AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S RATING S T A T E AND LOCAL Ohio, S t a t e of Oregon, S t a t e of Smithtown C e n t r a l Sch. D i s t . , N.Y. I l l i n o i s H e a l t h F a c i l i t i e s Auth. I l l i n o i s Health F a c i l i t i e s Auth. Tallahassee, Fla. Monroe Co., Mich. San A n t o n i o , Texas P h i l a d e l p h i a H o s p i t a l A u t h . , Pa. P h i l a d e l p h i a H o s p i t a l A u t h . , Pa. M a s s a c h u s e t t s Hsg. Finance Agy. M a s s a c h u s e t t s Hsg. Finance Agy. Nebraska P u b l i c Power D i s t . Nebraska P u b l i c Power D i s t . Nebraska P u b l i c Power D i s t . R a c i n e , Wise. Phoenix, A r i z . Beaumont, Texas Rev G.O. G.O. Rev Rev Rev G.O. Rev Rev Rev Rev Rev Rev Rev Rev G.O. G.O. G.O. 32.5 125.0 12.6 4.2 15.9 30.0 10.7 50.0 12.1 69.5 1.5 10.9 15.0 15.0 20.0 10.9 15.0 20.0 1978-2002 1981-1993 1976-2001 1978-1990 2005 1980-2004 1977-1999 1977-1998 1979-1990 2008 1978-1995 2017 1977 1978 1979 1976-1990 1977-1992 1981-1990 7.91 6.29 7.97 — — 7.48 6.67 7.39 — — 6.56 6.56 6.56 6.30 6.46 6.31 5.50-8.00 5.25-6.70 5.20-7.80 6.25-8.75 9.38 5.50-7.85 4.75-7.75 4.50-7.65 6.20-8.50 9.75 6.00-8.50 9.00 5.90 6.00 6.25 4.40-7.00 4.50-6.70 5.00-6.15 A Aaa — — A A-l Aa Aa Aa Aa A-l A-1 MIG 2 MIG 2 MIG 2 A—1 Aa A-l NOTES: 1 Includes only state and local security offerings of $10 million and over; excludes secondary offerings. 2 In case of State and local government securities, G.O denotes general obligation; Rev.-Ut., revenue obligations secured only by income from public utilities; Rev.-0.-Ut., revenue bonds secured only by income from quasi-utilities; Rev.-S.T., revenue bonds secured by revenue from specific taxes only; Rev.-Rent., revenue bonds secured solely by lease payments. 3 Includes foreign government and International Bank for Reconstruction and Development issues and non-guaranteed issues by Federal Agencies. T a b l e 6A FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of October 10, 1975 ISSUER CORPORATE Avondale Shipyards I n c . Toledo Edison Co. Pennsylvania Power N a t l . Rural U t i l . Coop. F i n . Corp. ITT F i n a n c i a l Corp. ITT F i n a n c i a l Corp. New York S t a t e E l e c t . & Gas Gen. T e l . of I n d i a n a P u b l i c S e r v i c e Corp. of New Hampshire Exxon P i p e l i n e Co. Exxon P i p e l i n e Co. P u b l i c S e r v i c e Corp. of New Hampshire Pennsylvania E l e c t r i c Co. Georgia Power Co. Walter Kidder & Co. P u b l i c S e r v i c e of Colorado P u b l i c S e r v i c e of Colorado *Airco I n c . Northern I n d i a n a P u b l i c S e r v i c e P u b l i c S e r v i c e E l e c t r i c Co. P a c i f i c Northwest B e l l T e l . Co. Tucson Gas & E l e c t . Co. M i s s i s s i p p i Power Ohio Power Co. Wisconsin Power & Light North C a r o l i n a Power & Light *GATX *GATX Alza Corp. F i r s t Maryland Bancorp Transamerica Corp. American F i n a n c i a l Corp. FMC Finance Corp. Mallinckrodt Inc. Macy C r e d i t Corp. TYPE AMOUNT (IN MILLIONS OF DOLLARS) SF debt 1 s t mtge 1 s t mtge Coll t r Notes Debt Com s t k Debt 19.0 50.0 25.0 100.0 50.0 50.0 25.0 35.0 October October October October October October October October 14 15 15 15 15 15 15 16 1 s t mtge Debt Notes 15.0 250.0 150.0 October October October 16 16 16 Com s t k Pfd s t k Pfd s t k Notes 1 s t mtge Com s t k SF debt Com s t k Pfd s t k Debt 1 s t mtge Pfd s t k 1 s t mtge Com s t k Com s t k Equip t r Equip t r Com s t k ( r t s ) Notes Notes Debt Notes Conv debt Debt 17.0 32.0 50.0 50.0 50.0 20.0 75.0 30.0 40.0 100.0 50.0 15.0 25.0 25.0 60.0 45.0 15.0 20.0 25.0 50.0 50.0 50.0 30.0 50.0 October October October October October October October October October October October October October October October October October October October October October October October October 16 16 21 21 21 22 23 23 23 28 29 29 29 30 NOTES: * Included in table for first time. 1 Includes only corporate and other security issues of $15 million and over; excludes exchanges, options APPROXIMATE DATE OF OFFERING FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of October 10, 1975 ISSUER TYPE AMOUNT (IN MILLIONS O F DOLLARS) APPROXIMATE DATE OF OFFERING CORPORATE H o s p i t a l Corp. of America C e n t r a l Hudson Gas & E l e c t . Pandhandle E a s t e r n P i p e l i n e * F l o r i d a Power & Light Co. *Chesapeake & Ohio Ry Co. *Arizona P u b l i c S e r v i c e *Columbus & Southern Ohio E l e c t . ^ V i r g i n i a E l e c t . Power Co. *Madison Gas & E l e c t r i c *E1 Paso E l e c t r i c *Penna Power & Light *Utah Power & Light *Columbia Gas Wisconsin Gas Co. Wisconsin E l e c t r i c Power Co. V i r g i n i a E l e c t r i c & Power Co. Shenandoah Oil Corp. Consol. Edison Co. of New York Mead Corp. Kewanee I n d u s t r i e s I n c . Armco S t e e l Corp. Pan American Bancshares A l l i e d Finance Co. Central I l l i n o i s Light J . P. Morgan & Co. Texas Gas Transmission Co. 1 s t mtge 1 s t mtge Debt 1 s t mtge Equip t r 1 s t mtge 1 s t mtge 1 s t mtge 1 s t mtge 1 s t mtge 1 s t mtge 1 s t mtge 1 s t mtge 1 s t mtge 1 s t mtge Com s t k Conv debt 1 s t mtge SF debt SF debt Notes Notes Notes Pfd s t k Notes Debt 41.0 20.0 40.0 50.0 15.0 60.0 60.0 100.0 25.0 15.0 100.0 60.0 ,75.0 20.0 60.0 47.5 20.0 80.0 100.0 45.0 21.0 20.0 20.0 15.0 150.0 40.0 October November November November November November November November November November November November November November November November INDEF . INDEF INDEF INDEF INDEF INDEF INDEF INDEF INDEF INDEF Other Hudson Bay Mining & Smelting Co. Ltd. ^Matsushita E l e c . I n d u s t . Co. Ltd. SF debt Conv debt 50.0 100.0 October November Pos tponement Houston Light & Power Houston Light & Power Pfd s t k Com s t k 40.0 40.0 October October 5 5 6 12 12 13 13 13 18 18 19 19 19 20 8 16 11 T a b l e 6B FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of October 10, 1975 AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING STATE & LOCAL M i i m e a p o l i s - S t . Paul Metro. Council G.O. Minn'. G.O. Georgia, S t a t e of Rev *Maryland Health & Educ. Fac. Auth. Rev * C a l i f o r n i a Educ. F a c i l i t i e s Auth. ^Newport News, Va. G.O. *S. V e r m i l l i o n High Sch. Bldg. Corp. Ind. Rev El Paso Co. J r . College D i s t . , Tex. G.O. * F a i r f a x Co., Va. G.O. Maryland, S t a t e of G.O. *Jacksonville E l e c t r i c Auth., Fla. Rev West V i r g i n i a , S t a t e of G.O. Chicago P u b l i c Bldg. Comm., 111. Rev , Los Angeles Dept. of Water & Power Rev' 1 50.9 47.7 28.0 18.7 11.7 October October October October October 14 15 16 21 21 10.0 19.7 October October October October October October October November 21 21 22 22 28 29 30 5 10.6 85.8 20.0 50.0 36.0 65.0 Includes state and local government issues of $10 million and over, foreign government. International Bank for Reconstruction issues off Federally sponsored agencies; excludes secondary offerinat. offerings. Included in the table for the first time. Table 7 STOCK PRICES AND VOLUME 1 STOCK P R I C E S DATE NYSE INDEX 3 DJ INDUSTRIALS | AMEX 4 | 1973 - High Low 65. 48 ( 1 / 1 1 ) 49.12 (12/13) 1051. 50 ( 1 / 1 1 ) 788. 31 (12/5) 130.47 ( 1 / 1 1 ) 8 5 . 2 6 (12/20) 1974 - High Low 53. 37 ( 3 / 1 3 ) 32. 89 ( 1 0 / 3 ) 891. 66 ( 3 / 1 3 ) 577. 60 ( 1 2 / 6 ) 102.01 (3/14) 58.29 ( 1 2 / 9 ) 96.,53 ( 3 / 1 5 ) 54.,87 ( 1 0 / 3 ) 1975 - High Low 51. 24 ( 7 / 1 5 ) 37. 16 ( 1 / 8 ) 881. 81 ( 7 / 1 5 ) 632. 04 ( 1 / 2 ) 96.86 ( 7 / 1 5 ) 62.20 (1/2) 4 11 18 25 50.,45 50..71 50,.07 47..87 871..79 871.,09 862,.41 834.,09 Aug. 1 8 15 22 29 47,.10 45 .92 46 .02 44 .85 46 .29 Sept . 5 ' 12 19 26 Oct. 3 10 1975 July 2 TRADING VOLUME NASDAQ NYSE 136. 84 ( 1 / 1 1 ) 2 6 . 0 ( 9 / 2 0 ) 89. 12 (12/13) 9 . 0 ( 8 / 2 0 ) | AMEX | NASDAQ 5.5 (1/12) 1.4 (8/20) 11.3 (1/11) 3. 5 (8/27) 24, 9 ( 1 / 3 ) 7, 5 ( 7 / 5 ) 4.4 (1/3) .9 ( 9 / 2 6 ) 7. 5 (1/3) 2. 8 ( 7 / 5 ) 88.,00 ( 7 / 1 5 ) 60.,70 ( 1 / 2 ) 35. 2 ( 2 / 1 3 ) 8.,7 ( 9 / 1 5 ) 4.2 (2/21) 1 . 1 (9/15) 8. 1 (2/13) 2. 5 ( 9 / 1 5 ) 92.60 95.27 95.67 91.14 86,.20 87,.20 87,.02 83,.60 19.3 22..5 22,.8 18,.6 2.6 3.4 3.3 2.4 6.,0 6..2 6..5 5,.8 826,.50 817 .74 825 .64 804 .76 835.34 89.23 85.86 86.16 83.58 86.64 81 .92 79 .55 78 .58 76 .45 79 . 0 1 15,.6 13..7 12 .4 14 .8 12 .7 1.8 1.6 1.4 1.6 1.3 4,.9 4 .6 4 .4 4,.7 4 .6 45 .56 44.26 45 . 5 3 45 .70 835 .97 809 .29 829 .79 818 .60 85.45 83.48 84.56 84.78 77 .78 74,72 76 .39 76 .14 12 . 1 13 . 1 13 .8 14,.3 1.3 1.3 1.7 1.5 4 .3 4 .2 4 .4 5 .6 45 .49 46.67 813.21 832 .91 83.21 84.13 75.50 76 .96 13 , 6 r 16 . 1 1.5r 1.5 4 .4 4.6 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. Table 8 13 SECURITY CREDIT REGULATED MARGIN CREDIT EXTENDED BY END OF PERIOD BROKERS ON 1 BROKERS ON 2 CONVERTIBLE MARGIN STOCK BONDS 1 BANKS c> •Uiudcaiii ifAkin i n r l y N R t u U L AJITTen t D NONMAntilN STOCK CREDIT AT BANKS OUTSTANDING 1974 - J u l y Aug. Sept. Oct. Nov. Dec. 4 ,840 4,590 4,090 4,000 4,040 3,910 158 156 148 145 139 137 1,023 953 924 916 891 856 2,091 2,119 2,060 2,024 2,053 2,064 1975 - J a n . Feb. Mar. Apr. May 4,030 4,200 4,260 4,440 4,780 5,010 5,320 5,240 134 136 134 138 140 146 144 848 830 844 824 819 n.a. n.a. 1,919 1,897 1,882 1,885 1,883 n.a. n.a. -320 -250 -500 -90 40 -130 -14 -3 -7 -3 —6 -2 -14 -70 -29 -8 -25 -35 19 28 -59 -36 29 11 120 170 60 180 340 230 310 -80 -3 2 -2 4 2 6 -2 -8 -18 14 -20 -5 -145 -22 -15 -3 -2 n.a. n.a. July August CHANGE IN OUTSTANDING 1974 - J u l y Aug. Sept. Oct. Nov. Dec. 1975 - J a n . Feb. Mar. Apr. May June July Aug. 11 • cL • Tie a. NOTES: 1 2 Margin account debt as reported by the New York Stock Exchange, excluding credit for subscription issues and convertible bonds. New York Stock Exchange data. 3 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 ' Table 9 SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS IN MILLIONS OF DOLLARS SAVINGS & LOAN ASSOCIATIONS MUTUAL SAVINGS BANKS DATE 1971 1972 1973 1974 NET FLOW 9,621 10,067 4,815 2,909 1974 - May July August 1975 REGULAR DEPOSITS May 6 769 -521 -646 July August g j 1,143 1,827 509 225 1975 - J a n u a r y February March April May June r / July August 2J 369 715 1,489 867 1,352 1,530 937 893 1 ANNUAL 3 GROWTH RATE 13.5 12.4 5.3 3.0 — — — NET NEW MONEY SHARE CAPITAL NET FLOW —— —— —— NET FLOW ANNUAL 3 GROWTH RATE NET NEW MONEY 26,331 29,335 10,062 1,847 420 16 -581 -1,218 542 3,460 -1,002 -1,793 — 238 -354 -1,314 -2.055 3,895 3,690 6,226 3,089 3,055 2,865 1,460 1.313 SEASONALLY ADJUSTED 2,455 12.1 3,057 14.9 — 4,842 23.3 3,642 17.2 4,331 20.2 5,031 23.0 — 18.6 — 4,144 3,208 14.2 5,038 8,053 3,564 1,685 536 2,691 -481 -1,147 —— DEPOSITS 17.2 16.7 8.4 5.8 -182 -370 -733 -837 — TOTAL 2 37,414 42,634 25,052 18,955 27,793 32,567 20,237 16,053 —— ANNUAL 3 GROWTH RATE NET NEW MONEY 20,653 23,884 10,507 4,669 5,378 5,451 -442 -2,822 930 716 264 4.5 8.7 18.0 10.3 15.9 17.8 11.0 10.1 2 19.0 18.7 9.8 7.0 — — — 2,824 3,772 6,331 4,509 5,683 6,561 5,101 4,101 NOTES: 1 Regular deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of total deposits. 2 New deposits net of both withdrawals and interest. Data for S&L's are for insured associations only, which represent 96 per cent of industry total resources. Digitized3 forAnnual FRASER growth rats for monthly data is the annualized monthly percentage increase in deposits. Source: National Association of Mutual Savings Banks and Federal Home Loan Bank Board. — — ' — 4,620 3,805 3,129 1,323 9.9 13.1 21.7 15.2 19.0 21.6 16.5 13.1 —— —— —— —— 2 15 T a b l e 10 MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS BILLIONS OF DOLLARS, SEASONALLY ADJUSTED OUTSTANDING COMMITMENTS MUTUAL ALL SAVINGS SAVINGS BKS & LOAN ASSOCIATIONS (N Y. STATE) ALL SAVINGS MUTUAL & LOAN SAVINGS BKS ASSOCIATIONS (N.Y. STATE) 1971 - Dec. 17.7 14.0 3.7 .49 1972 - Dec. 25.1 20.2 4.9 .56 .55 .01 1973 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 25.8 25.8 25.4 24.8 24.0 23.7 23.1 22.2 21.0 20.0 19.6 19.7 20.8 20.9 20.6 20.2 19.5 19.3 18.8 18.0 17.0 16.1 15.9 16.2 5.0 4.9 4.8 4.6 4.5 4.4 4.3 4.2 4.0 3.9 3.7 3.5 .80 .21 -.43 -.57 -.89 -.21 -.67 -.92 -1.15 -1.06 -.41 .15 .66 .11 -.28 -.40 -.77 -.15 -.56 -.75 -1.00 -.90 -.26 .35 .14 -.10 -.15 -.17 -,12 -.06 -.11 -.17 -.15 -.16 -.15 -.20 1974 - J a n . Feb. Mar. Apr. May 19.3 19.4 19.5 19.7 18.5 18.0 17.3 16.7 16.2 14.9 14.4 14.4 15.9 16.0 16.3 16.7 15.7 15.1 14.6 13.9 13.5 12.5 12.0 12.3 3.4 3.2 3.1 3.0 2.9 2.9 2.8 2.8 2.7 2.4 2.3 2.2 -.33 -.06 .20 .20 -1.08 - .64 -.56 -.56 -1.31 -.54 -.03 -.33 .13 .34 .30 -1.07 -.54 -.55 -.55 -.43 -1.01 -.42 .25 -.10 -.19 -.13 -.10 - .06 -.06 -.04 -.01 -.13 -.30 -.10 -.11 14.4 14.4 15.2 16.2 16.9 17.1 18.2 19.3 12.3 12.6 13.2 14.3 14.9 15.1 16.1 17.1 2.1 1.8 2.0 2.0 2.1 2.1 2.1 2.2 -.04 .05 •71 1.13 .73 .27 .94 13.03 .06 .30 .60 1.07 .62 .27 .97 1.03 -.10 -.25 . 11 .06 .11 .07 -.03 + .12 July Aug. Sept. Oct. Nov. Dec. 1975 - J a n . Feb. Mar. Apr. May June July Aug. NOTES: Band on data .-.61 .19 T a b l e 11 NET NEW MONEY BORROWINGS BY MAJOR HOUSING AGENCIES IN MILLIONS O F DOLLARS PERIOD TOTAL INCLUDING SHORT-TERM DISCOUNT NOTES INTERMEDIATE AND LONG-TERM I S S U E S TOTAL FHLB 1973 - J u l y Aug. Sept. Oct. Nov. Dec. +1,475 +1,693 +1,910 +1,946 +11 +598 +1,528 +1,349 +1,850 +1,950 -150 +256 +998 +1,349 +1,500 +1,300 1974 - J a n . Feb. Mar. Apr. May -671 -695 +424 +508 +1,442 +2,699 +1,804 +878 +2,768 +1,665 -89 +507 -756 -657 +450 -4 +992 +2,250 +1,499 +200 +2,750 +1,599 +93 +961 -800 -657 -4 +992 +1,500 +1,000 +400 +1,700 +1,499 -217 +470 -242 -659 +440 0 -1,568 +252 +165 -5 -254 + 689 +69 -1,279 +600 +300 -4 -554 -11 -30 -1,279 0 0 July Aug. Sept. Oct. Nov. Dec. 1975 - J a n . Feb. Mar. Apr. May June p July p +530 —— — —— +350 +650 — -150 —— — — +256 — SHORT-TERM DISCOUNT NOTES FNMA — Notes: Based on d a t a from t h e T r e a s u r y Survey of Ownership. 1 / S a l e s of FHLB d i s c o u n t n o t e s began i n Hay 1974. £./ P r e l i m i n a r y . FHLMC -53. +344 +60 -4 +161 +342 +44 — +1,050 +100 +310 +491 +85 -38 -26 +512 +450 +449 +305 +678 +18 +66 -182 -454 -1 0 + 700 + 100 0 + 600 + 300 -237 -405 -249 -69 -289 -348 -135 +450 — —— —— —— +750 +499 — -200 — — — — + 300 0 -1 0 0 0 - T a b l e 12 NET CHANGE IN MORTGAGE H O L D I N G S 17 IN MILLIONS O F DOLLARS TOTAL INCLUDING FNMA-GNMA FINANCIAL INSTITUTIONS S & Ls INSURANCE FNMA-GNMA COMPANIES TOTAL COMMERCIAL BANKS 21,736 41,647 57,587 58,372 42,748 16,827 39,259 55,561 55,072 36,526 2,462 9,940 16,800 19,600 11,700 1,845 3,938 5,377 5,642 2,170 10,254 23,919 31,932 25,552 17,578 2,348 1,221 1,452 4,278 5,078 2,419 1,992 2,255 1,655 1,476 1,082 500 400 500 45 79 565 522 595 545 475 729 1,311 1,586 2,329 3,458 3,966 4,443 4,493 860 1,512 1,942 3,268 3,909 4,401 3,783 66 100 70 132 181 323 334 426 1,109 1,614 2,285 3,184 3,425 268 403 258 451 244 153 127 2,847 2,461 1,986 2,205 1,973 1,456 533 509 734 98 67 1,037 985 629 537 412 195 2,612 2,827 2,469 3,519 3,488 3,246 3,851 2,106 2,628 1,908 3,128 3,307 3,181 3,329 447 184 53 384 33 167 175 31 1,154 1,646 1,411 2,015 2,769 2,655 2,751 2,837 335 556 397 563 356 166 134 MSB's Not S e a s o n a l l y A d j u s t e d 100 -100 - 22 0 400 300 500 3,122 200 3,260 300 Seasonally Adjusted -102 170 242 47 166 149 193 269 NOTES: 1 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 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. 2 Beginning January 1972 data reflect activity in limited amount of conventional mortgages. 18 T a b l e 13 NET INCREASE IN MORTGAGE DEBT OUTSTANDING IN BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL RATES c1 RESIDENTIAL MULTIFAMILY COMMERCIAL MULTIFAMILY & COMMERCIAL FARM TOTAL 1968 - I II III IV 28.1 26.4 25.5 29.6 19.4 18.2 17.2, 20.4 16.3 15.0 13.6 16.5 3.1 3.2 3.5 3.9 6.4 6.0 6.5 7.4 9.5 9.2 10.1 11.3 2.3 2.2 1.8 1.9 1969 - I II III IV 32.0 29.1 25.8 25.2 23.8 21.5 18.7 18.5 19.4 16.8 14.0 13.1 4.4 4.6 4.7 5.4 6.0 5.4 5.3 5.3 10.4 10.1 10.0 10.7 2.2 2.2 1.7 1.4 1970 III IV 20.7 22.9 28.5 31.8 14.4 16.8 21.3 22.8 9.4 11.6 15.0 16.2 5.0 5.2 6.3 6.6 4.8 4.6 5.1 6.8 9.8 9.8 11.5 13.4 1.5 1.5 2.1 . 2.2 1971 - I II III IV 37.3 47.7 52.3 54.2 27.4 35.5 38.5 41.2 19.4 26.2 28.6 31.3 8.0 9.4 9.9 9.9 7.7 9.8 11.5 10.5 15.7 19.2 21.4 20.4 2.2 2.4 2.3 2.5 1972 I II III IV 62.8 64.9 65.1 68.3 46.1 47.0 47.1 49.5 37.7 37.4 38.0 40.0 8.4 9.6 9.1 9.5 14.1 15.3 15.3 16.3 22.5 24.9 24.4 25.8 2.6 2.6 2.6 2.5 1973 - I II III IV 83.4 75.6 71.3 57.9 63.1 53.9 51.4 38.3 53.1 44.0 41.8 31.7 10.0 9.9 9.6 6.5 16.3 17.8 16.3 15.0 26.3 27.8 25.9 21.5 4.1 3.8 3.6 4.6 1974 - I II III IV 58.5 65.3 50.0 38.6 39.5 44.0 35.7 23.7 32.1 37.1 27.5 17.3 7.4 6.8 8.2 6.4 15.4 17.3 9.0 7.6 22.7 24.1 17.2 14.0 3.6 4.0 5.3 7 .3 1975 - I 35.2 26.0 21.3 4.8 4.4 9.2 4.8 I 11 TOTAL r | 1- to 4FAMILY QUARTER NOTES: 1 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. 2 May differ somewhat from related flow of funds series mainly because of more aggregative type of seasonal adjustment. 3 Residential mortgage debt includes nonfarm only and is sum of 1 to 4- family and multifamily mortgage dcb^combmed. PRIVATE HOUSING PERMITS, S T A R T S , C O M P L E T I O N S , AND MOBILE HOME S H I P M E N T S IN T H O U S A N D S O F U N I T S , S E A S O N A L L Y A D J U S T E D A N N U A L R A T E S PERMITS 1 PERIOD 1969 1970 1971 1972 1973 1974 TOTAL 1—FAMILY STARTS 2 - O R MORE FAMILY TOTAL 1 —FAMILY COMPLETIONS 2 - O R MORE FAMILY TOTAL 626 647 906 1,033 882 644 698 705 1,018 1,186 937 431 1,467 1,434 2,052 2,357 2,045 1,338 811 813 1,151 1,309 1,132 888 656 621 901 1,048 914 450 1,399 1,418 1,706 1,972 2,005 May 689 701 677 837 912 508 515 503 603 658 182 186 173 234 254 999 | 1,000 985 980 1,130 739 733 775 762 887 260 267 210 218 243 1,535 1,320 1,305 1,211 1,276 June 949 679 270 1,094 884. 210 July 1,042 985 711 715 331 270 1,239 1,260 932 977 307 283 Apr. Aug. 2-OR MORE FAMILY 1,324 1,352 1,925 2,219 1,820 1,074 1975 - J a n . Feb. Mar. 1 —FAMILY 808 802 1,014 1,143 1,166 MOBILE HOME SHIPMENTS 592 617 692 828 838 413 401 497 576 580 964 770 , 734 756 8 32 571 550 ' 571 455 444 185 219 199 194 224 1,148 771 377 210 1,206 865 341 225 - Private building permits (for 14,000 areas with permit systems, excluding farm), starts, and completions are Census Bureau data. A dwelling unit is started when excavation begins. In t h e 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 13,000 areas with permit systems ^ Table 15 AVERAGE RATES AND YIELDS ON HOME MORTGAGES HUD(FHA) INSURED LOANS SECONDARY MARKET CONVENTIONAL LOANS PRIMARY MARKET NEW HOMES PERIOD NEW HOMES EXISTING HOMES SPREAD (BASIS POINTS) 1973 - High Low 8,95 7.70 107 31 1974 - High Low 9.80 8.55 1974 - Oct. Nov. Dec. 1975 - Jan. Feb. Mar. Apr. MayJune July 1 1 1 RATE (IN PER CENT) SPREAD (BASIS POINTS) DISCOUNT (PERCENTAGE POINTS) SPREAD BETWEEN NEW Aaa RETURNS ON UTILITY CONVENTIONAL BOND AND HUD(FHA) YIELD NEW HOME MORTGAGES (IN PER CENT) (BASIS POINTS) SPREAD (BASIS POINTS) YIELD (IN PER CENT) 8.95 7.75 107 37 9.18 7.55 130 14 9.4 2.2 21 -23 8.36 7.38 45 -70 9.80 8.60 50 -70 10.38 8.54 44 -25 6.3 2.3 1 -70 10.46 8.10 9.70 9.55 9.45 -33 -13 n.a. 9.70 9.60 9.45 -33 - 8 n.a. 10.13 n.a. 9.51 10 n.a. n.a. 4.6 n.a. 3.8 -43 n.a. - 6 10.03 9.68 9.15 9.05 8.90 9.00 9.05 9.00 9.00 15 11 -70 -66 -57 -37 -25 9.20 9.05 8.95 9.05 9.10 9.05 9.05 20 11 -65 -61 -52 -32 -20 8.99 8.84 8.69 n.a. 9.16 9.06 9.13 - 1 -10 -91 n.a. -46 -31 -12 3.8 2.6 5.4 n.a. 5.0 4.3 4.8 16 21 21 9.00 8.94 9.60 9.66 9.62 9.37 9.25 RATE (IN PER CENT) -11 - 6 -13 NOTES: 1 Gross yield spread is average mortgage return before deducting servicing costs, minus average yield on new issues of high-grade utility bonds with 6-year call protection. Rates on conventional first mortgages (excluding additional fees and charges) are based on unweighted HUD (FHA) field office opinions on prevailing contract interest rates in the market areas 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. " — " . — - K g . , . , ..V v-vsT* 1 ' fS 21 T a b l e 16 FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS CONVENTIONAL GOVERNMENT-UNDERWRITTEN AMOUNT (IN MILLIONS OF DOLLARS) DATE OF AUCTION OFFERED AVERAGE YIELD AMOUNT (IN MILLIONS OF DOLLARS) OFFERED 1 ACCEPTED | AVERAGE YIELD ACCEPTED 10.71 (9/9) 1155 (3/25) 333 (3/25) 10.59 ( 9 / 9 ) 164 (4/18) 63 (4/8) 26 (11.18) 18 (11/18) 8 . 4 3 (2/25 14 (10/21) 7 (11/18) 8.47 ( 3 / 1 1 1974 - High Low 1975 - J a n . 13 27 25 3 41. 4 21.2 28.6 9.37 9.12 17.9 11.1 14.9 10.6 9.50 9.39 Feb. 10 24 24. 6 36. 2 18.1 23.8 8.98 8.87 14.8 20.0 9.1 9.1 9.20 9.04 Mar. 10 24 99. 2 460. 5 60.1 321.4 8.78 8.85 34.4 60.7 22.1 35.8 8.96 9.00 Apr. 7 21 551. 6 470. 9 277.2 247.3 8.98 9.13 99.8 79.2 44.6 64.8 9.13 9.26 May 5 19 525.5 165.6 280.4 115.0 9.29 9.25 69.8 46.4 43.9 38.4 9.43 9.41 June 2 16 30 172.5 73..4 358. 7 80.4 38.6 246.9 9.14 9.06 9.07 51.2 28.5 67.5 27.1 15.7 47.3 9.26 9.21 9.18 July 14 28 333. 2 415. 8 174.9 247.7 9.10 9.17 71.4 56.5 35.8 34.5 9.20 9.26 Aig. 11 578.,7 365.5 9.32 96.9 48.9 9.38 25 643 . 1 223.0 9.50 98.5 31.0 9.55 8 530 .1 197.7 9.70 96.9 43.9 9.75 9.86 68.8 35.2 9.92 Sept. 22 293 . 6 142.0 NOTES: Awegi 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 loens, without special adjustment for Federal National j j j i l p p Association (FNMA) commitment fees and FNMA stock purchase and holding requirements on 4-month commitments. Mortgege amounts offered by bidden relate to total eligible bids received.
@FedFRASER