Full text of H.16 Capital Market Developments : October 26, 1981
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October 26, 1981
HON 0 2 . ^
Capital
Market
Developments
As p a r t of an e f f o r t t o reduce c o s t s , p u b l i c a t i o n
of C a p i t a l Market Developments w i l l be d i s c o n t i n u e d a t
t h e end of 1 9 8 1 , w i t h t h e l a s t r e l e a s e s c h e d u l e d t o be
i s s u e d on December 21, 1981• Much of t h e i n f o r m a t i o n
c o n t a i n e d i n C a p i t a l Market Developments i s a v a i l a b l e i n
the Federal Reserve B u l l e t i n , other s t a t i s t i c a l p u b l i c a t i o n s of t h e Board, or i n t h e f i n a n c i a l p r e s s .
Subs c r i b e r s w i l l r e c e i v e r e f u n d s on a pro r a t a b a s i s f o r
i s s u e s t h e y were t o r e c e i v e a f t e r December 1 9 8 1 , Any
q u e s t i o n s r e g a r d i n g o u t s t a n d i n g s u b s c r i p t i o n s s h o u l d be
d i r e c t e d to the P u b l i c a t i o n s Section (202-452-2001).
! % Prepared by
the Capital Markets Section
}
in conjunction with
@
the Mortgage and Consumer Finance Section
y and the Government Finance Section
Division of Research and Statistics
#
Board of Governors of the Federal Reserve System
Washington, D C. 20551
CONTENTS
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
Yields, Volume and Reception: Corporate Bond Market
Yields, Volume and Reception: Municipal Bond Market
High Grade Bond Yields
Long-Term Corporate and State and Local Government Security Offerings and Placements
Treasury and Government Sponsored Agency Marketable Coupon Offerings and Placements
New Corporate Security Issues by Type of Issue
New Corporate Security Issues by Type of Issuer
Public Offerings of Intermediate- and Long-Term Securities: Corporate
Public Offerings of Intermediate- and Long-Term Securities: State and Local
Public Offerings of Intermediate- and Long-Term Securities: U.S. Treasury
Public Offerings of Intermediate- and Long-Term Securities: Government-Sponsored Agencies
Forthcoming Public Offerings of Intermediate- and Long-Term Securities: Corporate
Forthcoming Public Offerings of Intermediate- and Long-Term Securities: State and Local
Stock Prices
Trading Volume
Security Credit
Savings Flow at Selected Nonbank Thrift Institutions
Mortgage Commitments Outstanding at Selected Institutions
Net New Money Borrowings by Major Housing Credit Agencies
Net Change in Mortgage Holdings at Selected Institutions
Net Change in Mortgage Debt Outstanding, By Type of Property
Average Rates and Yields on Home Mortgages and Pass-Through Securities
FNMA Auctions of Commitments to Purchase Home Mortgages
FHLMC Auctions of Commitments to Purchase Home Mortgages
Issues of Mortgage-Backed Securities
*
•*"
<
/l
SYMBOLS
e
p
r
n.a.
—
estimate
preliminary
revised
not available
data do not exist
SUBSCRIPTION RATES
Weekly $15.00 per year or $.40 each in 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 $.50 each. Address requests to Publications Services, Division of
Support Services, and make payment remittance payable to the order of the Board of Governors of the Federal Reserve System in a
form collectible at par in U.S. Currency.
1. YIELDS, VOLUME AND RECEPTION
Volume
Yields
Weekending
1981-Aug.
Sept.
Oct.
7
14
21
28
4
11
18
25
2
9
16
23
N e w issue
Recently offered
Aaa utility 1
Aaa utility2
Gross o f f e r i n g s
($ millions)
16.68
16.63
16.80
17.15
wmmmmrn ——
P e r c e n t sold b y
N e w i s s u e s in s y n d i c a t e "
end of week
($ millions)
362
100
100
0
0
345
93
25
100
100
0
75
100
0
8
0
25
35
17.55
17.62
16.87
16.79
17.50
17.52
16.92
17.18
16.94
17.72
16.96
17 . 2 1 r
437
1 7 . 4 5 p
182
——
3
350
98
415
100
813
96
99
4
100
68
100
0
350
418
139
0
2. YIELDS, VOLUME AND RECEPTION
Volume
Yields
Week ending
Moody's new
issue A a a
1 9 8 1 - A u g .
i'i
G O. bond
Rev. bond
index
index
Gross offerings
e n d of w e e k %
($ millions)
12. 34
488
97
f> /
14
11. 10
11..94
12..55
417
87
60
752
91
2 9 1
91
11..10
12.,49
13.,04
r,H
i
f.j
28
11.,10
12,.97
13..89
4
11..10
13,.10
14,.10
369
9%
f
9 8 3
99
j
9')
11
11..80
13,.21
14,.24
18
11..80
12 .79
13,.78
888
/
!
11 .50
12 .57
13 .62
646
2
11.,80
12.,93
13..98
522
9
11,.80
12..73
13..62
7 / 3
''!' •
I
11 .80
12 .53
13 .57
r
9',.
i
12 .99
13 .94
23
12 .00
)4 7
5 9 8
|
1
!
F e d e r a l R e s e r v e series o f i m p l i e d y i e l d o n n e w l y issued, A a a rated utility bond with S y ^ r call
Federal R e s e r v e series o f i m p l i e d f r e e - m a r k e t y i e l d on Aaa-rated utility bond w i t h 5 yoar nail p r o t ^ r
d u r i n g t h e last f o u r w e e k s .
3 E s t i m a t e d b y F . R . o n t h e basis o f available data.
4 C o r p o r a t e Market: S a l o m o n B r o t h e r s Bond Market Roundup:
Municipal Market Week//
n e c e s s a r y t o m a k e c o v e r a g e of t h i s series consistent with the gross offerings series
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
syndicate4
($ millions!
11.,63
16
1
2
N e w i s s u e s in
Percent sold by
11. 10
25
Oct.
Bond Buyer
7
21
Sept,.
Bond Buyer
Bond
Quynrjw.a
':\U
l'>
3. HIGH GRADE BOND YIELDS
Recently offered
Aaa utility 2
Moody's
seasoned
corporate A a a 3
9.30(11/10)
9.54(12/22)
9.27(12/29)
8 . 6 1 ( 3/261
8.48(
8.30('
New issue
Aaa utility 1
Datr
1978-High
Low
1979-High
11.51(11
Low
9.40(
1980-High
Low
:
8
14.51(12
10.53 ( 6
1981-High
Low
8.01(
1/6)
1.4
11/9) 10.87(12/28)
10.56(
11/9)
9.3
6/29)
8.79(
7/6)
9 .16 (
7/6)
0.79( 6/20) 10.34( 6/20)
17.62(
9,• i
1/
9.00(12/22)
1/6)
1/6)
5.03(12/12) 13.49(12/19)
14.05 (
U.S. govt.
20-year constant
maturity 4
17.72(
13 9 9 (
10/9 )15 •85(
3/20) 12.59(
10/9)
1/9)
12.86(12/12)
9.59(
6/20)
15.55 ( 10/9 )
11.98(
1/9)
Bond Buyer
G.O. bond
index 5
Bond Buyer
Rev. bond
index6
6.67(12/22)
5.58(
3/17)
7.38(10/26)
6.08(
7/6)
8.24(11/23)
10.56(12/19)
7.11(
5/9)
11.41(12/19)
8.15(
5/8)
13 . 2 1 (
9.49(
9/11
1/9)
7/23(
14.24(
9/11)
10.34(
1/16)
1980-July
11.60
11.41
11.07
10.32
8.13
8.87
Aug.
12.32
12.74
12.31
11.64
8.67
9.57
12.72
12.02
11.07
11.47
8.94
9.84
9.11
9.56
9.97
10.43
10.11
11.08
9.66
10.64
Sep: .
Oct.
13.18
13.13
12.31
11.75
Nov.
13.85
Dec .
14.51
13.91
14.38
12.97
13.21
12.44
12.49
1981-Jan.
Feb.
14.12
14.17
12.81
12.29
14.90
14.58
12.98
10.10
Mar.
14.71
14.41
13.35
13.33
12.94
10.16
Apr.
May
15.68
15.48
13.88
13.46
10.62
11.32
15.81
15.48
14.32
13.82
10.79
11.60
June
14.76
14.81
13.75
13.20
10.67
11.49
July
16.30
15.73
14.38
13.92
11.14
.11.88
14.89
14.52
12.26
12.96
17.33
15.49
15.07
12.92
13.94
7
16.68
14.82
14.51
11.63
12.34
14
16.63
14.62
1.1 . 9 4
12.49
12.55
13.04
16.82
Aug.
Sept.
1981-Aug.
Sept.
Oct.
1.7.21
11.01
10.90
21
16.80
14.78
14.14
14.34
28
17.15
15.21
14.99
12.97
13.89
13.10
14.10
14.24
13.78
17.55
1
7.62
17.50
11
17.52
15.50
15.61
15.16
15.12
18
16.87
16.92
1.5.30
14.76
13.21
12.79
2 5
16.79
17.18
15.35
14.93
12.57
13.62
17.72
16.96
1.7 .2.1 r
17 . 4 5 p
15.85
15.40
15.55
1 5.18
1 4 .9 2 r
12.93
12.73
12.53
13.62
13.57
] 5.34p
15.16p
12.99
13.94
4
2
9
16.94
16
23
.14 . 9 8
9/21)
13.98
Federal Reserve series of implied yield o n n e w l y issued, Aaa-rated utility b o n d with 5 year call p r o t e c t i o n .
Federal Reserve series of implied free-market yield o n c o m p e t i t i v e l y bid Aaa-rated utility b o n d with 5-year call p r o t e c t i o n released f r o m price
restrictions s o m e t i m e during t h e last four w e e k s .
Weekly average of daily closing figures
Weekly average of daily figures. U.S. Treasury data.
Thursday figures. The average rating of the 2 0 general obligation b o n d s used in this index falls m i d w a y b e t w e e n the five t o p groups as classified b y
Moody's Investors Service. Weekly Bond Buyer data
Thursday figures. The average rating of the 2 5 revenue b o n d s used in this index falls m i d w a y b e t w e e n trfeHive t o p groups as classified by M o o d y s
Investors Service. Weekly Bond Buyer data
5
4. LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS
Gross proceeds, millions of dollars
State and Local 2
Corporate 1
Period
January
February
March
1979
3,770
3,165
4, 354
1980
6,173
4,507
4,454
1981
5,581
4,157
6,423
1979
2,840
2,603
4,644
1980
3,078
2,424
2,435
1981
2,675
2,982
3,957
April
May
June
4,692
4,160
6,238
5,656
9,074
9,645
6,835
5,457
9,536*
3,444
3,042
4,724
4,962
4,746
6,136
5 , 218
3,503
4,805*
July
August
September
4,103
4,211
4,593
8,029
5,437
5,025
4,013
3,396
4,256
2,472
4,872
3,946
4,523
3,171
3,000e
3,100e*
October
November
December
4,601
3,868
3,778
5,819
3,936
5,933
4,217
4,160
3,567
4,474
2,916
3,854
51,553
73,688
43,365
48,366
Year
2,866
3,800e*
1 Securities end Exchange Commission estimates of gross proceeds.
2 Public Securities Association estimates of principal amounts.
e Estimated by Federal Reserve on the basis of available data.
* Excludes
$150 m i l l i o n
issue
of
Alaska
Housing
Finance
Corporation.
5. TREASURY AND GOVERNMENT-SPONSORED AGENCY BORROWING
Millions of dollar?
Federal Government
Means of financing combined deficit
Net cash borrowing from the publicZ
Public debt securities
Gov't,
agency
NonBills
Coupons marketable securities
Decrease**)' Sponsored
agency
increase(-)
borrowing4
in cash
operating
balance
Combined
deficit(+)
or
surplus(—)1
[Totals
41,397
50,670
37,360
79,201
10,899
43,458
28,041
50,480
-397
-14,298
-1,402
-577
1,115
484
366
3,621
23,631
24,705
17,146
4,758
10,698
9,231
7, 869 1 3 , 6 6 8
2,477
6,412
7,382
2,422
3,267
7,233
-63
-315
-1,023
-23
-30
-79
4,076
-3,985
-720
8, 312
5,452
-5,079
5,116
412
3, 378
6,772
1 9 8 1 — — Jan . 8 , 3 3 9
Feb .
17,063 13,916
Mar .
13,048 15,138
4,320
8 j 548
6,343
4,159
5,849
8,997
-1,480
-489
-347
-35
-55
-14
3,179
-664
-1,479
-1,612
3,811
-611
1,408
13
1,960
-9,466
-1,336
-5,728
6,307
2,155
7,770
-417
-158
-1,479
-71
-37
-84
-1,092
2,391
-3,705
-10,434
15,449
•- 1 0 , 6 8 7
1,478
4,744
2,660
Period
CV5
CY
-1979
-1980
1980--0ct.
Nov .
Dec .
Apr.
May
June
-15,251
18,379
-13,820
-3,725
539
572
Other
July
Aug.
Sept.
1 U.S. unified budget deficit or surplus plus off-budget entities deficit or surplus.
2 Change in outstanding amount of public debt securities and government agency securities less change in holdings of those securities by government
accounts.
; v
j
3 Also includes changes in matured and noninterest-bearing public debt, i
if
4 Change in outstanding amount of marketable securities issued by Federal Farm Credit Banks, Federal Home Loan Banks, Federal Home Loan Mortgage Corporation, Federal National Mortgage Association.
' f
5 CY« Calendar Year
6
6. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE
Gross proceeds, millions of dollars
Bonds
Period
Total
Publicly
offered 2
Privately
placed
53,792
47,230
51,533
73,688
24,072
19,815
25,814
41,587
17,943
17,057
14,394
15,134
24,375
18,492
15,688
1981-QI
QII
Memo
Issues included
Foreign
Convertible
Common and
preferred
stocks
1,347
1,349
11,612
11,777
10,358
11,325
20,490
1,827
1,008
863
418
2,229
4,685
5,924
18,165
11,618
5,880
4,624
2,213
2,163
2,612
4,586
3,997
4,711
7,196
169
529
631
498
908
967
1,510
1,300
16,161
21,828
9,114
10,791
1,381
2,487
5,666
8,550
277
864
1,317
1,472
1981-Jan.
Feb.
Mar.
5,581
4,157
6,423
2,928
2,408
3,778
458
426
497
2,195
1,323
2,148
162
105
10
303
575
439
Apr.
May
June
6,835
5,457
9,536
3,668
2,520
4,603
929
560
998
2,238
2,377
3,935
168
121
575
719
399
354
July
Aug.
4,013
2,866
1,925
905
331
508
1,757
1,453
n.a.
n.a.
130
260
1977
1978
1979
1980
1980-QI
QII
QUI
QIV
7. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUER
Gross proceeds, millions of dollars
Period
1977
1978
1979
1980
Manufacturing
Public utility
Communications
Other issuers1
13,393
10,813
11,357
20,248
14,127
12,232
13,324
15,786
4,522
3,640
4,522
7,250
21,827
20,549
22,332
30,404
1980-QI
QII
QUI
QIV
3,950
6,896
5,925
3,477
4,864
4,151
3,701
3,070
1,324
1,808
4,995
11,148
6,928
7,333
1981-QI
QII
5,387
5,857
3,223
4,696
1,337
2,172
6,221
9,104
1981-Jan.
Feb.
Mar.
2,244
1,344
1,799
1,362
853
76
303
958
1,901
Apr.
May
June
1,990
2,172
1,695
1,621
1,236
1,839
610
56
1,506
2,614
1,994
4,496
July
Aug.
832
440
691
602
840
114
1,650
1,710
1,008
2,182
1,936
1,660
2,660
1 Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other.
Source: Securities and Exchange Commission and Federal Reserve Board.
2 Total r e f l e c t s gross proceeds rather than par value of o r i g i n a l discount bonds.
8. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE 1
Issuer
Inter North, I n c .
P h i l a d e l p h i a E l e c . Co.
H a l l i b u r t o n Co.
P u b l i c S e r v i c e of New
Mexico
Texas O i l & Gas Corp.
Alabama Power Co.
Connecticut Light & Power Co.
Missouri P a c i f i c Railroad
T r a n s c o n t i n e n t a l Gas P i p e l i n e
Corp.
Georgia Power Co.
Enserch Corp.
Long I s l a n d L i g h t i n g Co.
A t l a n t i c C i t y E l e c . Co.
San Diego Gas & E l e c . Co.
United Energy Resources, I n c .
Lorimar Corp.
Louisiana Power & Light Co.
Landmark Bancshares
P a c i f i c Power & Light Co.
Houston I n d u s t r i e s
OTHER
Province of Ontario
Province of Ontario
World Bank
World Bank
Date
Type
Amount
(millions
of dollars)
10/2
10/2
10/6
Debt.
Com. s t k .
Notes
200.0
99.8
150.0
10/6
10/6
10/8
10/14
10/14
1 s t . mtg.
Notes
1 s t . mtg.
1 s t . mtg.
Equip, t r .
60.0
75.0
100.0
65.0
26.7
10/14
10/15
10/16
10/17
L0/21
10/21
LO/21
10/21
L0/21
L0/22
LO/22
LO/23
Debt.
1 s t . mtg.
Conv. d e b t .
Pfd. s t k .
Com. s t k .
Pfd. s t k .
Debt.
tfotes
Lst. mtg.
3onv. d e b t .
Lst. mtg.
]om. s t k .
100.0
125.0
120.0
50.0
26.1
35.8
50.0
24.6
75.0
7.0
100.0
76.0
L0/21
LO/21
LO/22
LO/22
Debt.
Notes
Motes
Motes
150.0
100.0
300.0
200.0
Maturity
Coupon
rate
1991
17.50
Offering
yield
Moody's/S&P's
ratings
——
—
1988
2011
1991
1989
1991
1982-96
1991
1991
2001
——
1991
1991
1987
1996
1991
—
Aa/AA
17.50
16.63
18.25
17.75
15.50
17.75
16.65
18.25
17.85
15.85
Aa/AA
A/A+
Baa/BBBBaa/BBBA/A
17.25
17.50
10.00
17.00
17.50
17.50
10.00
17.00
Baa/BBB
Baa/BBB+
A/ABaa/BBB—
Ba/—
18.60
17.00
13.00
18.13
14.50
18.00
——
18.60
17.20
20.01
18.40
14.50
18.40
—
/
—
A/AB/B
Baa/BBB—
/
—
Baa/BBB
— / —
17.00
16.00
16.38
16.88
17.08
16.21
16.44
16.88
* Rights offering.
1 Includes only corporate and other security offerings of $25 million and over; excludes options, exchanges, and secondary offerings.
/
16.00
—
2011
1991
1986
1991
—
16.00
——
——
A/A+
Aaa/AAA
Aaa/AAA
Aaa/AAA
Aaa/AAA
9. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL1
Issuer
Date
10/1
Sabine River A u t h . , TX
10/1
Jasper Co., IN
10/1
Jasper Co., IN
S a l t River A g r i . Improv. &
10/5
Power D i s t . , AZ
S a l t River A g r i . Improv. &
10/5
Power D i s t . , AZ
10/6
Hawaii, S t a t e of
10/6
Clark Co., NV
10/7
P h i l a d e l p h i a , PA
10/7
P h i l a d e l p h i a , PA
10/7
P h i l a d e l p h i a , PA
10/7
P h i l a d e l p h i a , PA
10/7
Hillsborough Co., FL
C a l i f o r n i a Health Fac. Auth. 1 0 / 7
C a l i f o r n i a Health Fac. Auth. 1 0 / 7
C a l i f o r n i a Health Fac. Auth. 1 0 / 7
10/8
Jackson Co., MI
10/9
Red River A u t h . , TX
South Carolina Pub» Serv.
10/9
Auth.
South Carolina Pub. Serv.
10/9
Auth.
South Carolina Pub. Serv.
10/9
Auth.
South Carolina Pub. Serv.
10/9
Auth.
Industry Urban D e v e l . Agcy,CA 1 0 / 1 3
California P o l l . Cntrl. Fin.
10/15
Auth.
10/15
Georgia Muni. Dev. Auth.
Montgomery Co. Hosp. A u t h . ,
10/16
PA
Montgomery Co. Hosp. Auth.,
10/16
PA
Montgomery Co. Hosp. A u t h . ,
10/16
PA
10/16
Palm Beach Co., FL
10/16
Palm Beach Co., FL
10/16
Palm Beach Co., FL
10/19
Adams C q , , CQ
V i r g i n i a P e n i n s u l a P o r t s Auth, 1 0 / 1 9
P h i l a d e l p h i a Hosp. Auth.
10/19
P h i l a d e l p h i a Hosp. Auth.
10/19
P h i l a d e l p h i a Hosp. Auth.
10/19
P h i l a d e l p h i a Hosp. Auth.
10/19
P h i l a d e l p h i a Hosp. Auth.
10/19
I l l i n o i s , S t a t e of
10/20
Garden C i t y , KS
10/21
Maryland, S t a t e of
10/21
Putnam Co. Dev. A u t h . , GA
10/23
S t . Paul Port A u t h . , MN
10/23
Net
interest
cost
Offering
yield
n.a.
n.a.
n.a.
11.50
12.00
14.11
A/AAA/AAa/A
n.a.
l0.25-11.50
Aa/AA
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
14.00
:. 0 . 2 5 - 1 3 . 5 0
:. 0 . 0 0 - 1 2 . 0 0
!. 0 . 7 5 - 1 3 . 5 0
14.38
14.50
14.61
9.50-13.25
!L 0 . 0 0 - 1 2 . 9 0
13.00
13.25
10.38
13.50
n.a.
10.50-12.5(
Type2
Amount
(millions
of $)
Maturity
Rev.
Rev.
Rev.
72.5
120.0
55.0
1984
1984
2011
Rev.
3.0
1987-91
Rev.
Rev.
G.O.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
52.0
75.0
26.0
12.0
16.6
25.0
71.5
35.0
7.3
7.3
38.3
123.1
45.0
2021
1984-08
1983-91
1984-91
1996
2001
2006
1982-11
1983-96
2001
2011
1984
2011
Rev.
10.0
1986-94
Rev.
20.0
2001
n.a.
13.25
A-1/A+
Rev.
20.0
2015
n.a.
13.20
A-1/A+
Rev.
Rev.
100.0
70.0
2021
1984
n.a.
11.36
13.81
10.75
A-1/A+
A1/A+
Rev.
Rev.
70.0
50.0
2011
2011
n.a.
n.a.
11.75
13.75
Aaa/AABaa/BBB+
Rev.
1.6
Rev.
2.5
Rev.
Rev.
Rev.
Rev.
Rey.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
G.O.
Rev.
G.O.
Rev.
Rev.
27.1
4.5
3.6
17.4
27,4
122.2
5.9
11.6
63.3
11.8
20.0
100.0
111.8
96.3
26.4
25.0
1986-94
2000
2015
1983-96
2001
2011
2011
1984
1986-92
1999
2010
2011
2012
1982-06
1984
1984-96
2011
1984
13.50
11.91
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n • 3,
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
11.56
n.a.
11.30
n.a.
11.23
1
2
Includes only state and local security offerings of $ 2 5 million and over; excludes secondary offerings.
For state and local government securities, G.O. d e n o t e s general obligation; Rev. denotes revenue obligations.
3
Canadian interest cost.
Moody's/S&P's
ratings
10.50-12.5(
13.25
13.75
9.50-12.20
12.50
12.75
13.75
10.13
1 0 . 7 5 - 1 2 . 2 ::
14.00
14.50
13.90
12.63
8.75-12.40
10.63
9.25-12.00
13.75
10.50
Aa/AA
A/AAA
A/AAA
A/A
A/A
A/A
A/A
A/AAA
A/A
A/A
A/A
Aaa/AAA
Aa/~
A-1/A+
A1/A+
A1/A+
A1/A+
—/AAA
—/AAA
—/AAA
A/A
— j —
ai/aAl/AAl/AAl/AAl/A—
Aaa/AAA
Aaa/AAA
Aaa/AAA
Baa/BBB+
—/AA
9. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL1
Issuer
F a r a i n g t o n , NM
Farmington, NM
F a r a i n g t o n , NM
F a r a i n g t o n , NM
I l l i n o i s H e a l t h F a c . Auth.
Port of Houston A u t h . , TX
Date
Type 2
Amount
(millions
of$)
Maturity
Net
interest
cost
Offering
yield
10/23
10/23
10/23
10/23
10/23
10/23
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
64.3
11.5
6.2
4.7
49.4
25.0
2011
2001
1996
1981-91
1983-87
1983-92
n.a.
n.a.
n.a.
n.a.
n.a.
13.87
14.13
13.63
13.00
L0.00-12.00
L0.20-11.20
L0.00-14.00
I
1 Includes only state and local security offerings of $ 2 5 million and over; excludes secondary offerings.
2 For state and local government securities, G O . denotes general obligation; Rev. denotes revenue obligations.
3 Canadian interest cost.
Moody's/S&P's
ratings
Al/A
Al/A
Al/A
Al/A
—/AAA
A/A+
10. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: U.S. TREASURY
Notes and Bonds
Amount (millions of dollars)
Coupon Auction
Net proceeds
Gross proceeds
Maturity
Offering Payment
average
rate
Length
date
date
date
(percent) (percent)
Private1 -2
Total
Private*
Total
Memo:
Foreign
add-ons3
1981
3,638
3,638
2,551
3,460
2,551
3,460
0
130
0
186
195
4,901
3,535
1,751
2,972
2,085
985
1,751
2,972
2,118
952
1,751
2,972
68
0
0
215
4,325
1,573
1,573
0
3,776
2,074 1 6,844
2,302
2,221
2,221
0
0
0
4,763
3,206
4,352
3,206
2,120
3,206
2,120
3,206
0
195
14.72
14.04
13.45
14.07
4,607
3,393
1,753
3,469
4,307
3,281
1,753
3,469
1,550
879
1,753
3,469
1,582
847
1,753
3,469
0
0
0
450
L5-7/8
15.92
4,966
4,615
1,744
1,744
0
15.96
14.98
14.06
16.26
16.14
5,780 )
2,811 \ 9,042
2,306
4,848
5,423
3,469
t
3,394
3,394
1^694
1,594
271
150
0
0
1,501
5,191
13-1/4
13
12-3/4
13-7/8
13-3/4
13.37
12.89
12.68
13.97
13.79
4,662 7
3,038 ( 8,801
2,576 ,
5,012
5,438
3,460
3,460
2-yr
3/31/83
3/31/85
4-yr
2 0 - y r 1-mo 5 / 1 5 / 0 1
4/15/88
7-yr
12-5/8
13-3/8
13-1/8
13-1/4
12.75
13.49
13.21
13.34
5,601
3,794
1,751
2,972
4/30/83
14-1/2
14.51
4,586
5/15/84 15-3/4
5/15/91 14-1/2
5/15/06-11 1 3 - 7 / 8
15.81
14.56
13.99
5/31/83 15-5/8
2-yr
5 - y r 5-mo 1 1 / 1 5 / 8 6 1 3 - 7 / 8
15.72
13.95
14-5/8
14
13-3/8
14
1/12
2/2
2 0 - y r 1-mo 2 / 1 5 / 0 1
1/31/83
2-yr
Feb.
3
4
5
24
26
2/17
2/17
2/17
3/2
3/4
3-yr
9-yr
29-yr
2-yr
5-yr
Mar.
18
24
26
31
3/31
3/31
4/2
4/6
Apr.
22
4/30
2-yr
5
6
7
5/15
5/15
5/15
3-yr
10-yr
30-yr
May
1,501
2,045
11.82
13.69
6
21
6-mo 8 / 1 5 / 8 4
9-mo 1 1 / 1 5 / 9 0
9-mo 1 1 / 1 5 / 1 0
2/28/83
2-mo 5 / 1 5 / 8 6
20
28
6/1
6/3
June
18
23
25
30
6/30
6/30
7/2
7/7
July
22
7/31
Aug.
4
5
6
20
27
8/17
8/17
8/17
8/31
9/8
3 - y r 3-mo 1 1 / 1 5 / 8 4 16
8 / 1 5 / 9 1 L4-7/8
10-yr
2 9 - y r 9-mo 5 / 1 5 / 0 6 1 1 L3-7/8
L6-1/4
8/31/83
2-yr
5 - y r 2-mo 1 1 / 1 5 / 8 6 L6-1/8
S e p t . 16
23
30
9/30
9/30
10/7
9/30/83
2-yr
9/30/85
4-yr
2 0 - y r 1-mo 1 1 / 1 5 / 0 1
Oct. 7
10/14
1
2
3
6/30/83
2-yr
6/30/85
4-yr
2 0 - y r 1-mo 8 / 1 5 / 0 1
7/15/88
7-yr
2-yr
7-yr
7/31/83
10/15/88
16.12
L6
L5-7/8 1 5 . 9 1
15-3/4 15.78
15-3/8
J
1
1
)
5,266
3,959
15.40
Excludes amounts sold to Government investment accounts and the Federal Reserve. Also excludes add-ons to foreign accounts.
May be larger than the total if the Government accounts and/or the Federal Reserve do not fully roll-over their maturing holdings.
Additional amounts of securities issued to foreign and international monetary authorities at the average auction price for new cash.
0
125
1,501
2,045
1,501
4,730
11-3/4
13-5/8
Jan.
0
n.a.
n.a.
n.a.
n.a.
11
11. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: GOVERNMENT SPONSORED AGENCIES
Offering Payment
date
date
Issuer
Length
11 -mo
8-mo
Maturity
date
Yield
(percent)
4/26/82
1/25/84
5/27/86
Amount (millions of dollars)
Gross
proceeds
Maturing
issues
Net
proceeds
17.05
18.80
15.50
1, 200
1,000
600
1,400
1,400
5/13
5/13
5/13
5/26
5/26
5/26
•2-yr
5-yr
FFCB
5/28
6/1
4-yr
3-mo
9/3/85
14.90
662
0
662
FNMA
6/3
6/10
3-y4
4-mo
10/10/84
14.90
500
750
-250
FHLB
6/10
6/10
6/25
6/25
1 - y r 9-mo
3-yrlO-mo
3/25/83
4/25/85
14.80
14.55
1,100
700
0
1,800
FNMA
6/26
7/10
3-yrlO-mo
5/10/85
15.25
600
1 , 200
-600
FFCB
7/8
7/8
7/8
7/20
7/20
7/20
3-y r
5-yr
10-yr
7/23/84
7/21/86
7/22/91
15.25
15.15
14.70
759
938
617
905
1,409
7/15
7/15
7/15
7/27
7/27
7/27
1-yr
3-y r
5-yr
7/26/82
7/25/84
7/25/86
15.90
15.55
15.35
1,000
1,000
400
900
1,500
8/12
8/12
8/12
8/25
8/25
8/25
1-yr
3-y r
4-yr
4-mo
12/27/82
8/27/84
3/25/86
16.50
16.00
15.75
1 ,400
1,000
600
1,000
800
400
200
600
FNMA
8/14
8/14
8/17
8/17
3-yr
7-y r
6-mo
2/11/85
8/10/88
17.00
16.375
700
300
0
0
700
300
FCB
8/26
8/26
9/1
9/1
2-yr
4-yr
6-mo
3-mo
3/11/84
12/2/85
17.00
17.00
415
491
0
0
415
491
FNMA
9/2
9/10
1-yr
8-mo
5/10/83
18.00
1,000
1,050
-50
FNMA
9/10
9/15
1-yr
5-mo
2/10/83
1 7 . 75
400
0
400
FHLB
FHLB
-FHLB
9/16
9/16
9/16
9/25
9/25
9/25
1-yr
3-yr
5-yr
9/27/82
9/25/84
9/25/86
16.50
16.40
16.40
1,500
600
500
0
0
0
1,500
600
500
FNMA
9/30
10/13
3-yr
1-mo
11/12/84
17.20
1,000
600
400
10/14
10/14
10/14
10/20
10/20
10/20
2-yr
4-yr
8-yr
6-mo
3-mo
4/23/84
1/20/86
10/20/89
15.50
15.80
15 . 80
697
815
482
600
1,394
FHLB
FHLB
FHLB
'FFCB
FFCB
FHLB
FHLMC
FNMA
—
—
-
Federal
Federal
Federal
Federal
7-mo
Farm Credit Banks
Home Loan Banks
Home Loan Mortgage Corporation
National Mortgage Association
As of October 23, 1981
12. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE 1
Issuer
Southern C a l i f o r n i a Edison
Southern B e l l T e l . & T e l . Co.
^Consumers Power Co.
Appalachian Power Co.
Washington Water Power Co.
^Commonwealth Edison Co.
Middle South U t i l s .
J e t American A i r l i n e s , I n c .
D a l l a s Power & L i g h t Co.
W e l l s Fargo & Company
Washington Gas L i g h t Co.
C l e v e l a n d E l e c . Illuminum
Bankamerica R e a l t y
F l o r i d a Power & L i g h t Co.
General T e l . Co. of C a l i f .
U . S . L e a s i n g Corp.
Iowa E l e c . L i g h t & Power Co.
Republic A i r l i n e s , I n c .
U.S. Home Corp.
B.F. Goodrich Co.
Farmland I n d u s t r i e s , I n c .
Kentucky U t i l i t i e s Co.
Kerr-McGee Corp.
E q u i t a b l e of Iowa Companies
Xerox C r e d i t Corp.
New York S t a t e Gas & E l e c . Co.
ITT F i n a n c i a l Corp.
Cameron I r o n Works, I n c .
Southern N a t u r a l Gas Co.
Anardarko P r o d u c t i o n Co.
Anardarko P r o d u c t i o n Co.
Texas General R e s o u r c e s
Gen 1 1. E l e c . C r e d i t Corp.
G e n ' l . E l e c . C r e d i t Corp.
Wisconsin Gas Co.
Chase Manhattan Corp.
C o n t i n e n t a l I l l i n o i s Corp.
I n t e r n a t ' l . B u s i n e s s Machines Corp.
C r e d i t h r i f t F i n . Corp.
Columbia Gas Systems
Cable American Corp.
C r y s t a l O i l Co.
F l o r i d a Telephone Corp.
Northwest Energy Co.
Ford Motor C r e d i t Co.
P h i l l i p s Petroleum Co.
Mellon N a t i o n a l Corp.
C a t e r p i l l a r T r a c t o r Co.
C e n t r a l Maine Power Co.
Niagara Mohawk Power Co.
Valero Energy Corp.
F i r s t E x e c u t i v e Corp.
Xerox C r e d i t Corp.
*Gearhart I n d u s t r i e s , I n c .
Type
1 s t . mtg.
Debt.
1 s t . mtg.
Pfd. stk.
Com. s t k .
1 s t . mtg.
Com. s t k .
Com. s t k .
Pfd. stk.
Pfd. stk.
1 s t . mtg.
1 s t . mtg.
Conv. d e b t .
1 s t . mtg.
1 s t . mtg.
Notes
1 s t . mtg.
Conv. d e b t .
Bonds
Notes
Debt.
1 s t . mtg.
Debt.
Notes
Debt.
1 s t . mtg.
Notes
Notes
Debt.
Notes
Debt.
Conv. d e b t .
Notes
Debt.
1 s t . mtg.
Notes
Notes
Debt.
Notes
1 s t . mtg.
Notes
Conv. d e b t .
Notes
Debt.
Notes
Debt.
Notes
Notes
Bonds
1 s t . mtg.
Debt.
Notes
Notes
Conv. d e b t .
Amount
(millions of dollars)
200.0
300.0
75.0
40.0
25.0
150.0
55.0
28.8
30.0
35.0
50.0
60.0
50.0
100.0
50.0
40.0
30.0
50.0
100.0
50.0
100.0
75.0
200.0
40.0
100.0
75.0
200.0
75.0
100.0
75.0
75.0
25.0
150.0
300.0
30.0
100.0
100.0
250.0
50.0
125.0
50.0
31.2
45.0
100.0
200.0
350.0
50.0
150.0
45.0
50.0
100.0
25.0
100.0
50.0
Approximate date
of offering
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.
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.
Oct.
Oct.
* Included in table for first time.
1 Includes only corporate and other security issues of $25 million and over; excludes exchanges, options, and secondary offerings.
26
27
28
28
28
29
29
13
12. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE 1 ( c o n ' t . )
Issuer
*Martin M a r i e t t a Corp.
*Citicorp
*Bankamerica Corp.
Hawaiian T e l . Co.
*Ohio Edison Co.
•Kentucky U t i l i t i e s Co.
Indiana & Michigan E l e c . Co.
Indiana & Michigan E l e c . Co.
•Toledo Edison Co.
Cypress Mines Corp.
Cypress Mines Corp.
Amoco C r e d i t Corp.
B e n e f i c i a l Corp.
Westvaco Corp.
Diamond Shamrock Corp.
P e n n s y l v a n i a E n g i n e e r i n g Corp.
Dayton Power & L i g h t Co.
D e t r o i t Edison Co.
Union E l e c t r i c Company
Delmarva Power & L i g h t Co.
OTHER
Kruger Co.
Orient L e a s i n g Co.
Montreal, P r o v i n c e of
Canadian N a t ' l Railway
Oslo Norway
*
Included in table for first time.
Type
Amount
(millions of dollars)
Notes
Notes
Notes
1 s t . mtg.
Com. s t k .
Com. s t k .
Pfd. stk.
1 s t . mtg.
1 s t . mtg.
Notes
Debt.
Debt.
Notes
Debt.
Notes
Debt.
Pfd. stk.
Com. s t k .
Pfd. stk.
Com. s t k .
100.0
150.0
Notes
Conv. d e b t .
Debt.
Debt.
Bonds
100.0
200.0
35.0
85.0
25.0
40.0
40.0
35.0
100.0
100.0
100.0
100.0
75.0
200.0
30.0
30.0
60.0
75.0
25.0
30.0
100.0
100.0
100.0
Approximate date
of offering
Oct.
Oct.
Oct.
Nov. 12
Nov. 19
Nov. 23
Nov. 24
Nov. 24
Nov.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Oct.
Oct.
Oct.
Oct.
Indef.
1 Includes only corporate and other security issues of $ 2 5 million and over; excludes exchanges, options, and secondary offerings.
14
As of October 23, 1981
13. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL 1
Issuer
Texarkana Hosp. A u t h . , TX
C a l e x i c o Comm. Redev. A g c y . , CA
Kansas Higher Ed. Loan Prgm.
Milwaukee, WI
New J e r s e y , S t a t e of
*Louisa C o . , IA
Wyoming Farm Loan Board
*Sabine R i v e r A u t h . , TX
* D e l t a Co. Econ. Dev. C o r p . , Mich.
*New J e r s e y H e a l t h Care F a c ' s . F i n . Auth.
*New York S t a t e Dorm. Auth.
^ P e n n s y l v a n i a , S t a t e of
^ F l o r i d a Board of E d u c a t i o n
C a l i f o r n i a , S t a t e of
New York S t a t e Mortgage Agency
Broward C o . , FL
M e t r o p o l i t a n Water D i s t . of S. CA
^ M a s s a c h u s e t t s , S t a t e of
P e n n s y l v a n i a Higher Ed. F a c . Auth.
W i s c o n s i n , S t a t e of
^ C a l i f o r n i a H e a l t h F a c i l . Auth.
*New York S t a t e Power Auth.
*
1
Type
Rev.
Rev.
Rev.
G.O.
G.O.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
G.O.
G.O.
G.O.
Rev.
G.O.
Rev.
G.O.
Rev.
G.O.
Rev.
Rev.
Included in table for first time.
Includes state and local government issues of $25 million and over; excludes secondary offerings.
Amount
(millions of dollars)
35.7
29.8
60.0
22.3
150.0
25.0
30.0
70.0
83.5
53.3
112.1
58.0
85.0
100.0
125.0
75.0
100.0
125.0
85.0
100.0
28.0
200.0
Approximate date
of offering
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Nov i
Nov.
Nov.
Nov .
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
26
26
27
27
27
28
28
28
28
29
29
4
4
4
6
10
17
17
18
18
19
19
14. STOCK PRICES1
AMEX 4
NASDAQ 5
Date
NYSE Index3
1979-High
Low
63.39 (10/5)
53.88 (2/27)
897.61 (10/5)
796.67 (11/8)
247.07 (12/31)
152.03 ( 1/2)
152.29 (10/5)
117.84 ( 1 / 2 )
1980-High
Low
81.02 (11/28)
55.30 ( 3/27)
1000.17 (11/20)
759.13 ( 4/21)
370.75 (11/29)
215.69 ( 3/27)
208.15 (11/28)
124.09 ( 3/27)
1981-High
Low
79.14 ( 1/6)
64.96 ( 9/25)
1024.05 ( 4/27)
824.01 ( 9/25)
379.77 ( 5/27)
276.76 ( 9/25)
223.47 ( 5/29)
175.03 ( 9/28)
1981-Aug.
DJ Industrials
7
14
21
28
76.58
77.00
75.10
71.97
942.54
936.93
920.56
892.22
369.52
378.09
364.65
354.80
211.36
212.12
206.76
197.55
Sept. 4
11
18
25
69.51
70.32
67.27
64.96
861.68
872.81
836.19
824.01
337.28
331.05
300.33
276.76
189.63
189.81
184.27
175.12
Oct.
68.86
70.33
69.13
68.83
860.73
873.00
851.69
837.99
307.67
314.14
307.19
307.35
184.37
191.27
190.24
191.91
2
9
16
23
15. TRADING VOLUME 2
Date
AMEX
NYSE
NASDAQ
1979-High
Low
81.6 (10/10)
18.0 ( 1/2)
13.2 (10/10)
2.2 ( 1/22)
25.8 (12/17)
7.2 ( 1/2)
1980-High
Low
84.1 ( 11/5)
16.1 (12/26)
15.0 ( 1/15)
2.5 ( 4/14)
60.4 (11/19)
10.7 ( 4/14)
1981-High
Low
92.9 (
28.9 (
15.8 ( 1/7)
2.8 (10/12)
53.2 (
19.7 (
1981-Aug.
1/7)
1/2)
7
14
21
28
44.8
47.3
40.7
46.0
4.6
6.0
4.9
5.2
30.2
32.4
29.4
27.5
Sept. 4
11
18
25
41.5
47.1
42.4
49.5
5.1
5.5
4.7
6.0
25.8
28.8
28.3
27.5
Oct.
49.6
50,2
40.2r
47.1
5.9
4.6
3.6r
4.6
28.2
25.8
23.6r
26.0
2
9
16
23
1 Figures other than highs and lows are Friday figures only.
2 Volume figures are weekly averages of daily figures (millions of shares). Highs and lows refer to single days.
3 12/31/65-50
4 8/31/73-100
5 2/5/71 - 100
1/7)
1/2)
16. SECURITY CREDIT?
Outstanding, dollar amounts in millions
End of period
Margin credit extended
by brokers on:
Number of
margin accounts
(thousands)
Percent of debt
in accounts with
40 percent or more
customer equity
Marginable
stock
Convertible
bonds
1976
7,960
204
810
88
1977
9,740
250
885
81
1978
10,830
205
955
67
1979
11,450
167
1,020
84
1980
14,500
219
1,180
86
1979-July
Aug.
Sept.
11,840
12,060
12,000
178
176
177
970
995
1,005
81
86
84
Oct.
Nov.
Dec.
11,310
10,920
11,450
173
161
167
985
1,000
1,020
73
83
84
1980-Jan.
11,820
12,460
11,740
165
175
171
1,035
1,065
1,075
87
84
54
11,140
11,270
11,200
168
167
165
1,055
1,055
1,065
72
81
83
Sept.
11,320
11,800
12,520
198
204
208
1,075
1,095
1,105
88
89
87
Oct.
Nov.
Dec.
13,080
14,140
14,500
211
220
219
1,120
1,155
1,180
87
87
86
1981-Jan.
14,020
13,950
14,020
221
220
222
1,195
1,205
1,235
80
80
84
14,630
14,700
14,870
238
250
254
1,260
1,260
1,320
79
79
75
14,870
14,270
13,710
262
274
263
1,365
1,400
1,430
75
62
53
Feb.
Mar.
Apr.
May
June
July
Aug.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Digitized for
1 FRASER
Margin account debt as reported by the New York Stock Exchange.
17. SAVINGS FLOWS AT SELECTED NONBANK THRIFT INSTITUTIONS
Millions of dollars
Mutual Savings Banks
(regular deposits)1
Net flow
Date
N.S.A.
Sea. adj.
Annual
growth
rate3
Net flow
N.S.A.
1976
12,670
11.6
50,169
1977
10,783
8.7
1978
8,426
1979
1980
Sea. adj.
Annual
growth
rate3
Memo:
Net New Money 2
Total
Savings and Loan Associations
Net
flow
(sea. adj.)
Annual
growth
rate3
At
insured
S&L's
At
MSB's
17.5
62,854
15.9
34,369
5,283
50,888
15.0
60,982
13.3
31,004
2,874
6.3
44,153
11.3
52,292
10.1
23,460
-591
2,900
2.1
39,051
9.1
42,226
7.4
15,029
-6,963
7,380
5.1
40,955
8.7
48,330
7.9
10,667
-4,831
—
-337
-92
520
-76
344
76
-0.6
2.9
0.6
2,006
1,199
4,744
2,799
2,795
2,822
7.4
7.4
7.4
2,723
3,139
2,898
5.5
6.3
5.8
1,455
717
-198
-733
-504
-1,072
Oct.
Nov.
Dec.
-983
-325
1,006
-372
-245
266
-3.1
-2.0
2.2
1,855
1,153
4,505
2,810
3,009
2,666
7.3
7.8
6.8
2,438
2,764
2,932
4.8
5.5
5.8
T.314
732
-700
-1,421
-765
-987
1980-Jan.
Feb.
Mar.
-927
141
930
-399
189
-115
-3.3
1.6
-1.0
2,059
1,622
4,390
2,206
2,734
-101
5.6
6.9
-0.3
1,807
2,923
-216
3.5
5.7
-0.4
1,167
1,079
-696
-1,436
-543
-679
Apr.
May
June
-449
881
1,770
481
1,001
991
4.0
8.3
8.2
325
3,011
5,269
4,235
3,078
3,118
10.7
7.7
7.8
4,716
4,079
4,109
9.2
7.9
7.9
-817
1,785
-169
-1,024
242
-176
July
Aug.
Sept.
992
610
1,377
1,274
1,017
914
10.5
8.3
7.4
2,216
2,507
5,588
3,083
4,130
3,513
7.6
10.1
8.6
4,359
5,147
4,427
8.3
9.7
8.3
961
1,285
6
246
1
-460
Oct.
Nov.
Dec.
402
312
1,307
1,078
401
496
8.7
3.2
4.0
3,870
2,507
7,591
4,909
4.698
5,693
11.9
10.8
13.5
5,987
4,899
6,184
11.1
9.0
11.3
2,550
1,461
2,055
-169
-227
-639
1981-Jan.
Feb.
Mar.
-365
295
1,284
200
349
191
1.6
2.8
1.6
1,987
2,304
3,740
1,983
3,546
-1,105
4.7
8.3
—2 • 6
2,183
3,895
-919
3.9
7.0
-1.6
599
879
-2,137
-979
-385
-757
Apr. ' - 1 , 2 0 1
May
229
June
945
JulyP - 1 , 1 5 3
-210
349
109
—846
—1.7
2.8
0.9
-6.7
-2,919
1,557
4
-3,529
1,461
1,519
-2,293
-2,587
3.4
3.5
-5.3
-6.0
1,251
1,868
-2,184
-3,433
2.2
3.4
-3.9
-6.2
—4,638
-70
-5,759
-5,538
-2,025
-676
-1,392
-1,931
1979-July
Aug.
Sept.
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.
• j ;,v
2 New deposits net of both withdrawals and interest. Data for S&L's are for insured associations only, which represent 9 6 percent o f j n d u s t r y total
resources.
3 Annual growth rate for monthly data is the annualized monthly percentage increase in deposits.
Source: National Association of Mutual Savings Banks and Federal Home Loan Bank Board.
18. MORTGAGE COMMITMENTS OUTSTANDING AT SELECTED INSTITUTIONS
Billions of dollars, seasonally adjusted
Federal and Related Agencies
Thrift Institutions
End of Period
Total
All savings
and loan
associations
Mutual
savings banks
(N.Y. state)
Total
FNMA
GNMA
FHLMC
1979
31.4
28.1
3.3
12.1
6.5
4.6
1.0
1980
28.8
27.3
1.5
9.0
3.3
5.1
0.6
Feb.
Mar.
30.7
29.9
26.5
27.5
27.1
24.0
3.2
2.8
2.5
11.7
11.1
10.6
6.0
5.6
5.3
4.7
4.5
4.5
1.1
1.0
0.8
Apr.
May
June
22.9
21.2
22.5
20.7
19.3
20.7
2.2
1.9
1.8
9.5
9.5
10.5
4.4
3.7
3.9
4.4
5.0
5.6
0.6
0.9
1.0
July
Aug.
Sept.
25.6
28.5
29.8
23.7
26.7
28.0
1.9
1.8
1.8
10.8
10.8
10.8
4.2
4.6
5.0
5.4
5.2
5.0
1.1
1.0
0.8
Oct.
Nov.
Dec.
29.4
29.4
28.8
27.7
27.8
27.3
1.7
1.6
1.5
10.0
9.7
9.0
4.5
3.9
3.3
4.9
5.1
5.1
0.7
0.7
0.6
28.5
27.6
26.9
27.0
26.5
26.0
24.9
24.3
27.1
26.2
25.5
25.3
24.8
24.5
23.6
23.0
1.4
1.4
1.4
1.7
1.7
1.5
1.3
1.3
10.2
9.4
9.1
8.5
3.2
2.7
2.3
2.1
2.1
2.9
4.1
4.4
n. a .
0.7
0.6
0.8
0.7
0.3
0.9
0.7
0.8
n. a.
n. a.
6.3
6.2
6.0
5.8
5.7
5.5
5.2
4.9
4.4
1980-Jan.
1981-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
8.1
9.2
9.9
10.2
n.a.
n.a.
n.a.
I
Based on data from Federal Home Loan Bank Board, Savings Banks Association of New York State, and federal and related agencies, seasonally adjusted
by Federal Reserve. Both thrift institutions series include a minor amount of non-residential commitments; S&L commitments also include loans in
process. Subtotals may not add to total because of rounding.
19. NET NEW MONEY BORROWINGS BY MAJOR HOUSING CREDIT AGENCIES
Millions of dollars
Intermediate- and long-term issues
FNMA and FHLB
short-term
discount notes
Total including
short-term
discount notes
Total
1976
-1,750
-1,131
-2,031
0
900
-619
1977
2,732
1,444
496
-4
952
1,288
1978
19,030
13,578
6,302
576
6,700
5,452
1979
13,876
10,493
4,424
969
5,100
3,383
1980-Jan.
Feb.
Mar.
328
927
3,580
-2
10
1, 780
0
-350
1,400
-2
160
-120
0
200
500
330
917
1,800
Apr.
May
June
2,205
1,366
-929
1,499
2,649
1,000
1,000
900
0
-1
-1
0
500
1, 750
1,000
706
-1,283
-1,929
July
Aug.
Sept.
-979
-458
1,325
442
1,200
253
0
200
1,000
-8
0
-97
450
1 ,000
-650
-1,421
-1,658
1,072
Oct.
Nov .
Dec.
3,607
313
3,390
1,300
900
250
1,600
150
700
0
0
0
-300
750
-450
2,307
-587
3,140
1981-Jan.
Feb.
Mar.
207
-18
957
1,582
496
45
600
200
800
-18
-4
-105
1,000
300
-650
-1,375
-514
912
Apr.
May
June
1,119
2,979
2,531
400
1,400
1,550
1 , 200
1,400
1,800
0
0
0
-800
0
-250
719
1,579
981
July
3,736
1 ,189
1 , 600
205
-616
2,547
Period
Based on data from Treasury Survey of Ownership.
FHLB
FHLMC
FNMA
20. NET CHANGE IN MORTGAGE HOLDINGS AT SELECTED INSTITUTIONS
Millions of dollars, seasonally adjusted
Major private financial institutions
Period
Total
Total
1Commercial
banks
MSB's
S&L's
Life insur.
companies
FNMA
and
GNMA
FHLMC
Mortgage pools
FHLMCGNMAguaranteed guaranteed
1979
122,191
88,939 29,300
3,887
43,135
12,617
8,123
971
20,870
3,288
1980
86,682
59,478 18,400
489
27,930
12,659
7,026
1,032
17,473
1,673
1980
Mar.
9,626
8,750
7,262
6,137
6,443
5,184
2,260
2,328
1,973
152
275
22
2,126
2,557
1,828
1,599
1,284
1,361
1,044
632
1,002
50
99
8
2,229
1,439
862
166
138
206
Apr.
May
June
7,062
3.349
2.350
3,671
1,411
725
1,447
620
195
-13
106
-109
857
—438
-236
1,381
1,124
875
962
545
199
135
-72
-1
2,125
1,263
1,246
169
202
181
July
Aug.
Sept.
6,362
7,530
8,174
3,984
5,420
6,293
1,195
1,084
1,159
-116
-103
-14
1,767
3,587
4,442
1,138
851
706
454
171
164
60
142
169
1,596
1,639
1,326
269
159
222
Oct.
10,435
7,376
8,324
7,934
6,152
6,055
2,401
1,668
2,045r
169
74
48
4,511
3,631
3,251
853
778
711
551
466
862
144
8
290
1,770
771
1,180
36
-21
-63
6,226
7,814
5,349
8,109
5,623
6,344
5,992
n.a.
n. a.
5,162
5,889
4,522
5,983
4,372
4,121
4,152
n.a.
n.a.
1,265r
l,934r
2,090
2,879
2,032
1,792
1,874
1,878
2,558
121
125
21
144
-92
-281
-40
n.a.
n.a.
3,066
2,747
1,787
2,201
1,688
1,811
1,590
439
n.a.
710
1,082
628
759
745
799
728
696
n.a
—6
67
-166
125
-243
298
468
n.a
n.a
—68
139
-35
133
209
59
-81
36
n.a.
964
1,637
892
1,791
1,042
1,807
1,244
385
n.a.
173
82
216
77
242
59
216
-121
n.a.
Jan.
Feb.
Nov.
Dec.
1981
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Monthly data for commercial banks based on Federal Reserve estimates benchmarked t o Call Report data on real estate loans outstanding as available.
Other data derived from mortgage debt outstanding as reported separately by National Association of Mutual Savings Banks, Federal Home Loan Bank
Board, American Council of Life Insurance, the Federal National Mortgage Association, the Government National Mortgage Association and the Feders
Home Loan Mortgage Corporation. Data for mutual savings banks and life insurance companies may differ somewhat from those derived from regular
quarterly series because of minor conceptual differences for which adjustments are not made in the monthly series. Altogether, these groups accounted
Digitized for
for FRASER
89 percent of the net increase estimated for all holders in 1978.
2 1 . N E T C H A N G E IN M O R T G A G E D E B T O U T S T A N D I N G . BY T Y P E O F P R O P E R T Y 1
Billions of dollars, seasonally a d j u s t e d a n n u a l rates
Residential
Quarter
1
Total
Total
1 - t o 4family
Multifamily
Commercial
Multifamily
and
commercial
Farm
1976-01
Q2
03
Q4
84.0
75.1
92.1
97.7
68.4
59.4
72.6
78.1
62.8
55.6
68.9
75.5
5.6
3.8
3.7
2.6
10.8
11.3
13.2
12.4
16.4
15.1
16.8
15.0
4.8
4.4
6.4
7.3
1977-01
Q2
03
04
106.6
129.2
142.3
151.2
84.1
109.6
115.6
117.6
7Q.5
101.3
108.8
108.0
4.6
8.3
6.8
9.6
16.1
11.2
19.9
26.8
20.7
19.5
26.7
36.4
6.4
8.4
6.8
6.8
1978-01
02
03
04
132.7
146.4
152.8
161.6
102.2
115.1
123.4
134.1
92.8
104.2
115.2
125.2
9.4
10.9
8.2
8.9
23.8
23.3
21.4
20.0
33.1
34.2
29.6
28.9
6.7
8.0
8.0
7.5
1979-01
Q2
Q3
Q4
151.6
158.9
162.2
150.8
116.7
122.3
125.8
115.8
109.7
113.9
118.5
107.8
7.0
8.4
7.3
8.0
23.7
23.9
25.3
24.9
30.7
32.3
32.6
32.9
11.2
12.7
11.1
10.1
1980-Q1
Q2
Q3
Q4
152.0
74.0
123.1
153.4
101.9
42.0
98.8
114.8
93.6
34.3
90.6
105.4
8.3
7.7
8.2
9.4
33.0
18.0
13.8
24.2
41.3
25.7
22.0
33.6
17.1
14.0
10.5
14.4
1981-Q1
Q2
108.0
98.0
76.8
66.2
71.4
57.0
5.4
9.2
19.5
17.2
24.9
26.4
11.7
14.6
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.
22
22. AVERAGE RATES AND YIELDS ON HOME MORTGAGES AND PASS THROUGH SECURITIES
Primary market
Period
Rates on
conventional
loans at
S&L's
Secondary market
FHA/VA mortgages
Period
Yield in
FNMA
auction
Discount
points
in FNMA
auction
Ceiling
rate
Conventional mortgages
Yield on
GNMA
securities
Yield in
FNMA
auction
Yield in
FHLMC
auction
1979-High
Low
12.90
10.38
1979-High
Low
13.29
10.42
12.54
4.16
11-1/2
9-1/2
11.77
9.51
13.97
10.92
13.56
10.40
1980-High
Low
16.35
12.18
1980-High
Low
15.93
12.28
15.40
.93
14
11-1/2
14.17
10.73
17.51
12.76
16.22
11.60
1 9 8 1 - High
Low
18.63
14.80
1981 High
Low
19.23
14.84
12.51
3.47
17-1/2
13-1/2
17.46
13.18
19.22
14.83
18.92
14.16
3
10
17
24
15.40
15.50
15.65
15.77
Apr.
14
14-1/2
14-1/2
14-1/2
14.69
14.64
14.61
14.81
1
8
15
22
25
15.82
16.12
16.64
16.63
16.80
May
14-1/2
15-1/2
15-1/2
15-1/2
15-1/2
15.46
15.37
15.16
15.23
14.97
5
12
19
26
16.76
16.69
16.71
16.62
June
15-1/2
15-1/2
15-1/2
15-1/2
14.96
14.75
15.09
15.33
16.31
3
10
17
24
31
16.64
16.79
16.74
16.88
17.11
July
15-1/2
15-1/2
15-1/2
15-1/2
15-1/2
15.35
15.56
16.17
15.96
16.55
16.34
7
14
21
28
17.13
17.27
17.26
17.48
15-1/2
15-1/2
16-1/2
16-1/2
16.04
16.21
17.28
17.26
4
11
18
25
17.79
18.22
18.27
18.36
S e p t .,
16-1/2
17-1/2
17-1/2
17-1/2
17.41
17.05
16.33
17.46
2
9
16
18.28
18.63
18.53
Oct.
17-1/2
16-1/2
16-1/2
16.72
16.24
16.24
1981
Apr.
May
June
July
Aug.
Sept .
Oct.
June
Aug.
Aug.
.
6
13
20
27
4
11
18
26
1
8
15
22
29
6
13
20
27
3
10
17
24
31
7
14
21
28
5
12
19
——
——
16.47
10.14
—
—
16.61
10.81
——
——
8.58
17.21
—
16.65
5.89
—
16.17
3.49
——
16.17
3.47
16.43
4.82
—
— :
16.87
6.94
•
17.27
——
—
8.80
——
17.24
3.72
18.37
8.94
——
——
18.74
5.85
—
19.23
— —
17.74
—
8.01
——
6.10
——
15.57
——
15.75
——
16.42
16.45
-T —
16.29
16.53
16.94
——
17.19
18.65
—
19.06
•
19.22
——
18.61
15.35
15.44
15.51
15.69
16.35
16.77
16.51
16.45
16.31
16.16
15.98
16.13
16.43
16.56
16.69
16.96
16.99
17.12
17.01
17.09
17.66
18.14
18.81
18.63
18.63
18.92
18.62
18.31
18.43
Column 2 is average of contract interest rates on commitments for level-payment conventional first mortgages with 80 percent loan-to-value ratios and 30
year maturities made by a sample of insured S&Ls. Columns 4 and 8 are average gross yield to FNMA before deduction of the fee of 37% basis points paid
for mortgage servicing. They reflect the average accepted bid yield for first mortgages for optional delivery within 4 months, assuming prepayment in 12
years for 30-year loans, without adjustments for FNMA commitment fees and FNMA stock retention requirements. Column 7 is a 1-day quote on average
net yields to investors on GNMA-guaranteed mortgage-backed securities for immediate delivery, assuming prepayment in 12 years on pools of 30-year
FHA/VA mortgages carrying a coupon rate 50 basis points below the current FHA/VA ceiling rates shown in Column 6. Column 9 is the average net
yield to FHLMC on accepted bids in its weekly auction of commitments to buy conventional home mortgages for immediate (within 60 days) delivery.
Beginning July 7,1980, the FNMA auction results for FHA/VA mortgages do not include graduated payment mortgages.
23. FNMA AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES
D o l l a r a m o u n t s in m i l l i o n s
C o n v e n t i o n a l m o r t g a g es
F H A / V A mortgages
Date of
auction
Offered
1980-High
Low
1981-High
Low
Accepted
Average y i e l d
Offered
Accepted
Average y i e l d
644.2
96.7
354.6
51.9
15.93
12.28
426.0
28.7
133.0
17.9
17.51
12.76
256.9
26.3
181.6
16.0
19.23
14.84
315.7
12.4
167.8
11.1
19.22
14.83
July
6
20
130.0
201.9
119.7
170.7
16.43
16.87
124.2
182.4
109.3
128.9
16.34
16.53
Aug.
3
17
31
250.0
256.9
182.6
181.6
112.8
42.2
17.27
17.24
18.37
315.7
308.4
238.1
167.8
84.0
52.5
16.94
17.19
18.65
Sept.
14
28
102.8
43.1
33.8
30.3
18.74
19.23
85.9
34.8
45.2
20.7
19.06
19.22
Oct.
12
26.3
16.0
17.74
15.4
11.4
18.61
24. FHLMC AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES
C o n v e n t i o n a l m o r t g a g e s , d o l l a r a m o u n t s in m i l l i o n s
Average yield
200.3
2.5
16.22
11.60
258.4
38.6
30.8
18.2
17.15
17.85
141.6
3.7
65.9
2.3
18.92
14.16
76.3
5.4
21.2
5.0
19.09
15.16
14
21
28
65.7
51.7
34.4
32.0
16.9
16.7
14.1
14.7
16.56
16.69
16.96
16.99
25.2
12.4
17.24
——
——
4
11
18
25
31.7
39.6
45.5
55.1
15.5
15.5
16.5
15.5
17.12
17.01
17.09
17.66
1
8
15
22
29
55.4
30.6
20.2
24.0
23.0
7.4
5.7
4.2
2.3
4.8
18.14
18.81
18.63
18.63
18.92
6
13
20
12.5
3.7
8.3
5.7
3.7
8.3
18.62
18.31
18.43
Low
Oct.
Accepted
401.4
4.9
,981-High
Sept.
Offered
Accepted
Low
Aug.
Average y i e l d
Offered
,980-High
July
Future c o m m i t m e n t program
I m m e d i a t e delivery program
Date of
auction
7
__
——
——
——
25.9
16.1
—
—
—
—
———
——
52.0
20.6
—• -m
we —
17.54
19.09
——
— —•
5.4
——
——
——
— «•
5.4
—
18.99
—
Offerings in the FNMA auctions of 4 - m o n t h purchase c o m m i t m e n t s relate t o total bids submitted, and average yields t o FNMA on accepted bids a r a y r o s s
(before deduction of 37% basis points for mortgage servicing) assuming prepayment in 1 2 years for 30-year mortgages, w i t h o u t adjustments for FNMA
c o m m i t m e n t fees or stock related requirements. Offerings in the FHLMC auctions relate t o total bids submitted, and average yields t o FHLMC o n
accepted bids are net, excluding 37% basis points for mortgage servicing. Prior t o June 2 4 , 1 9 8 0 , the FHLMC's future c o m m i t m e n t program involved
6-month c o m m i t m e n t s ; subsequently, 8 - m o n t h c o m m i t m e n t s have been auctioned.
Source: FNMA and FHLMC
Digitized for (FRASER
Auction data are
for f i x e d - r a t e mortgages o n l y . )
25. ISSUES OF MORTGAGE-BACKED SECURITIES
Millions of dollars, not seasonally adjusted
GNMA-guaranteed
Period
New issues
Outstanding
(end of period)
Pass-through securities
F H LMC-guaranteed
New issues
Outstanding
(end of period)
Public offerings
of mortgagebacked bonds
Outstanding . by savings and
(end of period)
loan assoc.
Privately insured
New issues
1978
15,360
54,347
6,212
11,892
1,102
1,161
465
1979
24,997
76,401
4,546
15,180
2,575
3,641
1,110
1980
19,863
93,874
2,527
16,853
5,136
8,724
290
1980-Jan.
Feb.
Mar.
2,611
1,354
1,126
78,849
79,900
80,843
180
207
106
15,274
15,397
15,454
408
205
342
4,230
4,424
4,771
50
0
0
Apr.
May
June
1,779
1,127
1,320
82,419
83,385
84,282
199
391
232
15,613
15,949
16,120
510
495
413
5,269
5,760
6,168
0
0
190
July
Aug.
Sept.
1,087
2,215
1,807
85,634
88,031
89,452
288
320
275
16,370
16,658
16,852
485
466
355
6,603
6,995
7,338
50
0
0
Oct.
Dec.
2,255
1,613
1,569
91,425
92,574
93,874
187
94
48
16,950
16,912
16,853
402
628
427
7,708
8,342
8,724
0
0
0
1981-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
1,300
1,306
1,046
1,402
1,245
1,383
1,590
959
95,061
96,292
97,184
98,405
99,144
100,588
101,581
102,743
168
94
127
97
422
940
238
44
16,952
17,010
17,067
17,131
17,515
17,565
17,765
17,773
556
255
464
510
718
625
714
n. a.
9,415
9,665
10,104
10,599
11,286
11,870
12,557
n. a.
0
0
0
40
0
0
0
0
Nov.
GNMA-guaranteed securities are issued by private institutions and represent undivided interests in pools of Government-underwritten home mortgages
formed by these institutions. FHLMC-guaranteed securities include Participation Certificates and Guaranteed Mortgage Certificates issued by FHLMC
against pools of conventional residential mortgages formed by FHLMC. Privately-insured pass-through securities are issued by private institutions against
pools of conventional residential mortgages and are underwritten by major private mortgage insurance companies.
Source: GNMA, FHLMC, HUD, and Federal Reserve.
@FedFRASER