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