Full text of H.16 Capital Market Developments : October 15, 1979

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•;
4

- ' li*~October 15, 1 9 7 9

FEDERAL RESERVE BANS*
•

of KANSAS CITY

(

25 1979

Research Library -

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.

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

6.
7.
8.
9.
10.
11.
12.
13.

New Corporate Security Issues by Type of Issue
New Corporate Security Issues by Type of Issuer
Public Offerings of Intermediate- and Long-Term Securities: Corporate
Public Offerings of Intermediate- and Long-Term Securities: State and Local
Public Offerings of Intermediate- and Long-Term Securities: U.S. Treasury
Public Offerings of Intermediate- and Long-Term Securities: Government-Sponsored Agencies
Forthcoming Public Offerings of Intermediate- and Long-Term Securities: Corporate
Forthcoming Public Offerings of Intermediate- and Long-Term Securities: State and Local

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

Stock Prices
Trading Volume
Security Credit
Savings Flow at Selected Nonbank Thrift Institutions
Mortgage Commitments Outstanding at Selected Institutions
Net New Money Borrowings by Major Housing Credit Agencies
Net Change in Mortgage Holdings at Selected Institutions
Net Change in Mortgage Debt Outstanding, By Type of Property
Average Rates and Yields on Home Mortgages and Pass-Through Securities
FNMA Auctions of Commitments t o Purchase Home Mortgages
FHLMC Auctions of Commitments t o 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 t h e United States, its possessions, Canada, and Mexico; 10 or more of the same ISSU®
address, $13.50 per year or $ . 3 5 each. Elsewhere, $20.00 per year or $.50 each. Address requests t o Publications ervici8 •
Support Services, and make payment remittance payable t o the order of the Board of Governors of the e era
form collectible at par in U.S. Currency.



1. Y I E L D S , V O L U M E A N D R E C E P T I O N
Corporate B o n d M a r k e t

Week ending
1979-July

6
13
20
27

Aug.

Sept.

Oct.

New issue
Aaa utility1

Yields
Recently offered
Aaa utility2

Gross offerings^
($ millions)

Volume
Percent sold by
end of week

New issues in syndicate4
($ millions)

9.57
9.63

9.41
9.50
9.58
9.59

175
440
257
754

77
70
96
90

40
133
10
79

3
10
17
24
31

9.52
9.40
9.42
9.47
9.62

9.57
9.44
9.45
9.47
9.54

429
456
361
587
179

90
83
92
99
94

42
72
30
8
10

7
14
21
28

9.84
9.97
9.98

9.70
9.87
9.92
10.00

110
945
296
615

85
93
99
80

17
67
1
123

5
12

10.22r
10.80p

10.25r
10.73p

8 Or
97

283r
10

—
- —

~

1,575
300

2. Y I E L D S , V O L U M E A N D R E C E P T I O N
Municipal Bond Market
Yields
Week ending

1979-July

Aug.

Sept.

Oct.

1
2
3
4

Moody's new
issue A a a

Bond Buyer
G O. bond
index

Volume
Bond Buyer
Rev. btind
index

Gross offerings
($ millions)

P e r c e n t sold by
e n d of w e e k 3

N e w issues in
syndicate4
($ millions)

465
836
427
941

83
90
82
86

278
299
272
274

548
823
1,066
798
605

92
81
84
91
85

208
291
404
348
244

84
89
88
90

181
164
104
117

80
88

183r
206

6
13
20
27

5.50
.5.60
5.60
5.60

6.08
6.11
6.15
6.19

3
10
17
24
31

5.60
5.70
5.70
5.75
5.85

6.14
6.13
6.16
6.23
6.36

7
14
21
28

5.85
5.90
5.90
5.95

6.47
6.49
6.57
6.56

7.23
7.25

366
706
497
583

5
12

5.95
6.35

6.64
7.12

7.35
7.75

1,015
1,080

:

— ;

—

.

—

•

—
—

:

—

— i
——

,

.

Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection.
Federal Reserve series of implied free-market yield on Aaa-rated utility bond with 5-year call protection, released f r o m price restrictions sometime
during t h e last f o u r weeks.
Estimated by F.R. on the basis of available data.
Corporate Market: Salomon Brothers Bond Market Roundup -, Municipal Market: Weekly Bond Buyer. Data are adjusted by Federal Reserve when
necessary t o make coverage of this series consistent with the gross offerings series.




New issue
Aaa utility1

Date

Recently offered
Aaa utility2

Moody's
seasoned
corporate Aaa 3

U.S. govt.
20-year constant
maturity 4

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

Bond Buyer
Rev. bond
index 6

Bond Buyer
G.O. bond
index 5

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

—

1975-Hlgh
Low

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

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

1976-High
Low

3.95 (5/28)
7.93 (12/10)

7.29 (1/2)
8.66 (5/28) 8.17 (5.28)
9.10 (1/2)
5
.95 (12/16)
7
.
2
7
(
1
2
/
3
1
)
7.84 (12/31) 7.91 (12/31)

—

1977-High
Low

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

8.84 (12/30) 8.28 (12/30) 7.99 (12/30) 5.93 (2/4)
5.45 (11/17)
7.26 (1/7)
7.88 (1/7)
7.95 (1/7)

—

1978-High
Low

9.29 (12/15)
8.60 (3/24)

9.54 (12/22) 9.27 (12/29) 9.00 (12/22) 6.67 (12/22)
5.58 (3/17)
8.02 (1/6)
8.30 (1/6)
8.84 (1/6)

"

—

10.80 (10/12) 10.73 (10/12) 9.83 (10/12) 9.78 (10/12) 7.12 (10/12)
6.08 (7/6)
8.79 (7/6)
9.39 (6/29) 9.16 (7/6)
9.40 (8/17)

1979-High
Low

Mar.

9.54
9.53
9.62

9.51
9.56
9.62

9.25
9.26
9.37

8.98
9.03
9.08

6.47
6.31
6.33

Apr.
May
June

9.70
9.83
9.50

9.74
9.84
9.50

9.38
9.50
9.29

9.21
9.21
8.91

6.29
6.25
6.13

July
Aug.
Sept.

9.58
9.48
9.93

9.53
9.49
9.87

9.20
9.23
9.44

8.92
8,97
9.21r

6.13
6.20
6.52

1979-Jan.
Feb.

—

——

—

—

—-

—
—

-

Augw

Sept.

Oct.

1
2
3
4
5
6

;

„

9*52
9.40
9.42
9.47
9.62

9.57
9.44
9.45
9.47
9.54

9.24
9.20
9.20
9.23
9.30

8.96
8^92
8.958.97
9.04

6,14
6.13
6.1&
6.23
6.36

7
14
21
28

9.84
9.97
9.98

9.70
9.87
9.92
10.00

9,34
9.42
9.49
9.50

9.18
9.19
9.19
9.26

6.47
6.49
6.57
6.56

7.23
7.25

5
12

10.22r
10.80p

10.25r
10/73p

9.66r
9.83p

9.38r
9.78p

6.64
7.12

7.35
7.75

310
17
24
31

—
~

—
——

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 f r o m price
restrictions sometime during t h e last four weeks.
Weekly average of daily closing figures.
Weekly average of daily figures. U.S. Treasury data.
Thursday figures. The average rating of t h e 2 0 general obligation bonds used in this index falls midway between the five t o p groups as classified by
Moody's Investors Service. Weekly Bond Buyer data.
Thursday figures. The average rating of the 2 5 revenue bonds used in this index falls midway between the five t o p groups as classified by Moody's
Investors Service. Weekly Bond Buyer data.




4. LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS
Gross proceeds, millions of dollars
State and Local
Corporate 1
Period
1979
1978
1978
1977

3,326
2,770
4,569

1979
3,770
3,170
4,401

3,402
3,442
4,063

3,306
2,753
4,844

2,834
.2,595
4,640

3,928
3,733
5,632

3,397
4,227
5,539

4,311
4,167
6,044

3,409
4,566
5,786

3,824
5,525
4,369

3,501
3,030
4,559

July
August
September

4,251
3,458
4,178

4,414
3,379
4,236

3,550e
3,450e
3,600e

3,113
4,118
4,013

3,920
6,407
2,323

3,262
4,124
2,700e

October
November
December

4,025
5,341
6,518

3,799
3,207
4,401

3,807
3,332
3,646

3,231
4,320
3,690

53,792

47,264

46,697

48,512

January
February
March

1977
4,358
3,790
5,578

April
May
June

Year

1 Securities and Exchange Commission estimates of gross proceeds.
2 Public Securities Association estimates of principal amounts,
e Estimated by Federal Reserve on the basis of available data.

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

Decreased)/ Sponsored
agency
increase!—)
borrow! ng4
in cash
operating
balance

Combined
deficit(+)
or
surplus(-) 1

Total 3

CY-/-1977
CY -1978

61,410
52,870

56,762
53,683

-2,504
706

45,973
31,777

14,314
22,644

-887
-1,431

5,250
3,206

-602
-4,019

7,327
23,509

1979-Jan.

3,696
6,032
13,722

3,312
-668
8,012

539
131
3,044

2,551
1,320
2,906

414
-2,109
2,525

-208
-16
-432

-762
-1,558
6,508

1,146
8,258
-798

1,736
2,154
2,196

Apr.
-9,834
4,822
May
June - 1 1 , 2 3 7

-4,965
1,806
-1,458

-1,729
-654
-3,186

2,396
2,937
-18

-5,494
-312
1,853

-168
-237
-92

-4,212
-669
3,049

-657
3,685
-12,828

2,218
1,037
2,181

8,167

4,831

48

3,518

1,305

-71

-£19

3,955

Period

Feb.
Mar.

July

Other

3,094e

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

5 CY = Calendar Year.



6. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE

Gross proceeds, millions of dollars
Bonds
Period

Total

Privately
placed
15,927
17,943
17,057

Common and
preferred
stocks

Memo
Issues included
Convertible
Foreign
2,342
994
1,161
849
418
802

1976
1977
1978

53,488
53,792
47,230

Publicly
offered
26,453
24,072
19,815

1978-QI
QII
QUI
QIV

10,665
13,163
12,029
11,373

4,748
5,422
5,159
4,486

3,886
4,788
4,526
3,857

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

233
260
120
189

4
158
115
129

1979-Jan.
Feb.
Mar.

3,770
3,170
4,401

1,282
1,336
1,904

1,824
921
1,825

664
913
672

16
10
21

3
5
0

Apr.
MayJune

4,311
4,167
6,044

2,984
1,999
4,146

748
1,576
1,017

579
592
881

23
1
n.a.

11,108
11,777
10,358

759
350
n.a.

7. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUER

Period
1976
1977
1978

Manufacturing
15,495
13,393
10,813

Public utility
14,418
14,127
12,232

Communications
3,563
4,442
3,640

Other issuers1
20,011
21,827
20,549

1978-QI
QII
QUI
QIV

2,555
3,148
2,699
2,411

2,433
3,728
3,049
3,022

854
424
1,143
1,219

4,822
5,863
5,142
4,722

1979-Jan.
Feb.
Mar.

934
399
763

817
1,186
1,056

259
558
582

1,759
1,026
2,000

Apr.
May
June

570
1,293
1,137

1,123
865
1,302

261
109
409

2,357
1,899
3,197

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



8. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE 1
Issuer

Indiana & Michigan E l e c . Co.
Duke Power Co.
Kansas Power & Light Co.
P a c i f i c Northwest B e l l T e l .
Co.
TransWorld Corp.
Oak I n d u s t r i e s I n c .
Beckman Instruments I n c .
Telecom Corp.
D i a l F i n a n c i a l Corp.
McDonalds Corp.
IBM
IBM
P h i l a d e l p h i a E l e c . Co.
Louisiana Power & Light Co.
Ohio Edison Co.
P u b l i c S e r v i c e E l e c . & Gas Co
Southern C a l i f o r n i a Edison Co

*
1

Amount
(millions
of dollars)

Date

Type

1979
10/2
10/2
10/3

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

40.0
150.0
33.3

10/3
10/3
10/4
10/4
10/4
10/4
10/4
10/4
10/4
10/10
10/10
10/10
10/10
10/11

Debt.
Units
Com. s t k .
Com. s t k .
Debt.
Debt.
Notes
Notes
Debt.
1 s t mtg.
Pfd. Stk.
Pfd. stk.
Com. s t k .
1 s t mtg.

170.0
90.0
33.5
54.3
25.0
50.0
50.0
500.0
500.0
100.0
40.0
30.3
59.3
200.0

Coupon
rate

Offering
yield

n.a.
2009
n.a.

11.00
10.75
n.a.

11.00
10.80
n.a.

Baa/BBB
A/A+

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

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

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

Aaa/AAA
B/B

Maturity

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




Moody's/S&P's
ratings

——

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

Aa/AA

8
9. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL 1
Issuer

San Pablo R e d e v e l . A g c y . , CA
San Pablo R e d e v e l . A g c y . , CA
C a l i f o r n i a Hsg. F i n . Agcy.
C a l i f o r n i a Hsg. F i n . Agcy.
Houston, Texas
Houston, Texas
Chicago P u b l i c B l d g . Comm.,
IL
Memphis S h e l b y Co. A i r p o r t
A u t h . , TE
S a l t River A g r i c . Improv. &
Power D i s t . , AZ
S a l t R i v e r A g r i c . Improv. &
Power D i s t . , AZ
S a l t River A g r i c . Improv. &
Power D i s t . , AZ
S a l t R i v e r A g r i c . Improv. &
Power D i s t . , AZ
Union C o . , AR
Union C o . , AR
Union C o . , AR
Michigan Hgr. Educ. Loan Auth.
Nassau C o . , N.Y.
Dade C o . , FL
Coon Rapids, MN
Coon Rapids, MN
Kentucky Turnpike Auth.
Kentucky Turnpike Auth.
Kentucky Turnpike Auth.
Tarrant Co. Water C o n t r o l &
Improv. D i s t . # 1 , TX
Tarrant Co. Water C o n t r o l &
Improv. D i s t . # 1 , TX
Tarrant Co. Water C o n t r o l &
Improv. D i s t . #1, TX
Oregon, S t a t e of
P e n n s y l v a n i a Hsg. F i n . Agcy.
P e n n s y l v a n i a Hsg. F i n . Agcy.
P e n n s y l v a n i a Hsg. F i n . Agcy.
P e n n s y l v a n i a Hsg. F i n . Agcy.
Ohio Water Dev. Auth.
Morgan County, CO
Morgan County, CO

1
2
3

Net
interest
cost

Date

Type2

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

Amount
(millions
of $)

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

13.7
35.1
47.1
22.9
10.0
25.0

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

10/3

Rev.

29.0

1981-1999 6.66

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

10/3

Rev.

27.1

1982-1999 6 . 6 3 ^

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

10/4

Rev.

37.6

1983-2000 n . a .

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

10/4

Rev.

31.3

2007

n.a.

7.10

Aa/A+

10/4

Rev.

11.9

2009

n.a.

—

Aa/A+

10/4
10/4
10/4
10/4
10/4
10/4
10/4
10/5
10/5
10/5
10/5
10/5

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

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

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

10/8

Rev.

87.4

1991-2000 n . a .

10/8

Rev.

56.0

2004

10/8
10/9
10/9
10/9
10/9
10/9
10/11
10/12
10/12

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

199.4
200.0
14.1
19.9
18.7
2.7
41.0
15.0
35.0

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

G.O.

Maturity

n.a.
n.a.
7.19
7

'193/
7.08|/
7.08^

n.a.
n.a.
n.a.
n.a.
6.70
6.80
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

n.a.
n.a.q j
6.71n.a.
n.a.
n.a.
n.a.
7.44
n.a.
n.a.

Includes only state and local security offerings of $ 2 5 million and over; excludes secondary offerings.
For state and local government securities, G.O. denotes general obligation; Rev. denotes revenue obligations.
Canadian interest cost.




Offering
yield

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

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

1Moody's/S&P's
ratings

—/A—/AA-1/AA+
A-1/AA+
A/A
A/A

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

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

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

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

Payment
date

Length

Maturity
date

Coupon Auction
average
rate
(percent) (percent)

7/31/81
8/15/82

9-3/8
9
9
9-1/8
9-5/8
9-1/4

1979

1979

J u l y 24
31

7/31
8/15

1
2
22
28

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

7 -•yr 6-mo 2 / 1 5 / 8 7
29 - y r . 9-mo 5 / 1 5 / 0 9
8/31/81
2-yr.
-yr.8-mo 5/15/84

Oct. 3
4

10/9
10/10
10/18

9/30/81
2-yr.
9/30/83
4-yr.
1 5 - y r . 1-mo 1 1 / 1 5 / 9 4

Aug.

11

1
2
3

2-yr.
3-yr.

Net proceeds

Gross proceeds
Total

Privatel

Total

9.41
9.06

3,217
3,586

2,811

3,047

37

9.00
8.92
9.65
9.25

3,028
2,398
3,714
2,562

1 0 - 1 / 8 10.21
9-3/4
9.79
1 0 - 1 / 8 10.17

n.a.
n.a.
1,501

2,528

2,001
3,258
2,502

3,254
2,502
1,501

j

1

Private -

Memo:
Foreign
add-ons 3

37

0
0

1,464

2,513

233
2,562

233
2,502

0
0
0
60

n.a.
n.a.
1,501

n.a.
n.a.
1,501

Excludes amounts sold t o Government investment accounts and the Federal Reserve. Also excludes add-ons to foreign accounts.
May be larger than the total if the Government accounts and/or the Federal Reserve do not fully roll-over their maturing holdings.
Additional amounts of securities issued t o foreign and international monetary authorities at the average auction price for new cash.




2

n.a.
n.a.
n.a.

10
11. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: GOVERNMENT SPONSORED AGENCIES
Issuer

Offering Payment
date
date

Length

Maturity
date

Yield
(percent)

4/11/83
6/11/34
6/12/89

9.25
9.25
9.30

Amount (millions of dollars)
Gross
proceeds

1979

1979

6/6
6/6
6/6

6/11
6/11
6/11

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

6/27
6/27
6/27

7/10
7/10
7/10

3 - y r . 3-mo
5-yr.
8-yr.

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

9.00
9.05
9.10

1,000

7/11
7/11
7/11

7/23
7/23
7/23

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

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

8.90
9.00
9.10

1,128

FHLB

7/19

7/25

1 - y r i 4-mo

11/25/80

9.30

FHLMC

7/19

8/2

3 0 - y r . 1-mo

9/15/09

FHLB

8/15
8/15

8/27
8/27

2 - y r . 9-mo
4 - y r . 6-mo

FNMA

8/30

9/10

FFCB

9/19

FNMA

9/25

FNMA

FNMA

FFCB

FFCB
FHLB
FHLMC
FNMA

—
—
—
—

Federal
Federal
Federal
Federal

1,000

Net
proceeds

900

1,100

1,000

1,000

1,314

1,128

700

0

700

10.05

200

0

200

5/25/82
2/27/84

9.15
9.05

900
900

1,400

400

3 - y r . 6-mo

3/10/83

9.50

700

1,000

-300

10/1

4 - y r . 9-mo

6/4/84

9.70

749

201

548

10/10

3-yr.11-rao

9/10/84

9.75

700

400

300

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




Maturing
issues

500
500
500
500
653
662

11

As of October 1 2 , 1979
12. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE 1
Type

Amount
(millions of dollars)

Houston I n d u s t r i e s I n c .
*Apache Marine S e r v i c e s I n c .
Columbia Gas System I n c .
Arizona Pub. S e r v i c e Co.
Utah Power & L i g h t Co.
Enserch Corp.
Mountain S t a t e s T e l . & T e l . Co.
P a c i f i c Gas & E l e c . Co.
Gulf S t a t e s U t i l i t i e s Co.
A t l a n t a Gas L i g h t Co.
General T e l . Co. of t h e Southwest
General T e l . Co. of t h e Southwest
El Paso E l e c . Co.
Southern C a l i f o r n i a Gas Co.
Carolina Power & L i g h t Co.
Long I s l a n d L i g h t i n g Co.
Kansas Gas & E l e c . Co.
* B r a n i f f I n t e r n a t i o n a l Corp.
Sharon S t e e l Corp.
United T e l . Co. of F l o r i d a
ITT F i n a n c i a l Corp.
High V o l t a g e E n g i n e e r i n g Corp.
United Grocers I n c .
C r y s t a l O i l Co.
E l i s n o r e Corp.
*GATX
Kansas C i t y Power & L i g h t Co.
Duquesne L i g h t Co.
L o u i s i a n a Power & L i g h t Co.
Arizona P u b l i c S e r v i c e Co.
P a c i f i c T e l . & T e l . Co.
Middle South U t i l i t i e s I n c .
*Flor±da Power & L i g h t Co.
* V i r g i n i a E l e c . & Power Co.
•Kentucky U t i l i t i e s Co.
• W i s c o n s i n P u b l i c S e r v i c e Co.
*Gulf S t a t e s U t i l i t i e s Co.
• P e n n s y l v a n i a Power & L i g h t Co.
• P u b l i c S e r v i c e 6f New Mexico
• C e n t r a l I l l i n o i s P u b l i c S e r v i c e Co.Kentucky U t i l i t i e s Co.
Consumers Power Co.

Com. s t k .
Govt. g t d .
Debt.
1 s t mtg.
Com. s t k .
Com. s t k .
Debt.
Com. s t k .
Com. s t k .
Debt.
Debt.
Pfd. stk.
1 s t mtg.
Debt.
Com. s t k .
Com. s t k . ( r t s )
Com. s t k .
Pfd. stk.
Debt.
Debt.
Debt.
Debt.
Notes
Debt.
Debt.
Equip. t r . c e r t
1 s t mtg.
Com. s t k .
1 s t mtg.
Com. s t k .
Debt.
Com. s t k .
1 s t mtg.
Com. s t k .
Com. s t k .
1 s t mtg.
1 s t mtg.
Com. s t k .
1 s t mtg.
Com. s t k .
1 s t mtg.
Com. s t k .

60.0
29.0
100.0
75.0
65.0
75.0
175.0
200.0
40.0
50.0
75.0
25.0
25.0
70.0
90.0
120.0
40.0
75.0
50.0
30.0
125.025.0
30.0
25.0
35.0
60.0
50.0
55.0
75.0
45.0
300.0
100.0
75.0
80.0
20.0
40.0
75.0
50.0
50.0
30.0
40.0
50.0

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.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Indef.

OTHER
•European Economic Community
Hydro-Quebec
Hydro-Quebec

Debt.
Notes
Bonds

200.0
100,0
200.0

Oct.
Oct.
Oct.

90.0

Oct.

Issuer

POSTPONED
C a r o l i n a Power & L i g h t Co.

*
1

Com. s t k .

Approximate date
of offering

Included in table for first time.
Includes only corporate and other security issues of $ 2 5 million and over; excludes exchanges, options, and secondary offerings.




16
17
17
18
18
22
23
23
24
24
25
25
29
30
30
30
31

6
7
8
11
13
13
14
19
19
27
27
27
28
28
29

15

'

Y2

As of October 1 2 , 1979

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

Raw J e r s e y Hsg. F i n . Agcy.
Washington P u b l i c Power Supply S y s .
Washington Suburban S a n t . D i s t . , MD
*Grand Haven, HI
* V i r g i n i a Hsg. D e v e l . Auth.
*Vanceburg, KY
P u e r t o Rico Water R e s o u r c e s Auth.
New York S t a t e Power Auth.
Alaska Hsg. F i n . Corp.
Mercer C o . , ND
C a l i f o r n i a D e p t . of Water R e s o u r c e s
Los A n g e l e s D e p t . of A i r p o r t s , CA
Michigan South C e n t r a l Power Agcy.
I l l i n o i s , State of
North C a r o l i n a , S t a t e of
Michigan S t a t e Hsg. D e v e l . Auth.
A l l e g h e n y Co. H o s p i t a l D e v e l . A u t h . , PA
Delaware S o l i d Waste Auth.
Los A n g e l e s D e p t . of Water & Power, CA
Ohio Water D e v e l . Auth,
Maryland D e p t . of T r a n s p o r t a t i o n
* D a l l a s C o . , TX
^ C a l i f o r n i a , S t a t e of
*Ohio B u i l d i n g Auth.
*Corona R e d e v e l . A g c y . , CA

POSTPONEMENT
Louisiana, State of

*
1

Type

Approximate date
of offering

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

156.0
125.0
97.8
84.5
47.2
103.8
100.0
150.0
114.0
27.2
90.0
255.0
95.6
130.0
67.3
61.5
41.5
55.0
75.0
290.0

96.1

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

G.O.

108,0

Oct.

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




Amount
(millions of dollars)

80.0

35.0
150.0

88.0

16
17
17
18
18

18
18
18
19
23
23
24
26
30
30
1
7
7
7
13
14
15
15

14. STOCK PRICES^

Date
1976-High
Low

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

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

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

NASDAQ5
92.52 (7/15)
78.06 ( 1 / 2 )

1977-High
Low

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

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

127.89 (12/30)
109.61 (1/12)

105.05 (12/30)
93.66 ( 4 / 5 )

1978-High
Low

60.38 (9/12)
48.37 (3/6)

907.74 ( 9 / 8 )
742.12 ( 2 / 2 8 )

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

139.25 ( 9 / 1 3 )
99.09 ( 1 / 1 1 )

1979-High
Low

63.39 (10/5)
53.88 (2/27)

897.61 (10/5)
807.00 ( 2 / 2 7 )

235.15 ( 1 0 / 5 )
152.03 (1/2)

152.29 ( 1 0 / 5 )
117.84 (1/2)

1979-Aug.

3
10
17
24
31

59.33
60.64
61.70
61.94
62.40

846.16
867.06
883.36
880.20
887.63

198.99
202.41
211.00
216.24
217.61

142.63
145.07
147.84
149.40
150.44

Sept.

7
14
21
28

61.39
62.08
62.88
62.24

874.15
879.10
893.94
878.67

222.59
225.92
227.24
225.18

148.07
150.56
150.65
149.98

Oct.

5
12

63.39
59.29

897.61
838.99

235.15
212.81

152.29
140.71

15. TRADING VOLUME?

Date
1976-High
Low

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

AM EX
8.6 (2/20)
1.1 (1/2)

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

1977-High
Low

35.3 (11/11)
10.6 (10/10)

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

1 1 . 2 (11/10)
5 . 1 (5/27)

1978-High
Low

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

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

18.8 (5/18)
2.8 (1/20)

1979-High
Low

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

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

24.5 (10/10)
7.2 (1/2)

1979-Aug.

3
10
17
24
31

33.1
37.8
41.5
35.6
29.6

3.8
4.2
5.2
4.6
4.4

14.1
14.3
15.7
15.5
14.8

Sept.

7
14
21
28

34.9
38.4
41.8
34.6

5.1
5.4
5.8
5.3

15.0
15.6
15.8
15.3

Oct.

5
12

37.4r
54.3

6.1r
8.6

17.3r
20.3

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 12/31/65-50
4 8/31/73 = 100
5 2/5/71 = 100




14
16. SECURITY CREDIT1
Outstanding, dollar amounts in millions

End of period

Marginable
stock

Convertible
bonds

Number of
margin accounts
(thousands)

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

1976

7,960

204

810

88

1977

9,740

250

887

81

1978

10,830

205

955

67

1978 - Jan.
Feb.
Mar.

9,590
9,780
9,920

246
242
246

890
890
900

75
75
79

Apr.
May
June

10,260
10,660
11,090

248
245
242

915
930
945

85
85
84

July
Aug.
Sept.

11,190
11,740
12,400

247
243
225

955
965
990

87
88
85

Oct.
Nov.
Dec.

12,090
11,000
10,830

216
209
205

960
955
955

53
68
67

Jan.
Feb.
Mar.

10,750
10,790
10,870

199
195
181

950
— 950
965

79
71
79

Apr.
May
June

11,220
11,130
11,590

194
183
172

960
970
975

77
78
79

July
Aug.
Sept.

11,840
12,060
12,000

178
176
n.a.

960
975
985

81
86
84

1979

1

Margin credit extended
by brokers on:

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




15
17. SAVINGS FLOWS AT SELECTED NONBANK THRIFT INSTITUTIONS
Millions of dollars
Mutual Savings Banks
(regular deposits) 1
Net flow

Date

N.S.A.

Sea. adj.

Annual
growth
rate 3

Savings and Loan Associations
Net flow
N.S.A.

Sea. adj.
—

1976

12,670

11.5

50,169

1977

10,783

8.8

50,888

1978

8,426

6.4

44,209

1978-Jan.
Feb.
Mar.

626
476
1,712

850
489
533

7.7
4.4
4.8

2,744
2,296
7,152

Apr.

-209
436
1,304

494
559
723

4.4
5.0
6.4

341
July
260
Aug.
Sept. 1 , 3 7 8

668
1,054
1,116

Oct.
Nov.
Dec.

510
275
1,317

1979-Jan.
Feb.
Mar.

Annual
growth
rate 3

Memo:

Total
Net
flow
(sea. adj.)

N e t New M o n e y 2

Annual
growth
rate 3

At
insured
S&L's

At
MSB's

17.4

62,409

15.7

34,369

5,283

15.1

61,583

13.4

32,004

2,874

11.4

52,867

10.2

23,460

-591

2,640
2,729
3,129

8.2
8.4
9.6

3,490
3,218
3,662

8.0
7.4
8.3

2,877
2,073
2,592

-59
170
338

558
2,380
6,656

2,327
3,095
4,675

7.0
9.3
14.0

2,821
3,654
5,398

6.4
8.2
12.1

401
2,145
1,744

-553
97
-90

5.9
9.2
9.7

3,074
2,312
6,433

3,846
4,578
5,757

11.4
13.4
16.7

4,514
5,632
6,873

10.0
12.3
14.9

2,812
2,069
1,606

38
-75
-41

1,096
353
537

9.4
3.0
4.6

2,645
2,157
5,802

3,510
4,399
3,710

10.0
12.4
10.4

4,606
4,752
4,247

9.9
10.1
9.0

2,534
1,897
710

48
-59
-405

218
683
1,971

404
712
728

3.4
6.0
6.1

4,743
2,881
8,348

4,564
3,416
3,833

12.7
9.4
10.5

4,968
4,128
4,561

10.4
8.6
9.4

4,377
2,580
3,146

-118
342
463

Apr.
May
June

-832
61
890

-74
190
273

-0.6
1.6
2.3

-1,150
2,041
6,866

890
2,796
4,738

2.4
7.5
12.7

816
2,986
5,011

1.6
6.1
10.2

July
Aug.

-318
-100

12
720

0.1
6.0

2,018
1,220

2,822
3,640

7.5
9.6

2,834
3,858

5.7
7.7

May
June

;

-1,490 -1,192
1,627
-341
1,469
-649
1,455
729

-714
-500

Regular deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of
total deposits.
2 New deposits net of both withdrawals and interest. Data for S&L's are for insured associations only, which represent 96 percent of industry total
resources.
3 Annual growth rate for monthly data is the annualized monthly percentage increase in deposits.
Source: National Association of Mutual Savings Banks and Federal Home Loan Bank Board.
1




16
18. MORTGAGE COMMITMENTS OUTSTANDING AT SELECTED INSTITUTIONS
Billions of dollars, seasonally adjusted
Thrift Institutions

Federal and Related Agencies

Total

All savings
and loan
associations

I
Mutual
I savings banks
I (N.Y. state)

Total

FNMA

GNMA

FHLMC

1976

27.3

24.6

2.7

8.1

3.8

3.8

0.5

1977

39.2

34.7

4.5

11.3

5.4

4.5

1.4

1978

38.3

33.4

4.9

17.4

10.6

4.9

1.9

1978-Jan.
Feb.
Mar.

38.6
37.6
36.9

33.6
33.0
32.7

4.4
4.3
4.3

12.3
13.5
13.9

6.5
7.3
7.5

4.5
4.8
5.0

1.3
1.4
1.4

Apr.
May
June

36.2
35.8
35.9

32.3
31.9
31.5

4.3
4.3
4.6

14.0
14.9
14.6

8.0
9.0
8.7

4.8
4.6
4.4

1.3
1.5

July
Aug.
Sept.

35.6
36.2
36.7

31.5
31.9
32.3

4.6
4.6
4.4

15.2
15.0
15.9

8.8
9.4

4.5
4.3
4.5

1.7
1.9
2.0

Oct.
Nov.
Dec.

38.8
39.1
38.3

33.9
34.0
33.4

4.8
4.9
4.9

17.2
17.3
17.3

10.7
10.9
10.6

4.6
4.7
4.8

1.9
1.7
1.9

1979-Jan.
Feb.
Mar.

37.5
36.6
36.0

32.6
31.8
31.4

4.9
4.8
4.6

15.7
14.3
13.2

9.2
7.8
6.7

4.8
4.9
5.0

1.6

1.5

Apr.
May
June

36.0
35.4
35.2

31.6
31.3
31.1

4.4
4.1
4.1

11.9
11.3

6.0

6.3

5.4

4.9
4.7
4.7

1.2
1.2

July
Aug.

35.3
n.a.

31.3
31.6

4.0
n.a.

5.2
5.3

4.7
4.3

1.3
1.3

End of Period




12.6

11.2

10.9

9.0

1.2

1.7

1.4

17
19. NET NEW MONEY BORROWINGS BY MAJOR HOUSING CREDIT AGENCIES
Millions of dollars
Intermediate- and long-term issues

FNMA and FHLB
short-term
discount notes

Total including
short-term
discount notes

Total

1976

-1,750

-1,131

-2,031

0

900

-619

1977

2,732

1,444

496

-4

952

1,288

1978

19,030

13,578

6,302

576

6,700

5,452

1978-Jan.
Feb.
Mar.

563
1,731
912

82
1,399
-1

0
1,399
-1

82
0
0

0
0
0

481
332
913

Apr.
May
June

701
3,338
1,504

470
1,496
1,300

-1
1,498
0

-129

600

300

0
1,000

231
1,842
204

July
Aug.
Sept.

1,626
1,550
1,627

1,000

1,000

700

0
0

1,076

0

126

1,200
0

-274
550
551

Oct.
Dec.

1,799
1,429
2,250

1,695
1,113
2,048

-5
1,114
598

0
-1
200

1979-Jan.
Feb.
Mar.

967
1,457
912

0
1,033
1,372

0

0

834
0

199
-128

1,500

Apr.
May
June

1,027
304
1^363

997
215
1,299

0
222
0

-3
-7
199

1,000
0

1,688

lr, 898
400

700
400

198

1,000

Period

Nov.

Aug.—

-141

1,900

Based on data from Treasury Survey of Ownership.



FHLB

FHLMC

-2

0

FNMA

950
1,700

0

1,250

0
0

1,100

0

104
316
202
967
424
-460
30
89
64
-21&
-541

2 0 . N E T C H A N G E IN M O R T G A G E H O L D I N G S A T S E L E C T E D I N S T I T U T I O N S
Millions of d o l l a r s , s e a s o n a l l y a d j u s t e d
Major private financial institutions
Period

Total

Total

Commercial
banks

MSB's

S&L's

Life insur.
companies

FNMA
and
GNMA

Mortgage pools
FHLMC

GNMAFHLMCguaranteed1 guaranteed

1976

76,152

65,603

14,600

4,074

44 j515

2,414

-2,120

-718

12,314

1,073

1977

114,568

96,407

26,500

6,595

58,158

5,184

890

-993

14,325

3,9.39.

1978

126,091 102,875

35,400

6,378

51,695

9,402

8,696

-212

9,451

5,281

19 78-Jan.
Feb.
Mar.

9,675
8,281
10,322

8,146
7,953
8,551

2,748
2,537
2,632

587
554
625

4,319
4,384
4,736

492
478
558

350
487
505

—84
17
239

889
-502
954

364
326
73

Apr.
May
June

9,178
11,425
10,813

7,836
8,665
8,983

2,356
3,053
3,292

520
583
468

4,349
4,300
4,472

611
729
751

660
1,420
870

-88
-198
-731

387
996
712

383
542
979

July 10,273
Aug. 1 0 , 8 6 1
Sept. 10,612

8,337
9,026
8,546

3,426
3,231
3,162

594
544
498

3,647
4,214
4,188

670
1,037
698

538
915
808

-300
516
18

700
1,219
865

998
-815
375

Oct.
Dec.

11,432
11,765
10,671

8,738
9,341
8,602

3,027
3,067
2,854

456
626
263

4,450
4,762
3,818

805
886
1,667

898
604
654

268
178
-49

1,018
1,217
974

510
425
490

1979-Jan.
Feb.
Mar.

10,343
9,728
10,191

7,973
7,346
7,241

2,840
2,466
2,362

575
486
395

3,925
3,451
3,414

633
943
1,070

820
846
1,125

231
74
338

1,177
1,034
1,451

142
428
36

Apr.
May
June

9,037
9,920
10, 618

7,495
8,322
8,880

2,464
2,348
2,789

375e
356
330

3,780
4,641
4,362

876
977
990

466
1,016
610

— 60
- 45
— 84

1,285
1,168
1,364

317
475

July
Aug.

9,618
n. a .

8,216
n. a.

2,886
3,089

3,741
3,480

1,174
n.a.

-220
n.a.

79
174

1,274
n.a.

Nov.

415
n.a.

:

151

269
181

5

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




2 1 . N E T C H A N G E IN M O R T G A G E D E B T O U T S T A N D I N G , BY T Y P E O F P R O P E R T Y 1
Billions of d o l l a r 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
Residential2

1

2

Quarter

Total

1976-Q1
Q2
Q3
Q4

Commercial

Multifamily
and
commercial

Total

1 - t o 4family

80.9
74.5
93.1
99.6

62.5
55.0
72.7
78.9

61.0
55.2
68.9
76.5

1.5
-0.2
3.8
2.4

13.3
14.8
13.5
13.0

14.8
14.5
17.2
15.5

5.2
4.7
6.9
7.7

1977-Q1
Q2
Q3
Q4

108.5
133.8
140.9
152.8

85.9
110.0
114.5
118.6

81.6
101.8
106.2
110.2

4.2
8.3
8.3
8.4

14.0
14.5
17.8
25.6

18.2
22.8
26.1
34.0

8.6
9.2
8.6
8.7

1978-Q1
Q2
Q3
Q4

133.2
145.9
154.8
161.3

104.9
114.6
116.1
124.6

95.8
105.3
104.0
114.2

9.1
9.2
12.0
10.4

19.3
21.7
26.9
26.2

28.4
31.0
38.9
36.6

9.0
9.6
11.8
10.5

1979-Ql
Q2p

152.8
156.8

114. 7
116.0

105.1
105.7

9. 6
10.3

25.8
27.7

35.4
39.0

12.3
13.1

Multifamily

Farm

Derived from data on mortgage debt outstanding from Federal Deposit Insurance Corporation, Federal Home Loan Bank Board, Institute of Life
Insurance, National Association of Mutual Savings Banks, Departments of Commerce and Agriculture, Federal National Mortgage Association, Federal
Housing Administration, Veterans Administration and Comptroller of the Currency. Separation of nonfarm mortgage debt by t y p e of property, where
not available, and interpolations and extrapolations, where required, estimated mainly by Federal Reserve.
Residential mortgage debt includes nonfarm and is the sum of 1 - to 4-family and multifamily mortgage debt.




20
22. 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 T H R O U G H S E C U R I T I E S
Primary market

Secondary market
FHA/VA mortgages

Rates on
conventional
loans at
S&L's

Period

Yield in
FNMA
auction

Period

Discount
points
in F N M A
auction

Ceiling
rate

Conventional mortgages
Yield o n
GNMA
securities

Yield in
FNMA
auction

Yield in
FHLMC
auction

1976-High
Low

9.10
8.70

1976-High
Low

9.20
8.39

4.93
2.05

9
8

8.44
7.57

8.80

1977-High
Low

9.00
8.65

1977-High
Low

8.98
8.46

5.03
1.50

8

8-1/2

8.39
7.56

8.81

9.21

9.02
8.63

1978-High
Low

9.73
8.98

1978-High
Low

9.86
9.13

5.92
4.00

9

8.43
9.05

10.07
9.28

10.42
9.12

1979-High
Low

11.35
10.38

1979-High
Low

10.42

11.66

7.94
4.16

10-1/2
9-1/2

11.02

11.99
10.92

11.64
10.40

10.90
11.03
11.05
11.10
11.10

June

10.79

5.10

10.74

4.81

10
10
10

July

10
10

9.83
9.76
9.72
9.82
9.69

11.13

July

10.66

4.31
4.22

9.69
9.78
9.80
9.88

11.54

10.65

10
10
10
10

11.51

10.82
10.88

10.64

4.16
4.46

9.82
9.88
9.90
10.03
10.14

11.50

10.69

10
10
10

10.99
11.10

11.53

11.20
11.28

11.67

11.37

1979-June

1

8

15
22
29
July

6
13
20
27

Aug.
10
17
24
31

11.08
11.08
11.08
11.08
11.08
11.08
11.10
11.13

11.20

4
11
18
25

16
23
30
Aug.
13
20
27
Sept. 4

Sept. 7
14
21
28

11.30
11.35
11.35

Sept.10
17
24
Oct. 1

Oct.

11.35

9

5

!VlrTmf Ttr!Cointerest

rates on

8 1/2

10
10

9.51

10.92

5.90

11.25

7.91

11.66

10
10
10

7.25

10-1/2

10.36
10.38
10.36
10.65

10-1/2

11.02

9.31

11.54

11.60

11.83
11.99

11.04
11.11
11.13
11.16
11.01
10.94
10.87

11.49
11.57
11.63
11.64
11.64

commitments for conventional first mortgages with 80 percent loan-to-value ratios made by a sample of

guaranteed mortgage-backed securities for immediate delivery, assuming prepayment in 12 years on pools of 30-year FHA/VA mortgages carrying a
coupon rate 50 basis points below the current FHA/VA ceiling rates shown in Column 6. Column 9 is the average net yield to FHLMC on accepted bids
in its weekly auction of commitments to buy conventional home mortgages for immediate (within 60 days) delivery.




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

1977-High
Low

1978-High
Low

1979-High
Low

Conventional mortgag|es
Accepted
Average yield

FHA/VA mortgages
Accepted

Average yield

Offered

855.4
50.3

569.7
35.1

8.98
8.46

415.9
122.9

278.0
70.5

9.21
8.81

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

891.1
36.5

360.8
19.4

11.66
10.42

289.7
19.4

172.2
17.9

11.99
10.92

Offered

1979-July

9
23

36.5
96.7

19.4
50.2

10.66
10.65

36.0
57.5

27.5
42.4

11.54
11.51

Aug.

6
20

55.7
106.6

28.1
54.6

10.64
10.69

106.8
139.1

88.9
95.2

11.50
11.53

4

17

613.5
807.6

285.0
314.9

10.92
11.25

289.7
237.6

172.2
153.4

11.67
11.83

1

891.1

360.8

11.66

195.0

126.6

11.99

Sept.

Oct.

24. FHLMC AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES
Conventional mortgages, dollar amounts in millions
Immediate delivery program
Accepted
Average yield

Future commitment program
Accepted
Average yield

Date of
auction

Offered

1977-High
Low

303.0
76.7

132.6
49.8

9.02
8.63

262.8
66.4

131.0
35.3

9.03
8.63

19 78-High
Low

359.7
71.2

191.7
53.6

10.42
9.12

247.1
69.7

18.2

84.4

10.54
9.20

19 79-High
Low

298.0
56.3

150.5
48.4

11.64
10.40

166.6
70.6

37.8
19.7

11.85
10.43

206.9
186.9
164.1

107.6
96.7
105.3
106.7
93.2

10.99
11.10

11.37

71.8

20.3

11.39

71.9

29.1

11.85

19 79-Aug.

3

10
17
24
31

Sept. 7
14

Oct.

162.2
140.4

Offered

11.20
11.28

21
28

147.4
126.4
101.0
101.9

106.1
106.2
84.9
93.9

11.49
11.57
11.63
11.64

1

182.8

121.3

11.64

Offerings in the FNMA auctions of 4-month purchase commitments relate to total bids submitted, and average yields t o FNMA on accepted bids are gross
(before deduction of 37% basis points for mortgage servicing) assuming prepayment in 12 years for 30-year mortgages, without adjustments for FNMA
commitment fees or stock related requirements. Offerings in the FHLMC auctions relate to total bids submitted, and average yields to FHLMC on
eccepted bids are net, excluding 37% basis points for mortgage servicing.
Source: FNMA and FHLMC




22
25. ISSUES OF MORTGAGE-BACKED SECURITIES
Millions of dollars, not seasonally adjusted

Period

GNMA-guaranteed
New issues

Outstanding
(end of period)

Pass-through securities
F H LMC-guaranteed
New issues

Outstanding
(end of period)

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

Privately insured
New issues

1976

13,764

30,571

1,396

2,671

n.a.

n.a.

1977

17,440

44,896

4,131

6,610

242

238

1,115

1978

15,362

54,347

6,212

11,892

1,011

1,141

465

Mar.

1,327
929
1,315

45,890
45,325
46,357

504
470
120

7,033
7,431
7,471

0
10
119

236
243
358

0
0
50

Apr.
May
June

823
1,255
999

46,463
47,387
48,033

466
651
1,093

7,861
8,434
9,422

201
135
23

557
689
703

290
75
0

July
Aug.
Sept.

997
1,648
1,203

48,663
50,051
50,844

299
725
394

10,371
10,224
10,512

72
35
33

764
797
822

0
50
0

Oct.
Nov.
Dec.

1,762
1,721
1,381

52,095
53,358
54,347

369
581
540

10,987
11,463
11,892

57
36
275

872
897
1,161

0
0
0

1979-Jan.
Mar.

1,703
1,361
1,465

55,627
56,575
57,955

317
494
118

12,093
12,462
12,466

60
59
49

1,223
1,273
1,320

0
0
0

Apr.
May
June

1,488
1,673
1,860

58,939
60,042
61,341

364
572
382

12,790
13,296
13,562

146
160
54

1,447
1,577
1,617

0
0
400

July
Aug.
Sept.

2,032
2,934
2,697

62,545
n.a.
n.a.

321
354
n.a.

13,781
14,000
n.a.

143
148
n.a.

1,699
1,877
n.a.

225
350
65

19 78-Jan.
Feb.

Feb.

75

GNMA-guaranteed securities are issued by private institutions and represent undivided interests in pools of Government-underwritten home mortgages
formed by these institutions. FHLMC-guaranteed securities include Participation Certificates and Guaranteed Mortgage Certificates issued by FHLMC
against pools of conventional residential mortgages formed by FHLMC. Privately-insured pass-through securities are issued by private institutions against
pools of conventional residential mortgages underwritten by major private mortgage insurance companies.
Source: GNMA, FHLMC, HUD, and Federal Reserve.