Full text of H.16 Capital Market Developments : October 27, 1975
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Market Developments October 2 7 , 1 9 7 5 Prepared by the DIVISION O F R E S E A R C H AND STATISTICS C A P I T A L MARKETS SECTION in conjunction with the MORTGAGE, A G R I C U L T U R A L , and CONSUMER F I N A N C E SECTION BOARD O F GOVERNORS F E D E R A L R E S E R V E SYSTEM Washington, D C. 20551 Index TABLES SYMBOLS 1 - 6 SECURITY VOLUME AND Y I E L D S 7, 8 STOCK MARKET AND SECURITY CREDIT 6 p r n.a. 9-16 MORTGAGE MARKET ESTIMATE PRELIMINARY REVISED NOT AVAILABLE DATA DO NOT EXIST Table 1 YIELDS, VOLUME AND RECEPTION 3 CORPORATE BOND MARKET WEEK ENDING 1975 - Aug. Sept. Oct. YIELDS RECENTLY 2 OFFERED Aaa UTILITY NEW ISSUE 1 Aaa UTILITY VOLUME GROSS 3 OFFERINGS ($ MILLIONS) PER CENT SOLD BY END OF WEEK NEW ISSUES 4 IN SYNDICATE ($ MILLIONS) 1 8 15 22 29 9.37 9.44 9.43 9.53 9.49 9.35 9.51 9.49 9.54 9.50 243 360 244 342 350 80 80 90 95 90 63 96 33 4 0 5 12 19 26 9.64 9.68 9.70 9.41 9.50 9.61 9.70- 15 285 520 331 99 95 95 91 1 33 30 58 3 10 17 24 9.72 9.60 9.539.32p 9.70 9.56 9.41r 9.30p 398 357 739 402 93 98 95 97 5 0 17 10 MUNICIPAL BOND MARKET YIELDS VOLUME WEEK ENDING MOODY'S NEW ISSUE - Aug. 1 8 15 22 29 6.40 6.40 6.40 6.40 6.40 7.09 7.16 7.17 7.18 7.18 524 664 442 685 450 90 83 69 85 94 138 146 215 207 155 Sept. 5 12 19 26 6.60 6.66 6.76 6.79 7.34 7.40 7.49 7.54 254 286 591 508 69 90 84 84 183 84 113 1QZ- Oct. 3 10 17 24 6.92 6.80 6.60 6.44 7.67 7.48 7.29 7.17 451 479 335 495 81 76 92 89 142 154 86 110 BOND BUYER 20-BOND INDEX GROSS 3 OFFERINGS ($ MILLIONS) PER CENT SOLD BY END OF WEEK . NEW ISSUES 4 IN SYNDICATE ($ MILLIONS) 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. 20-YEAR C O N S T A N T MATURITY 4 B O N D BUYER 2 0 - B O N D INDEX 1971 - High Low 8.26 (7/30) 7.02 (2/5) 8.23 (1/1) 7 . 1 7 (12/31) 7.71 (8/21) 7.06 (2/12) 6.51 (6/18) 5.69 (3/23) 6.23 (6/23) 4.97 (10/21) 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 . 7 4 (11/17) 6.54 (4/13) 4.96 (10/21) 1973 - High Low 8.52 (8/10) 7.29 (1/21) 8.32 (8/10) 7.28 (1/5) 7.77 ( 8 / 2 4 ) 7.11 (1/5) 7.79 (8/10) 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) 8.68 (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) 1975 - S e p t . Oct. 5 12 19 26 9.64 9.68 9.70 9.41 9.50 9.61 9.70 8.93 8.94 8.98 8.94 8.47 8.61 8.63 8.52 7.34 7.40 7.49 7.54 3 10 17 24 9.72 9.60 9,53. 9.32p 9.70 9.56 9.41r 9.30p 8.96 8.93r 8.86r 8.83p 8.59 8.43. 8.34% 8.28p 7.67 7.48 7.29 — 7.17 NOTES: 1 Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection. 2 Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection released from price restrictions sometime during the last 4 3 Weekly average of daily closing figures. 4 Weekly average of daily figures. U.S. Treasury data. 5 Thursday figures. The average rating of the 20 bonds used in this index falls midway between the four top groups as classified by Moody's Investors Service. Weekly Bond Buyer data. 5 Table 3 $ LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS IN MILLIONS OF DOLLARS G R O S S PROCEEDS PERIOD 1975 January February March April May June 1 CORPORATE 1 1974 i 2 STATE AND LOCAL 1973 1975 1 1974 1 1973 5,376 4,526 5,368 3,328 2,687 3,217 2,327 1,962 3,933 2,361 2,387 2,135 2,255 2,003 2,025 1,977 1,515 2,467 4,439 5,646 5,570 3,060 3,164 2,981 2,497 2,543 3,578 2,406 2,900 3,064 2,397 2,304 2,166 1,826 1,939 2,152 3,248 2,667 1,617 2,631 1,806 1,915 3/ 3,563", 3,3462/ 2,6521/ 1,459 1,106 1,701 2,028 1,657 1,750 4,609 3,739 3,511 3,398 3,563 3,238 2,860 2,483 1,479 2,313 2,257 2,089 6,283 6,867 4,266 6,822 5,959 5,917 5,435 6,659 13,150 17,416 24,238 11,876 17,311 23,970 July August September October November December * 01 02 03 04 15,270 15,655 9,232 9,205 7,532 11,859 8,222 8,618 6,352 10,199 1st Half 3 Qtrs. 30,925 18,437 25,969 37,828 16,840 23,192 33,391 Year 6,883 8,370 9,561 NOTES: 1 Securities and Exchange Commission estimates of gross proceeds. 2 Securities Industry Association estimates of principal amounts. 3 Includes Municipal Assistance Corporation bonds. I 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 BONDS PERIOD 1974 - TOTAL PUBLICLY OFFERED COMMON AND PRIVATELY PREFERRED PLACED STOCK G R O S S PROCEEDS BY TYPE OF ISSUER MEMO I S S U E S INCLUDED FOREIGN [CONVERTIBLE MANUFACTURING PUBLIC UTILITY COMMUNICATIONS OTHER ISSUERS 7,532 11,859 5,025 8,611 1,222 1,571 1,285 1,677 373 374 310 76 1,887 4,079 2,376 3,702 1,008 743 2,263 3,337 15,270 15,655 10,829 10,510 2,333 1,564 2,108 3,581 1,255 1,035 1 656 6,055 6,513 4,732 4,405 1,380 1,338 3,105 3,399 2,981 1,939 516 526 10 12 477 1,147 356 992 July Aug. Sept. 3,248 2,667 1,617 2,086 2,042 897 616 299 307 546 326 413 223 150 205 104 1 1,094 605 188 618 1,078 680 295 364 349 1,242 620 401 Oct. Nov. Dec. 4,609 3,739 3,511 3,423 3,016 2,172 355 330 886 831 393 453 175 199 76 728 1,699 1,652 2,109 964 629 475 93 175 1,297 985 1,055 1975 - J a n . Feb. Mar. 5,376 4,526 5,368 3,657 3,201 3,971 1,130 730 500 589 622 897 470 610 175 1 — 1,901 1,675 2,479 1,268 1,957 1,507 938 125 317 1,268 771 1,066 Apr. May 4,439 5,646 5,570 2,771 3,796 3,943 422 520 622 1,246 1,330 1,005 135 475 425 130 315 211 1,731 2,479 2,303 1,378 1,549 1,478 563 413 362 766 1,207 1,426 III IV 1975 - I II X 1974 - J u n e — NOTES: 1 Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other. Source: Securities and Exchange Commission. 1 Table 5A INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 October 1, t h r u October 24» 1975 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) OFFERING YIELD MOODY'S RATING — —— —— —— MATURITY —— COUPON RATE CORPORATE AT&T S t a n d a r d O i l Co. (Ohio) C i t i e s S e r v i c e Co. H a r t f o r d E l e c t . L i g h t & Power Co. P a c i f i c Gas & E l e c t r i c Union P a c i f i c Ry Co. Brockton Edison Co. Michigan B e l l T e l e . Co. Morton-Norwich P r o d u c t s I n c . Mack Trucks I n c . Savannah E l e c t . & Power Co. Jerrico Inc. L o u i s v i l l e Gas & E l e c t r i c Co. R o c h e s t e r Gas & E l e c t r i c R o c h e s t e r Gas & E l e c t r i c United Nuclear Central I l l i n o i s Light Iowa P u b l i c S e r v i c e S u n d s t r a n d Corp. P e n n s y l v a n i a E l e c t r i c Co. P u b l i c S e r v i c e C o r p . , New Hampshire Toledo E d i s o n Co. Gen. T e l . of I n d i a n a Com s t k Com s t k SF debt 1 s t mtge 1 s t mtge Equip t r 1 s t mtge Debt SF d e b t Notes 1 s t mtge Com s t k Com s t k Pfd s t k Com s t k Com s t k Pfd stk Com s t k Com s t k Pfd s t k Com s t k 1 s t mtg Debt 552.0 64.9 150.0 30.0 175.0 15.0 20.0 200,0 60.0 60.0 20.0 31.6 15.6 25.0 15.4 15.3 15.0 16.8 17.1 32.0 15.0 50.0 35.0 —— 2000 2005 1985 1990 1985 2008 2000 1985 1981 . A A/BBB Aa/AAAaa Baa/A Aaa A Baa/BBB Ba/BB — — — —— — — —— —— 11.00 11.00 —— —— —— — - - 10.50 - - — - - - - - - - 1985 2005 Rights offering. Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings. 9.80 11.50 9.58 7.50-9.00 11.73 9.60 9.73 10.75 12.50 — NOTES: • 1 9.75 11.50 9.50 8.75 12.00 9.60 9.63 10.75 12.50 10.88 — 9.35 9.25 A — —— 10.50 — — 10.88 — 9.35 9.25 —— A — — Baa/BBB — A/A+ Aa INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY October 1, t h r u October 2 4 , 1975 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE OFFERING YIELD MOODY'S RATING 10.75 9.88 9.13 9.88 8.90 8.05 8.80 9.30 Baa/BBB A . A/AA A Aaa Aaa NR NR CORPORATE P u b l i c S e r v i c e Corp. of New Hampshire P e n n s y l v a n i a Power N a t ' l R u r a l U t i l . Coop. F i n . Corp. Kewanee I n d u s t r i e s , I n c . Exxon P i p e l i n e Co. Exxon P i p e l i n e Co. Avondale S h i p y a r d , I n c . Avondale S h i p y a r d , I n c . New York S t a t e E l e c t . & Gas P u b l i c S e r v i c e of Colorado No r t h er n I n d i a n a P u b l i c S e r v i c e Sundstrand Corp. Kerr Glass Manuf. Co. Houston L i g h t & Power Houston L i g h t & Power I n t e r s t a t e Power Co. ITT F i n a n c i a l Corp. I t t F i n a n c i a l Corp. P u b l i c S e r v i c e of Colorado Walter Kidde & Co. Airco I n c . Macy C r e d i t Corp. H o s p i t a l Corp. of America M i s s o u r i P a c i f i c RR Co. Foreign M u n i c i p a l F i n . Auth. of B r i t i s h Columbia 1 s t mtg 1 s t mtg Coll t r . SF d e b t Debt Notes SF d e b t SF d e b t Com s t k Com s t k Com s t k Com s t k Com s t k Pfd s t k Com s t k 1 s t mtge Notes Debt 1 s t mtge Notes SF d e b t Debt 1 s t mtge Equip t r SF d e b t 15.0 25,0 100.0 45.0 300.0 150.0 8.1 10.9 26.1 30.0 33.5 17.1 15.0 40.0 42.5 10.0 50.0 50.0 50.0 50.0 75.0 60.0 33.0 13.9 1985 1985 1985 2000 2000 1980 2000 2000 37.0 10.75 9.88 9.13 9.88 8.88 8.05 8.80 9.30 — — — — —— — — —— — — — — —— — 9.52 —— 10.25 9.70 10.50 9.38 10.50 9.38 9.25 10.75 8.75 2000 9.88 Aa/AA— — 2005 1983 1995 2005 1983 2000 1980 1990 1990 — 9.52 10.25 9.70 10.56 9.38 10.50 9.45 9.25 10.75 7.25-8.75 9.90 A A A Aa Baa/BBB A A NR/A A/AA A Table 5 B INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 October 1, t h r u October 2 4 , 1975 ISSUER TYPE 2 AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S RATING STATE AND LOCAL Ohio, S t a t e of Oregon, S t a t e of Smithtown C e n t r a l Sch. D i s t . , N.Y. I l l i n o i s H e a l t h F a c i l i t i e s Auth. I l l i n o i s H e a l t h F a c i l i t i e s Auth. Tallahassee, Fla. Monroe C o . , Mich. San A n t o n i o , Texas P h i l a d e l p h i a H o s p i t a l A u t h . , Pa. P h i l a d e l p h i a H o s p i t a l A u t h . , Pa. M a s s a c h u s e t t s Hsg. F i n a n c e Agy. M a s s a c h u s e t t s Hsg. Finance Agy. Nebraska P u b l i c Power D i s t . Nebraska P u b l i c Power D i s t . Neibraska P u b l i c Power D i s t . R a c i n e , Wise. Phoenix, Ariz. Beaumont, Texas F a i r f i e l d I n d u s t . Dev. B d . , A l a . F a i r f i e l d I n d u s t . Dev. B d , , A l a . Des P l a i n e s , 111. Des P l a i n e s , . 1 1 1 . Des P l a i n e s , 111. Rev G.O. G.O. Rev Rev Rev G.O. Rev Rev Rev Rev Rev Rev Rev Rev G.O. G.O. G.O. Rev Rev Rev Rev Rev 32.5 125.0 12.6 4.2 15.9 30.0 10.7 50.0 12.1 69.5 1.5 10.9 15.0 15.0 20.0 10.9 15.0 20.0 10.0 7.5 2.1 1.0 4.0 1978-2002 1981-1993 1976-2001 1978-1990 2005 1980-2004 1977-1999 1977-1998 1979-1990 2008 1978-1995 2017 1977 1978 1979 1976-1990 1977-1992 1981-1990 1985 2000 1977-1988 1991 1999 7.91 6.29 7.95 9.37 9.37 7.48 6.67 . 7.39 9.74 9.74 9.05 9.05 6.56 6.56 6.56 6.30 6.46 6.31 __ * — __ — 5.50-8.00 5.25-6.70 5.20-7.80 6.25-8.75 9.38 5.50-7.85 4.75-7.75 4.50-7.65 6.20-8.50 9.75 6.00-8.50 9.00 5.90 6.00 6.25 4.40-7.00 4.50-6.70 5.00-6.15 6.25 7.63 6.00-8.60 9.00 9.25 A Aaa Baa-1 A A A-l, Aa Aa Aa Aa A-l A-l \ MIG 2 MIG 2 MIG 2 A-l Aa A-l Aa Aa A A A NOTES: 1 Includes only state and local security offerings of $10 million and over; excludes secondary offerings. 2 In case of State and local government securities, G O denotes general obligation; Rev.-Ut., revenue obligations secured only by income from public utilities; Rev.-Q.-Ut., revenue bonds secured only by income from quasi-utilities; Rev.-S.T., revenue bonds secured by revenue from specific taxes only; Rev -Rent., revenue bonds secured solely by lease payments. 3 Includes foreign government and International Bank for Reconstruction and Development issues and non-guaranteed issues by Federal Agencies. 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 1 , t h r u October 2 4 , 1975 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S RATING STATE AND LOCAL Des P l a i n e s , 111. Beaver Co. I n d u s t . Dev. A u t h . , P a . P h i l a d e l p h i a , Pa. G e o r g i a , S t a t e of V i r g i n i a Housing Dev. A u t h . , Va. V i r g i n i a Housing Dev. A u t h . , Va. F a i r f a x C o . , Va. Monroe C o . , Mich. Monroe C o . , Mich. M i n n e a p o l i s - S t . Paul Metro. Area, Minn. I l l i n o i s H e a l t h Fac. Auth. I l l i n o i s H e a l t h Fac. Auth. I l l i n o i s H e a l t h Fac. Auth. Gulf Coast Waste D i s p o s a l A u t h . , Tex. C o n n e c t i c u t , S t a t e of* C o n n e c t i c u t , S t a t e of C o n n e c t i c u t , S t a t e of Maryland, S t a t e of C a l i f o r n i a Educ. F a c i l i t i e s Auth. C a l i f o r n i a Educ. F a c i l i t i e s Auth. El Paso Co. J r . C o l l e g e D i s t . , Tex. S. V e r m i l l i o n High Sch. Bldg. C o r p . , Ind. Newport News, Va. Rev Rev Rev G.O. Rev Rev G.O. Rev Rev 4.4 18.0 75.0 48.0 4.0 26.0 10.6 6.4 7.9 2004 2005 1977 1976-2000 1978-1995 2019 1976-1995 1980-1987 1995 G.O. Rev Rev Rev Rev G.O G.O. G.O. G.O. Rev Rev G.O. 51.0 8.5 2.8 11.2 24.3 23.7 23.6 23.6 85.8 4.0 14.7 19.7 1977-1991 1979-1988 1991 2003 2005 1976 1977 1978 1978-1990 1976-1985 2000 1976-1995 6.40 Rev G.O. 10.0 11.7 1979-1993 1976-1989 9.25 8.45 8.00 4., 0 0 - 6 . 8 5 5.. 0 0 - 7 . 7 5 8.63 3.. 8 0 - 6 . 4 0 7,. 0 0 - 8 . 3 0 9.25 A A M1G1 Aaa A-l A-l Aaa Baa Baa 7.19 4.86 4.86 4.86 5.28 6.53 6.53 5.88 4,. 5 0 - 6 . 7 0 6,. 4 0 - 8 . 5 0 9.00 9.38 7.00 4.00 4.50 4.75 4 .20-5.70 4.00-5.50 6.50 3.80-6.40 Aa A A A Aaa Aa Aa Aa Aaa Aa Aa Aa 7.50 6.13 5 .20-7.60 4 .25-6.40 Baa-1 A-l —* - - 8.55 6.28 7.82 7.82 5.70 — ——, 11 Table 6A FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 as of October 24, 1975 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING CORPORATE P a c i f i c Northwest B e l l T e l . Co. Georgia Power Co. Mallinckrodt Inc. Ohio Power Co. *Commonwealth Edison Tucson Gas & E l e c t . Co. M i s s i s s i p p i Power *West P o i n t P e p p e r e l l Wisconsin Power & L i g h t GATX GATX F i r s t Maryland Bancorp Transamerica Corp. American F i n a n c i a l Corp.. North C a r o l i n a Power & L i g h t C e n t r a l Hudson Gas & E l e c t . * P a c i f i c L i g h t i n g S e r . Co. P a c i f i c Gas & E l e c t . Co. F l o r i d a Power & L i g h t Co. * I n t e r n a t i o n a l M i n e r a l s & Chemical Corp. Clark Equipment C r e d i t Corp. Chesapeake & Ohio Ry Co. Arizona P u b l i c S e r v i c e Arkansas Power & L i g h t Co. Columbus & Southern Ohio E l e c t . *General Motors Acceptance Corp. V i r g i n i a E l e c t . & Power Co. Madison Gas & E l e c t . *Southern Railway Co. *Iowa P u b l i c S e r v i c e Co. El Paso E l e c t . Penn. Power & L i g h t *Utah Power & L i g h t Utah Power & L i g h t Columbia Gas Wisconsin Gas Co. Wisconsin E l e c t . Power Co. Debt Pfd s t k Conv d e b t 1 s t mtge Pfd s t k 1 s t mtge Pfd s t k Conv d e b t Com s t k Equip t r Equip t r Notes Notes Debt : Com s t k 1 s t mtge Debt Pfd s t k 1 s t mtge SF d e b t Notes Equip t r 1 s t mtge Pfd s t k 1 s t mtge Notes 1 s t mtge 1 s t mtge Equip t r Com s t k 1 s t mtge 1 s t mtge Com s t k 1 s t mtge 1 s t mtge 1 s t mtge 1 s t mtge 100.0 75.0 30.0 25.0 75.0 50.0 15.0 25.0 25.0 45.0 15.0 25.0 50.0 50.0 60.0 20.0 25.0 75.0 50.0 100.0 50.0 15.0 60.0 40.0 60.0 100.0 100.0 25.0 15.0 16.0 15.0 100.0 20.0 60.0 75.0 20.0 60.0 NOTES: • Included in table for first time. 1 Includes only corporate and other security issues of $15 million and over; excludes exchanges, options October October October October October October October October October October October October October October October November November November November November November November November November November November November November November November November November November November November November November 28 28 28 29 29 29 29 30 30 30 30 5 6 6 6 6 11 12 12 12 13 13 13 13 18 18 18 18 19 19 19 19 20 12 T a b l e 6A C o n t i n u e d FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 a s of October 24, 1975 ISSUER TYPE AMOUNT (IN MILLIONS O F DOLLARS) APPROXIMATE DATE OF OFFERING CORPORATE Arizona P u b l i c S e r v i c e ^Georgia Power Brad Ragen I n c . *Gulf Power P u b l i c S e r v i c e E l e c t . Co. *Super Vain S t o r e s ^ S t a n l e y Works *American Communication ^Weyerhaeuser Co. Consumers Power ^Southwest Gas Co. Kentucky U t i l i t i e s FMC F i n a n c e Corp. V i r g i n i a E l e c t . & Power Co. Panhandle E a s t e r n P i p e l i n e Panhandle E a s t e r n P i p e l i n e Shenandoah O i l Corp. Consol Edison Co. of New York Mead Corp. Armco S t e e l Corp. Pan American Bancshares Texas Gas Transmission Co. A l l i e d F i n a n c e Co. Other Hudson Bay Mining & Smelting Co. "" L t d . *European Investment Bank M a t s u s h i t a E l e c t . I n d u s t . Co. L t d . Postponement General Telephone & E l e c t r o n i c s Pfd s t k 1 s t mtge Conv d e b t Pfd s t k Pfd s t k Com s t k SF d e b t Com s t k Pfd s t k Com s t k Pfd s t k Com s t k Notes Com s t k Debt Com s t k Conv d e b t 1 s t mtge SF d e b t Notes Notes Debt Notes 30.0 100.0 10.0 15.0 40.0 16.5 50.0 15.0 200.0 55.0 40.0 15.0 50.0 47.5 40.0 45.0 20.0 80.0 100.0 21.0 20.0 40.0 20.0 November November November November November November November November November November November November November November December December INDEF INDEF INDEF INDEF INDEF INDEF INDEF SF d e b t Notes Conv d e b t 50.0 50.0 100.0 October November November Pfd s t k 100.0 October 20 24 25 25 25 3 3 6 30 13 FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 a s of October 24, 1975 » ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING STATE & LOCAL Los Angeles Co. Courthouse Bldg. Corp. C a l i f o r n i a , S t a t e of *Hawaii, S t a t e of J a c k s o n v i l l e E l e c t r i c Auth, F l a . West V i r g i n i a , S t a t e of *Oakland Co., Michigan Chicago P u b l i c B l d g . Comm.., 111. Minnetonka, Minn. Sonoma Co. Water Agency, C a l i r . *Wayne C o . , Michigan Los Angeles Dept. of Water & Power *Tampa, F l a . * P e n n s y I v a n i a , S t a t e of * R a l e i g h , N.C. Rev G.O. G. 0 . Rev G.O. G.O. Rev G.O. Rev G. 0. Rev Rev G.O. G.O. 12 .0 10 .0 50 . 0 20 .0 50 .0 11,.9 36,.0 10..8 11.,0 19..0 65..0 49, 0 100. 0 10. 0 October October October October October October October November November November November November November November 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. 27 28 28 28 29 30 30 3 4 5 5 6 6 25 Table 7 STOCK PRICES AND VOLUME STOCK PRICES TRADING VOLUME 0J INDUSTRIALS 65.48 (1/11) 49.12 (12/13) 53.37 32.89 1051.50 (1/11) 788.31 (12/5) 130.47 85.26 (1/11) (12/20) 136.84 (1/11) 26.0 (9/20) 89.12 (12/13) 9.0 (8/20) 5.5 (1/12) 1.4 (8/20) 11.3 (1/11) 3.5 (8/27) (3/13) (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) 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) 47.10 45.92 46.02 44.85 46.29 826.50 817.74 825.64 804.76 835.34 89.23 85.86 86.16 83.58 86.64 81.92 79.55 78.58 76.45 79.01 15.6 13.7 12.4 14.8 12.7 1.8 1.3 4.9 4.6 4.4 4.7 4.6 45.56 85.45 83.48 84.56 84.78 77.78 74,72 76.39 76.14 12.1 45.70 835.97 809.29 829.79 818.60 13.1 13.8 14.3 1.3 1.3 1.7 1.5 4.3 4.2 4.4 5.6 45.49 46.67 47,06 47.57 813.21 832.91 832.18 840.52 83.21 84.13 33.38 83.07 75.50 76.96 77.63 78.62 13,6 15.3 6.2r 17.0 1.5 1.5 1,5 1.5 4.4 4.6 5,2r 5.0 44.26 45.53 NOTES: 1 Figures other then 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 12/31/66 " 60 4 Based on average price change until September 4, 1973 thereafter, based on market value of shares listed. 1.6 1.4 1 1.6 Table 8 15 SECURITY CREDIT REGULATED MARGIN CREDIT EXTENDED BY END OF PERIOD BROKERS ON 1 BROKERS ON % MARGIN CONVERTIBLE STOCK BONDS 3 BANKS UNREGULATED NONMARGIN STOCK CREDIT AT BANKS OUTSTANDING 1974 - J u l y Aug. Sept. Oct. Nov. Dec. 4,840 4,590 4,020: 3 j ? 30: 3,960: 3,840 158 156 148 145 139 137 1,023 953 924 916 891 856 2,091 2,119 2,060 2,024 2,053 2,064 1975 - J a n . Feb. Mar. Apr. May June July Aug. Sept. 3,950 4,130 4,180 4,360: 4,700: 4,990 5,300: 5,220: 5,250: 134 136 134 138 140 146 144 848 830 844 824 819 1,919 1,897 1,882 1,885 1,883 n.a. n.a. 1974 - J u l y Aug. Sept. Oct. Nov. Dec. -320 -250 -570 -90 30 -90 -14 -3 -7 -3 -6 -2 -14 -70 -29 —8 -25 -35 19 28 -59 -36 29 11 1975 - J a n . Feb. Mar. Apr. May June July Aug. Sept. 110 180 •> 50 * 180 340 290 310 -80 30 -3 2 -2 4 2 6 -2 —8 -18 14 -20 -5 -145 -22 -15 -3 -2 CHANGE IN OUTSTANDING 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 4 / Table 9 SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS IN MILLIONS O F DOLLARS SAVINGS & LOAN ASSOCIATIONS MUTUAL SAVINGS BANKS DATE REGULAR D E P O S I T S NET FLOW 1971 1972 1973 1974 9,621 10,067 4,815 2,909 1974 - May June July August 1975 - May 6 769 -521 -646 August £_/ 1,143 1,827 509 225 1975 - J a n u a r y February March April May June July August £ / 369 715 1,489 867 1,352 1,530 937 893 July 1 ANNUAL 3 GROWTH RATE 13.5 12.4 5.3 3.0 — — — — — — — — 4.5 8.7 18.0 10.3 15.9 17.8 11.0 10.1 NET NEW MONEY 2 SHARE CAPITAL NET FLOW 5,378 5,451 -442 -2,822 W.793 32,567 20,237 16,053 -182 -370 -733 -837 536 2,691 -481 -1,147 930 716 264 10 — — — — — — — ANNUAL 3 GROWTH RATE 19.0 18.7 9.8 7.0 NET NEW MONEY 2 TOTAL DEPOSITS NET FLOW 20,653 23,884 10,507 4,669 37,414 42,634 25,052 18,952 420 16 -581 -1,218 542 3,460 -1,002 -1,793 3,895 3,690 6,226 -— 3,089 3,055 — 2,865 1,460 — 1,313 SEASONALLY ADJUSTED — 2,455 12.1 — 3,057 14.9 —— 4,842 23.3 — 3,642 17.2 —— 4,331 20.2 — 5,031 23.0 — 4,144 18.6 3,208 14.2 ANNUAL 3 GROWTH RATE 5,038 8,053 3,564 1,685 —— —— — 2,824 3,772 6,331 4,509 5,683 6,561 5,101 4,101 17.2 16.7 8.4 5.8 —— NET NEW MONEY 2 26,331 29,335 10,062 1,847 238 -354 -1,314 -2;055 4,620 3,805 3,129 1,323 9.9 13.1 21.7 15.2 19.0 21.6 16.5 13.1 NOTES: 1 Regular deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of total deposits. 2 New deposits net of both withdrawals and interest. Data for S&L's are for insured associations only, which represent 96 per cent of industry total resources. 3 Annual growth rate for monthly data is the annualized monthly percentage increase in deposits. „ ... .. ; . 17 MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS BILLIONS OF DOLLARS, SEASONALLY ADJUSTED OUTSTANDING COMMITMENTS PERIOD TOTAL ALL SAVINGS MUTUAL & LOAN SAVINGS BK53 ASSOCIATIONS (N.Y. STATE]1 NET CHANGE TOTAL MUTUAL ALL SAVINGS & LOAN SAVINGS BKS ASSOCIATIONS (N.Y. STATE) 1971 - Dec. 17.7 1972 - Dec. 25.1 20.2 4.9 .56 .55 .01 1973 - J a n . Feb. Mar. Apr. May July Aug. Sept. Oct. Nov. Dec. 25.8 25.8 25.4 24.8 24.0 23.7 23.1 22.2 21.0 20.0 19.6 19.7 20.8 20.9 20.6 20.2 19.5 19.3 18.8 18.0 17.0 16.1 15.9 16.2 5.0 4.9 4.8 4.6 4.5 4.4 4.3 4.2 4.0 3.9 3.7 3.5 .80 .21 -.43 -.57 -.89 -.21 -.67 -.92 -1.15 -1.06 -.41 .15 .66 .11 -.28 -.40 -.77 -.15 -.56 -.75 -1.00 -.90 -.26 . .35 .14 -.10 -.15 -.17 -.12 -.06 -.11 -.17 -.15 - .16 -.15 -.20 1974 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 19.3 19.4 19.5 19.7 18.5 18.0 17.3 16.7 16.2 14.9 14.4 14.4 15.9 16.0 16.3 16.7 15 .7 15.1 14.6 13.9 13.5 12.5 12.0 12.3 3.4 3.2 3.1 3.0 2.9 2.9 2.8 2.8 2.7 2.4 2.3 2.2 -.33 - .06 .20 .20 -1.08 -.61 - .64 -.56 -.56 -1.31 -.54 -.03 -.33 .13 .34 .30 -1.07 - .54 -.55 -.55 -.43 -1.01 -.42 .25 -.10 -.19 -.13 -.10 - .06 -.06 -.04 -.01 -.13 -.30 -.10 -.11 1975 - J a n . Feb. Mar. Apr. May June July Aug. 14.4 14.4 15.2 16.2 16.9 17.1 18.2 19.3 12.3 12.6 13.2 14.3 14.9 15.1 16.1 17.1 2.1 1.8 2.0 2.0 2.1 2.1 2.1 -.04 .05 • 71 1.13 .73 .27 .94 13.03 .06 .30 .60 -.10 -.25 .11 1.07 .62 .27 .97 1.03 .06 .11 .07 -.03 + .12 14.0 3.7 2.2 .49 .30 .19 NOTES: fr°m F«der«l 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^f period outstandino levels as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding. T a b l e 11 18 NET NEW MONEY BORROWINGS BY MAJOR HOUSING AGENCIES IN MILLIONS O F DOLLARS TOTAL INCLUDING SHORT-TERM DISCOUNT NOTES 1973 - J u l y Aug. Sept. Oct. Nov. Dec. 1974 - J a n . Feb. Mar. Apr. MayJune July Aug. Sept. Oct. Nov. Dec. 1975 • Jan. Feb. Mar. Apr. May July p +1,475 +1,693 +1,910 +1,946 +11 +598 -671 -695 +424 +508 +1,442 +2,699 +1,804 +878 +2,768 +1,665 -89 +507 -242 -659 +440 0 -1,568 + 252 + 165 INTERMEDIATE AND LONG-TERM I S S U E S FNMA SHORT-TERM DISCOUNT NOTES TOTAL +1,528 +1,349 +1,850 +1,950 -150 +256 -756 -657 +450 -4 +992 +2,250 +1,499 +200 +2,750 +1,599 +93 +961 -5 -254 + 689 +69 -1,279 + 600 + 300 +998 +1,349 +1,500 +1,300 — -150 +256 — -800 -657 +44 —— -4 +992 +1,500 +1,000 +400 +1,700 +1,499 -217 +470 -4 -554 -11 -30 -1,279 0 0 Notes: Based on d a t a f r o m t h e T r e a s u r y S u r v e y o f O w n e r s h i p . u S a l e s o f FHLB d i s c o u n t n o t e s began i n May 1974 2./ P r e l i m i n a r y . +530 +350 +650 +450 -200 — + 300 0 -1 0 o 0 +750 +499 +1,050 +100 +310; +491 -1 0 + 700 . +100 0 + 600 + 300 -53 +344 +60 -4 +161 +342 +85 -38 -26 +512 +450 +449 +305 +678 +18 +66 -182 -454 -237 -405 -249 -69 -289 -348 -135 Table 12 NET CHANGE IN MORTGAGE HOLDINGS IN MILLIONS O F DOLLARS TOTAL INCLUDING FNMA-GNM/ 2 FINANCIAL INSTITUTIONS INSURANCE COMPANIES! TOTAL COMMERCIAL BANKS 21,736 41,647 57,587 58,372 42,748 16,827 39,259 55,561 55,072 36,526 2,462 9,940 16,800 19,600 11,700 1,845 3,938 5,377 5,642 2,170 10,254 23,919 31,932 25,552 17,578 2,348 1,221 1,452 4,278 5,078 4,909 2,388 2,026 3,300 6,222 2,419 1,992 2,255 1,655 1,476 1,082 500 400 500 45 79 - 22 565 522 595 545 475 729 764 516 453 1975 - J a n . Feb. Mar. Apr. May June July Aug. 1,311 1,586 2,329 3,458 3,966 4,443 4,493 860 1,512 1,942 3,268 3,909 4,401 3,783 100 66 426 -100 100 1,109 0 70 1,614 400 132 2,285 300 181 3,184 500 323 3,425 200 3,122 334 3,260 300 S e a s o n a l l y Ad l u s t e d 268 403 258 451 244 153 127 165 451 74 387 190 57 42 710 498 1974 - O c t . Nov. Dec. 2,847 2,461 1,986 2,205 1,973 1,456 533 509 734 98 67 -102 1,037 985 629 537 412 195 642 488 530 1975 - J a n . Feb. Mar. Apr. May 2,612 2,827 2,469 3,519 3,488 3,246 3,851 2,106 2,628 1,908 3,128 3,307 3,181 3,329 447 184 53 384 33 167 ,175 31 170 242 47 166 149 193 269 1,154 1,646 1,411 2,015 2,769 2,655 2,751 2,837 335 556 397 563 356 166 134 152 506 199 561 391 181 65 522 226 PERIOD MSB's S & L's FNMA-GNMA Not S e a s o n a l l y Ad l u s t e d 1970 1971 1972 1973 1974 1974 - O c t . Nov. Dec. - July Aug. NOTES: 1 Monthly data for commercial banks based on Federal Reserve estimates benchmarked to Call Report data on real estate loans outstanding as available. Other data derived from mortgage debt outstanding as reported separately by National Assn. of Mutual Savings Banks, Federal Home Loan Bank Board, Institute of Life Insurance and, through August 1968, the Federal National Mortgage Association, and thereafter by FNMA and the Government National Mortgage Association. Data for mutual savings banks and for 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 for 83 per cent of the net increase estimated for all holders in 1974. 2 Beginning January 1972 data reflect activity in limited amount of conventional mortgages. * 20 NET INCREASE IN MORTGAGE DEBT OUTSTANDING1 IN BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL RATES RESIDENTIAL QUARTER TOTAL TOTAL r | 1- t o 4 FAMILY 3 MULTIFAMILY COMMERCIAI MULTFAMB.1f & COMMERCIAI FARM IV 28.1 26.4 25.5 29.6 19.4 18.2 17.2 20.4 16.3 15.0 13.6 16.5 3.1 3.2 3.5 3.9 6.4 6.0 6.5 7.4 9.5 9.2 10.1 11.3 2.3 2.2 1.8 1.9 1969 - I II III IV 32.0 29.1 25.8 25.2 23.8 21.5 18.7 18.5 19.4 16.8 14.0 13.1 4.4 4.6 4.7 5.4 6.0 5.4 5.3 5.3 10.4 10.1 10.0 10.7 2.2 2.2 1.7 1.4 1970 I II III IV 20.7 22.9 28.5 31.8 14.4 16.8 21.3 22.8 9.4 11.6 15.0 16.2 5.0 5.2 6.3 6.6 4.8 4.6 5.1 6.8 9.8 9.8 11.5 13.4 1.5 1.5 2.1 2.2 1971 - I II III IV 37.3 47.7 52.3 54.2 27.4 35.5 38.5 41.2 19.4 26.2 28.6 31.3 8.0 9.4 9.9 9.9 7.7 9.8 11.5 10.5 15.7 19.2 21.4 20.4 2.2 2.4 2.3 2.5 1972 - I II III IV 62.8 64.9 65.1 68.3 46.1 47.0 47.1 49.5 37.7 37.4 38.0 40.0 8.4 9.6 9.1 9.5 14.1 15.3 15.3 16.3 22.5 24.9 24.4 25.8 2.6 2.6 2.6 2.5 1973 - I II III IV 83.4 75.6 71.3 57.9 63.1 53.9 51.4 38.3 53.1 44.0 41.8 31.7 10.0 9.9 9.6 6.5 16.3 17.8 16.3 15.0 26.3 27.8 25.9 21,5 4.1 3.8 3.6 4.6 1974 - I II III IV 58.5 65.3 50.0 38.6 39.5 44.0 35.7 23.7 32.1 37.1 27.5 17.3 7.4 6.8 8.2 6 .4 15.4 17.3 9.0 7 .6 22.7 24.1 17 .2 14.0 3.6 4.0 5.3 7 .3 1975 - I II 35.2 50.7 25.5 38.9 21.3 36.1 4.3 2.8 4.9 7.8 9.2 10.6 4.8 4.0 1968 - I II 111 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 May differ somewhat from related flow of funds series mainly because of more aggregative type of seasonal adjustment. 3 Residential mortgage debt includes nonfarm only and is sum of 1 to 4- family and multifamily mortgage debt^combined. T a b l e 14 PRIVATE HOUSING PERMITS, STARTS, COMPLETIONS, AND MOBILE HOME SHIPMENTS IN T H O U S A N D S O F U N I T S , S E A S O N A L L Y A D J U S T E D A N N U A L R A T E S PERMITS 1 PERIOD 1969 1970 1971 1972 1973 1974 TOTAL 1—FAMILY COMPLETIONS STARTS 2-OFt MORE FAMILY TOTAL 1—FAMILY 2-OR MORE FAMILY TOTAL MOBILE 1 —FAMILY 2-OR MORE FAMILY HOME SHIPMENTS 1,324 1,352 1,925 2,219 1,820 1,074 626 647 906 1,033 882 644 698 705 1,018 1,186 937 431 1,467 1,434 2,052 2,357 2,045 1,338 811 813 1,151 1,309 1,132 888 656 621 901 1,048 914 450 1,399 1,418 1,706 1,972 2,005 808 802 1,014 1,143 1,166 592 617 692 828 838 413 401 497 576 580 1975 - J a n . Feb. Mar. Apr. May 689 701 677 837 912 508 515 503 603 658 182 186 173 234 254 999 1,000 985 980 1,130 739 733 775 762 887 260 267 210 218 243 1,535 1,320 1,305 1,211 1,276 964 770 734 756 8 32 571 550 571 455 444 185 219 199 194 224 June 949 679 270 1,094 884 210 1,165 785 380 210 July 1,042 995 1,072 711 732 749 331 263 323 1,235 1,268 1,240 935 986 906 300 282 1,244 1,190 896 818 348 372 225 235 Aug. Sept. 334 NOTES: ro Private building permits (for 14,000 areas with permit systems, excluding farm), starts, and completions are Census Bureau data. A dwelling unit is started when excavation begins. In the case of " apartment buildings, all units are considered started at that time; however, all such units are considered completed when more than half of the units in the structure are ready for use. Private mobile ^ home shipments are Mobile Home Manufacturers Association data converted to seasonally adjusted annual rate by Census Bureau. Permit data for 1969 and 1970 based on 13,000 areas with permit systems T a b l e 15 AVERAGE RATES AND YIELDS ON HOME MORTGAGES CONVENTIONAL LOANS PRIMARY MARKET NEW HOMES HUD(FHA) INSURED LOANS SECONDARY MARKET EXISTING HOMES 1 PERIOD RATE (IN PER CENT) SPREAD (BASIS POINTS) 1973 - High Low 8.95 7.70 107 31 1974 - High Low 9.80 8.55 1974 - O c t . Nov. Dec. 1975 - J a n . Feb. Mar. Apr. May June July Aug. 1 RATE (IN PER CENT) 8 SPREAD BETWEEN RETURNS ON NEW Aaa NEW HOMES CONVENTIONAL UTILITY 1 BOND AND HUD(FHA) SPREAD DISCOUNT NEW HOME YIELD (BASIS (PERCENTAGE MORTGAGES (IN PER CENT) POINTS) POINTS) (BASIS POINTS) SPREAD (BASIS POINTS) YIELD (IN PER CENT) 8.95 7.75 107 37 9.18 7.55 130 14 9.4 2.2 21 -23 8.36 7.38 45 -70 9.80 8.60 50 -70 10.38 8.54 44 -25 6.3 2.3 1 -70 10.46 8.10 9.70 9.55 9.45 -33 -13 n.a. 9.70 9.60 9.45 -33 - 8 n.a. 10.13 n.a. 9.51 10 n.a. n.a. 4.6 n.a. 3.8 -43 10.03 9.68 n.a. 9.15 9.05 8.90 9.00 9.05 9.00 9.00 9.15 15 11 -70 -66 9.20 9.05 8.95 9.05 9.10 9.05 9.05 9.20 20 11 -65 -61 -52 -32 -20 -29 8.99 8.84 8.69 n.a. 9.16 9.06 9.13 9.33 - 1 -10 -91 n.a. -46 -31 -12 -16 3.8 2.6 5.4 n.a. 5.0 4.3 4.8 6.3 16 21 21 -57 -37 ' -25 -34 - 6 -11 - 6 -13 -18 9.00 8.94 9.60 9.66 9.62 9.37 9.25 9.49 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. Table 16 FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS CONVENTIONAL GOVERNMENT-UNDERWRITTEN AMOUNT (IN MILLIONS OF DOLLARS) DATE OF AUCTION OFFERED 1974 - High Low j ACCEPTED AVERAGE YIELD AMOUNT (IN MILLIONS O F DOLLARS) OFFERED | ACCEPTED AVERAGE YIELD 1155 ( 3 / 2 5 ) 333 ( 3 / 2 5 ) 1 0 . 59 ( 9 / 9 ) I 164 ( 4 / 1 8 ) 63 ( 4 / 8 ) 10.71 (9/9) 26 ( 1 1 . 1 8 ) 18 ( 1 1 / 1 8 ) 8 . 4 3 ( 2 / 2 ! i 14 ( 1 0 / 2 1 ) 7 (11/18) 8.47 (3/11: 1975 - J a n . 13 27 25.3 41.4 21.2 28.6 9 .37 9 .12 17.9 11.1 14.9 10.6 9.50 9.39 Feb. 10 24 24.6 36.2 18.1 23.8 8 .98 8 .87 14.8 20.0 9.1 9.1 9.20 9.04 Mar. 10 24 99.2 460.5 60.1 321.4 8 .78 8 .85 34.4 60.7 22.1 35.8 8.96 9.00 Apr. 7 21 551.6 470.9 277.2 247.3 8 .98 9 .13 99.8 79.2 44.6 64.8 9.13 9.26 May 5 19 525.5 165.6 280.4 115.0 9.,29 9.25 69.8 46.4 43.9 38.4 9.43 9.41 June 2 16 30 172.5 73.4 358.7 80.4 38.6 246.9 9 .14 9..06 9 . 07 51.2 28.5 67.5 27.1 15.7 47.3 9.26 9.21 9.18 July 14 28 333.2 415.8 174.9 247.7 9 . 10 9 . 17 71.4 56.5 35.8 34.5 9.20 9.26 Aug. Sept. 11 578.7 365.5 9 .32 96.9 48.9 9.38 25 643.1 223.0 9 . ,50 98.5 31.0 9.55 8 530.1 197.7 . 9.70 96.9 43.9 9.75 35.2 9.92 9.2 9.81 22 Oct. 293.6 142.0 9.,86 68.8 20 43.2 23.2 9 .65 9.7 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.