Full text of H.16 Capital Market Developments : October 25, 1977
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Capital \&\ Marl<et Developments K October 25, 1977 Prepared by the C A P I T A L MARKETS SECTION in conjunction with the MORTGAGE and CONSUMER FINANCE SECTION DIVISION O F R E S E A R C H 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 $15.00 per year or $.40 each in the United States, its possessions, Canada, and Mexico; 10 or more of the same issue to one address, $13.50 per year or $.35 each. Elsewhere, $20.00 per year or $.50 each. Address requests to Publications Services, Division of Administrative Services, and make payment remittance payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. Currency. TABLES 1 - 6 SECURITY VOLUME AND YIELDS 7, 8 STOCK MARKET AND SECURITY CREDIT 9-16 MORTGAGE MARKET g • SYMBOLS e ESTIMATE P r PRELIMINARY REVISED n.a. NOT AVAILABLE DATA DO NOT EXIST ^ Table 1 YIELDS, VOLUME AND RECEPTION CORPORATE B O N D MARKET VOLUME YIELDS WEEK ENDING 1977 - September October N E W ISSUE 1 A a a UTILITY RECENTLY OFFERED A a a UTILITY 2 3 GROSS OFFERINGS ($ MILLIONS) PER C E N T S O L D B Y END OF WEEK N E W ISSUES 4 IN SYNDICATE ($ MILLIONS) 2 9 16 23 30 7.97 8.02 8.08 8.08 8.14 8.02 8.03 8.07 8.09 8.12 493 168 491 654 346 90 87 78 85 82 69 96 190 126 163 7 14 21 8.15 8.20 8.22p 8.14 8.23r 8.21p 415 528 566 95 92 85 54 63 126 MUNICIPAL B O N D MARKET VOLUME YIELDS WEEK ENDING 1977 - September October 3 GROSS OFFERINGS ($ MILLIONS) PER C E N T S O L D BY END OF WEEK N E W ISSUES 4 IN S Y N D I C A T E ($ MILLIONS) MOODY'S N E W ISSUE Aaa B O N D BUYER 20-BOND INDEX 2 9 16 23 30 5.27 5.24 5.28 5.27 5.27 5.54 5.48 5.51 5.50 5.51 1,188 261 1,590 562 1,097 91 73 86 73 82 182 183 204 259 321 7 14 21 5.30 5.35 5.34 5.60 5.70 5.67 1,300 789 674 88 85 89 263 200 166 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 I S S U E A a a UTILITY DATE 1 RECENTLY OFFERED A a a UTILITY 2 MOODY'S S E A S O N E D CORPORATE A a a 3 U . S . GOVT. 2 0 - Y E A R C O N S T A N T MATURITY 4 B O N D BUYER 2 0 - B 0 N D INDEX 1973 - High Low 8.52 (8/10) 7.29 (1/21) 8.32 (8/10) 7.28 ( 1 / 5 ) 7.77 (8/24) 7.11 (1/5) 7.79 (8/10) 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 (10/11) 8.13 (1/4) 9.39 (10/11) 7.73 (1/4) 8 . 6 8 (8/30) 7.39 ( 1 / 4 ) 7.15 (12/12) 5.16 (2/7) 1975 - High Low 9 . 8 0 (5/2) 8.89 ( 2 / 7 ) 9 . 7 1 (5/25) 9.06 (2/28) 9 . 0 1 (5/2) 8.57 (2/28) 8 . 6 3 (9/19) 7 . 6 3 (2/21) 7.67 (10/3) 6.27 (2/13) 1976 - High Low 8.95 (5/28) 7.93 (12/10) 9.10 ( 1 / 2 ) 7.84 (12/31) 8.66 (5/28) 7.91 (12/31) 8.17 (5/28) 7.27 (12/31) 7.29 (1/2) 5.95 (12/16) 1977 - High Low 8.34 (5/20) 7.90 (1/7) 8.33 ( 5 / 6 ) 7.95 ( 1 / 7 ) 8.12 (3/11) 7.88 (1/7) 7.78 (5/13) 7.26 ( 1 / 7 ) 5.93 (2/4) 5.48 ( 9 / 8 ) 2 9 16 23 30 7.97 8.02 8.08 8.08 8.14 8.02 8.03 8.07 8.09 8.12 7.92 7.90 7.89 7.92 7.96 7.52 7.52 7.57 7.59 7.61 5.54 5.48 5.51 5.50 5.51 7 14 21 8.15 8.20 8.22p 8.14 8.23r 8.21p 7.99 8«04r 8.05p 7.63: 7. 72r 7.73p 5.60 5.70 5.67 1977 - 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 weeks. 3 Weekly average of daily closing figures. 4 5 Weekly average of daily figures. U.S. Treasury data. 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 I 5 Table 3 LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS IN MILLIONS OF DOLLARS G R O S S PROCEEDS PERIOD 1977 3 January February March April May June July August September 1st Half 3 Qtrs. Year 1977 2 1975 3,419 3,142 4,135 2,451 2,885 3,365 2,361 2,387 2,135 3,639 3,735 5,321 3,507 4,186 6,439 4,294 5,798 5,596 3,563 4,304 5,700e 2,218 3,575 3,115 2,406 2,900 3,064 4,000e 3,400e 3,300e 3,216 3,357 4,817 4,327 2,405 2,836 3,200e 4,OOOe 3,800e 2,734 2,821 2,814 3,580 2,783 2,159 4,431 3,047 6,480 4,705 4,076 4,307 3,524 3,336 2,342 2,323 2,381 2,052 12,192 12,695 10,700e 13,876 14,132 11,390 13,958 15,273 15,688 9,568 13,088 10,696 13,567e 11,OOOe 8,701 8,908 8,369 9,202 6,883 8,370 8,522 6,756 24,887 35,587e 28,008 39,398 53,356 30,961 40,529 53,617 24,263e 35,263e 17,609 25,978 35,180 15,253 23,775 30,531 NOTES: 1 Securities and Exchange Commission estimates of gross proceeds. 2 Securities Industry Association estimates of principal amounts. 3 Estimated by F e d e r a l Reserve on t h e b a s i s of a v a i l a b l e d a t a . 1976 5,367 4,528 5,378 December 03 04 1975 1 3,381 3,863 6,632 November Q1 1976 1 3 3,989 2,708 5,495 ^ October 02 S T A T E AND LOCAL CORPORATE 2 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 G R O S S PROCEEDS BY TYPE OF ISSUER BONDS PERIOD TOTAL PUBLICLY OFFERED MEMO COMMON MANUFACAND ISSUES INCLUDED PRIVATELY TURING PREFERRED PLACED FOREIGN CONVERTIBLE STOCK 1 PUBLIC UTILITY COMMUNICATIONS OTHER ISSUERS IV 13,876 14,132 11,390 13,958 7,569 7,427 4,904 6,553 2,754 3,584 4,624 4,846 3,553 3,121 1,861 2,559 1,340 1,843 1,267 1,795 262 478 199 55 4,497 3,757 2,982 4,244 4,044 3,140 3,317 3,897 765 1,879 378 541 4,569 5,358 4,715 5,276 1977 - I II 12,192 12,695 6,504 5,606 3,071 4,215 2,617 2,874 858 1,800 6 108 2,774 3,182 3,019 3,852 1,415 1,044 4,986 4,618 1976 - May June July August September October November December 4,186 6,439 3,216 3,357 4,817 4,431 3,047 6,480 1,937 3,140 1,239 1,565 2,100 2,729 1,256 2,568 1,051 1,904 1,348 1,113 2,163 753 1,101 2,992 1,198 1,395 629 678 554 949 690 920 350 1,005 500 367 400 235 1,310 250 15 426 100 7 92 21 31 3 1,709 1,480 1,198 1,031 753 1,349 510 2,385 1,148 1,348 932 920 1,465 1,414 1,327 1,156 20 1,409 26 212 140 155 190 196 1,309 2,202 1,061 1,195 2,459 1,513 1,019 2,744 1977 - January February March April May June 3,989 2,708 5,495 3,639 3,735 5,321 2,786 1,102 2,610 1,961 1,600 2,045 601 786 1,690 1,087 887 2,241 602 820 1,195 591 1,248 1,035 300 433 125 600 350 850 0 6 0 50 2 56 906 743 1,125 1,348 652 1,182 986 435 1,598 774 1,612 1,466 50 557 808 334 294 416 2,048 973 1,965 1,182 1,179 2,257 # # 1976 - I II III NOTES: 1 Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other. Source: Securities and Exchange Commission. # # # # # # # # T a b l e 5A INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' October 3 through October 21, 1977 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) COUPON RATE OFFERING YIELD 8.92 8.50 8.70 8.50 Ba/BBB A/BBB 8.50 8.50 A/AH- 2007 2002 1982 2007 2007 1997 1989 2007 2007 1978-1992 1997 8.50 8.38 7.50 8.63 8.13 8.50 7.80 8.50 8.13 8.00 10.88 8.75 8.47 8.38 7.53 8.70 8.25 8.47 7.83 8.57 8.17 7.10-8.00 10.88 8.75 A/A A/A —/AAA Baa/A Aa/AA A/A Aaa/AAA A/A Aaa/AAA Aa/AA B/B Baa/BBB 1989 2007 1987 2007 2009 1978-1992 7.80 9.25 8.63 8.00 8.50 7.80 9.25 8.70 8.03 8.50 7.30-8.00 — /AAA Baa/BBBBaa/BBBAa/AA A/A+ Aa/AA MATURITY MOODY'S/S&P'S RATINGS CORPORATE Consumers Power Co. Union E l e c t r i c Co. P h i l a d e l p h i a Elec. Co. Republic New York Corp. Cordis Corp. Carolina Power & Light Co. Montgomery Ward C r e d i t Corp. Coast F e d e r a l S&L A s s o c i a t i o n Consumers Power Co. Public Service Co. of Indiana Southern C a l i f o r n i a Gas Co. P r i v a t e Export Funding Corp. Dayton Power & Light Co. Aetna L i f e & Casualty Co. B u r l i n g t o n Northern R a i l r o a d Gulf Resources & Chemical Corp. J e r s e y C e n t r a l Power & Light Co. San Diego Gas & E l e c . Co. Great Western F i n a n c i a l Corp. Alabama Power Co. Alabama Power Co. Motorola I n c . Tucson Gas & E l e c t . Co. Chesapeake & Ohio R a i l r o a d Pfd. stk. Pfd. stk. Com. s t k . Pfd. stk. Com. s t k . 1st mtg. Debt. Mtg.-backed 1 s t mtg. 1st mtg. 1 s t mtg. Notes 1 s t mtg. Debt. Equip, t r . Debt. Pfd. stk. Com. s t k . Mtg.-backed 1 s t mtg. 1 s t mtg. Debt. 1 s t mtg. Equip, t r . 50.0 40.0 80.5 50.0 15.0 100.0 75.0 50.0 100.0 85.0 50.0 100.0 60.0 250.0 17.8 50.0 50.0 46.7 100.0 125.0 75.0 100.0 60.0 15.0 NOTES: * Rights offering. 1 Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings. 8.00 00 T a b l e 5A C o n t i n u e d INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY October 3 through October 21, 1977 ISSUER CORPORATE TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE OFFERING YIELD F i r s t F e d e r a l Savings & Loan Assoc. Mtg.-backed 100.0 1989 8.75 8.75 OTHER Venezuela Venezuela Oslo, Norway F i n l a n d , Republic of Notes Notes Bonds Bonds 100.0 50.0 50.0 50.0 1984 1992 1997 1992 8.13 8.75 8.75 8.75 8.17 8.81 8.86 8.95 MOODY'S/SAP'S RATINGS ~ Aaa/AAA Aaa/AAA Aaa/AAA Aa/AAA Table 5B INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 October 3 through October 21, 1977 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY STATE AND LOCAL L a f a y e t t e P u b l i c Power A u t h . , La. L a f a y e t t e P u b l i c Power A u t h . , La. Knox Co. & Knoxville B u i l d . A u t h . , Tenn. Knox Co. & Knoxville B u i l d . A u t h . , Tenn. Knox Co. & Knoxville B u i l d . A u t h . , Tenn. Petoskey Hosp. F i n . A u t h . , Mich. Petoskey Hosp. F i n . A u t h . , Mich. Petoskey Hosp. F i n . A u t h . , Mich. Minneapolis, Minn. Minneapolis, Minn. Oregon Housing Finance Agy. Oregon Housing Finance Agy. New York S t a t e Hsg. Finance Agy. New York S t a t e Hsg. Finance Agy. New York S t a t e Hsg. Finance Agy. V i r g i n i a P u b l i c School Auth. Missouri S t a t e E n v i r . Improv. Auth. Maryland Health & Educ. Fac. Auth. Maryland Health & Educ. Fac. Auth. Tennessee, S t a t e of Oregon, S t a t e of OFFERING YIELD MOODY'S/S&P'S RATINGS Rev. Rev. 26.6 73.4 1985-1997 2012 6.10 6.10 4.70-5.75 6.13 Baa-l/A Baa-l/A Rev. 23.8 1989-1999 5.69 4.90-5.60 Aa/A+ Rev. 21.9 2000 5.69 5.65 Aa/A+ Rev. Rev. Rev. Rev. G.O. G.O. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. G.O. 14.8 7.1 3.8 15.3 5.1 50.0 26.7 17.1 55.3 71.1 110.0 16.2 26.9 3.0 10.2 107.4 150.0 NOTES: 1 Includes only state and local security offerings of $10 million and over; excludes secondary offerings. 2 For State and local government securities, G O. denotes general obligation; Rev. denotes revenue obligations. NET INTEREST COST 1978-1985 1981-1993 1997 2007 1978-1997 1984-2002 1979-1993 2009 1978-1997 2007 2017 1979-1998 2005 1981-1991 2007 1978-1997 1983-1997 4.33 6.69 6.69 6.69 4.79 5.26 5.62 5.62 6.99 6.99 6.99 5.02 5.87 6.60 6.60 4.67 4.87 3.20-4.25 4.60-6.30 6.50 6.70 3.20-5.20 4.20-5.35 3.70-5.30 5.84 4.00-6.60 6.88 7.00 3.70-5.30 5.80 4.25-6.00 6.60 3.10-5.10 4.10-5.15 Aaa/AAA Baa-l/A Baa-l/A Baa-l/A Aaa/AAA Aaa/AAA A-1/A+ A-1/A+ A/A A/A A/A Aa/AA A/A A/AA/AAaa/AA+ Aaa/AA o Table 5B Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY October 3 through October 21, 1977 AMOUNT (MILLIONS OF DOLLARS) TYPE ISSUER MATURITY NET INTEREST COST OFFERING YIELD MOODY'S/S&P'S RATINGS STATE AND LOCAL Grand Rapids P u b l i c School D i s t . , Mich. Mesa, A r i z . I l l i n o i s I n d u s t . P o l l . C t r l . F i n . Auth Pennsylvania Hsg. Finance Agy. Pennsylvania Hsg. Finance Agy. Pennsylvania Hs%. Finance Agy. Putnam Co., W. Va. Rochester, Minn. R o c h e s t e r , Minn. Homestead, F l a . Washington Co., Ark. Washington Co., Ark. Rhode I s l a n d Hsg. & Mtg. F i n . Corp. Rhode I s l a n d Hsg. & Mtg. F i n . Corp. Stony Brook Reg. Sewer A u t h . , N.J. Stony Brook Reg. Sewer A u t h . , N.J. Bensalem Tp. School D i s t . , Pa. Council B l u f f s , Iowa P h i l a d e l p h i a , Pa. P h i l a d e l p h i a , Pa. H a r r i s Co. Flood C t r l . D i s t . , Texas Cuyahoga Co., Ohio Cuyahoga Co., Ohio Massachusetts Hsg. Finance Agy. Massachusetts Hsg. Finance Agy. Oliver Co., N.D. # # # G.O. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. Rev. Rev. Rev. G.O. Rev. Rev. Rev. Rev. Rev. 1982-1997 1978-1991 2007 1980-1996 2004 2020 2007 1981-1996 2007 1988-1999 1979-1995 2000 1979-1997 2008 1982-1997 2012 1978-2007 2007 1980-1992 2002 1978-1997 1980-1998 2009 1980-1997 2019 1978-1985 10.0 11.7 60.0 4.1 3.8 16.4 40.0 30.1 20.7 18.0 10.1 5.5 18.0 12.7 5.7 12.3 10.2 12.7 29.4 45.6 15.0 10.8 15.2 5.5 24.8 6.4 # e e 4.00-5.15 3.20-5.10 5.85 4.25-6.00 6.25 6.38 6.79 4.00-5.40 5.75 5.00-5.65 4.00-6.00 6.50 4.00-6.00 6.25 4.20-5.50 5.95 3.50-5.90 5.85 4.75-6.50 6.75 3.50-5.20 4.30-6.50 6.75 4.50-6.50 6.80 3.75-5.40 5.02 4.99 5.90 6.38 6.38 6.38 5.57 5.57 6.13 6.13 — 6.17 4.88 6.71 6.71 6.82 6.82 6.38 • • Aaa/AA A-1/A+ A/A A-1/A+ A-1/A+ A-1/A+ — ! — Aa/AA Aa/AA A/AAA —/AA —/A A-1/A+ A-1/A+ A/A+ A/A+ A/A A/ A/A A/A Aaa/AAA A-1/A+ A-1/A+ A-l/A A-l/A Baa/BBB • ? i # # # i a b l e 5B C o n t i n u e d INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY October 3 through October 21, 1977 ISSUER STATE AND LOCAL Oliver Co., N.D. Mercer Co., N.J. Gulf Coast Waste Disp. A u t h . , Texas Missouri S t a t e Environmental Impr. Auth. Connecticut, S t a t e of H a r r i s b u r g h , Pa. H a r r i s b u r g h , Pa. S. Oklahoma City Hosp. T r u s t , Okla. S. Oklahoma City Hosp. T r u s t , Okla. Lexington Center Corp., Ky. Lexington Center Corp., Ky. V i r g i n i a Housing Dev. Auth. V i r g i n i a Housing Dev. Auth. V i r g i n i a Housing Dev. Auth. I l l i n o i s , S t a t e of Maryland Comm. Development Adm. Maryland Comm. Development Adm. Maryland Comm. Development Adm. Lee Co., Miss. Lee Co., Miss. Grand River Dam A u t h . , Okla. Grand River Dam A u t h . , Okla, F a i r f a x Co., Va. Alabama Highway Auth. Nassau Co., N.Y. Nassau Co., N.Y. TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S/S&P'S RATINGS Rev. G.O. Rev. 39.7 16.5 36.5 2005 1978-1992 2007 6.38 5.02 5.54 6.30 3.40-5.25 5.50 Baa/BBB Aa/AA Aaa/AAA Rev. G.O. G.O. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. Rev. G.O. G.O. 20.0 150.0 19.2 1.4 7.1 7.7 17.7 23.9 6.6 12.3 23.3 150.0 33.8 39.1 22.3 9.9 13.1 32.6 44.7 34.0 40.0 20.0 44.1 2007 1978-1997 1979-1999 1978-1979 1978-1995 2005 1978-1996 2006 1980-1995 2008 2020 1978-2002 1979-2003 2018 2019 1981-1997 2007 1978-1994 2008 1978-1997 1978-1990 1978-2006 1978-2006 5.93 5.15 5.88 3.50-5.50 3.75-5.75 3.00-3.60 3.60-6.25 6.60 3.75-6.00 6.24 4.25-6.00 6.30 6.40 3.50-5.50 3.75-6.05 6.20 6.20 4.50-6.60 6.84 3.80-5.90 6.25 3.50-5.25 3.70-5.20 3.50-5.60 3.90-6.20 Aa/— Aa/AA A—1/— Aaa/— A/A A/A A/A+ A/A+ A-l/AA A-l/AA A-l/AA Aaa/AAA Aa/A Aa/A Aa/A A/A A/A — — 6.46 6.46 6.14 6.14 6.45 6.45 6.45 5.10 — — — 6.71 6.71 — — 4.92 5.11 5.58 5.92 A/BBB A/BBB Aaa/AA+ A/AA A-l/AAA A-l/— Table 5B Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY October 3 through October 21, 1977 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD 6.65 6.65 6.65 6.15 6.05 4 . 5 0 - 6 . 00 6.60 6.75 4 . 0 0 - 6 . 20 6.00 MOODY'S/S&P'S RATINGS STATE AND LOCAL Pueblo Co., Colo. Pueblo Co., Colo. Pueblo Co., Colo. San Diego Redevelopment Agy., Cal. Guadalupe-Blanco River A u t h . , Texas Rev. Rev. Rev. G.O. Rev. 5.3 5.0 7.3 11.0 37.6 1979-1994 2001 2008 1978-2002 2007 A-1/A+ A-1/A+ A-1/A+ Baa-l/BBB A/A T a b l e 6A FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' As of October 21, 1977 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING CORPORATE C i n c i n n a t i Gas & E l e c . Co. C r e d i t h r i f t F i n a n c i a l Corp. C r e d i t h r i f t F i n a n c i a l Corp. P a c i f i c Power & Light Co. Louisiana Power & Light Co. Long I s l a n d Lighting Co. Polychrome Corp. New Ybrk S t a t e E l e c t . & Gas Co. Valley F e d e r a l S&L Texas I n t e r n a t i o n a l Co. C e n t r a l I l l i n o i s P u b l i c Service Co NFC Corp. San Diego F e d e r a l S&L Assoc. Tiger I n t e r n a t i o n a l I n c . Texas I n t e r n a t i o n a l Co. Southern Co. Union P a c i f i c R a i l r o a d Oklahoma Gas & E l e c t . Co. ^General Motors Acceptance Corp. ^General Motors Acceptance Corp. Texasgulf I n c . Empire D i s t r i c t E l e c t r i c Co., *Bankers T r u s t N.Y. Corp. Northern Indiana P u b l i c Service Co *Appalachian Power Co. S. C e n t r a l B e l l Telephone Co. *AT&T ^Southern P a c i f i c R a i l r o a d Co. ^Public Service of New Mexico Southern Indiana Gas & E l e c t r i c Co. ^Houston L i g h t i n g & Power Co. ^Arizona P u b l i c S e r v i c e Co. * I l l i n o i s Power Co. *Kansas City Power & Light Co. *Kansas Gas & E l e c . Co. *Public Service Co. of Colorado 'Michigan Consolidated Gas ^ P a c i f i c Gas & E l e c . Co. Duquesne Light Co. Com. s t k . Deb t . Notes 1 s t mtg. Pfd. stk. 1 s t mtg. Debt. 1 s t mtg. Mtg .-backed Pfd. stk. 1 s t mtg. Conv. d e b t . Notes Debt. Conv. Debt. Com. s t k . Equip. t r . 1 s t mtg. Debt. Notes Debt. 1 s t mtg. Debt. 1 s t mtg. 1 s t mtg. Debt. Com. s t k . Equip, t r . Com. s t k . Com. s t k . Pfd. stk. Com. s t k . 1 s t mtg. 1 s t mtg. Com. s t k . 1st mtg. 1st mtg. Com. s t k . Com. s t k . 60.0 15.0 35.0 100.0 30.0 70.0 20.0 60.0 40.0 15.0 60.0 15.0 45.0 50.0 15.0 175.0 24.0 35.0 200.0 100.0 150.0 15.0 10.0 80.0 26.0 250.0 700.0 18.8 30.0 15.0 50.0 75.0 75.0 30.0 25.0 50.0 30.0 17.6 55.0 NOTES: * Included in table for first time. 1 Includes only corporate and other security issues of $15 million and over; excludes exchanges, options Oct. 25 Oct. 25 Oct. 25 Oct. 25 Oct. 26 Oct. 26 Oct. 26 Oct. 27 Oct. 27 Oct. Oct. Oct. Oct. Oct. Oct. Nov. 1 Nov. 1 Nov. 1 Nov. 1 Nov. 1 Nov. 2 Nov. 3 Nov. 3 Nov. 8 Nov. 9 Nov. 9 Nov. 9 Nov. 10 Nov. 10 Nov. 15 Nov. 15 Nov. 15 Nov. 15 Nov. 16 Nov. 17 Nov. 22 Nov. 22 Nov. 29 Indef. 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 ' As of October 21, 1977 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING CORPORATE OTHER Banco N a t i o n a l , Mexico Finland, Republic of Notes Notes 50.0 50.0 Oct. Oct. 19 15 Table 6 B FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of October 21, 1977 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING STATE & LOCAL * Irwin dale Redevelopment Agy., Cal. ^Houston, Texas M i s s i s s i p p i , S t a t e of Delaware, S t a t e of *Wichita, Kansas * I l l i n o i s Health Fac. Auth. Maryland, S t a t e of Cleveland, Ohio Orange Co., F l a . Denver Reg. Transp. D i s t . , Colo. Portsmouth, Va. P l e a s a n t s Co., W. Va. * S a l t Lake Co., Utah Warren Co., Ky. I l l i n o i s Health Fac. Auth. *Boston, Mass. *Prince William Co., Va. Los Angeles Co. F i d . C t r l . D i s t . , Cal. Calcasieu Par. Sch. D i s t . #22, La. *Trenton, N.J. Washington, S t a t e of *Minnesota Housing F i n . Agy. J e r s e y City, N.J. Weirton Mun. Hosp. Bldg. Comm., W. Va. Hastings, Neb. Ohio, S t a t e of Michigan S t a t e Hosp. F i n . Auth. C a l i f o r n i a , S t a t e of C h a r l o t t e , N.C. Oregon, S t a t e of G a r f i e l d Co., Okla. G.O. Rev. G.O. G.O. Rev. Rev. G.O. Rev. Rev. Rev. G.O. Rev. Rev. Rev. Rev. G.O. G.O. 27.0 35.0 75.4 60.0 35.0 71.0 139.3 80.0 16.0 45.1 10.0 70.0 120.0 24.0 15.5 40.0 14.2 Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Nov. Nov. 24 25 25 25 25 26 26 27 27 27 27 28 31 G.O. G.O. G.O. G.O. Rev. G.O. 14.0 11.5 10.6 59.1 85.0 15.7 Nov. Nov. Nov. Nov. Nov. Nov. 1 1 2 2 3 3 Rev. Rev. G.O. Rev. G.O. G.O. G.O. Rev. 33.8 35.0 50.0 73.0 60.0 15.0 18.9 55.0 Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. 10 14 15 15 15 15 18 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. 1 1 Table 7 STOCK PRICES AND VOLUME 1 STOCK PRICES DATE NYSE INDEX 3 B J INDUSTRIALS AMEX 4 NASDAQ 5 130.47 (1/11) 136.84 (1/11) 85.26 (12/20) 89.12 (12/13) 2 TRADING VOLUME NYSE AMEX NASDAQ 2 6 . 0 (9/20) 9.0 (8/20) 5 . 5 (1/12) 1.4 (8/20) 11.3 (1/11) 3 . 5 (8/27) 1973 - High Low 65.58 (1/11) 49.12 (12/13) 1051.50 (1/11) 788.31 (12/5) 1974 - High Low 53.37 (3/13) 32.89 (10/3) 891.66 (3/13) 577.60 (12/6) 102.01 (3/14) 58.26 (12/9) 96.53 (3/15) 54.87 (10/3) 24.9 ( 1 / 3 ) 7.5 ( 7 / 5 ) 4 . 4 (1/3) .9 (9/26) 7.5 ( 1 / 3 ) 2.8 (7/5) 1975 - High Low 51.24 (7/15) 37.16 (1/8) 881.81 (7/15) 632.04 (1/2) 96.86 (7/15) 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) 1976 - High Low 57.51 (9/21) 48.04 (1/2) 1014.79 (9/21) 858.71 (1/2) 107.05 (7/12) 84.31 ( 1 / 2 ) 92.52 (7/15) 78.06 (1/2) 44.5 (2/20) 10.3 ( 1 / 2 ) 8.6 (2/20) 1.1 (1/2) 11.1 (2/20) 3.5 (1/2) 1977 - High Low 57.69 (1/3) 50.65 (10/19) 999.75 (1/3) 808.30 (10/21) 124.21 (7/19) 109.61 (1/12) 103.10 (7/22) 93.66 (4/5) 31.9 (7/19) 10.6 (10/10) 4.2 (1/13) 1.4 (9/22) 10.5 (1/19) 5 . 1 (5/27) Sept. 2 9 16 23 30 53.32 52.74 52.79 52.07 52.70 872.31 857.07 856.81 839.14 843.90 118.86 118.34 118.33 117.13 118.88 100.83 100.91 100.74 99.57 100.85 17.4, 17.6 17.5 18.7 19.5 2.2 2.2 1.9 2.0 2-2 6.8 7.5 6.8 7.7 7,3 Oct. 7 14 21 52.59 51.24 50.61 840.35 821.64 808.30 118.85 115.59 114.09 101.62 99.05 98.54 18.7 19.Or 20.0 2.1 2.0 2.2 7.5 7.7 8.4 NOTES: 1 Figures other than highs and lows are Fridays only. Highs and lows are for the year and are not necessarily for Fridays. 2 Volume figures are weekly averages of daily figures (millions of shares). 3 12/31/65 = 50 4 8/31/73=100 2/5/71=100 5 17 Table 8 SECURITY CREDIT ( i n m i l l i o n s of d o l l a r s ) REGULATED MARGIN CREDIT EXTENDED BY END OF PERIOD BROKERS ON MARGIN STOCK 1 BROKERS O N CONVERTIBLE BONDS 3 2 BANKS UNREGULATED NONMARGIN STOCK CREDIT AT BANKS OUTSTANDING 1976 - J u l y August September October November December 7,340 7,450 7,530 7,530 7,610 7,960 172 167 174 169 178 204 875 878 1,079 1,067 864 845 2.200: 2,278: 2,154. 2,253 2,312 2,283. 1977 - January February March April May Jyne July August 8,270 8,480 8,690 8,880 9,070 9,230 9,460 9,560 196 197 199 196 196 198 204 200 832 844 810 807 801 823 823 829 2,312: 2,319. 2,312: 2,350 2,345 2,403. 2,419 2,438 260 110 80 6 -5 7 -5 9 26 —5 3: 201: -12 -203 -19 -28 78. -124: 99 59: -29 —8 i 2 -3 -13 12 -34: -3 -6: 22. 29 7 -7 -38. -5 58 16 19 CHANGE IN OUTSTANDING 1976 - J u l y August September October November December 80 350 1977 - January February March April May June July August 310 210 210 190 190 160 230 100 2 6 -4 6 NOTES: 1 Margin account debt as reported by the New York Stock Exchange, excluding credit for subscription issues and convertible bonds. 2 New York Stock Exchange data. 3 June data for banks are universe totals; all other data for banks represent estimates for all commercial banks based on reports by a reporting sample, which accounted for 60 per cent of security credit outstanding at banks on June 30. 4 Nonmargin stocks are those not listed on a national securities exchange and not included on the Board of Governors of the Federal Reserve System's list of OTC margin stocks. At banks, loans to purchase or carry nonmargin stocks are unregulated; at brokers, such stocks have no value. 4 oo Table 9 SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS IN MILLIONS OF DOLLARS MUTUAL SAVINGS BANKS REGULAR DEPOSITS DATE ANNUAL 3 GROWTH RATE 12.4 5.4 2.2 11.3 11.6 NET FLOW 1972 1973 1974 1975 1976 1 10,067 4,815 2,909 11,070 11,546 1977-January February March April May June July Aug. Sept.jV 913 847 1,903 107 856 1,484 677 282 1,250 11 1977-January February March April May June July AugSept. 2 / 965 589 696 527 927 796 1,394 1,326 1,281 9.5 5.7 6.7 5.1 8.9 7.6 13.2 12.4 11.9 NET NEW MONEY 2 SAVINGS & LOAN ASSOCIATIONS SHARE CAPITAL NET FLOW 5,451 -442 -2,822 4,757 5,275 32,567 20,237 16,006 42,769 50,287 645 585 623 -168 577 38 396 -12 -100 NET NEW MONEY ANNUAL 3 GROWTH RATE 18.6 23,884 9.9 10,507 7.0 4,668 17.3 29,276 17.7 34,369 5,218 4,944 3,406 3,186 7,578 3,604 2,124 1,924 3,647 3,419 6,384 2,048 4,164 3,913 2,867 2,634 n.a. n.a. SEASONALLY ADJUSTED 4,285 15.2 2,932 10.3 3,608 12.5 3,397 11.7 3,947 13.4 3,738 12.6 6,180 20.6 6,220 20.4 5,762 18.6 — — —— — —— — — —— — — —— — — — — TOTAL 2 DEPOSITS ANNUAL 3 GROWTH RATE 16.6 8.5 5.5 15.8 16.0 NET FLOW 42,634 25,052 18,915 53,839 61,833 6,131 4,253 9,481 2,231 4,503 7,868 4,841 3,149 n.a. 2 29,335 10,062 1,846 34,033 39,644 5,449 3,771 4,227 1,756 3,996 2,086 4,309 2,622 n.a. —— —— —— —— — 5,250 3,521 4,304 3,924 4,874 4,534 7,574 7,546 7,043 NET NEW MONEY __ 13.7 9.1 11.0 9.9 12.2 11.3 18.7 18.3 16.8 —• — ii 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 3 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. 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. H.16 # # # # # # + # # # 19 Table 10 MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS BILLIONS OF DOLLARS, SEASONALLY A D J U S T E D NET CHANGE OUTSTANDING COMMITMENTS PERIOD TOTAL MUTUAL ALL S A V I N G S SAVINGS BKS & LOAN ASSOCIATIONS (N.Y. S T A T E ) TOTAL MUTUAL ALL SAVINGS SAVINGS BKS & LOAN ASSOCIATIONS (N.Y. STATE) 1972 25.2 20.3 4.9 7.48 6.28 1.20 1973 19.9 16.4 3.5 -5.31 -3.92 -1.39 1974 14.7 12.5 2.2 -5.20 -3.91 -1.29 1975 20.6 18.6 2.0 5.81 6.06 - .25 1976 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 20.8 21.3 21.7 21.8 22.3 22.6 23.1 23.7 24.6 26.1 27.3 28.2 18.8 19.3 19.5 19.6 20.0 20.4 20.8 21.3 22.0 23.5 24.6 25.5 2.0 2.0 2.2 2.2 2.3 2.2 2.3 2.4 2.6 2.6 2.7 2.7 .06 .61 .48 .38 .48 .27 .50 .87 1.05 1.20 1.26 .92 .20 .58 .16 .10 .32 .53 .33 .50 .78 1.46 1.09 .92 .02 -.06 .19 .05 .05 .02 .03 .12 .19 .06 .09 1977 - J a n . Feb. Mar. Apr. May June July Aug. (p) 27.9 28.4 29.6 30.2 30.3 31.4 32.1 34.1 25.1 25.4 26.4 27.0 27.0 27.6 28.4 30.0 2.8 3.0 3.2 3.2 3.3 3.8 3.7 4.1 -.35 .48 1.24 .56 .12 1.07 .80 1.97 -.45 .30 1.04 .59 .02 .58 .83 1.64 .10 .18 .20 -.03 .10 .52 - .03 .33 — 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. H.16 20 T a b l e 11 NET NEW MONEY BORROWINGS BY MAJOR HOUSING AGENCIES IN MILLIONS OF DOLLARS PERIOD TOTAL INCLUDING SHORT-TERM DISCOUNT NOTES INTERMEDIATE A N D LONG-TERM I S S U E S TOTAL FHLB +18 +66 -182 -454 +300 0 -1 0 0 0 0 0 0 200 0 -1 0 +700 +100 0 +600 +300 0 100 700 0 600 -237 -405 -249 -69 -289 -270 -64 302 115 -263 —48 69 0 -1,100 0 0 -600 0 0 0 0 0 -300 0 0 196 -4 -7 -7 —6 -9 +190 -10 —8 -9 -7 0 300 -300 700 0 -200 300 0 200 318 12 -212 -197 -360 -547 -569 -346 99 -349 597 5 -347 -255 364 0 -200 0 189 -393 -4 0 200 3 -47 -3 9 -1 1 -350 752 —8 200 600 0 -300 -176 -270 643 -402 235 402 -22 46 515 +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 June July Aug. Sept. Oct. Nov. Dec. -242 -659 +440 0 -1,568 +330 +236 -398 215 587 152 669 -5 -254 +689 +69 11-1,279 +600 +300 -700 100 850 200 600 -4 -554 -11 -30 -1,279 0 0 -700 0 +150 0 0 1976 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. -197 -964 -851 124 -953 -107 -58 787 195 -37 -552 145 0 —604 -304 693 -607 -206 291 +190 190 310 -297 -219 1977 - J a n . Feb. Mar. Apr. 12 -862. 289 344 532 605 531 347 224 188 -592 -354 746 297 203 553 301 -291 June July Aug. Sept. NOTES: Based on data from Treasury Survey of Ownership. Digitizedpfor FRASER Preliminary FNMA +1,050 +100 +310 +491 1974 - S e p t . Oct. Nov. Dec. May FHLMC FNMA & F H L B SHORT-TERM DISCOUNT NOTES -6 105 0 0 304 0 —— 21 Table 12 NET CHANGE IN MORTGAGE HOLDINGS IN MILLIONS OF DOLLARS PERIOD 1970 1971 1972 1973 1974 1975 1976 MAJOR TOTAL INCLUDING FNMA-GNMA TOTAL 21,930 41,406 57,587 58,372 42,739 43,497 63,245 17,020 39,018 55,561 55,072 36,517 38,658 65,365 FINANCIAL INSTITUTIONS COMMERCIAL BANKS 2,462 9,940 16,800 19,600 11,700 4,200 13,900 MSB's S & L's 1,956 3,938 5,377 5,642 2,172 2,236 4,074 10,254 23,919 31,932 25,552 17,567 29,289 44,977 INSURANCE FNMA-GNMA COMPANIES 2,348 1,221 1,452 4,278 5,078 2,933 2,414 4,910 2,388 2,026 3,300 6,222 4,839 -2,120 34 31 140 414 158 496 252 -326 - 42 66 123 687 177 - 86 -163 112 74 287 453 267 508 313 -267 135 217 294 1,055 409 -436 -429 Not S e a s o n a l l y Ad-justed 1977 - J a n . Feb. Mar. Apr. May June July / Aug. Sept. 3,630 4,175 6,614 8,132 8,780 10,483 8,141 3,956 4,217 6,548 8,009 8,093 10,306 8,227 800 1,000 1,500 1,900 1,900 2,700 2,100 2,700 196 156 291 414 388 976r 64 9r 719 2,926 3,030 4,617 5,281 5,647 6,134 5,226 5,719 Oct. Nov. Dec. S e a s o n a l l y Ad l u s t e d 1977 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 5,417 5,410 6,818 7,557 8,235 9,270 7,265 5,684 5,275 6,601 7,263 7,180 8,861 7,701 1,225 1,327 1,547 1,761 1,665 2,381 2,086 2,558 337 307 280 401 366 816r 559r 696 3,980 3,567 4,487 4,648 4,882 5,156 4,743 5,327 Monthly d a t a f o r commercial banks based on F e d e r a l Reserve e s t i m a t e s benchmarked t o C a l l Report d a t a on r e a l e s t a t e loans o u t s t a n d i n g as a v a i l a b l e . Other d a t a derived from mortgage debt o u t s t a n d i n g as r e p o r t e d s e p a r a t e l y by N a t i o n a l Assn. of Mutual Savings Banks, F e d e r a l Home Loan Bank Board, American Council of L i f e I n s u r a n c e , F e d e r a l N a t i o n a l Mortgage A s s o c i a t i o n , and t h e Government N a t i o n a l o r t g a g e A s s o c i a t i o n . A l t o g e t h e r , t h e s e groups accounted f o r 73 p e r c e n t of t h e net i n c r e a s e e s t i m a t e d f o r a l l h o l d e r s i n 1976. 22 Table 13 NET INCREASE IN MORTGAGE DEBT OUTSTANDING' IN BILLIONS OF DOLLARS, 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 21 RESIDENTIAL QUARTER TOTAL TOTAL 1- to 4FAMILY MULTIFAMILY COMMERCIAL MULTFAMILY & COMMERCIAL FARM 1970 - I II II IV 25.5 25.3 33.5 35.4 18.7 18.3 23.9 26.8 13.2 12.5 15.5 18.8 5.5 5.8 8.4 8.0 5.7 6.9 8.6 7.4 11.2 12.7 17.0 15.4 1.0 0.0 1.0 1.3 1971 - I II III IV 41.2 51.8 57.8 59.5 32.7 40.3 43.1 44.7 23.2 29.6 33.8 35.7 9.5 10.7 9.3 9.1 6.7 9.3 12.1 11.6 16.2 20.0 21.4 20.7 1.7 2.1 2.6 3.1 1972 - I II III IV 67.6 74.1 77.6 88.1 49.3 54.1 59.1 63.6 38.0 41.0 48.1 47.9 11.3 13.1 11.0 15.7 14.8 16.5 14.9 21.0 26.1 29.6 25.9 36.7 3.5 3.5 3.6 3.6 1973 - I II III IV 80.6 87.4 80.7 70.4 56.0 59.9 56.2 48.5 47.8 46.9 43.7 40.6 8.2 13.0 12.5 7.9 19.1 21.7 19.4 16.4 27.3 34.7 31.9 24.3 5.6 5.8 5.0 5.5 1974 - I II II IV 69.9 70.9 54.5 46.7 48.7 47.2 35.1 29.7 39.2 40.3 28.4 25.4 9.5 6.9 6.7 4.3 17.5 18.7 13.6 11.2 27.0 25.6 20.3 15.5 3.6 4.9 5.8 5.9 1975 - I II III IV 44.0 55.0 62.3 67.7 29.7 39.8 45.3 50.8 28.9 39.8 44.9 51.9 0.8 0.0 0.4 -1.1 9.0 10.3 12.9 12.8 9.8 10.3 13.3 11.7 5.3 4.9 4.0 4.1 1976 - I II III IV 78.6 77.3 94.0 97.4 59.7 58.0 73.8 76.5 58.3 58.1 70.0 75.0 1.4 -0.1 3.8 1.5 13.7 14.5 13.4 13.2 15.1 14.4 17.2 14.7 5.3 4.8 6.9 7.7 102.0 126.9 76.4 95.7 75.4 90.6 1.0 5.1 16.4 24.4 17.4 29.5 9.2 6.9 1977 - I ( r ) I I (P) NOTES: 1 Derived from data on mortgage debt outstanding from Federal Deposit insurance Corporation, Federal Home Loan Bank Board, Institute of Life Insurance, National Association of Mutual Savings Banks, Departments of Commerce and Agriculture, Federal National Mortgage Association, Federal Housing Administration, Veterans Administration and Comptroller of the Currency. Separation of nonfarm mortgage debt by type of property, where not available, and interpolations and extrapolations, where required, estimated mainly by Federal Reserve. 2 R e s i d e n t i a l mortgage d e b t i n c l u d e s nonfarm only and i s sum of 1 - t o 4 - f a m i l y and m u l t i f a m i l y mortgage d e b t . NOTE. All data revised as of October 10, 1977 due t o r e e s t i m a t i o n of s e a s o n a l f a c t o r s . Table 14 PRIVATE HOUSING PERMITS, STARTS, COMPLETIONS, AND MOBILE HOME SHIPMENTS IN THOUSANDS OF UNITS, SEASONALLY ADJUSTED ANNUAL RATES PERMITS 1 PERIOD 1 —FAMILY 2 - O R MORE FAMILY 656 621 901 1,048 914 450 268 376 1,399 1,418 1,706 1,972 2,014 1,692 1,297 1,362 808 802 1,014 1,143 1,174 932 867 1,026 592 617 692 828 840 760 430 336 413 401 497 576 567 329 216 250 1,129 1,172 1,254 1,269 1,236 1,324 284 358 514 446 470 565 1,307 1,401 1,387 1,326 1,399 1,435 1,038 1,094 1,017 989 1,068 1,074 269 307 370 337 331 361 221 242 248 263 247 248 1,006 1,424 1,503 1,413 1,455 1,389 1,437 1,459 1,492 378 378 586 467 482 508 646 575 548 1,416 1,637 1,707 1,540 1,536 1,647 1,678 1,651 1,103 1,242 1,236 1,226 1,177 1,209 1,272 1,230 313 395 471 314 359 438 406 421 258 275 275 252 251 264 251 270 288 1—FAMILY 698 705 1,018 1,186 937 431 264 386 1,407 1,434 2,052 2,357 2,045 1,388 1,160 1,538 811 813 1,151 1,309 1,132 888 892 1,162 866 876 914 987 1,055 1,049 363 432 567 494 528 483 1,413 1,530 1,768 1,715 1,706 1,889 930 1,060 1,188 1,051 1,077 1,105 1,089 1,156 1,092 403 466 499 554 538 573 550 616 604 1,384 1,802 2,089 1,880 1,937 1,897 2,083 2,034 2,040 1—FAMILY 1969 1970 1971 1972 1973 1974 1975 1976 1,324 1,352 1,925 2,219 1,820 1,074 939 1,281 626 647 906 1,033 882 644 676 895 1976 - J u l y Aug. Sept. Oct. Nov. Dec. 1,229 1,308 1,481 1,481 , 1,583 1,532 1977 - J a n . Feb. Mar. Apr. May June July Aug. Sept. 1,333 1,526 1,687 1,605 1,615 1,678 1,639 1,772 1,696 2 - O R MORE FAMILY MOBILE HOME SHIPMENTS TOTAL TOTAL TOTAL COMPLETIONS STARTS 2 - O R MORE FAMILY NOTES: Private building permits (for 1 4 , 0 0 0 areas with permit systems, excluding farm), starts, and c o m p l e t i o n s are Census Bureau data. A dwelling unit is started w h e n excavation begins. In the case of apartment buildings, all units are considered started at that time; however, all such units are considered c o m p l e t e d when more than half of the units in the structure are ready for use. Private m o b i l e h o m e shipments are Mobile H o m e Manufacturers Association data converted to seasonally adjusted annual rate by Census Bureau. 1 forPermit data for 1 9 6 9 and 1 9 7 0 based on 1 3 , 0 0 0 areas with permit systems Digitized FRASER N? -P- T a b l e 15 AVERAGE RATES AND YIELDS ON HOME MORTGAGES CONVENTIONAL LOANS PRIMARY MARKET NEW HOMES HUD(FHA) INSURED LOANS SECONDARY MARKET EXISTING HOMES 1 PERIOD 1 SPREAD BETWEEN RETURNS ON NEW A a a NEW HOMES CONVENTIONAL UTILITY 1 AND HUD(FHA) BOND SPREAD DISCOUNT NEW HOME YIELD (BASIS (PERCENTAGE MORTGAGES (IN PER CENT) POINTS) POINTS) (BASIS POINTS) RATE (IN PER CENT) SPREAD (BASIS POINTS) RATE (IN PER CENT) 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 1976 - High Low 9.05 8.90 91 5 9.10 8.95 95 10 9.06 8.25 59 8 4.3 2.0 65 - 4 8.72 8.05 1976 - J u l y Aug. Sept. Oct. Nov. Dec. 9.05 9.05 9.00 9.00 8.95 8.90 33 58 77 71 90 n.a. 9.10 9.10 9.05 9.00 9.00 8.95 38 63 82 71 95 n.a. 8.99 8.93 8.82 8.55 8.45 8.25 27 46 59 26 40 n.a. 3.8 3.3 2.5 4.3 3.6 2.0 6 12 18 45 50 65 8.72 8.47 8.23 8.29 8.05 n.a. 1977 - J a n . Feb. Mar. Apr. May June July Aug. Sept. 8.80 8.80 8.85 8.90 8.95 9.00 9.00 9.00 9.00 58 52 63 59 n.a. 93 83 99 86 8.85 8.85 8.90 8.95 9.00 9.05 9.05 9.05 9.05 63 57 68 64 n.a. 98 88 1.04 91 8.40 8.50 8.58 8.57 n.a. 8.74 8.74 8.74 8.72 18 22 36 26 n.a. 67 57 73 58 3.2 3.9 4.6 4.5 n.a. 1.9 1.9 1.9 1.7 40 30 27 33 n.a. 26 26 26 28 8.22 8.28 8.22 8.31 n.a. 8.07 8.17 8.01 8.14 SPREAD (BASIS POINTS) YIELD (IN PER CENT) 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 15 years, for immediate delivery, are used. 25 Table 16 FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS CONVENTIONAL GOVERNMENT-UNDERWRITTEN DATE OF AUCTION AMOUNT (IN MILLIONS OF DOLLARS) ACCEPTED OFFERED 634 (5/17) 321 (5/17) 9.20 ( 6 / 1 ) 171 ( 9 / 7 ) OFFERED 1976 - High Low AVERAGE YIELD AMOUNT (IN MILLIONS OF D O L L A R S ) 21 (12/27) 19 (12/27) 8 . 3 9 ( 1 2 / 2 7 33 ( 1 / 2 6 ) AVERAGE YIELD ACCEPTED 127 (11/15) 9 . 3 1 ( 6 / 1 , 6/28) 23 ( 2 / 2 3 ) 8 . 9 0 (12/27) 1977 - J a n . 10 24 385.7 361.7 285.8 263.3 8.46 8.49 184.2 142.6 132.5 105.8 8.81 8.83 Feb. 7 24 389.6 478.8 213.6 271.1 8.52 8.58 151.7 148.3 120.2 115.6 8.85 8.87 Mar. 7 21 702.3 434.9 324.9 287.1 8 .66 8.70 206.4 167.5 153.2 114.9 8.90 8.92 Apr. 4 18 321.5 134.6 201.9 67.9 8.72 8.62 196.1 152.0 158.3 122.4 8.97 8.97 May 2 16 31 723.1 585 .4 534.3 422.2 285.5 319.7 8.70 8.74 8.79 383.4 415.9 365.3 255.1 278.0 218.6 9.03 9.08 9.13 June 13 27 188.1 90.8 78.1 49.7 8.77 8.73 210.5 160.6 157.5 105.5 9.13 9.11 July 11 25 130.5 75.9 77.3 54.1 8.72 8.71 163.9 122.9 101.6 82.8 9.08 9.06 Aug. 8 22 195.0 143.1 119.9 78.3 8.75 8.77 199.8 170.4 144.4 92.3 9.06 9.06 Sept. 7 19 50.3 62.6 35.1 40.3 8.74 8.74 138.9 107.5 113.9 70.5 9.06 9.05 Oct. 3 17 131.3 325.8 212.6 82.2 8.77 8.84 187.3 242.7 137.2 167.8 9.07 9.11 NOTES: Average secondary market yields are gross before deduction of the fee of 38 basis points paid for mortgage servicing. They reflect the average accepted bid yield for home mortgages assuming a prepayment period of 12 years for 30-year loans, without special adjustment for Federal National Mortgage Association (FNMA) commitment fees and FNMA stock purchase and holding requirements on 4 month commitments. Mortgage amounts offered by bidders relate to total eligible bids received. H.16
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