Full text of H.16 Capital Market Developments : October 26, 1976

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Ullk.

T

Capital
Market

Developments

October 2 6 , 1 9 7 6

Prepared by the
CAPITAL MARKETS SECTION
in conjunction with the
MORTGAGE and CONSUMER
FINANCE SECTION




DIVISION OF RESEARCH AND STATISTICS
BOARD OF GOVERNORS
F E D E R A L RESERVE 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 S E C U R I T Y
CREDIT

9 - 1 6

MORTGAGE MARKET

SYMBOLS
6
p

ESTIMATE
PRELIMINARY

r
n.a.

REVISED
NOT AVAILABLE
DATA DO NOT EXIST

3
Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
YIELDS
WEEK ENDING

1976 - August

i,
f
'i

NEW ISSUE 1
Aaa UTILITY

6
13
20

8.60
8.49

27

Sept.

Oct.

:

2

3
GROSS
OFFERINGS
($ MILLIONS)

PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
($ 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

8.38
8.28
8.28
8.23

8.38
8.35
8.30
8.29

225
240
453
314

100
90
99
78

2
73
7
247

1
8
15
22

8.29
8.26
8.15r
8.27p

8.29
8.23
8.20
8.25p

85
97
86
84

146
16
137
152

——

j
I

VOLUME

RECENTLY
OFFERED
Aaa UTILITY

I

836
285
425r
1,033

MUNICIPAL BOND MARKET
YIELDS
WEEK ENDING

1

1

1976 - August

!
6
1

.

MOODY'S
NEW ISSUE

6

Oct.

PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
($ MILLIONS)

6.65
6.60
6.60
6.58

362
490
511
411

93
88
79
91

107
101
167
89

io
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

1
8
15
22

5.40
5.31
5.24
5.28

6.47
6.33
6.25
6.30

472
668
823
780

82
88
72
77

219
205
305
246

20
Sept.

&
K

3
GROSS
OFFERINGS
($ MILLIONS)

5.54
5.50
5.52
5.49

13

27

W

VOLUME

BOND BUYER
2D-BOND
INDEX

3

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 O F F E R E D
A a a UTILITY

2

MOODY'S SEASONED
CORPORATE A a a

3

U S . GOVT. 2 0 - Y E A R 4
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 (8/24)
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 . 1 3 (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)
8.15 (10/15)

9.10 (1/2)
8.Z0 (10/15)

8.66 (5/28)
8.30 (10/15)

8.17 (5/28)
7.63 (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
22

8.29
8.25
8.15r
8.27p

8.29
8.23
8.20
8.25p

8.37
8.33
8.30r
8.31p

7.76
7.69
7.63r
7.68p

6.47
6.33
6.25
6.30

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-merket 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

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 t o p 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 OF DOLLARS

GROSS PROCEEDS
PERIOD

1

CORPORATE

1976

|

1975

1974

2

STATE AND LOCAL

1976

1

1975

|

1974

January
February
March

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

April
May
June

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

July
August
September

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

October
November
December

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

Q1
02
03
04
1st Half
3 Otrs.
Year

NOTES:
1

Securities and Exchange Commission estimates of gross proceeds.

2

Securities Industry Association estimates of principal amounts.




8,393
8,919

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
PERIOD

TOTAL

G R O S S PROCEEDS BY TYPE OF ISSUER

BONDS
MEMO
COMMON
AND
MANUFACISSUES INCLUDED
PUBLICLY PRIVATELY PREFERRED
TURING
OFFERED
PLACED
FOREIGN [CONVERTIBLE
STOCK

PUBLIC
UTILITY

COMMUNICATIONS

OTHER
ISSUERS

1975 - I I I
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

5,596

3,943

651

1,002

211

2,318

1,478

362

1,437

July
Aug.
Sept.

4,327
2,405
2,836

2,658
1,356
1,414

1,014
486
585

654
563
837

925

425

300

38

1,120
681
619

1,039
1,024
1,264

270
112
297

1,897
588
657

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

1,247
1,275
902

928
55
232

1,579
1,635
1,767

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

3,381
3,842
6,632
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

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 - June

—

NOTES:
1

Other issuers ere extractive, railroad end other transportation, real estate and finance, and commercial and other.

Source: Securities and Exchange Commission.




——

1

T a b l e 5A

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
October 4 through October 22, 1976

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOOD Y'S/S&P 'S
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 & Light Co.
C a r o l i n a Power Co.
Duke Power Co.
General Motors Acceptance Corp.
C e n t r a l I l l i n o i s Public Svc. Co.
Southwestern Investment Co.
C a l i f o r n i a F e d e r a l Savings and Loan
Association
L o u i s v i l l e Gas & E l e c t r i c Co.
I l l i n o i s Power Co.
P u b l i c Svc. New Hampshire
United I l l u m i n a t i n g Co.
Weyerhaeuser Co.
Northern Indiana P u b l i c Svc. Co.
New York Telephone Co.
F l o r i d a Power Corp.

Com. s t k .
Com. s t k .
SR debt
1 s t mtg.
Equip, t r .
1 s t mtg.
Conv. debt
Pfd. stk.
Com. s t k .
1 s t mtg.
Debt
l e 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
Com. s t k .
Com. s t k .
Com. s t k .
Pfd. stk.
Debt
1 s t mtg.
Debt
l e t mtg.

75.0
19.9
63.8
21.5
15.0
200.0
60.0
150.0
80.0

——

2001
2006
1977-1991
2006
2001
——
——

8.75
9.00
8.00
8.38
7.00
8.70

——
- -

——

A/A
Baa/AAa/AA
Aa/AA
-/BB-A/A

mm —

8.38
8.13
8.38
8.50

8.42
8.13
8.38
8.50

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

1984

7.63

7.72

-/AAA

—

- -

- -

——

——

—-

——

- -

- -

8.80
7.95
8.38
8.25
8.75

8.80
7.98
8.42
8.25
8.60

- -

2006
2006
2015
2006

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




——

8.75
9.00
6.00-8.00
8.33
7.00
8.70

2006
1996
2006
1986

NOTES:
•
1

— •»

—-

- -

—
- -

Baa/BBB
Aa/AA
Aa/AA
Aaa/AAA
A/A

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 4 through October 22, 1976
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY S / S & P ' S
RATINGS

CORPORATE

Southern Railway
C i n c i n n a t i Gas & E l e c t r i c Co.
Puget Sound Power & Light Co.
Savannah E l e c t r i c & Power 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.
P a c i f i c Far East Line I n c .
P a c i f i c Far East Line I n c .
P u b l i c Svc. of New Hampshire
Union P a c i f i c Ry.

1st mtg.
1st mtg.
1st mtg.
1st mtg.
Debt.
Sub. n o t e s
Sub. n o t e s
Gvt. g t d .
Gvt. g t d .
1st mtg.
Equip, t r .

75.0
75.0
40.0
20.0
100.0
75.0
75.0
20.0
19.7
15.0
19.5

2001
2006
2006
1986
2001
1986
1990
1977-1986
1996
2006
1977-1991

8.50
8.55
8.88
9.80
8.38
8.10
8.25
5.38-7.63
8.10
9.13
7.50

8.52
8.55
8.95
9.80
8.45
8.10
8.32
5.38-7.63
8.10
9.13
5.25-7.75

A/A+
Aa/AA
Baa/BBB
Ba/BB—
Aa/A+
A/BBB+
A/BBB+

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. Fin. Auth.
New Brunswick

Notes
Debt.
Debt.
Debt.

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+




Baa/BBB
Aaa/AAA

T a b l e SB

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
October 4 through October 22, 1976
ISSUER
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.
Wisconsin, S t a t e of
Clark Co. Public 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 Co., 111.
Lower Colorado River A u t h . , Texas
Lower Colorado River A u t h . , Texas
M i s s o u r i Hsg. Dev. Comm.
Missouri Hsg. Dev. Comm.
F a i r f a x Co., 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.
Clark Co. Sch. D i s t . , Nev.

TYPE

Rev.
G.O.
G.O.
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.

AMOUNT
(MILLIONS OF
DOLLARS)

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

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.




MATURITY

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

NET INTEREST
COST

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

OFFERING
YIELD

3.75-6.25
3.25-6.15
3.90-6.75
3.20-6.10
3.50-6.15
3.24-5.60
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

MOODY'S/S&P'S
RATINGS

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

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
October 4 through October 22, 1976

ISSUER

STATE AND LOCAL

V i r g i n i a P u b l i c Sch. Bldg. Auth.
Bay Co., 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
Puerto Rico Water Res. Auth.
Puerto Rico Water Res. Auth.
Polk Co., Iowa
Polk Co., Iowa
Margate U t i l i t y A u t h . , 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 Hlth. & Educ. Fac. Auth.
Sou til- Dakota H l t h . & Educ. Fac. Auth.
Port of S e a t t l e , Wash.
Pennsylvania Educ. Fac. Auth.
Pennsylvania Educ. Fac. Auth.
Pennsylvania Fduc. Fac. Auth.
Alaska Hsg. Finance Corp.
Alaska Hsg. Finance Corp.
Alaska Hsg. Finance Corp.
Mobile I n d u s t . Dev. Bd., Ala.
Washoe Co. Sch. D i s t . , Nev.
Northhampton Co. Hosp. A u t h . , Pa.
Northhampton Co. Hosp. A u t h . , Pa.
Northhampton Co. Hosp. A u t h . , Pa.
I l l i n o i s Health Fac. Auth.




TYPE

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

AMOUNT
(MILLIONS
OF
DOLLARS)

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
2.8
2.6
19.6
23.5
17.1
3.9
2.6
4.6
16.6

MATURITY

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
1977-1986
1991
2006
2006
1977-1988
1978-1991
1996
2002
1977-1993

NET INTEREST
COST

5.24
6.08
——

5.29
4.87
8.23
8.23
7.62
7.62
—

OFFERING
YIELD

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
—

7.15
7.15
7.15
5.63
- ——

7.16
7.16
7.16
—

5.29
7.42
7.42
7.42
6.68

4.50-6.60
7.00
7.25
3.50-6.00
4.00-6.80
7.63
3.00-4.50
4.00-6.00
6.80
7.13
5.75
3.20-5.30
4.50-7.00
7.38
7.50
3.40-6.45

MOODY'S/S&P'S
RATINGS

Aa/AA
A/AA
— —/ - -

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

A/-A/ —
A/ —

Aa/AA

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 22, 1976

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY S / S & P ' S
RATINGS

STATE AND LOCAL

I l l i n o i s Health Fac. Auth.
I l l i n o i s Health Fac. Auth.
Onondaga Co., N.Y.
Rochester, N.Y.
Rochester, N.Y.
Hempstead, N.Y.
Kansas C i t y , Kansas
Kansas C i t y , Kansas
Troy Sch. D i s t . , Michigan
Massachusetts H l t h . & Educ. Fac. Auth.
L o u i s v i l l e , Ky.
D a l l a s - F o r t Worth Reg. A i r p o r t , Texas
D a l l a s - F o r t Worth Reg. A i r p o r t , Texas
Cleveland, Ohio
Cleveland, Ohio
Broward Co., F l a .
Kentucky Housing Corp.
Kentucky Housing Corp.
Coconono Co. P o l l u t i o n C t r l . C o r p . ,
Arizona




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

10.5
4.7
12.9
18.7
10.9
16.6
11.0
17.0
14.2
15.8
70.9
48.9
44.8
22.6
68.4
26.0
25.2
39.8

2002
2006
1977-2001
1977-2001
1977-2002
1977-1999
1981-1996
2006
1978-1996
1978-2007
1982-2013
1981-1993
1999
1979-1991
2006
1977-1995
1978-1996
2010

6.68
6.68
5.83
5.37
5.37
5.54
5.95
5.95
5.66
6.58
5.97
7.06
7.06
5.67
6.14
6.14

6.90
6.90
3.00-6.10
2.90-6.10
3.15-6.25
3.10-6.10
4.00-5.80
6.13
3.25-5.90
4.25-6.80
4.30-6.07
4.75-6.30
6.50
4.60-6.70
7.04
3.25-6.00
3.25-5.90
6.20

Rev.

13.0

2006

7.21

7.13

—
——

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

12
Table 6A

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
As of October 22, 1976
TYPE

ISSUER

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

Notes
Commercial Credit Co.
Sub. n o t e s
Commercial Credit Co.
Com. s t k .
Texas U t i l s . Co.
Notes
U.S. Trust Co. of New York
Equip, t r .
*Missouri P a c i f i c Ry.
1st mtg.
Kentucky Power Co.
P
fd. stk.
Michigan Wisconsin Pipe. Line Co.
1st mtg.
L o u i s v i l l e Gas & E l e c t r i c Co.
SF d e b t .
Marathon Oil Co.
Notes
Marathon Oil Co.
SF d e b t .
Southern Union Co.
1st mtg.
Washington Water Power Co.
Com. - s t k .
Washington Water Power Co.
Com. s t k .
Pioneer E l e c t r o n i c Corp.
SF d e b t .
* C a t e r p i l l a r Tractor Co.
Com. s t k .
Consumers Power Co.
1st mtg.
Consumers Power Co.
Debt.
Wisconsin Telephone Co.
Com. s t k .
Tucson Gas & E l e c t r i c Co.
Columbus & Southern Ohio Elec. Co. Com. s t k .
1st mtg.
Dayton Power & Light Co.
1st mtg.
Western Mass. E l e c t r i c Co.
Columbus & Southern Ohio Elec. Co. P f d . s t k .
1st mtg.
Ohio Power Co.
Com. s t k .
P u b l i c S e r v i c e of New Mexico
Pfd. s t k .
Toledo Edison Co.
1st mtg.
Idaho Power Co.
Pfd. stk.
Kansas City Power & Light Co.
Com. s t k .
Idaho Power Co.
Debt.
*General Telephone of F l o r i d a
*Cleveland E l e c . I l l u m i n a t i n g Co. , 1st mtg.
Com. s t k .
So. C a l i f o r n i a Edison Co.
Debt.
Macmillan I n c .
SF debt.
Ohio A-T-0 I n c .
OTHER
*European Coal & S t e e l Community
*European Coal & S t e e l Community

Bonds
Notes

100 .0
25 .0
100 .0
25 .0
15 .0
30 .0
50 .0
25 .0
250 .0
150,.0
20 .0
^ 0 , .0
16 .1
45 .0
200..0
53,.0
60..0
100.,0
44..0
27..0
50. o
30.,0
25,.0
80.,0
27.,0
25.,0
50.,0
20. 0
28.,0
50. 0
125..0
108. 8
50. 0
20. 0

Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Indef

75.0
75.0

Nov.
Nov.

NOTES:
*

Included in table for first time.

1

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




26
26
26
26
26
26
27
27
27
27
28
28
28
28
9
9
9
9
15
16
16
16
17
17
17
18
18
18
22
23
30

13
T a b l e OA 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 22, 1976
<M MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERMG

CORPORATE

^Government of A u s t r a l i a
Mexico




Bonds
Bonds

200.0
50.0

Nov. 16
Indef.

14
Table 6 8

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

1

As of October 22, 1976
AMOUNT
(IN MILLIONS
OF DOLLARS)
STATE & LOCAL

* S a l i x , Iowa
A t l a n t a Metro. Rapid T r a n s i t Auth.
Lansing, Michigan
Columbus City Sch. D i s t . , Ohio
F l o r i d a , S t a t e of
*Beaver Co. I n d u s t . Dev. Auth., "a
*Lancaster Co., Pa.
Louisiana Stadium & Exposition
Dist.
M i s s i s s i p p i , S t a t e of
*New York & New J e r s e y P o r t . Auth.
*North Carolina S t a t e Educ. Auth.
*Hammond, Ind.
Nassau Co., N.Y.
St P e t e r s b u r g , F l o r i d a
*Virgin I s l a n d s
New Orleans, La.
*Babylon, N.Y.
*Michigan S t a t e Hsg. Dev. Auth.
*South Dakota Hsg. Dev. Auth.
C a l i f o r n i a Hsg. Finance Agy.
*North P l a t t e Hosp. Corp., Neb.
Memphis, Tenn.
Madison, Ind.
*Alabama Public Sch. & College
Authority
*Pasadena Redevelopment Agy., Cal.
*Harris Co., Texas
Lasper Co., Michigan
Austin, Texas
East Bay Mun. U t i l . D i s t . , Cal.
Ohio, S t a t e of
*New Jersey H l t h . Care Fac. Auth.
Desert Hosp. Auth., Cal.
Georgia R e s i d e n t i a l F i n . Auth.
Louisiana Mun. Power Comminity
*Oregon, S t a t e of
*Washington Pub. Power Supply Sys

•

Included in the table for the first time.




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

18.0
50.0
12.0
25.5
70.0
30.0
11.8

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

133.0
63.0
50.0
17.0
13.3
30.2
20.0
10.0
60.0
13.7
20.0
16.9
100.0
16.0
155.0
50.0

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

25.0
32.0
21.0
14.0
44.0
25.0
50.0
10.3
15.0
50.0
75.0
130.0
180.0

APPROXIMATE
DATE OF OFFERING

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

25
25
25
26
26
26
26

Oct. 26
Oct. 26
Oct. 27
Oct. 27
Oct. 27
Oct. 27
Oct. 27
Oct. 28
Oct. 28
Oct. 28
Oct. 28
Oct.
Oct.
Oct.
Oct.
Oct.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.

4
4
4
4
9
9
9
9
9
10
1.1

16
16

15
T a b l e OB 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 22, 1976
AMOUNT
(M MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

Conroe I n d . Sch. D i s t . , Texas
Anne Arundel Co., Md.
Milwaukee Co., Wise.
*North C a r o l i n a , S t a t e of
Los Angeles Dept. of Water and
Power
*Emery Co., Utah




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

10..0
25,.0
18,.0
75,.0

Nov.
Nov.
Nov.
Nov.

16
16
16
17

Rev.
Rev.

50..0
50,,0

Nov.
Nov.

17

Table 7

STOCK PRICES AND VOLUME
DATE

1

STOCK PRICES
4
AMEX
|
130. 47 (1/11)
85. 26 (12/20)

2

TRADING VOLUME

1973 - High
Low

NYSE INDEX 3 | BJ INDUSTRIALS
65. 58 (1/11)
1051. 50 (1/11)
788. 31 (12/5)
49 12 (12/13)

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)

Sept.

3
10
17
24

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

Oct.

1
8
15
22

55 .70
54 .85
53 .90
53..42

979 .89
952,.38
937,.00
938.,75

101 .56
99 .96
98 .21
97 .88

90 .44
89 .38
89 .06
89 .26

16 .2
16 .7
17 .4
18 .2

1.7
1.5
1.7
1.8

5.4
5.9
5.9
6.0

NASDAQ
136. 84 (1/11)
89. 12 (12/13)

NYSE
26. 0 (9/20)
9. 0 (8/20)

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 ara weekly averages of daily figures (millions of shares).

3
4

12/31/66 - 50
Based on average price change until September 4, 1973 thereafter, based on market value of rfiares listed.




|

AMEX
5 . 5 (1/12)
1.4 (8/20)

|

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

17
Table 8

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY

END OF PERIOD

BROKERS ON 1 BROKERS ON2
MARGIN
CONVERTIBLE
STOCK
BONDS

BANKS

3

• • kinpAiii « M i k NONMARGIN
uAftitAAB^m
UNREGULATED
STOCK CREDIT
AT BANKS

OUTSTANDING

1975 - Aug.
Sept.
Oct,
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

CHANGE IN OUTSTANDING

1975 - Aug.
Sept.
Oct.
Nov.
Dec.
1976 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.

NOTES:
1

Margin account debt at raportad by the New York Stock Exchange, excluding credit for subscription issues and convertible bonds,

2

New York Stock Exchange data.

3

June data for bonks are universe totals; all other data for banks represent estimates for eN commercialtaenksbased on reports by e reporting
sample, which accounted for 60 per cent of security credit outstanding at banks on June 30.

4

Nonnieigin 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 noomargm stocks ere unregulated; at brokers, such stocks have no
value.




^

Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

MUTUAL SAVINGS BANKS
REGULAR DEPOSITS

NET
FLOW
1971
1972
1973
1974
1975

9,621
10,067
4,815
2,909
11,070

1976 - January
February
March
April
May
June
July £/

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

1976 - January
February
March
April
May
June
J u l y .£_/

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
5,378
5,451
-442
-2,822
4,757
810
787
866
352
561
-55
350

——
——
——
——
——

SAVINGS & LOAN ASSOCIATIONS
SHARE CAPITAL

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

ANNUAL 3
GROWTH
RATE
19.0
18.7
9.8
7.0
17.7

5,376
3,946
——
7,070
——
2,797
—
3,049
——
5,042
—
3,517
SEASONALLY ADJUSTED
w

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

2

TOTAL
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 i t mutual savings banks axduda Items such as Christmas club and certain escrow accounts, which represent a very small pert of total deposits.

2

New deposits net of both withdrawals and interest. Data for SSL's are for insured associations only, which represent 96 per cent of industry total resources.

3

Annual growth rate for monthly data is the annualized monthly percentage increase in deposits.

Source: National Aseoctattoo of Mutual Savings Banks and Federal Home Loen 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

MM

—

19
Table 10

MORTGAGE COMMITMENTS AT
SELECTED THRIFT INSTITUTIONS
BILLIONS OF DOLLARS, SEASONALLY ADJUSTED

OUTSTANDING COMMITMENTS
PERIOD

TOTAL

MUTUAL
ALL SAVINGS
SAVINGS BKS
& LOAN
ASSOCIATIONS (N Y. STATE)

TOTAL

NET CHANGE
MUTUAL
ALL SAVINGS
SAVINGS BKS
& LOAN
ASSOCIATIONS (N Y. STATE)

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.

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
June
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 endof period outstanding
levels as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding.




2 0

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 AND LONG-TERM I S S U E S
TOTAL

FHLB

FHLMC

FNMA

1974 - Sept.
Oct.
Nov.
Dec.

+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

July
Aug.
Sept.
Oct.
Nov.
Dec.

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

+600
+300
-700
100
850
200
600

-4
-554
-11
-30
-1,279
0
0
-700
0
+150
0
0

+300
0
-1
0
0
0
0
0
0
200
0

-1
0
+700
+100
0
+600
+300
0
100
700
0
600

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

-197
-1,160
447
131
-946
-101
-49
397
257

0
-800
-100
700
-600
-200
300
-200
200

0
-1,1.00
0
0
-600
0
0
0
0

0
200
0
0
0
0
0
-200
0

0
300
-300
700
0
-200
300
0
200

NOTES:
Based on data from Treasury Survey of Ownership.
Sales of FHLB discount notes began in May 1974.


p
Preliminary


-1,279

—
——

+1,050
+100
+310
+491

FNMA & FHLB
SHORT-TERM
DISCOUNT
NOTES 1

4
<

+18
+66
-182
-454

-237
-405

%
...

-249
-2*9

#

-270
-64
302

fr
'k

115

%

-263,
-4 8
69

£
'4;

-197

^

-360
-54?

-569
-346

99
-349
597
57

$
<;
*

4'
' „

21
Table 12

NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS OF DOLLARS

PERIOD

TOTAL
INCLUDING
FNMA-GNMA

FINANCIAL INSTITUTIONS

TOTAL

COMMERCIAL
BANKS

MSB's

S & Ls

INSURANCE
COMPANIES

Not Seasonally Adjusted
1971
1972
1973
1974
1975

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

900
500
600

226
200
366

2,996
2,323
2,774

210
195
508

1,378
300
87
2,416
600
106
4,069
900
324
4,171
900
309
4,032
1,100
240
4,815
1,100
517
4,522
1,000
323
4,220
600
384
1,100
Seasonally Adjusted

37
148
238
-292
40
162
62
138

1975

Oct.
Nov.
Dec.

4,981
3,584
4,906

4,332
3,218
4,248

1976

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.

2,212
3,534
4,691
4,752
4,878
5,951
6,213
5,622

1,802
3,270
5,531
5,088
5,412
6,594
5,907
5,342

1975

Oct.
Nov.
Dec.

5,353
4,265
5,283

4,842
3,910
4,548

923
614
877

273
214
294

3,490
2,949
3,360

156
133
17

511
355
735

3,682
4,748
4,879
4,373
V4,071
4,546
5,411
4,708

3,196
4,333
5,565
4,535
4,414
5,111
5,364
4,661

678
962
987
762
826
699
968
372
929

184
249
320
301
195
371
228
356

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

145
274
414
-299
161
147
94
144

486
415
-686
-162
-343
-565
47
47

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

NOTES:

these groups 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.



NET INCREASE IN
MORTGAGE DEBT OUTSTANDING
IN BILLIONS OF DOLLARS, S E A S O N A L L Y ADJUSTED ANNUAL RATES

TOTAL

1- t o 4 -

COMMERCIAL

FAMILY

MULTIFAMILY

MULTFAMLY
&
COMMERCIAL

RESIDENTIAL
QUARTER

1969 - I
II
III
IV

34.1
30.8
28.2
29.6

25.5
23.6
21.4
22.3

21.2
19.0
16.8
16.0

4.4
4.5
4.6
6.3

6.6
5.2
5.2
6.0

11.0
9.8
9.8
12.3

1970 - I
II
III
IV

23.3
26.9
34.1
37.1

16.7
19.2
24.5
28.1

11.2
13.6
16.2
19.5

5.5
5.5
8.2
8.6

5.6
6.8
8.3
7.6

11.1
12.3
16.5
16.1

1971 - I
II
III
IV .

41.8
51.4
56.6
60.3

32.8
40.0
42.2
46.0

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

1972 - I
II
III
IV

70.6
72.9
75.2
89.3

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

1973 - I
II
III
IV

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

1974 - I
II
III
IV

71.8
69.0

46.3

49.3
46.8
35.7
28.9

39.a
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

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

66 .0

NOTES:
1

2

May differ somewhat from related flow of funds series mainly because of more aggregative type of seasonal adjustment.

Digitized
i for FRASER
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 ,
http://fraser.stlouisfed.org/
Board of Governors, Federal Reserve System, Washington, D.C., 20551.
Federal Reserve Bank of St. Louis

T a b l e 14

PRIVATE HOUSING PERMITS, S T A R T S ,
COMPLETIONS, AND MOBILE HOME SHIPMENTS
IN THOUSANDS OF UNITS, SEASONALLY ADJUSTED ANNUAL RATES

PERMITS 1

STARTS
2 - O R MORE
FAMILY

TOTAL

1—FAMILY

COMPLETIONS
2 - O R MORE
FAMILY

2 - O R MORE
FAMILY

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

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

Oct.
Nov.
Dec.

1,111
1,127
>,091

794
814
812

317
313
279

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

Jan.
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
1,296
1,433

851
863
882
803
807
829
870
874
945

296
302
306
279
351
321
345
422
488

1,236
1,547
1,417
1,367
1,422
1,510
1.382
1,542
1,814

957
1,295
1,110
1,055
1,065
1,139
1,123
1,186
1,295

279
252
307
312
357
371
259
356
519

1,213
1,299
1,399
1,266
1,360
1,373
1,294
1,386

926
953
1,032
986
934
1,052
1,029
1,081

287
346
367
280
426
321
265
305

NOTES:
Private building permits (for 14,000 areas with' permit system* 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

ro
<*>

T a b l e 15

AVERAGE RATES AND YIELDS ON HOME MORTGAGES
HUD(FHA) INSURED LOANS
SECONDARY MARKET

CONVENTIONAL LOANS
PRIMARY MARKET
NEW HOMES

1

PERIOD
RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

EXISTING HOMES
RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

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

NEW HOMES

1
YIELD
(IN PER CENT)

SPREAD
(BASIS
POINTS)

1974 - High
Low

9.80
3.55

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 - Oct.
Nov.
Dec.

9,25
9.20
9.15

3

9.30
9.25
9.20

8
n. a.
n.a.

9.53
9.41
9.32

31

4.0
3.1
2.4

-28
-21
-17

9.22

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

9.05
9.00
8.95
8.90
9.00
9.05
9.05
9,05
9.00

39
42
42
32
5
35
33
58
77

9.10
9.05
9.00
8.95
9.05
9.10
9.10
9.10
9.05

44
47
47
37
10
40
38
63
82

9.06
9.04
n.a.
8.82
9.03
9.05
8.99
8.93
8.82

40
.46

2.4
2.2

- 1
- 4

24
8
35
27
46
59

2.5
4.1
4.2
3.8
3.3
2.5

8
- 3
0
6
12
18

8.66
8.58
8.53
8.58
8.95
8.70
8.72
8.47
8.23

NOTES:
1

Grow yfeW iprwd te averagm mortgage return before deducting servicing costs, minus average yield on new issues of high-grade utility bonds with 6-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, rouncled to the nearest 6 basis points. For secondary market data, weighted HUD office opinions on the average bid price for HUD (FHA) loans with minimum downpayment, prepaid in IB years, for immediate delivery, are used.




25

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL
AMOUNT
(IN MILLIONS OF DOLLARS)

DATE OF
AUCTION

AVERAGE
YIELD

AMOUNT
(IN MILLIONS OF DOLLARS)

OFFERED

AVERAGE
YIELD

ACCEPTED

100 (4/7)
51 (4/21)
10 (10/20) 9 (2/10)

10.02 (9/22)
8.96 (3/10)

1975 - High
Low

^5

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

(2/10)

3

1 8 (2/10) 8'.78 (2/10)

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
22

299.9
146.3

171.9
121.6

9.06
9.03

75.4
46.2

45.0
33.7

9.15
9.13

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

Oct.

124.3
111.2

61.8
45.3

8.80
8.70

153.8
143.7

94.4
121.4

9.07
9.02

4
18

offered by bidden relate

total eligible bids received.


/


H.16

,