Full text of H.16 Capital Market Developments : October 18, 1976

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Capital

Market
Developments

I

October 18,1976
Prepared by the
CAPITAL MARKETS SECTION
in conjunction with the
MORTGAGE and CONSUMER
FINANCE SECTION




DIVISION OF RESEARCH AND STATISTICS
BOARD O F GOVERNORS
F E D E R A L R E S E R V E SYSTEM
Washington, D C. 20551

Index

SUBSCRIPTION RATES:
Weekly $ 1 5 . 0 0 per year or $ . 4 0 each in t h e United
States, its possessions, C a n a d a , a n d Mexico; 10 or
m o r e of t h e s a m e issue t o o n e address, $ 1 3 . 5 0 per
year or $ . 3 5 e a c h . Elsewhere, $ 2 0 . 0 0 per y e a r or $ . 5 0
e a c h . A d d r e s s requests t o Publications Services, Division of A d m i n i s t r a t i v e Services, and m a k e p a y m e n t
r e m i t t a n c e p a y a b l e t o t h e order of t h e Board of
G o v e r n o r s of t h e Federal Reserve S y s t e m in a f o r m
collectible a t par in U.S. C u r r e n c y .




TABLES
1 - 6

SECURITY VOLUME AND YIELDS

7, 8

STOCK MARKET AND SECURITY
CREDIT

9-16

MORTGAGE MARKET

SYMBOLS
e

ESTIMATE

p

PRELIMINARY

r

REVISED

IUL

NOT AVAILABLE

—

DATA DO NOT EXIST

3

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
WEEK ENDING

1976 - August

Sept.

NEW ISSUE 1
A a a UTILITY

6
13
20
27

8.60
8.49

RECENTLY
OFFERED
A a a UTILITY

2

GROSS
3
OFFERINGS
( $ MILLIONS)

PER CENT
S O L D BY E N D
O F WEEK

NEW ISSUES 4
IN S Y N D I C A T E
( $ MILLIONS)

8.47

8.60
8.49
8.46
8.44

299
677
117
190

96
89
88
92

32
110
124
75

3
10
17
24

8.38
8.28
8.28
8.23r

8.38
8.35
8.30
8.29

225
240
453
314

100
90
99
78

2
73
7
247

1
8
15

8.29
8.26
8.16p

8.29
8.23r
8.20p

836r
285r
480

85
97
86

146
16
137

MUNICIPAL BOND MARKET
VOLUME

YIELDS
WEEK ENDING

1976 - August

MOODY'S
NEW ISSUE

BOND BUYER
20-60ND
INDEX

3
GROSS
OFFERINGS
( $ MILLIONS)

PER CENT
S O L D BY E N D
O F WEEK

NEW I S S U E S 4
IN S Y N D I C A T E
( $ MILLIONS)

6
13
20
27

5.54
5.50
5.52
5.49

6.65
6.60
6.60
6.58

362
490
511
411

93
88
79
91

107
101
167
89

Sept.

3
10
17
24

5.42
5.40
5.40
5.40

6.52
6.52
6.50
6.52

977
223
781
743

89
88
89
78

145
107
170
220

Oct.

1
8
15

5.40
5.31
5.24

6.47
6.33
6.25

472
668
823

82
88
72

219
205
305

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

DATE

1

RECENTLY OFFERED
A a a UTILITY

2

MOODY'S SEASONED
CORPORATE Aaa

3

U.S. GOVT. 20-YEAR
C O N S T A N T MATURITY

B O N D BUYER
2 0 - 8 0 N D INDEX

1972 - High
Low

7.60 (4/21)
6.99 (11.24)

7.49 (4/21)
7.15 (12/1)

7.36 (4/28)
7.05 (2/12)

6.19 (4/14)
5.74 (11/17)

6.54 (4/13)
4.96 (10/21)

1973 - High
Low

8.52 (8/10)
7.29 (1/21)

8.32 (8/10)
7.28 (1/5)

7.77 ( 8 / 2 4 )
7.11 (1/5)

7.79 ( 8 / 1 0 )
6.42 (1/5)

5.59 (8/3)
4.99 (10/11)

1974 - High
Low

10.61 (10/4)
8.05 (2/15)

10.52 ( 1 0 / 1 1 )
8.13 (1/4)

9.39 (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 (10/3)
6.27 (2/13)

1976 - High
Low

8.95 (5/28)
8.16 (10/15)

9.10 (1/2)
8*20 ( 1 0 / 1 5 )

8.66 (5/28)

8.17 (5/28)

8.31 (10/15)

7.64 (10/15)

7.29 (1/2)
6.25 (10/14)

3
10
17
24

8.38
8.28
8.28
8.23

8.38
8.35
8.30
8.29

8.41
8.38
8.39
8.36

7.82
7.81
7.79
7.74

6.52
6.52
6.50
6.52

1
8
15

8.29
8.29r
8.16p

8.29
8.23r
8.20p

8.37
8.33r
8 . 3 lp

7.76
7.69r
7.64p

6.47
6.33
6.25

1976 - S e p t .

Oct.

NOTES:
1

Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection.

2

Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection released from price restrictions sometime during the last 4

3

Weekly average of daily closing figures.

4

Weekly average of daily figures. U S. Treasury data.

5

Thursday figures. The average rating of the 20 bonds used in this index falls midway between the four top groups as classified by Moody's Investors Service. Weekly Bond Buyer data.




5

Table 3

LONG-TERM CORPORATE AND
STATE AND LOCAL GOVERNMENT
SECURITY OFFERINGS AND PLACEMENTS
IN MILLIONS O F DOLLARS

PERIOD

1976
January
February
March
April
May

3,381
3,842
6,632

5,384
4,528
5,378

3,328
2,687
3,217

2,347
2,707
3,339

2,361
2,387
2,135

2,255
2,003
2,025

3,523
4,188
6,269

4,294
5,798
5,596

3,060
3,164
2,981

2,429
3,477
3,013

2,406
2,900
3,064

2,397
2,304
2,166

4,327
2,405
2,836

3,248
2,667
1,617

2,635
2,677

3,580
2,783
2,159

1,459
1,106
1,701

4,705
4,068
4,325

4,609
3,739
3,511

2,323
2,381
2,052

2,860
2,483
1,479

13,855
13,980

15,290
15,688
9,568
13,098

9,232
9,205
7,532
11,859

6,883
8,370
8,522
6,756

6,283
6,867
4,266
6,822

27,835

30,978
40,546
53,644

18,437
25,969
37,828

15,253
23,775
30,531

13,150
17,416
24,238

September
October
November
December
Q1
03
04
1st Half
3 Qtrs.

2

1974

July

Year

|

S T A T E AND LOCAL

1975

August

02

G R O S S PROCEEDS
I

CORPORATE

NOTES:
1

Securities and Exchange Commission estimates of gross proceeds.

2

Securities Industry Association estimates of principal amounts.




1976

8,393
8,919

1

1975

|

1974

Table 4

NEW CORPORATE SECURITY ISSUES
BY TYPE OF ISSUE AND ISSUER
IN MILLIONS OF DOLLARS

G R O S S PROCEEDS BY TYPE OF ISSUE
PUBLICLY
OFFERED

COMMON
AND
PRIVATELY
PREFERRED
PLACED
STOCK

G R O S S PROCEEDS BY TYPE OF ISSUER

ISSUES INCLUDED
FOREIGN

CONVERTIBLE

MANUFACTURING

PUBLIC
UTILITY

COMMUNICATIONS

OTHER
ISSUERS

1975 - I l l
IV

9 ,568
13 098

5 428
5 816-

2,,085
4,,166

2,,054
3,,116

1,225
1,902

463
215

2,420
3,480

3,327
3,424

679
1,215

3,142
4,981

1976 - I
II

13 855
13 980

7 ,569
7 422

2,,733
3,,444

3,,544
3,,114

1,340
1,843

257
478

4,501
3,687

4,044
3,137

765
1,877

4,544
5,279

211

2,318

1,478

362

1,437

425

1,120
681
619

1,039
1,024
1,264

270
112
297

1,897
588
657

1,247
1,275
902

928
55
232

1,579
1,635
1,767

1,097
789
2,158
644
1,148
1,345

16
171
578
450
20
1,407

1,197
1,697
1,650
1,842
1,311
2,126

1975

5,,596

3,,943

651

1,,002

July
Aug.
Sept.

4,,327
2, ,405
2,,836

2,,658
1,,356
1,,414

1,,014
486
585

654
563
837

925
300

38

Oct.
Nov.
Dec.

4,,705
4,,068
4,,325

2,,389
1,,666
1,,761

769
1,,630
1,,767

1,,547
772
797

102
825
975

61
154

952
1,103
1,425

1976 - J a n .
Feb.
Mar.
Apr.
May
June

3,,381
3,,842
6 j,632
3,,523
4, ,188
6,,269

2,,189
2,,142
3,,238
2,,350
1,,937
3,,135

613
773
1,,347
645
1,,059
1,,740

579
927
2,,047
528
1,,192
1,,394

605
335
400
428
350
1,005

121
15
121
37
15
426

1,073
1,183
2,245
584
1,709
1,394

NOTES:
Other issuers are extractive, railroed and other transportation, real estate and finance, and commercial and other.
1
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 4 t h r o u g h October 15, 1976
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

Moody's/S&P'
Ratings

CORPORATE

BankAmerica Corp.
P h i l a d e l p h i a E l e c . Co.
Enserch Corp.
Consumers Power Co.
Chesapeake & Ohio Ry.
Houston L i g h t i n g & Power Co.
N a t i o n a l Can Corp.
F l o r i d a Power & L i g h t Co.
C a r o l i n a Power Co.
"Duke Power Co.
G e n e r a l Motors Acceptance Corp.
C e n t r a l I l l i n o i s P u b l i c Svc. Co.
S o u t h w e s t e r n I n v e s t m e n t Co.
C a l i f o r n i a F e d e r a l Savings and Loan
Association
OTHER
European Economic Community
B r i t i s h Columbia Mun. F i n . Auth.
B r i t i s h Columbia Mun. F i n . Auth.
tlew Brunswick

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

160.0
70.0
50.0
60.0
15.0
125.0
15.0
75.7
66.8
100.0
250.0
55.0
20.0

Mtg. backed
Notes
Debt.
Debt.
Debt.

.

——

—

——

8.,75
9.,00
8.,00
8..38
7,.00
8,.70

8.75
9.00
6.00-8.00
8.33
7.00
8.70

2006
1996
2006
1986

8,.38
8 .13
8 .38
8 .50

8.42
8.13
8.38
8.50

A/A
Aaa/AA
Aa/AA
-/A

75.0

1984

7 .63

7.72

-/AAA

100.0
10.0
50.0
75.0

1981
1986
2001
2001

7 .75
8 .20
8 .75
8 .75

7.75
8.20
8.75
8.85

Aaa/AAA
Aaa/AAA
Aaa/AAA
A-1/A+

2001
2006
1977-1991
2006
2001
—

—

NOTES:
•

Rights offering.

1

Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings.




—

A/A
Baa/AAa/AA
Aa/AA
-/BB-A/A
——

T a b l e SB

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
October 4 through October
ISSUER

TYPE

2

AMOUNT
(MILLIONS OF
DOLLARS)

15, 1976

MATURITY

NET INTEREST
COST

OFFERING
YIELD

Moody's/S&P
Ratings

STATE AND LOCAL

F u l t o n Co. H o s p i t a l A u t h . , Ga.
Dade Co., F l a .
M a s s a c h u s e t t s , S t a t e of
Oakland U n i f i e d Sch. D i s t . , Cal.
New O r l e a n s , La.
W i s c o n s i n , S t a t e of
Clark Co. P u b l i c U t i l . D i s t #1, Wash.
Upper Occoquan Sew. A u t h . , Va.
Upper Occoquan Sew. A u t h . , Va.
Yonkers, N.Y.
Cook C o . , 111.
Lower Colorado R i v e r A u t h . , Texas
Lower Colorado River A u t h . , Texas
M i s s o u r i Hsg. Dev. Comm.
M i s s o u r i Hsg. Dev. Comm.
F a i r f a x C o . , Va.
Douglas Co. Hosp. Auth. #2, Neb.
Douglas Co. Hosp. Auth. #2, Neb.
F a i r f i e l d , Conn.
Memphis, Tenn.
Memphis, Tenn.
I r v i n e Ranch Water D i s t . , Cal.
C l a r k Co. Sch. D i s t . , Nev.

Rev.
G.O.
G. 0.
G.O.
G.O.
G.O.
Rev.
Rev.
Rev.
G.O.
G.O.
Rev.
Rev.
Rev.
Rev.
G.O.
Rev.
Rev.
G.O.
Rev.
Rev.
G.O.
G.O.

13.5
49.0
116.0
15.8
12.4
40.0
15.0
6.5
17.5
83.7
22.0
6.0
24.0
8.4
21.6
23.2
5.1
6.9
11.2
77.7
77.2
11.9
11.4

1978-1998
1977-2001
1977-2001
1977-2001
1978-2001
1978-2001
1978-2005
1979-1990
2003
1978-1996
1977-1986
1982-1992
2004
1977-2001
2019
1977-1996
1979-1990
1998
1977-1996
1977-2001
1979-2001
1980-2006
1981-1988

6.05
5.78
6.38
5.57
5.59
4.85
5.43
6.98
6.98
8.83
4.70
5.95
5.95
6.00
6.00
4.95
—
—

5.12
4.98
5.66
6.22
5.12

3.75-6.25
3.25-6.15
3.90-6.75
3.20-6.10
3.50-6.15
3.25-5.60
3.60-6.10
4.50-6.25
7.00
6.00-8.75
3.15-5.00
4.25-5.50
6.10
3.25-5.90
6.10
3.00-5.50
4.50-6.70
7.25
3.00-5.70
3.00-5.60
3.65-5.90
4.40-6.25
4.40-5.40

A/—
A-1/A+
A-l/AA
Aa/—
A-1/A+
Aaa/AAA
Aa/—
Baa-1/BBB+
Baa-1/BBB+
Baa/BBB+
Aa/—
A-1/A+
A-1/A+
Aa/AA
Aa/AA
Aaa/AA
A-1/A+
A-1/A+
Aaa/AAA
Aaa/AAA
Aa/AA
A/A

1

Includes only state and local security offerings of $10 million and over; excludes secondary offerings.

2

In c a s e of S t a t e and l o c a l government s e c u r i t i e s , G.O. d e n o t e s g e n e r a l o b l i g a t i o n ; Rev. d e n o t e s revenue
obligation.




T a b l e SB C o n t i n u e d

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
October 4 through October 15, 1976

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

Moody 1 s/S&P
Ratings

STATE AND LOCAL

V i r g i n i a P u b l i c Sch. Bldg. Auth.
Bay C o . , F l a .
A l t o n , 111.
C o n n e c t i c u t , S t a t e of
Maryland, S t a t e of
P u e r t o Rico Water Res. Auth.
P u e r t o Rico Water Res. Auth.
Polk C o . , Iowa
Polk C o . , Iowa
Margate U t i l i t y Auth. , F l a .
Margate U t i l i t y A u t h . , F l a .
South Dakota H l t h . & Educ. Fac. Auth.
South Dakota H l t h . & Educ. Fac. Auth.
South Dakota H l t h . & Educ. Fac. Auth.
P o r t of S e a t t l e , Wash.
P e n n s y l v a n i a Educ. Fac. Auth.
P e n n s y l v a n i a Educ. Fac. Auth.
P e n n s y l v a n i a Educ. Fac. Auth.




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

12.0
12.5
13.0
125.0
145.5
37.5 .
22.5
6.5
30.5
20.6
13.2
7.5
3.5
14.6
55.0
2.5
14.1
11.1

1978-1997
2006
2001
1977-1996
1979-1991
1977-1991
2015
1979-1989
2006
1977-2008
1977-2008
1980-1993
1997
2007
1978-2000
1977-1991
2015
1977-1985

5.24
6.08
5.29
4.87
8.23
8.23
7.62
7.62
—
—
—

—

5.63
—
—

3.30-5.75
6.10
8.00
3.10-5.85
3.70-5.20
4.00-7.80
8.50
4.50-6.60
7.75
2.90-6.00

Aa/AA
A/AA
A-l/AA
Aaa/AAA
A/A
A/A
A-1/A+
A-1/A+
— / ——

—

4.50-6.60
7.00
7.25
3.50-6.00
4.00-6.80
7.63
3.00-4.50

Aa/A+
Aa/A+
Aa/A+
A-l/AA
Baa-l/A
Baa-l/A
Aaa/AAA

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY

1

As of October 15, 1976

ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

Weyerhaeuser Corp.
F l o r i d a Power Corp.
New York Telephone Co.
United I l l u m i n a t i n g Co.
I l l i n o i s Power Co.
Northern I n d i a n a P u b l i c S e r v i c e
Co.
Savannah E l e c t r i c and Power Co.
Puget Sound Power and L i g h t Co.
Southern Railway
Commercial C r e d i t Co.
Commercial C r e d i t Co.
C i n c i n n a t i Gas and E l e c t r i c Co.
Ford Motor C r e d i t Co.
Ford Motor C r e d i t Co.
Ford Motor C r e d i t Co.
Union P a c i f i c Railway
P u b l i c Svc. New Hampshire
P u b l i c Svc. New Hampshire
*Texas U t i l s . Co.
U.S. T r u s t Co. of New York
Kentucky Power Co.
L o u i s v i l l e Gas and E l e c t r i c Co.
Michigan Wisconsin P i p e l i n e Co.
L o u i s v i l l e Gas and E l e c t r i c Co.
Marathon O i l Co.
Marathon O i l Co.
Washington Water Power Co.
*Washington Water Power Co.
* P i o n e e r E l e c t r o n i c Corp.
* P a c i f i c Far E a s t Line I n c .
^ P a c i f i c Far East Line I n c .
^Consumers Power
M i s s o u r i P a c i f i c Railway
Consumer Power Co.
Wisconsin Telephone Co.
*Tucson Gas and E l e c t r i c Co.
*Columbus and Southern Ohio E l e c .

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

200 .0
80 .0
150 .0
15 .0
50 .0

Oct.
Oct.
Oct.
Oct.
Oct.

19
19
19
19
19

1 s t mtg.
1 s t mtg.
1 s t mtg.
1 s t mtg.
Notes
Sub. n o t e s
1 s t mtg.
Debt.
Sub. n o t e s
Sub. n o t e s
Equip, t r .
Com. s t k .
1 s t mtg.
Com. s t k .
Notes
1 s t mtg.
Com. s t k .
Pfd. stk.
1 s t mtg.
SF d e b t .
Notes
1 s t mtg.
Com. s t k .
Com. s t k .
Gvt. g t r .
Gvt. g t r .
Com. s t k .
Equip, t r .
1 s t mtg.
Debt.
Com. s t k .
Com. s t k .

60 .0
20 .0
40 .0
75 .0
100 .0
25 .0
75 .0
100 .0
75 .0
75 .0
19,.5
20,.0
15,.0
100,.0
25 .0
30,.0
20,.0
50..0
25..0
250..0
150.,0
30.,0
16.,1
45.,0
20.,0
19.,7
50, ,0
15.,0
60.,0
100. 0
44.,0
27. 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.

19
20
20
20
20
20
20
21
21
21
21
21
21
26
26
26
27
27
27
27
27
28
28
28

NOTES:
•
1

Included in table for first time.
Include* only corporate and other security issues of $15 million and over; excludes exchanges, options




9
4
9
9
9
15

11
T a b l e 6A C o n t i n u e d

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY

1

As of October 15, 1976
TYPE

ISSUER

AMOUNT
(IN MILLIONS
O F DOLLARS)

APPROXIMATE
DATE O F OFFERING

CORPORATE

*Dayton Power and L i g h t Co.
*Western Mass. E l e c t r i c Co.
*Columbus and Southern Ohio E l e c .
*Ohio Power
* P u b l i c S e r v i c e of New Mexico
*Toledo Edison
*Idaho Power Co.
*Kansas C i t y Power and L i g h t
*Idaho Power
B a r n e t t Banks of F l o r i d a I n c .
*Macmillan I n c .
Southern Union Co.
Ohio A-T-0 I n c .

1 s t mtg.
1 s t mtg.
Pfd. stk.
1 s t mtg.
Com. s t k .
Pfd. stk.
1 s t mtg.
Pfd. stk.
Com. s t k .
Notes
Debt.
SF d e b t .
SF d e b t .

28.0
15.0
50.0
25.0
20.0

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

Bonds

50.0

Oct.

50.0
30.0
25.0

80.0

25.0
25.0
50.0

20.0

OTHER
Mexico




12
Table 6B

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY

1

As of October 15, 1976
TYPE

ISSUER

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

* L o u i s v i l l e , Ky.
Coconino Co. P o l l u t i o n C t r l . Corp.,
Arizona
R o c h e s t e r , N.Y.
Broward Co., F l o r i d a
Hempstead, N.Y.
^ C l e v e l a n d , Ohio
Troy Sch. D i s t . , Mich.
M a s s a c h u s e t t s H l t h . & Educ. Fac.
Auth.
*Kentucky Housing Corp.
* D a l l a s - F o r t Worth Reg. A i r p o r t , Tex
Mobile I n d u s t . Dev. Bd., A l a .
*Alaska Hsg. Finance Corp.
Kansas C i t y , Kansas
Onondaga Co., N.Y.
*Appling Co. Dev. A u t h . , Ga.
*Heard Co. Dev. A u t h . , Ga.
^ A t l a n t a Metro. Rapid T r a n s i t Auth.
L a n s i n g , Michigan
Columbus City Sch. D i s t . , Ohio
F l o r i d a , S t a t e of
M i s s i s s i p p i , S t a t e of
Nassau Co., N.Y.
St. Petersburg, Florida
New O r l e a n s , La.
L o u i s i a n a Stadium & E x p o s i t i o n D i s t
* I l l i n o i s H e a l t h Fac. Auth.
Memphis, Tenn.
Madison, I n d .
A t l a n t a Metro. T r a n s i t Auth.
Lapeer Co., Mich.
A u s t i n , Texas
E a s t Bay Mun. U t i l i t y D i s t . , C a l .
Ohio, S t a t e of
D e s e r t Hosp. A u t h . , C a l .
Georgia R e s i d e n t i a l F i n . Auth.
Anne Arundel Co., Md.

Rev.

67

.5

Oct.

18

Rev.
G. 0 .
Rev.
G.O.
Rev.
G.O.

13 .0
29 .6
26 .0
16 .6
91 .0
14 .2

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

18
19
19
19
19
19

Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
G.O.
Rev.
Rev.
Rev.
Rev.
G.O.
G.0.
G.O.
G.O.
G.O.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
G.O.
Rev.
G.O.
Rev.
Rev.
Rev.
G.O.

15 .8
65 .0
92 .6
23 .5
25 .0
28 .0
15 .9
13 .8
27 .0
50.0
12.0
25 .5
70 .0
63..0
30..2
20..0
60,,0
135.,0
31.,8
155.,0
50.,0
50. 0
14. 0
44. 0
25. 0
50. 0
15. 0
50. 0
25. 0

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.

20
20
20
20
21
21
21
22
22
25
25
26
26
26
27
27
28
28

NOTES:
1

Includes state and local government issues of $10 million and over, foreign government. International Bank for Reconstruction
issues of Federally sponsored agencies; excludes secondary offerings.

*

Included in the table for the first time.




X

?

F

i
1

4
9
9
9
9
10
10

1
1

#

13

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY

1

As of October 15, 1976

TYPE

ISSUER

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

L o u i s i a n a Mun. Power Comm.
*Conroe I n d . Sch. D i s t . , Texas
^Milwaukee Co., Wise.
*Los Angeles Dept. of Water & Power




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

75,.0
10,.0
18,.0
50,.0

Nov.
Nov.
Nov.
Nov.

11
16
16
17

Table 7

STOCK PRICES AND VOLUME
TRADING VOLUME

STOCK PRICES
NYSE INDEX

BJ INDUSTRIALS

NASDAQ

NASDAQ

65.58 (1/11)
49.12 (12/13)

1051.50 (1/11)
788.31 (12/5)

130.47 (1/11)
85.26 (12/20)

136.84 (1/11)
89.12 (12/13)

26.0 ( 9 / 2 0 )
9 . 0 (8/20)

5.5 (1/12)
1.4 ( 8 / 2 0 )

11.3 (1/11)
3 . 5 (8/27)

53.37 ( 3 / 1 3 )
32.89 ( 1 0 / 3 )

891.66 (3/13)
577.60 ( 1 2 / 6 )

102.01 ( 3 / 1 4 )
58.26 ( 1 2 / 9 )

96.53 (3/15)
54.87 (10/3)

24.9 (1/3)
7.5 (7/5)

4.4 (1/3)
.9 ( 9 / 2 6 )

7.5 (1/3)
2.8 (7/5)

51.24 (7/15)
37.16 ( 1 / 8 )

881.81 ( 7 / 1 5 )
632.04 ( 1 / 2 )

96.86 ( 7 / 1 5 )
62.20 (1/2)

88.00 (7/15)
60.70 ( 1 / 2 )

35.2 (2/13)
8 . 7 (9/15)

4.2 (2/21)
1.1 (9/15)

8 . 1 (2/13)
2 . 5 (9/15)

5 7 . 5 1 (9/21)
48.04 (1/2)

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

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

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

4 4 . 5 (2/20)
10.3 ( 1 / 2 )

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

11.1 ( 2 / 2 0 )
3.5 (1/2)

55.65
55.86
56.69
57.02

989.11
988.45
995.10
1009.31

102.60
103.03
103.38
103.68

91.02
91.19
91.61
92.31

16.0
16.5
17.1
17.4

1.5
1.5
1.5
2.6

5.6
5.4
6.1
7.4

55.70
54.85
53.90

979.89
952.38
937.00

101.56
99.96
98.21

90.44
89.38
89.06

16.2
16.7
17.4

1.7
1.5
1.7

5.4
5.9
5.9

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 everegei of daily figures (millions of shares).

3
4

12/31/66 - 50
Based on average price change until September 4,1073 thereafter, based on market value of shares listed.




15
Table 8

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

BROKERS ON
MARGIN
STOCK

1

BROKERS ON 2
CONVERTIBLE
BONDS

BANKS

3

t |k|npA| II ATCANONMARUIN
ilAIIUAD^iy
UNREGULATED
STOCK CREDIT
AT BANKS

OUTSTANDING

1975 - Aug.
Sept.
Nov.
Dec.

5,220
5,250
5,300
5,370
5,390

142
145
144
146
147

832
852
1,007
1,008
960

2,457
2,520
2,311
2,270
2,281

1976 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.

5,420
5,950
6,410
6,690
6,940
7,080
7,340
7,450

146
153
162
163
161
166
172
167

1,000
1,037
1,042
1,076
1,007
1,028
898
1,061

2,321
2,333
2,355
2,325
2,357
2,368
2,317
2,368

-80
30
50
70
20

-1
3
-1
2
1

12
20
155
1
-48

70
63
-209
-41
11

30
530
460
280
250
140
260
110

-1
7
9
1
-2
5
6
-5

40
37
5
34
-69
21
- 130
163

40
12
22
-30
32
11
-51
-51

Oct.

CHANGE IN OUTSTANDING

1975 - A u g .
Sept.
Oct.

Nov.
Dec.

1976 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.

NOTES:
1

Margin account debt as reported by the New York Stock 1Exchange, excluding cm dit for subscription issues and convertible bonds.

2

New York Stock Exchange data.

3

June data for banks are universe totals; all other data for 1lenks represent estimate« for all commerceil banks based on reports by a reporting
samp!le, which accounted for 60 per cent of security cradilt outstanding at banks c

4

Noomargin stocks a n 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 noomargin stocks are unregulated; at brokers, such stocks have no




4

Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

SAVINGS & LOAN ASSOCIATIONS

MUTUAL SAVINGS BANKS
DATE

REGULAR DEPOSITS
NET
FLOW

1971
1972
1973
1974
1975

9,621

10,067
4,815
2,909
11,070

1976 - J a n u a r y
February
March
April
May
July p/

1976 - J a n u a r y
February
March
April
May
J u l y 2J

1,037
1,017
2,029
586
801
1,195
623

1,039
796

1,018
917
1,024
575
1,684

1

ANNUAL 3
GROWTH
RATE

13.5
12.4
5.3
3.0
11.3

—
—
—
—
—
—

11.4

8.7
11.0
9.8
10.8
6.0
17.6

NET
NEW
MONEY

2

SHARE CAPITAL
NET
FLOW

ANNUAL 3
GROWTH
RATE

19.0
18.7
9.8
7.0
17.7

5,378
5,451
-442
-2,822
4,757

27,793
32,567
20,237
16,053
43,118

810
787
866
352
561
-55
350

5,376
3,946
7,070.
2,797

—

3,049

•—

—
—
—

—
5,042
3,517
—
- SEASONALLY ADJUSTED

4,232
3,658
4,078
3,676
3,642
2,861
5,018

17.7
15.0
16.5
14.7
14.4
11.2
19.4

NET
NEW
MONEY

TOTAL
2

DEPOSITS
NET
FLOW

20,653
23,884
10,507
4,668
29,276

37,414
42,634
25,052
18,962
54,188

5,108
3,719
3,687
2,583
2,835
1,353
3,282

6,413

4,963
9,099
3,383
3,850
6,237
4,140

—

5,271
4,454
5,096

—

4,593

—
—

—
—

4,666
3,436
6,702

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.
3
Annual powth 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.




ANNUAL 3
GROWTH
RATE

17.2
16.7
8.4
5.8
15.9
—
—
—
—
—
—
—

15.9

13.3
15.0
13.4
13.4
9.8
18.9

NET
NEW
MONEY

26,331
29,335
10,062
1,846
34,033
5,918
4,497
4,553
3,935
3,396
1,298
3,632

—
—
—
—
—
—

2

Table 10

MORTGAGE COMMITMENTS AT
SELECTED THRIFT INSTITUTIONS
BILLIONS O F DOLLARS, SEASONALLY ADJUSTED

OUTSTANDING COMMITMENTS
PERIOD
TOTAL

ALL S A V I N G S
MUTUAL
S A V I N G S BKS>
& LOAN
A S S O C I A T I O N S (N Y. S T A T E )

NET CHANGE
TOTAL

MUTUAL
ALL S A V I N G S
& LOAN
SAVINGS BKS
A S S O C I A T I O N S ( N Y. S T A T E )

1972 - Dec.

25.2

20.3

4.9

.45

.43

.02

1973 - Dec.

19.9

16.4

3.5

.04

.21

-.17

- -

.09

- .09

1974 - Dec.

14.6

12.4

2.2

1975 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

14.6
14.5
15.0
16.2
16.8
17.0
17.9
19.1
20.0
20.1
20.4
20.4

12.5
12.6
13.0
14.2
14.7
14.9
15.9
16.9
17.9
18.0
18.4
18.5

2.1
1.9
2.0
2.0
2.1
2.1
2.1
2.2
2.1
2.1
2.0
2.0

-.03
-.01
.50
1.18
.55
.25
.92
1.21
.90
.01
.35
.04

.08
.14
.39
1.17
.49
.21
.94
1.10
.96
.07
.42
.08

-.11
-.24
.11
.01
.06
.04
-.02
.11
-.06
-.06
-.07
.04

1976 - J a n .
Feb.
Mar.
Apr.

20.5
21.1
21.5
21.9
22.5
22.6
23.2
24.1

18.5
19.2
19.4
19.7
20.2
20.4
20.9
21.7

2.0
1.9
2.1
2.2
2.3
2.2
2.3
2.4

.06
.61
.48
.38
.48
.27
.50
.90

.02
.67
.27
.29
.44
.29
.44
.78

.04
-.06
.21
.09
.04
-.02
.05
.12

May

July
Aug.

NOTES:
Based on data from Federal Home Loan Bank Board and Savings Banks Association of New York State. Both series include a minor amount of nonresidential commitments; S&L commitments also include loans in process. Net changes are derived directly from unrounded end-of period outstanding
levels as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding.




T a b l e 11

18

NET NEW MONEY BORROWINGS
BY MAJOR HOUSING AGENCIES
IN MILLIONS OF DOLLARS

PERIOD

INTERMEDIATE AND LONG-TERM I S S U E S

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

FHLMC

1974 - Sept.
Oct.
Nov.
Dee.

+2,768
+1,665
-89
+507

+2,750
+1,599
+93
+961

+1,700
+1,499
-217
+470

1975 - J a n .
Feb.
Mar.
Apr.
May

-5
-254
+689
+69
-1,279
+600
+300
-700
100
850
200
600

-4
-554

July
Aug.
Sept.
Oct.
Nov.
Dec.

-242
-659
+440
0
-1,568
+330
+236
-398
215
587
152
669

Feb.
Mar.
Apr.
May

-197
-1,160
447
131
-946

1976

July
Aug.
Sept,

0
-800
-100

700

-101

—600
-200

-49
397
257

-200
200

NOTES:
on data from Treasury Survey of Ownership.
of FHLB discount notes began in May 1974.
Digitized forSales
FRASER
p
Preliminary


300

-11

-30
- 1 ,2 7 9
0
0
-700
0
+150
0
0
0
- 1 1,00
0
0
-600

0
0
0
0

FNMA

+1,050
+100
+310
+491
+300
0
-1
0
0
0
0
0
0

200
0
0

200
0
0
0
0
0
-200
0

-1
0

+700
+100
0

+600
+300
0

100
700
0

600
0

300
-300
700
0

-200
300
0

200

FNMA & FHLB
SHORT-TERM
DISCOUNT,
NOTES 1

19
T a b l e 12

NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS O F DOLLARS

PERIOD

TOTAL
INCLUDING
FNMA-GNMA

FINANCIAL INSTITUTIONS
TOTAL

COMMERCIAL
BANKS

MSB's

S & Ls

INSURANCE FNMA-GNMA
COMPANIES

Not S e a s o n a l l y A d j u s t e d
41,647
57,587
58,372
42,748
43,775

39,259
55,561
55,072
36,526
38,936

9,940
16,800
19,600
11,700
4,200

3,938
5,377
5,642
2,172
2,236

23,919
31,932
25,552
17,560
29,400

1,221
1,452
4,278
5,078
3,100

1975 - O c t .
Nov.
Dec.

4,981
3,584
4,906

4,332
3,218
4,248

900
500
600

226
200
366

2,996
2,323
2,774

210
195
508

Jan.
Feb.
Mar.
Apr.

2,212
3,534
4,691
4,752
4,878
5,883
5,931

1,802
3,270
5,531
5,088
5,412
6,526
5,625

300
600
900
900
1,100
1,100
1,000
600

87
106
324
309
240
449
322

1,378
2,416
4,069
4,171
4,032
4,815
4,522
4,220

37
148
238
-292
40
162
62

273
214
294

3,490
2,949
3,360

156
133
17

184
249
320
301
195
303
227
372

2,189
2,848
3,844
3,771
3,232
3,894
4,074
3,789

145
274
414
-299
161
147
94

:
*
i
|

1971
1972
1973
1974
1975

I
1
|

1976

May

June
July
Aug.

Seasonally Adjusted
1975 - O c t .
Nov.
Dec.

5,353
4,265
5,283

4,842
3,910
4,548

923
614
877

1976 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.

3,691
4,748
4,879
4,373
4,071
4,478
5,125

3,205
4,333
5,565
4,535
4,414
5,043
5,078

687
962
987
762
826
699
968

ilBHIiigpEtlll
these youps 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.


20

T a b l e 13

NET INCREASE IN
MORTGAGE DEBT OUTSTANDING
IN BILLIONS O F DOLLARS, S E A S O N A L L Y ADJUSTED ANNUAL R A T E S

2

21

RESIDENTIAL

MULTFAMLY
&
COMMERCIAL

FARM

6.6
5.2
5.2
6.0

11.0
9.8
9.8
12.3

2.0
2.0
1.7
1.3

5.5
5.5
8.2
8.6

5.6
6.8
8.3
7.6

11.1
12.3
16.5
16.1

0.9
1.0
1.4
1.4

23.3
30.0
33.1
36.3

9.5
10.4
9.1
9.7

6.6
8.9
11.7
11.5

16.1
19.3
20.8
21.2

2.5
2.5
2.7
2.8

50.6
53.6
56.7
65.7

39.4
40.7
46.0
49.5

11.2
12.9
10.7
16.2

16.6
15.6
14.7
20.4

27.8
28.6
25.4
36.5

3.4
3.6
3.8
3.3

86.4
84.0
80.0
71.4

59.6
58.3
55.2
49.5

51.4
45.3
43.1
41.4

8.2
13.0
12.1
8.2,

21.3
20.2
19.5
16.3

29.5
33.2
31.6
24.5

5.6
5.5
5.3
5.6.

1974 - I
II
III
IV

71.8
69.0
66.0
46.3

49.3
46.8
35.7
28.9

39.8
39.5
29.5
24.0

9.6
7.3
6.2
4.8

18.9
17.4
14.0
11.6

28.5
24.7
20.2
16.5

1975 - I
II
III
IV

38.9
54.7
61.3
76.5

• 27.2
39.4
44.4
56.7

26.5
41.8
44.9
56.3

0.6
-2.5
-0.5
0.4

6.1
10.0
12.2
14.8

6.7
7.5
11.7
15.2

5.7
5.3
4.7
5.0

1976 - I
II

69.8
73.5

53.9
56.2

52.5
55.5

1.3
0.7

9.9
12.0

11.2
12.7

6.0
5.4 i

1"
4"
FAMILY

MULTIFAMILY

25.5
23.6
21.4
22.3

21.2
19.0
16.8
16.0

4.4
4.5
4.6
6.3

23.3
26.9
34.1
37.1

16.7
19.2
24.5
28.1

11.2
13.6
16.2
19.5

1971 - I
II
III
IV

41.8
51.4
56.6
60.3

32.8
40.0
42.2
46.0

1972 - I
II
III
IV

70.6
72.9
75.2
89.3

1973 - I
II
III
IV

TOTAL

TOTAL

1969 - I
II
III
IV

34.1
30.8
28.2
29.6

1970 - I
II
III
IV

QUARTER

I
[

COMMERCIAL

.

3.6
4.9
6.3
5.8

N&TES:
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

4

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

Data r e v i s e d October 1. Revised h i s t o r i c a l d a t a a v a i l a b l e on r e q u e s t from t h e
Mortgage and Consumer Finance S e c t i o n , D i v i s i o n of Research and S t a t i s t i c s ,
Board
of Governors, F e d e r a l Reserve System, Washington, D.C., 20551.
for FRASER

Digitized


T a b l e 14

PRIVATE HOUSING PERMITS, STARTS,
COMPLETIONS, AND MOBILE HOME SHIPMENTS
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

TOTAL

1—FAMILY

COMPLETIONS

STARTS
TOTAL

2 - O R MORE
FAMILY

1969
1970
1971
1972
1973
1974
1975

1,324
1,352
1,925
2,219
1,820
1,074
924

626
647
906
1,033
882
644
668

698
705
1,018
1,186
937
431
257

1975 - O c t .
Nov.
Dec.

1,111
1,127
1,091

794
814
812

317
313
279

1976 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

1,147
1,165
1,188
1,082
1,158
1,150
1,215
1,298

851
863
882
803
807
829
870
902

296
302
306
279
351
321
345
396

1—FAMILY

2 - O R MORE
FAMILY

TOTAL

1 —FAMILY

MOBILE
2 - O R MORE
HOME
FAMILY
SHIPMENTS

1,407
1,434
2,052
2,357
2,045
1,388
1,161

811
813
1,151
1,309
1,132
888
893

656
621
901
1,048
914
450
269

1,399
1,418
1,706
1,972
2,014
1,692
1,296

808
802
1,014
1,143
1,174
932
866

592
617
692
828
840
760
430

413
401
497
576
567
329
216

!
!
1

1,431
1,381
1,283

1,093
1,048
962

338
333
321

1,115
1,386
1,329

738
992
993

377
394
336

235
230
224

!
I
,

1,236
1,547
1,417
1,367
1,422
1,510
1,391
1,542

957
1,295
1,110
1,055
1,065
1,139
1,130
1,195

279
252
307
312
357
371
261
347

1,213
1,299
1,399
1,266
1,360
1,355
1,248

926
953
1,032
986
934
1,039
991

287
346
367
280
426
316
257

263
287
244
237
260
233
224
244

NOTES:
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 the case of
apartment buildings, all units are considered started at that time, however, all such units are considered completed when more than half of the units in the structure are ready for use. Private mobile
home shipments are Mobile Home Manufacturers Association data converted to seasonally adjusted annual rate by Census Bureau.
1

permit data for 1969 and 1970 based on 13.000 areas with permit systems




T a b l e 15

AVERAGE RATES AND YIELDS ON HOME MORTGAGES
CONVENTIONAL LOANS
PRIMARY MARKET
NEW HOMES

1

PERIOD
RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

NEW HOMES

1
RATE
(IN PER CENT)

SPREAD
BETWEEN
RETURNS ON
NEW A a a
CONVENTIONAL
UTILITY
1
AND HUD(FHA)
BOND
NEW HOME
DISCOUNT
YIELD
(PERCENTAGE MORTGAGES (IN PER CENT)
POINTS)
(BASIS
POINTS)

HUD(FHA) INSURED LOANS
SECONDARY MARKET

EXISTING HOMES
SPREAD
(BASIS
POINTS)

YIELD
(IN PER CENT)
.

SPREAD
(BASIS
POINTS)

1974 - High
Low

9.80
8.55

45
-70

9.80
8.60

50
-70

10.38
8.54

44
-25

6.3
2.3

1
-70

10.46
8.10

1975 - High
Low

9.25
8.90

15
-70

9.30
8.95

20
-65

9.74
8.69

31
-91

6.2
2.4

21
-49

9.70
8.94

1975 - O c t .
Nov.
Dec.

9.25
9.20
9.15

3
n. a .
n.a.

9.30
9.25
9.20

8
n.a.
n.a.

9.53
9.41
9.32

31
n.a.
n.a.

4.0
3.1
2.4

-28
-21
-17

9.22
n.a.
n.a.

1976 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.

9.05
9.00
8.95
8.90
9.00
9.05
9.05
9.05

39

9.10
9.05
9.00
8.95
9.05
9.10
9.10
9.10

44
47
47
37
10
40
38
63

9.06
9.04

40
46

2.4
2.2

- 1
- 4

8.82
9.03
9.05
8.99
8.93

24
8
35
27
46

2.5
4.1
4.2
3.8
3.3

8
- 3
0
6
12

8.66
8.58
8.53
8 .58
8.95
8.70
8.72
8.47

42

42
32
5
35
33
58

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 5-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 16 years, for immediate delivery, are used.




23

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL

GOVERNMENT-UNDERWRITTEN
AMOUNT
FIN MILLIONS O F DOLLARS)

DATE O F
AUCTION

AVERAGE
YIELD

AMOUNT
(IN MILLIONS O F DOLLARS)

AVERAGE
YIELD

ACCEPTED

51 (4/21)
366 (8/11) 9.95 ( 9 / 2 2 ) 100 ( 4 / 7 )
18 ( 2 / 1 0 ) 8 . 7 8 (2/10) 10 (10/20) 9 ( 2 / 1 0 )

10.02 ( 9 / 2 2 )
8.96 ( 3 / 1 0 )

1975 - High
Low

643 (8/25)
25 (2/10)

1976 - J a n . 12
26

58.4
103.9

31.5
57.7

9.13
9.07

42.7
33.4

32.1
24.7

9.28
9.22

Feb.

9
23

252.2
126.9

179.9
81.2

9.07
9.04

57.8
44.0

36.9
23.3

9.17
9.14

Mar.

8

171.9
121.6

9.06
9.03

75.4
46.2

45.0
33.7

9.15
9.13

22

299.9
146.3

Apr.

5
19

106.2
132.1

56.2
60.1

8.94
8.83

56.4
55.3

31.8
33.4

9.05
9.00

May

4
17

483.3
634.3

222.3
321.4

8.94
9.13

110.7
128.8

60.1
68.9

9.09
9.24

June

1
14
28

349.5
146.6
261.2

224.7
98.8
157.5

9.20
9.14
9.12

131.4
77.3
93.6

90.5
70.3
59.2

9.31
9.30
9.31

J u l y 12
26

148.3
311.8

88.4
212.0

9.05
9.04

90.7
130.5

82.0
105.2

9.27
9.23

Aug.

9
23

190.1
171.3

107.4
107.0

9.01
8.97

136.7
162.1

93.4
115.3

9.17
9.14

Sept. 7
20

121.9
99.1

68.8
49.1

8.92
8.84

170.6
151.1

117.8
107.6

9.13
9.09

124.3

61.8

8.80

153.8

94.4

9.07

Oct.

4

SSSsSSES:

offered by bidders relate to total eligible bids received.




sffirssMi •sszsszzzH.16