Full text of H.16 Capital Market Developments : October 14, 1980

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October 14, 1980

Capital
Market
Developments

Prepared by
the Capital Markets Section
in conjunction with
the Mortgage and Consumer Finance Section
and the Government Finance Section
Division of Research and Statistics
Board of Governors of the Federal Reserve System
Washington, D C. 20551




CONTENTS
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.

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

SYMBOLS
e
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. YIELDS, VOLUME A N D RECEPTION
C o r p o r a t e Bond Market
Volume

Yields
Recently o f f e r e d
Aaa u t i l i t y 2

1
8
15
22
29

11.92
12.03
12.36
12.48
12.62

12.00
12.10
12.27
12.36
12.68

963
467
1,710
652
804

80
86
91
98
97

188
65
158
15
28

5
12
19
26

12.34
12.60

415
458
415
680

99
97
81
100

3
15
78

13.10

12.42
12.48
12.78
13.03

3
10

13.08r
13.02p

13.06r
12.88p

377
614

100
100

Week ending

1980-Aug.

Sept.

Oct.

New issues in s y n d i c a t e 4
($ millions)

New issue
Aaa utility 1

Gross o f f e r i n g s 3
($ millions)

Percent sold by
end of week

0
0

0

2. YIELDS, VOLUME A N D RECEPTION
Municipal Bond Market
Volume

Yields
Week ending

M o o d y ' s new
issue Aaa

Bond Buyer
G.O. bond
index

Bond Buyer
Rev. b o n d
index

Gross offerings
($ millions)

Percent sold by
end of w e e k 3

New issues in
syndicate4
($ millions)

1
8
15
22
29

8.15
8.00
8.00
8.00
8.00

8.59
8.61
8.53
8.68
8.85

9.31
9.47
9.39
9.62
9.78

1,054
999
807
775
818

87
93
92
91
97

253
147
134
134
96

Sept.

5
12
19
26

8.30
8.30
8.35
8.50

8.78
8.82
8.98
9.18

9.68
9.73
9.92
10.02

194
906
1,363
1,077

74
87
85
91

89
150
287
156

Oct.

3
10

8.50
8.40

9.22
9.01

10.07
9.94

263
353

95
94

69
22

1980-Aug.

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 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.




3. HIGH GRADE BOND YIELDS
N e w issue
Aaa utility 1

Date

1977-High
Low

1978-High
1979-High
Low

1980-High
Low

1979-July
Aug.
Sept.

Moody's
seasoned
corporate A a a 3

U.S. govt.

20-year constant
maturity4

Bond Buyer
G.O.bond
index5

Bond Buyer
Rev. bond
index 6

__

8.36(12/16)
7.90(1/7)

8.48(12/30)
7.95(1/7)

8.28(12/30) 7.99(12/30)
7.88(1/7)
7.26(1/7)

5.93(2/4)
5.45(11/17)

—

9^30(11/10)

9.54(12/22)
8.48(1/6)

9.27(12/29) 9.00(12/22)
8.30(1/6)
8.01(1/6)

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

—

8.61(3/24)

Low

Recently offe re d
Aaa utility2

11.51(11/12) 11.45(11/9)
9.40(8/17)
9.39(6/29)

10.87(12/28) 10.56(11/9)
9.16(7/6)
8.79(7/6)

7.38(10/26)
6.08(7/6)

14.22(3/28)
L0.53(6/20)

13.00(3/28) 12.79(2/22)
10.34(6/20) 9.59(6/20)

9.44(4/4)
7.11(5/9)

14.12(3/28)
10.79(6/20)

__

8.24(11/23)
7.23(9/21)
10.25(4/4)
8.15(5/8)
__

9.58
9.48
9.93

9.53
9.49
9.87

9.20
9.23
9.44

8.92
8.97
9.21

6.13
6.20
6.52

* mmm

Dec.

10.97
11.42
11.25

10.91
11.36
11.32

10.13
10.76
10.74

9.99
10.37
10.18

7.08
7.30
7.22

7.80
8.11
8.08

1930-Jan.
Feb.
Mar.

11.73
13.57
14.00

11.77
13.35
13.90

11.09
12.38
12.96

10.65
12.21
12.49

7.35
8.16
9.17

8.21
8.91
9.95

Apr.
May
June

12.90
11.53
10.97

12.91
11.64
10.99

12.04
10.99
10.58

11.42
10.44
9.89

8.63
7.59
7.63

9.66
8.50
8.47

July
Aug.
Sept.

11.60
12.32
l?.74r

11.41
12.31
12.72r

11.07
11.64
12.02

10.32
11.07
11.47

8.13
8.67
8.94

8.87
9.57
9.84

11.92
12.03
12.36
12.48
12.62

12.00
12.10
12.27
12.36
12.68

11.33
11.44
11.57
11.70
11.88

10.64
10.78
10.97
11.15
11.41

8.591/
8.61
8.53
8.68
8.85

9.3li/
9.47
9.39
9.62
9.78

12.34
12.60
13.10

12.42
12.48
12.78
13.03

11.89
11.90
12.00
12.15.

11.14
11.24
11.48
11.75 :

8.78
8.82
8.98
9.18

9.68
9.73
9.92
10.02

13.08r
13.02r>

13.06r
12.88P

12.3Or
12.20n

ll.Slr
11.47p

9.22
9.01

10.07
9.94

Oct.
Nov.

1980-Aug.

1
8

15
22
29
Sept.

Oct.

5
12
19
26
3
in

- -

— ''

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 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 general obligation bonds used in this index falls midway between the five top groups as classified by
Moody's Investors Service. Weekly Bond Buyer data.
6 Thursday figures. The average rating of the 25 revenue bonds used in this index falls midway between the five top groups as classified by Moody's
Investors Service. Weekly Bond Buyer data.




5
4. LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS
Gross proceeds, millions of dollars
Corporate

State and Local
— v m

TTTW

"T9BF

1978

1979

1980

January
February
March

3,326
2,770
4,569

3,770
3,165
4,354

6,210

4,452
4,353

3,306
2,753
4,844

2,840
2,603
4,644

2,042
2,381
2,379

April
May
June

3,397
4,227
5,539

4,692
4,160
6,238

5,677
9,067
9,511

3,824
5,525
4,369

3,444
3,042
4,724

4,833
4,564
5,958

July
August
September

4,414
3,379
4,236

4,103
4,162
4,587

7,200e
5,800e
4,500e

3,920
6,407
2,323

3,396
4,256
2,472

4,600e
4,000e
4,500e

October
November
December

3,799
3,207
4,401

4,601
3,831
3,801

3,231
4,320
3,690

4,217
4,160
3,567

47,264

51,464

48,512

43,365

Period

Year

1 Securities and Excharge 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 ui uuiiao
i

52,870
41,397

53,683
37,360

706
10,899

31,777
28,041

22,644
-397

8,167
1979-July
Aug. 16,003
Sept -15,558

4,831
3,268
4,250

48
551
889

3,529
2,700
2,570

Dec.

14,646
8,941
1,997

2,217
5,548
11,207

314
3,408
7,544

1980-Jan.
Feb.
Mar.

5,170
10*458
15,350

5,201
2,066
11,802

Period

CY-/-1978
CY -1979

#

Combined
deficit(+)
or
surplus!—I1

Oct.

Nov.

#

——

Totals

•

e

Federal Government
Means of financing combined deficit
Net cash borrowing from the public2
Public debt securities
Gov't.
agency
NonCoupons
Bills
marketable securities

Apr. - 8 , 0 3 7
16,318
May
June -11,963
, « . j

"

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

Other

-4,019
366

23,509
23,631

1,312
-41
280

-619
—68
6,155
-17
-14 - 2 , 5 8 2

3,955
6,580
-17,226

3,094
821
910

2,085
1,463
3,614

357
704
57

-20 -1,287
8,984
—80
1,124
-62

13,716
4,869
-10,334

3,196
2,546
1,542

2,878
1,900
13,358

2,050
3,307
3,51?

278
-3,149
-5,066

-27
-40
-19

647
2,478
1,013

-678
5,914
2,535

2,261
1,542
4,764

4,515
4,632
91
5,350
-4,615 •10,703

2,899
6,077
6,835

2,602
-941
-685

-86
-32
-101

-2,393
3,200
-3,918

-10,276
7,768
-3,430

3,632
1,957
329

"

—

*

-1,431
-1,402

»

-—-"™-

i v

-

—

.

s

s

s

r

gage Corporation, Federal National Mortgage Association.




-——j.

3,206
1,115

accounts.

i

—

s

s

z

s

w

»=™

=.*

«•» ^ « . . .

6. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE
Bonds

Memo

C o m m o n and
preferred
stocks

Issues included
Convertible
Foreign

Total

Publicly
offered

Privately
placed

1977
1978
1979

53,792
47,230
51,464

24,072
19,815
25,814

17,943
17,057
14,325

11,777
10,358
11,325

1,340
1,349
1,008

863
418
2,229

1979-0.1
QII
QUI
QIV

11,289
15,090
12,852
12,233

4,522
9,154
6,386
5,752

4,570
3,874
2,974
2,907

2,197
2,062
3,492
3,574

67
59
763
119

8
1,404
540
187

1980-QI
QII

15,015
24,255

5,861
18,186

4,600
2,072

4,554
3,997

169
n.a.

908
967

1980-Jan.
Feb.
Mar.

6,210
4,452
4,353

2,450
1,426
1,985

2,384
1,430
786

1,376
1,596
1,582

47
122
0

32
76
800

Apr.
May
June

5,677
9,067
9,511

3,828
6,810
7,548

947
525
600

902
1,732
1,363

89
432
8

383
375
209

Period

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

Manufacturing

Public utility

Communications

O t h e r issuers 1

13,393
10,813
11,346

14,127
12,232
13,289

4,442
3,640
4,522

21,827
20,549
22,309

1979-Q1
QII
QUI
QIV

2,096
3,050
3,704
2,496

3,012
3,626
2,472
4,179

1,399
799
931
1,413

4,779
7,637
5,745
4,148

1980-QI
QII

3,907
6,838

4,966
4,135

1,278
2,182

4,864
11,101

1980-Jan.
Feb.
Mar.

1,276
1,340
1,291

1,873
1,262
1,831

483
572
223

2,578
1,276
1,010

Apr.
May
June

1,778
2,615
2,445

891
1,338
1,906

651
1,196
335

2,358
3,917
4,826

1977
1978
1979

1 Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other.
Source: Securities and Exchange Commission and Federal Reserve Board.




8. PUBLIC O F F E R I N G S O F I N T E R M E D I A T E - A N D LONG-TERM S E C U R I T I E S : C O R P O R A T E 1
Issuer

Date

Type

Amount
(millions
of dollars)

Northern I n d i a n a Pub. Svc. Co.
MCI Communication Corp.
Columbus & Southern E l e c .
Pwr. Co.
Columbus & Southern E l e c .
Pwr. Co.
Columbia P i c t u r e s I n d u s t r i e s ,
Inc.
Kaiser Cement Corp.
U.S. Leasing Corp.
Sensormatic E l e c t r o n i c Corp.
S i e r r a P a c i f i c Power Co.
Condec Corp.
Houston I n d u s t r i e s I n c .
P h i l a d e l p h i a E l e c t r i c Co.
Utah Power & L i g h t Co.
Southern B e l l T e l . & T e l . Co.
P a c i f i c Power & Light Co.
Toledo Edison Co.

10/1
10/1

Com. s t k .
Pfd. stk.

35.3
59.4

7.36

12.26

B/—

10/1

Pfd. stk.

50.0

13.80

13.80

Baa/BBB

10/1

1 s t . mtg.

80.0

1990

13.63

13.63

A/BBB+

10/1
10/2
10/2
10/2
10/2
10/2
10/3
10/6
10/7
10/7
10/8
10/8

Conv. d e b t . 50.0
Conv. debt J 30.0
Conv.debt. 25.0
Conv.debt. 25.0
30.0
1 s t . mtg.
25.0
Debt.
79.5
Com. s t k .
1 s t . mtg. 125.0
67.0
Com. s t k .
300.0
Debt.
100.0
Debt.
65.0
1 s t . mtg.

2005
2005
2000
2000
2010
2000

9.50
9.00
9.75
8.88
14.63
14.88

9.50
9.00
9.75
8.88
14.68
16.60

Ba/BBBa/BA
Ba/BB

1992

13.75

13.75

A/BBB+

2020
2010
1990

12.88
14.75
14.00

12.94
14.87
14.00

Aaa/AAA
Baa/BBB
Baa/BBB+

10/9
10/9

Notes
Debt.

100.0
100.0

1988
2000

12.75
13.50

12.75
13.57

Aaa/AAA

OTHER
European Investment Bank
European Investment Bank

Maturity

Coupon
rate

Offering
yield

Moody's/S&P's
ratings

A/A
B/B

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




9. PUBLIC O F F E R I N G S O F I N T E R M E D I A T E - A N D LONG-TERM S E C U R I T I E S : S T A T E A N D LOCAL 1

Date

D a l l a s , TX
Nassau Co., NY
Wake Co. I n d u s . Fac. & P o l l
C n t r l . A u t h . , NC
La Habra Redevel. Agcy., CA
La Habra Redevel. Agcy., CA
La Habra Redevel. Agcy., CA
East Chicago, IN
East Chicago, IN
East Chicago, IN
South Dakota Student Loan
A s s i s t . Corp.
F l o r i d a Keys Acqueduct Auth

Type2

Amount
(millions
of $)

Maturity

1J/7

G.O.
G.O.

27.1
25.0

1982-2000
1981-2010

10/7
10/7
10/7
0/7
10/9
10/9
10/9

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

50.0
5.2
5.3

25.0
5.0

1983
1994
2000
2010
1983
2000
2010

10/9
10/10

Rev.
Rev.

30.8
62.7

1983
1982

10/1

22.1

20. n

Net
interest
cost

7.82
8.85
n.a.

10.01
10.01
10.01
n.a.
n.a.
n.a.

8.25
10.03

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

6.20-8.60
6.00-9.25
7.25
9.20
9.70
10.00
7.38
N.R.

10.00
7.75
9.25

Moody's/S&P's
ratings

AAA/—
A-l/AAA
A/A
Aa/—
Aa/—
Aa/—
A/—
A/—
A/—
—/A




S O F I N T E R M E D I A T E - A N D LONG-TERM S E C U R I T I E S : U.S. T R E A S U R Y
A m o u n t (millions of
Length

15yr lmo
2yr

Maturity
date

2/15/95
1/31/82

8/15/83
3-l/2yr
5/15/87
7-l/4yr
2/15/05-10
30yr
2/28/82
2yr
Syr 2-1 /2mo 5 / 1 5 / 8 5
2yr
4yr
15yr lmo
2yr
3-l/4yr
9-l/2yr
30yr

10-1/2
11-1/2

10.60
11.52

Net proi

Gross proceeds
1

Total

f

3mo:
reign
j-ons :

Total

Private

1,502
4,484

1,502
4,051

1,502
609

0
0

11- 7/8 11.98
12.02
12
1 1 - 3 / 4 11.84
1 3 - 7 / 8 13.98
1 4 - 3 / 8 14.39

9,404

7,626

2,452

0

4,497
2,719

4,098
2,719

677
2,719

0
200
0

3/31/82
3/31/84

15
14-1/4

15.01
14.29

4,072
2,974

3,572
2,605

910

66

5/15/95
4/30/82

12-5/8 12.69
11-3/8 11.44

1,503
4,574

1,503
4,115

1,503
1,394

0
0

9.32
9-1/4
8/15/83
9.88
1 1 / 1 5 / 8 9 10-3/4
10.12
5/15/05-10 10

13,019

7,743

5,754

102
55
0

9.37
9.66
8.63
8.99

4,284
3,293
5,215
3,726

1,186
4,010
3,293
3,293
4,515>
3,030
3,221 . -681

0
285
214
0

1 0 - 3 / 8 10.42
8-7/8 8.97

1,504
5,337r

1,504
4,549

1,504
1,173

0
0

5/31/82
2yr
Syr 2-1/2mo 8 / 1 5 / 8 5
6/30/82
2yr
6/30/84
4yr
14yr lOmo
2 yr

Coupon Auction
average
rate
(percent) (percent)

5/15/95
7/31/82

9-3/8
9-5/8
8-5/8
8-7/8

9-7/8
10-3/4
10-3/8
11-1/8
11-3/4

9.88
10.81
10.71
11.24
11.76

5,832
3,762
1,884
5,127
2,087

4,082
3,049
2,762
1,500 .
1,582
4,557
3,087
3,087 -

0
0
0
0
65

Ll-7/8
L2-1/8

11.93
12.13

5,117
3,367

4,567
3,028

1,211
1,226

0
0

15-yr 1-mo 1 1 / 1 5 / 9 5 Ll-1/2

11.61

1»501p

l,50lp

0

3-1/4 yr 11/15/83
8/15/90
10 y r
29-1/4 yr 11/15/09
?.-yr
8/31/82
5-yr 2-1/211/15/85
2-yr
4-yr

9/30/82
9/30/84

l,501p

Government investment accounts and the Federal Reserve. Also excludes add-ons to foreign ac<
al if the Government accounts and/or the Federal Reserve do not fully roll-over their maturing I
:urities issued to foreign and international monetary authorities at the average auction price for

11. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: GOVERNMENT SPONSORED AGENCIES
Offering Payment
date
date

Issuer

Length

Maturity
date

Yield
(percent)

Amount (millions of dollars)
Gross
proceeds

Maturing
issues

Net
proceeds

4/12/82
5/10/84

15.30
14.25

600
1,000

1,100

500

4/20/83
4/22/85
4/20/88

13.40
13.25
12.65

1,030
811
454

1,165

1,130

8/10/84
5/11/87

11.10
11.15

1,000
750

0

1,750

2 - y r 2-mo
3 - y r 10-mo
6 - y r 9-mo

7/26/82
3/26/84
2/25/87

9.60
9.85
10.45

1,000
800
600

1,500

900

6/2

4-yr

12/3/84

9.55

870

0

870

6/4
6/4
6/4

6/10
6/10
6/10

2 - y r 11-mo
4 - y r 7-mo
8-yr

5/10/83
1/10/85
6/10/88

9.50
9.90
10.50

500
1,000
500

900

1,100

FFCB

6/25

7/1

4 - y r 11-mo

6/3/85

9.20

1,214

323

891

FNMA

7/2

7/10

4 - y r 11-mo

6/10/85

9.95

1,000

550

450

FFCB

7/9
7/9
7/9

7/21
7/21
7/21

12/1/83
12/1/86
7/23/90

9.30
10.00
10.40

841
1,002
600

1,175

1,268

FNMA

7/25

8/1

3-yr

8/19/83

9.70

1,000

0

1,000

FHLB

8/13
8/13

8/25
8/25

4-yr
6-yr

3/25/85
3/25/87

10.80
11.10

1,200
600

1,600

200

FFCB

8/27

9/2

4-yr

9/4/84

11.75

486

0

486

FNMA

9/4

9/10

1-yr

4-mo

1/11/82

10.90

400

1,050

-650

FNMA

10/1

10/10

1-yr

8-mo

6/10/82

12.25

500

800

-300

FCB

10/8

10/20

2-yr

1-mo

11.60

786

10/8

10/20

4-yr

9-mo

7/22/85

11.60

434

10/8

10/20

7-yr

9-mo

7/20/88

11.70

604

4/2
4/2

4/10
4/10

2-yr
4-yr

4/9
4/9
4/9

4/21
4/21
4/21

3-yr
5-yr
8-yr

FNMA

4/30
4/30

5/12
5/12

4-yr
7-yr

FHLB

5/14
5/14
5/14

5/27
5/27
5/27

FFCB

5/29

FNMA

FNMA

FFCB

FFCB
FHLB
FHLMC
FNMA

—
—
—
—

Federal
Federal
Federal
Federal




3-yr
6-yr
10-yr

1-mo

3-mo

6-mo

5-mo
5-mo

7-mo
7-mo

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

12/1/82

975

849

11

As of October 10, 1980
12. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE 1
Issuer

Type

Amount
(millions of dollars)

Approximate date
of offering

Middle South U t i l e . Co.
Consolidated N a t u r a l Gas Co.
Fischbach Corp.
Georgia Power Co.
Southern C a l i f o r n i a Edison Co.
D i a l F i n a n c i a l Corp.
*Public S e r v i c e of New Hampshire
* P r i v a t e Export Funding Corp.
G e n ' l T e l . Co. of t h e Southwest
G e n ' l T e l . Co. of t h e Southwest
Wisconsin E l e c t r i c Co.
• L o u i s i a n a Power & Light Co.
P a c i f i c T e l . & T e l . Co.
• C a r o l i n a Power & Light Co.
•Appalachian Power Co.
Appalachian Power Co.
• A s s o c i a t e s Corp. of America
*Bache Group I n c .
*Pogo Producing Co.
*Towle Mfg. Co.
*Anheuser-Busch
Citicorp
New York S t a t e E l e c . & Gas.
Chemical N.Y. Corp.
G e n ' l T e l . Co. of Kentucky
Crown Z e l l e r b a c k Corp.
Texas I n t e r n a t i o n a l Corp.
United Gas P i p e l i n e Co.
Cadence I n d u s t r i e s Corp.
Wells Fargo Mtg. & Equity T r .
General F e l t I n d u s t r i e s
Steego Corp.
C a t e r p i l l a r T r a c t o r Co.
Boston Gas Co.
Four-Phase Systems I n c .
F i r s t Union Bancorp.
Standard P a c i f i c Corp.
Sears Roebuck & Co.
P a c i f i c F i r s t Fed. S&L Assoc.
Transamerica F i n a n c i a l Corp.
F i d e l i t y Fed. S&L Assoc.
• I n t e r n a t i o n a l H a r v e s t e r Co.
P a c i f i c Northwest B e l l Co.

Com. s t k .
Debt.
Conv. d e b t .
1 s t . mtg.
Pfd. stk.
Notes
Pfd. stk.
Notes
Debt.
Debt.
1 s t . mtg.
Pfd. stk.
Debt.
Com. s t k .
Pfd. stk.
1 s t . mtg.
Notes
Debt.
Conv. d e b t .
Conv. d e b t .
Conv. d e b t .
Pfd. stk.
Pfd. stk.
Pfd. stk.
Debt.
Notes
Debt.
Debt.
Debt.
Conv. d e b t .
Debt.
Debt.
Notes
1 s t . mtg.
Debt.
Debt.
Debt.
Notes
Mtg.-bked.
Notes
Mtg.-bked.
Pfd. stk.
Com. s t k . ( r t s )

75.0
100.0
25.0
125.0
75.0
50.0
30.0
100.0
50.0
75.0
80.0
30.0
300.0
80.0
40.0
80.0
100.0
25.0
50.0
25.0
100.0
150.0
30.0
100.0
35.0
75.0
30.0
75.0
25.0
30.0
55.0
25.0
300.0
40.0
25.0
40.0
25.0
200.0
50.0
75.0
50.0
250.0
200.0

Oct. 14
Oct. 14
Oct. 15
Oct. 15
Oct. 15
Oct. 16
Oct. 16
Oct. 16
Oct. 23
Oct. 23
Oct. 27
Oct. 28
Oct. 28
Oct. 28
Oct. 29
Oct. 29
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.

OTHER
•Hydro-Quebec
•Hydro-Quebec
•Gulf Canada L t d .
Canadian N a t i o n a l Railway Co.
E l e c t r i c i t e De France

Notes
Debt.
Bonds
Debt.
Notes

150.0
150.0
200.0
150.0
100.0

Oct. 16
Oct. 16
Oct.
Oct.
Indef.

Conv. d e b t .
Notes

30.0
100.0

Oct. 15

WITHDRAWN
Lanier Business P r o d u c t s I n c .
U.S. Home Finance Corp.

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




12
12. F O R T H C O M I N G PUBLIC O F F E R I N G S O F INTERMEDIATE- A N D LONG-TERM S E C U R I T I E S : C O R P O R A T E 1 ( c o n ' t )
Issuer

POSTPONED
Citicorp
Consolidated Freightways I n c .
Pennzoil Co.
Amax I n c .
Leaseway T r a n s p o r t a t i o n Corp.
C e n t r a l Fed. S&L Assoc.
MacMillan B l o e d e l , L t d .
MacMillan B l o e d e l , L t d .
Amoco Canada Petroleum Co.

Type

Notes
Debt.
Debt.
Notes
Notes
Mtg.-bked.
Notes
Debt.
Debt.

Amount
(millions of dollars)

250.0
75.0
150.0
100.0
75.0
75.0
75.0
100.0
100.0

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

Oct. 8
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.

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




As of October 10, 1980

13

1 3 . F O R T H C O M I N G PUBLIC O F F E R I N G S O F INTERMEDIATE- A N D LONG-TERM S E C U R I T I E S : S T A T E A N D L O C A L 1
Issuer

•Michigan S t a t e Hosp. F i n . Auth.
*New J e r s e y Hsg. F i n . Agcy.
*Allegheny Co. Hosp. D e v e l . A u t h . , PA
•Farmington, NM
• M i s s o u r i H e a l t h & Ed. Fac. Auth.
Ohio, S t a t e of
Alabama Hsg. F i n . Auth.
Anaheim, CA
Martin Co., FL
Washington Suburban S a i n t . D i s t . , MD
*East Chicago, IN
C o n n e c t i c u t , S t a t e of
• P e n n s y l v a n i a , S t a t e of
•Montgomery C o . , OH
•Warwick, RI
Denton Co. Hsg. F i n . C o r p . , TX
S a l t River P r o j . A g r i c . Improv. & Power
D i s t . , AZ
• F l o r i d a S t a t e Bd. of Ed.
R i v e r s i d e , CA
•Washington Pub. Power Supply S y s t .
Maryland Dept. of T r a n s p o r t a t i o n
Anaheim and Anaheim Union H.S.D. Comm.
Convention C t r . , CA
R i v e r s i d e , CA
Louisiana Pub. Fac. Auth.
•Government Devel. Bank f o r P u e r t o Rico
•San Diego Center C i t y Redev. Corp*, CA
Long Beach Harbor D e p t . , CA
San Fernando Courthouse C o r p . , CA
Columbus, OH
A t l a n t a Urban R e s i d . F i n . A u t h . , GA
•Middle Sex Co., N . J .
P l a t t e Co., WY
POSTPONED
Alabama Pub. Sch. & College Auth.
L e x i n g t o n - F a y e t t e Urban Co. G o v ' t . , KY
Clay Co. Hsg. F i n . A u t h . , FL
L a n c a s t e r Redevel. Agcy., CA

*
1

Type

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

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

30.0
50.0
37.2
65.0
61.8
40.0
150.0
84.0
80.0
55.0
25.0
100.0
70.0
65.6
25.0
55.0

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

13
13
14
14
14
14
15
15
15
15
15
15
15
16
16
17

Rev.
Rev.
Rev.
Rev.
Rev.

150.0
88.5
89.1
150.0
57.5

Oct.
Oct.
Oct.
Oct.
Oct.

17
21
21
21
21

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

26.0
89.1
200.0
60.0
65.0
85.0
30.0
44.4
50.0
33.3
64.5

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

21
21
21
23
24
27
28
29
30
30
30

Rev.
Rev.
Rev.
Rev.

90.0
50.0
35.0
65.0

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




Amount
(millions of dollars)

Oct. 2
Oct. 2
Oct. 10
Oct. 9

14
NASDAQ 5

AMEX4

DJ Industrials
999.75 (1/3)
800.85 (11/2)

127.89
109.61

(12/30)
(1/12)

105.00
93.66

(12/30)
(4/5)

1977-High
Low

NYSE Index3
57.69 (1/2)
49.78 (11/2)

1978-High
Low

60.38
48.37

(9/12)
(3/6)

907.74
742.12

(9/8)
(2/28)

176.87
119.73

(9/15)
(1/11)

139.25
99.09

(9/13)
(1/11)

1979-High
Low

63.39
53.88

(10/5)
(2/27)

897.61
796.67

(10/5)
(11/8)

247.07
152.03

(12/31)
(1/2)

152.29
117.84

(10/5)
(1/2)

1980-High
Low

76.04

(10/6)

(10/10)

197.79

(10/10)

(3/27)

(9/22)
(4/21)

348.55

55.30

974.57
759.13

215.69

(3/27)

124.09

(3/27)

Date

1980-Aug.

Sept.

Oct.

15
22
29

69.44
70.81
72.07
72.47
70.53

931.48
954.69
966.72
958.19
932.59

313.72
319.41
325.06
332.15
324.77

172.49
175.88
179.89
181.70
181.52

5
12
19
26

72.13
72.65
74.81
72.99

940.96
936.52
963.74
940.10

331.36
341.35
340.06
334.46

185.61
189.58
195.33
190.77

3

74.74
75.34

950.68
950.68

340.39
348.55

193.43
197.79

1
8

10
15. TRADING VOLUME2

NYSE

AM EX

NASDAQ

4 . 2 (1/12)
1.4 (9/22)

11.2 (11/10)

66.4 (8/3)
7.6 (1/2)

11.0 (10/30)
1 . 3 (1/20)

18.8 (5/18)

1979-Hlgh
Low

81.6 (10/10)
18.0 (1/2)

13.2 (10/10)
2.2 (1/22)

25.8 (21/17)
7 . 2 (1/2)

1980-Hlgh
Low

67.7 (1/16)
2 3 . 1 (4/14)

15.0 (1/15)
2 . 5 (4/14)

44.4 (9/23)
10.7 (4/14)

1977-High
Low

3 5 . 3 (11/11)

1978-High
Low

10.6 (10/10)

5 . 1 (5/27)

2.8 (1/20)

1
8
15
22
29

47.9
50.6
47.3
47.1
38.9

6.1

24.1
24.6
28.3
28.1
27.1

Sept.

5
12
19
26

46.2
46.0
56.7
54.7

7.9
7.8
8.5
8.1

32.3
35.6
39.6
39.5.

Oct.

3
10

45.9r
47.8

1980-Aug.

6.1
6.3

6.1
7.4

5.8r
7.0

1 Figures other than highs and lows are Friday figures only.
.
2 Volume figures are weekly averages of daily figures (millions of shares). Highs and lows refer to single days.
3 12/31/66 ~ 50
4 8/31/73 = 100
5 2/5/71 = 100




29.7r
36.5

15
16. SECURITY C R E D I T 1
Outstanding, dollar a m o u n t s in millions

P* — J
, in A a J
End
of— Xperiod
M

1

Margin credit e x t e n d e d
by brokers o n :

A

Marginable
stock

Convertible
bonds

N u m b e r of
margin a c c o u n t s
(thousands)

Percent of debt
in accounts with
4 0 percent or more
customer equity

1976

7,960

204

810

88

1977

9,740

250

887

81

1978

10,830

205

955

67

1979

11,450

164

995

84

1979 - J a n .
Feb.
Mar.

10,750
10,790
10,870

199
195
181

950
950
965

79
71
79

Apr.
MayJune

11,220
11,130
11,590

194
183
172

960
970
980

77
78
79

July
Aug.
Sept.

11,840
12,060
12,000

178
176
177

970
995
1,005

81
86
84

Oct.
Nov.
Dec.

11,310
10,920
11,450

173
161
167

985
1,000
1,020

73
83
84

1980 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.

11,820
12,460
11,740
11,140
11,270
11,200
11,320
11,800

165
175
171
168
167
165
198
204

1,035
1,065
1,075
1,055
1,055
1,065
1,075
1,095

87
84
54
72
81
83
88
89

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




16
17. SAVINGS FLOWS AT S E L E C T E D NONBANK T H R I F T INSTITUTIONS
Millions of dollars
Mutual Savings Banks
(regular deposits) 1
Net f l o w

Date

N.S.A.

Sea. adj.

Net flow

Annual
growth
rate3

N.S.A.

Sea. adj.

Memo:
Net New Money 2

Total

Savings and Loan Associations
Annual
growth
rate3

Net
flow
(sea. adj.)

Annual
growth
rate3'

At
insured
S&L's

At
MSB's

1975

12,670

11.6

50,169

17.5

62,854

15.9

34,369

5,283

1977

10,783

8.7

50,888

15.0

60,982

13.3

32,004

2,874

1978

8,426

6.3

44,153

11.3

52,292

10.1

23,460

-591

1979

2,900

2.1

39,218

9.1

42,289

7.4

15,029

-6,885

1978-Jan.
Feb.
Mar.

626
476
1,712

928
483
580

8.4
4.3
5.2

2,740
2,293
7,143

2,780
2,946
3,155

8.6

3,708
3,429
3,735

8.6

9.1
9.6

2,877
2,073
2,592

-59
170
338

Apr.
May
June

-209
436
1,304

567
636
807

5.1
5.6
7.1

557
2,376
6,648

2,975
3,234
4,548

9.0
9.7
13.6

3,542
3,870
5,355

8.0

401
2.145
1,744

-553
97
-90

July
Aug.
Sept.

341
260
1,378

626
884
1,036

5.5
7.7
9.0

3,070
2,310
6,425

3,838
4,228
4,577

11.3
12.4
13.2

4,464
5,112
5,613

9.9
11.2

2,812
2,069
1,606

38
-75
-45

Oct.
Nov.
Dec.

510
275
1,317

802
518
490

6.9
4.4
4.2

2,641
2,155
5,795

3,956
4,269
3,429

11.3

12.1

10.2
10.2

9.6

4,758
4,787
3,919

8.3

2,534
1,897
710

48
59
-405

1979-Jan.
Feb.
Mar.

218
683
1,971

584
705
798

5.0

4,735
2,876
8,334

4,987
3,733
3,909

13.9
10.3
10.7

5,571
4.438
4,707

11.7
9.2
9.7

4,377
2,580
3.146

-118

Apr.
May
June

-832
61
890

16
280
341

0.1

-1,147
2,037
6,854

1,667
3,006
4,515

4.5

8.1

12.1

1,683
3,286
4,856

3.4
6.7
9.8

-1,490
1,627
1,469

-1,192
-341
-649

July
Aug.
Sept.

-318

9
508
134

0.1

2,015
1,199
4,770

2,844
3,192

7.5
8.4

2,853
3,700
2,754

5.7
7.4
5.5

1,455
717
-198

-714
-504

-1,000

Oct.
Nov.
Dec.

-985
-199

-694
74
183

-5.8

3,321
3,527
2,030

8.6

15.1

1,863
1,157
4,525

9.1
5.2

2,627
3,601
2,213

5.2
7.1
4.0

1,314
732
-700

-1,420
-765
-987.

-605
-927
168
141
930 - 2 2 2
402
-449
881 1,106
1,748 1,178
996 I , 3 4 3
560 I I , 1 7 8
2 S &

-5.0
1.4
-1.9
3.4
9.2
9.8
11.0
9.6

2,191
1,626 2,617
-324
4,403
326 3,393
3,022 4,067
5,287 2,779
2,223 3,096
2,567 4,636

5.6
-0.8

8.6
10.2

1,5862,785
-546
3,795
5,173

3.1
5.4
-1.1
7.4
10.0

1,167
1,079
-696
-817
1,785

-1,436
-543
-679
-1,024
242

6.9
7.7
11.4

3,957
4.439
5,814

7.6
8.4

-169
961
1,332

-131
247
-40

1980-Jan.
Feb.
Mar.
Apr.
MayJune

1

-112

517

1,006

6.0
6.7

2.3
2.9

4.2

1.1

0.6

2,065

2,620

6.8

6.6

7.9
8.5

8.7
11.9

12.2

11.0

342
463

Regular deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of

2 " e w deposits net of both withdrawals and interest. Data for S&L's are for insured associations only, which represent 96 percent of industry total
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.




17
18. MORTGAGE COMMITMENTS OUTSTANDING AT SELECTED INSTITUTIONS
Billions of dollars, seasonally adjusted
Thrift Institutions
End of Period

Total

All savings
and loan
associations

Federal and Related Agencies
Mutual
savings banks
(N.Y. state)

Total

FNMA

GNMA

FHLMC

1976

27.1

24.4

2.7

7.9

3.7

3.8

0.4

1977

37.7

33.2

4.5

11.0

5.1

4.5

1.4

1978

37.5

32.7

4.8

16.5

9.9

4.8

1.8

1979

31.5

28.1

3.4

12.6

6.9

4.7

1.0

1979-Jan.
Feb.
Mar.

37.0
36.5
36.0

32.2
31.8
31.4

4.8
4.7
4.6

15.4
14.1
13.0

8.9
7.7
6.7

4.8
4.8
4.8

1.7
1.6
1.5

Apr.
May
June

36.2
35.8
35.7

31.7
31.7
31.5

4.5
4.1
4.2

12.6
12.0
11.7

6.4
6.0
5.6

4.8
4.7
4.8

1.4
1.3
1.3

July
Aug.
Sept.

35.7
35.9
36.7

31.7
32.0
32.7

4.0
3.9
4.0

11.6
11.2
12.2

5.5
5.5
6.8

4.8
4.4
4.2

1.3
1.3
1.3

Oct.
Dec.

35.9
33.0
31.5

32.3
29.4
28.1

3.6
3.6
3.4

14.1
13.5
12.6

8.2
7.7
6.9

4.6
4.7
4.7

1.3
1.1
1.0

1980—Jan.
Feb.
Mar.

30.7
29.9
26.5

27.5
27.1
24.0

3.2
2.8
2.5

11.9
11.2
10.5

6.2
5.7
5.2.

4.7
4.5
4.7

1.0
1.0
0.8

Apr.
May
June

22.8
21.1
22.4

20.7
19.3
20.7

2.1
1.8
1.7

9.2
9.3
10.3

4.2
3.5
3.6

4.4
5.0
5.7

0.6
0.8
1.0

July
Aug.

26.0
28.6

23.7
26.8

1.8
1.8

10.6
10.7

3.9
4.4

5.5
5.1

1.2
1.2

Nov.

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.







BORROWINGS BY MAJOR HOUSING CREDIT AGENCIES
I FHLB
erm
notes

Total including
short-term
d i s c o u n t notes

Total

-1,750

-1,131

-2,031

0

900

61*

2,732

1,444

496

-4

952

288

19,030

13,578

6,302

576

6,700

452

563
1,731
912

82
1,399
-1

0
1,399
-1

82
0
0

0
0
0

481
332
913

701
3,338
1,504

470
1,496
1,300

-1
1,498
0

-129
-2
300

600
0
1,000

231
842
204

1,626
1,550
1,627

1,900
1,000
1,076

700
1,000
0

0
0
126

1,200
0
950

•274
550
551

1,799
1,429
2,250

1,695
1,113
2,048

-5
1,114
598

0
-1
200

1,700
0
1,250

104
316

967
1,457
912

0
1,033
1,372

0
834
0

0
199
-128

0
0
1,500

967
424
•460

1,027
304
1,363

997
215
1,299

0
222
0

-3
-7
199

1,000
0
1,100

30
89
64

1,625
360
398

1,916
613
-154

700
415
0

216
198
146

1,000
0
-300

•291
253
552

2,297
1,791
1,375

1,599
1,453
150

1,300
953
0

-1
0
150

300
500
0

698
338
,225

328
927
3,580

-2
10
1,780

0
-350
1,400

-2
160"
-120

0
200
500

330
917

2,205
1,366
-38

1,499
2.649
1,250

1,000
900
0

-1
-1
0

.500
1,750
1,250

Intermediate- and long-term issues

Survey of Ownership.

FHLB

FHLMC

FNMA

202

,800
706
283

20. NET CHANGE IN M O R T G A G E H O L D I N G S AT S E L E C T E D INSTITUTIONS
Millions of dollars, seasonally adjusted
Major private financial institutions
Period

Total

Total

Commercial
banks

MSB's

S&L's

Life insur.
companies

Mortgage pools

FNMA
and
GNMA

FHLMC

FHLMCGNMAguaranteed guaranteed

1976

75,398

64,898

13,737

4,041

44,727

2,393

-2,042

-712

12,199

1,055

1977

1.14,008

95,874

26,157

6,540

58,021

5,156

961

-990

14,224

3,939

1978

126,474 103,305

35,376

6,314

52,237

9,378

8,735

-233

9,389

5,275

1979-Jan.
Feb.
Mar.

10,284
9,970
10,293

7,857
7,716
7,240

2,662
2,491
2,426

559
483
388

4,015
3,804
3,359

621
938
1,067

832
790
1,385

179
65
253

1,202
1,080
1,276

214
319
139

Apr.
May
June

9,707
10,995
10,765

7,371
8,311
8,351

2,487
2,328
2,753

204
388
373

3,832
4,616
4,204

848
979
1,021

489
745
530

-3
19
-25

1,542
1,505
1,625

308
415
284

July
Aug.
Sept.

10,161
10,641
10,854

8,152
7,567
7,972

2,809
2,636
2,953

384
297
276

3,804
3,501
3,616

1,155
1,133
1,127

35
524
284

62
114
144

1,608
2,122
2,161

304
314
293

Oct.
Dec.

11,665
10,483
8,534

8,585
7,004
4,982

2,844
2,594
2,521

248
265
21

3,892
3,113
1,455

1,601
1,132
985

764
866
903

-71
202
34

2,002
2,393
2,338

385
18
277

1980-Jan.
Feb.
Mar.

9,924
8,035
7,322

6,196
6,166
4,974

2,474
2,402
1,826

197
290
6

2,088
2,458
1,737

1,437
1,235
1,405

1,182
631
1,286

68
144
29

2,374
1,198
834

104
80
199

Apr.
May
June

6,126
3,221
1,890

2,671
1,324
394

890
526
50

-49
148
-168

643
-483
-290

1,187
1,133
802

1,155
584
193

154
-130
30

2,006
1,205
1,084

140
238
189

July
Aug.

5,683
n.a.

3,534
n.a.

886
1,423

-115
n.a.

1,647
3,593

1,116
n •3e

196
n.a.

45
192

1,570
1,758

338
187

Nov.

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 Association of Mutual Savings Banks, Federal Home Loan Bank
Board, American Council of Life Insurance, the Federal National Mortgage Association, the Government National Mortgage Association, and the Federal
Home Loan Mortgage Corporation. Data for mutual savings banks and life insurance companies may differ somewhat from those derived from regular
quarterly series because of minor conceptual differences for which adjustments are not made in the monthly series. Altogether, these groups accounted
for 89 percent of the net increase estimated for all holders in 1978.




21. NET CHANGE IN M O R T G A G E DEBT O U T S T A N D I N G , BY TYPE OF P R O P E R T Y 1
Billions of dollars, seasonally adjusted annual rates
Residential 2
Quarter

Total

Total

1 - t o 4family

Multifamily

Farm

5.1
4.8
6.8

12.4

15.1
15.1
16.9
15.0

4.2
8.3
8.2
8.6

14.6
15.2
17.5
24.6

18.8
23.5
25.6
33.2

8.6
9.4
8.4
8.8

8.2
9.9

29.0
30.6
38.6
35.8

8.8
9.8

11.9
10.4

20.9
20.7
26.7
25.5

11.6
11.2

111.0
105.8
104.6

8.8
6.9
9.1
9.9

22.3
28.5
30.0
21.3

31.1
35.4
39.1
31.2

15.9
17.9
16.4
14.4

95.1
35.7

9.3
6.4

25.8
13.8

35.0

14,4
15.1

1976-Q1
Q2
Q3

81.7
75.5
92.7

62.9
55.4
72.7

61.5
55.6
69.0

1.4
-0.2
3.7

13.7
15.3
13.2

Q4

98.1

78.0

75.4

2.6

1977-Q1
Q2
Q3

110.7
134.9
140.2

Q4

150.2

87.5
110.3
114.3
116.8

83.3
102.0
106.1
108.2

1978-Q1
Q2
Q3
Q4

135.3
147.0
154.3
160.4

105.6
116.5
116.0
123.7

97.4
106.6
104.1
113.3

1979-Q1
Q2
Q3
Q4

155.9
164.3
161.3
150.2

117.8
117.9
114.9
114.5

109.0

1980-Q1
Q2

144.5
70.9

104.4
42.1

1

Multifamily
and
commercial

Commercial

-

20.2

7.7

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 Residential mortgage debt includes nonfarm and is the sum of 1- to 4-family and multifamily mortgage debt.




21
2 2 . A V E R A G E R A T E S A N D Y I E L D S ON HOME M O R T G A G E S A N D PASS-THROUGH S E C U R I T I E S
Secondary m a r k e t

Primary m a r k e t

Conventional mortgages

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

Period

Period

Yield in
FNMA
auction

Discount
points
in FNMA
auction

Ceiling
rate

Yield in
FNMA
auction

Yield on
GNMA
securities

Yield in
FHLMC
auction

9.31

1976-High
Low

9.10
8.70

1976-High
Low

9.20
8.39

4.93
1.96

9
8

8.44
7.57

1977-High
Low

9.00
8.65

1977-High
Low

8.98
8.46

5.18
1.50

8-1/2
8

8.39
7.56

9.21

8.81

9.02
8.63

1978-High
Low

10.38
8.98

1978-High
Low

10.60
9.13

1.88

7.13

9-1/2
8-1/2

9.68
8.43

10.92
9.28

10.42
9.12

1979-High
Low

12.90
10.38

1979-High
Low

13.29
10.42

12.54
4.16

11-1/2
9-1/2

11.77
9.51

13.97
10.92

13.56
10.40

13.16

0.93

11.26

13.81

12.61

12.59

6.52

11.12

13.27

12.69
12.48
12.42

12.42

5.59

12.22

4.77

10.89
10.79
10.73
11.42

13.05

12.28

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

12.81

11.60

7
14
21
28

12.53

6.19

11.83
11.94

7.63

11.42
11.58
11.45
11.67

12.76

12.78

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

12.84

12.00

4
11
18
25
Sept. 2

13.58

11.96
15.40

14.41

13.42

11.99
12.41
12.46
12.48
12.57

13.34

14.26

11-1/2
11-1/2
11-1/2
12

12.64
13.00
13.24
13.36
13.35

14.60

14.33

15.30

12.37

12
12
13
13

12.59
12.74
12.93
13.35

13

12.70

1980-May

June

July

Aug.

Sept.

2
9
16
23
30

15.90
14.68
14.15
13.38
13.20

May

6
13
20
27

13.06
12.85
12.58
12.35

June

3
11
18
25

12.18

July

1
8
15
22
29

12.25
12.25
12.55

5
12
19
26

13.03
13.08
13.25
13.43

Sept.

13.60

Oct.

Oct.

June

12.23

12.18
12.18

12.80
12.95

12
19
27
2
16
23
30

Aug.

8
15
22
29

6

13
13
11-1/2
11-1/2
11-1/2

8.80

13.36

11.03
11.78
11.52

14.00
14.19
14.29
14.86

11.93

11.67

12.25

13.32
13.44
13.82
13.94
13.80

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

in its weekly auction of commitments to buy conventional home mortgages for immediate (within 60 days) delivery.

*Beginning J u l y 7 , t h e FNMA a u c t i o n r e s u l t s f o r FHA/VA mortgages do
payment m o r t g a g e s .




not i n c l u d e graduated

22
23. FNMA AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES
Dollar a m o u n t s in millions
F H A / V A mortgages

Date of
auction

Conventional mortgagees
Average yield
Accepted

Offered

Accepted

Average yield

Offered

1978-Iligh
Low

1,249.4
130.3

605.3
80.1

10.60
9.13

716.9
74.7

362.5
47.5

10.92
9.28

1979-High
Low

1,034.9
36.5

448.3
19.4

13.29
10.42

454.0
19.4

172.2
17.9

13.97
10.92

1980-High
Low

644.2
199.0

354.6
88.5

15.93
12.28

426.0
53.9

133.0
24.1

17.51
12.81

4
18

643.1
420.2

354.6
273.5

13.58
14.26

204.9
225.5

106.7
112.1

13.31
14.00

Sept. 2
15
29

324.4
224.5
358.1

183.0
136.4
218.5

14.41
14.60
15.30

120.5
103.9
123.3

71.0
67.9
70.9

14.19
14.29
14.86

1980-Aug.

24. FHLMC AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES
Conventional mortgages, dollar a m o u n t s in millions
Immediate delivery program
Average yield
Accepted
Offered

Date of
auction

Offered

F u t u r e c o m m i t m e n t program
Average yield
Accepted

1979-High
Low

298.0
38.7

150.5
17.9

13.56
10.40

166.6
38.7

37.8
13.7

13.89
10.43

1980-High
Low

337.1
24.4

140.4

16.22
11.60

129.5
38.1

31.2
11.6

17.36
12.13

5
12
19
26

230.6
180.4
130.2
117.7

98.7

229.9

25.2

14.09

67.1
75.0

12.64
13.00
13.24
13.26

Sept. 2
9
16
23
30

65.1
96.5
161.4
108.7
51.6

33.9
44.9
50.5
50.9
44.1

13.35
13.32
13.44
13.82
13.94

57.7

25.8

14.27

Oct.

n.a.

1980-Aug.

7

20.8
86.6

n.a.

13.80

As of June 24, t h e s i x - m o i t h forward program was d i s c o n t i n u e d , and subsequent d a t a r e f e r
to FHLMCs 8-month program.
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
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 O F M O R T G A G E - B A C K E D S E C U R I T I E S
Millions of dollars, n o t seasonally adjust.
Pass-through securities
Period

GNMA-guaranteed
New issues

Outstanding
(end of period)

FH LMC-guaranteed
New issues

Outstanding
(end of period)

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

Privately insured
New issues

1976

13,764

30,571

1,396

2,671

n.a.

n.a.

75

1977

17,440

44,896

4,131

6,610

242

238

1,115

1978

15,358

54,347

6,212

11,892

1,011

1,141

465

1979-Jan.
Feb.
Mar.

1,703
1,361
1,464

55,627
56,575
57,955

317
494
118

12,093
12,462
12,466

60
136
84

1,325
1,411
1,482

0
0

Apr.
May
June

1,489
1,673

364
572
382

12,790
13,296
13,562

151
201
142

1,619

1,860

60,274
61,551
63,001

1,915

400

July
Aug.
Sept.

2,032
2,934
2,640

64,401
67,135
69,358

321
554
347

13,781
14,200
14,421

204
190
254

2,105
2,257
2,516

225
350
65

Oct.
Nov.
Dec.

2,639
3,250
1,895

71,457
74,106
76,401

530
186
361

14,838
14,916
15,180

470
383
300

2,987
3,353
3,641

0
0

1980—Jan.
Feb.
Mar.

2,611

180
207
106

15,274
15,397
15,454

405
205
342

4,227
4,421
4,728

50

1,354
1,125

78,849
79,900
80,843

Apr.
May
June

1,778
1,127
1,320

82,419
83,385
84,282

199
391
232

15,613
15,949
16,120

510
495
409

5,240
5,732
6,139

0
0

190

July
Aug.

1,874
2,215

85,634
88,031

288

16,370

320

16,558

469
n.a.

6,551
n.a.

50
n.a.

1,821

0
0
0

70
0
0

GNMA-guaranteed securities are issued by private institutions and represent undivided interests in pools of Government-underwritten home mortgages
pools of conventional residential mortgages underwritten by major private mortgage insurance companies.
Source: GNMA, FHLMC, HUD, and Federal Reserve.