Full text of H.16 Capital Market Developments : October 27, 1980

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October 27, 1980

T>*!

Capital

l\/l 3rk©t
Developments

Prepared by
the Capital Markets Section
in conjunction with
the Mortgage and Consumer Finance Section
and the Government Finance Section
Division of Research and Statistics
Board of Governors of the Federal Reserve System
Washington, D C. 20551




'

W s , a , w / L

'^ary

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 N on bank 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

SYMBOLS
e
P
r
n.a.
— —

estimate
preliminary
revised
not available
data d o 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. Y I E L D S , V O L U M E A N D R E C E P T I O N

Corporate Bond Market
Week ending
1980-Aug.

1
8
15
22
29

Sept.

Oct.

New issue
Aaa utility1
11.92
12.03
12.36
12.48
12.62

Yields
Recently offered
Aaa utility2
12.00
12.10
12.27
12.36
12.68

Gross offerings3
($ millions)
963
467
1,710
652
804

Volume
Percent sold by
end of week
80
86
91
98
97

New issues in syndicate4
($ millions)
188
65
158
15
28

13.10

12.42
12.48
12.78
13.03

415
458
415
680

99
97
81
100

3
15
78
0

13.08
13.02
12„62r
13.21p

13.06
12.87
12.85r
13.04p

377
614
680
193

100
100
92
96

0
0
52
7

5
12
19
26

12.34
12.60

3
10
17
24

——

2. Y I E L D S , V O L U M E A N D R E C E P T I O N

Municipal Bond Market

1
8
15
22
29

8.15
8.00
8.00
8.00
8.00

Yields
Bond Buyer
G O. bond
index
8.59
8.61
8.53
8.68
8.85

Sept.

5
12
19
26

8.30
8.30
8.35
8.50

8.78
8.82
8.98
9.18

Oct.

3
10
17
24

8.50
8.40
8.30
8.36

9.22
9.01

Week ending
1980-Aug.

Moody's new
issue Aaa

8.81
9.06

Volume

1,054
999
807
775
818

87
93
92
91
97

New issues in
syndicate4
($ millions)
253
147
134
134
96

9.68
9.73
9.92
10.02

194
906
1,363
1,077

74
87
85
91

89
150
287
156

10.07
9.94
9.66
9.93

263
353
885
1,348

95
94
93
86

69
22

Bond Buyer
Rev. bond
index
9.31
9.47
9.39
9.62
0.78

Gross offerings
($ millions)

Percent sold by
end of week 3

80
232

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 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.




3. HIGH G R A D E B O N D Y I E L D S

U.S. govt.
Moody's
20-year constant
seasoned
maturity 4
corporate Aaa3

Bond Buyer
G O. bond
index5

New issue
Aaa utility1

Recently offered
Aaa utility 2

1977-High
Low

8.36(12/16)
7.90(1/7)

8.48(12/30)
7.95(1/7)

8.28(12/30]
7.88(1/7)

7.99(12/30)
7.26(1/7)

5.93(2/4)
5.45(11/17)

1978-High
Low

9.30(11/10)
8.61(3/24)

9.54(12/22)
8.48(1/6)

9.27(12/29) 9.00(12/22)
8.30(1/6)
8.01(1/6)

6.67(12/22)
5.58(3/17)

Date

1979-High
Low

11.51(11/12) 11.45(11/9)
9.40(8/17)
9.39(6/29)

10.87(12/28) 10.56(11/9)
8.79(7/6)
9.16(7/6)

7.38(10/26)
6.08(7/6)

1980-High
Low

14.22(3/28)
L0.53(6/20)

14.12(3/28)
10.79(6/20)

13.00(3/28) 12.79(2/22)
9.59(6/20)
10.34(6/20)

9.44(4/4)
7.11(5/9)

Bond Buyer
Rev. bond
index6
——
—

—
~

8.24(11/23)
7.23(9/21)
10.25(4/4)
8.15(5/8)

9.58
9.48
9.93

9.53
9.49
9.87

9.20
9.23
9.44

8.92
8.97
9.21

6.13
6.20
6.52

Oct.
Nov.
Dec.

10.97
11.42
11.25

10.91
11.36
11.32

10.13
10.76
10.74

9.99
10.37
10.18

7.08
7.30
7.22

7.80
8.11
8.08

1980-Jan.
Feb.
Mar.

11.73
13.57
14.00

11.77
13.35
13.90

11.09
12.38
12.96

10.65
12.21
12.49

7.35
8.16
9.17

8.21
8.91
9.95

Apr.
May
June

12.90
11.53
10.97

12.91
11.64
10.99

12.04
10.99
10.58

11.42
10.44
9.89

8.63
7.59
7.63

9.66
8.50
8.47

July
Aug.
Sept.

11.60
12.32
12.74

11.41
12.31
12.72

11.07
11.64
12.02

10.32
11.07
11.47

8.13
8.67
8.94

8.87
9.57
9.84

1
8
15
22
29

11.92
12.03
12.36
12.48
12.62

12.00
12.10
12.27
12.36
12.68

11.33
11.44
11.57
11.70
11.88

10.64
10.78
10.97
11.15
11.41

8.59—/
8.61
8.53
8.68
8.85

9.31—/
9.47
9.39
9.62
9.78

5
12
19
26

12.34
12.60
13.10

12.42
12.48
12.73
13.03

11.89
11.90
12.00
12.15 .

11.14
11.24
11.48
11.75 •

8.78
8.82
8.98
9.18

9.68
9.73
9.92
10.02

3
10
17
24

13.08
13.02
12.62r
13.21p

13.06
12.87
12,85r
13.04p

12.30
12.18
12.Ur
12.26p

11.81
11.46
11.40r
11.77p

9.22
9.01
8.81
9.06

10.07

1979-July
Aug.
Sept.

1980-Aug.

Sept.

Oct.

1
2

- -

9.94
9.66
9.93

Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection.
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 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 general obligation bonds used in this index falls midway between the five top groups as classified by
Moody's Investors Service. Weekly Bond Buyer data.
6 Thursday figures. The average rating of the 25 revenue bonds used in this index falls midway between the five top groups as classified by Moody s
Investors Service. Weekly Bond Buyer data.




5
4. LONG-TERM C O R P O R A T E A N D S T A T E A N D LOCAL G O V E R N M E N T S E C U R I T Y O F F E R I N G S A N D PLACEMENTS

Gross proceeds, millions of dollars
State and Local
1979
2,840
2,603
4,644

January
February
March

1978
3,326
2,770
4,569

Corporate
1979
3,770
3,165
4,354

1980
6,210
4,452
4,353

1978
3,306
2,753
4,844

April
May
June

3,397
4,227
5,539

4,692
4,160
6,238

5,677
9,067
9,511

3,824
5,525
4,369

3,444
3,042
4,724

4,833
4,564
5,958

July
August
September

4,414
3,379
4,236

4,103
4,162
4,587

7,737
5,800e
4,500e

3,920
6,407
2,323

3,396
4,256
2,472

4,600e
4,000e
4,500e

October
November
December

3,799
3,207
4,401

4,601
3,831
3,801

3,231
4,320
3,690

4,217
4,160
3,567

47,264

51,464

48,512

43,365

Period

Year

1980
3,042
2,381
2,379

1 Securities and 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.

5. T R E A S U R Y A N D G O V E R N M E N T S P O N S O R E D A G E N C Y B O R R O W I N G

Millions of dollars

Period

Combined
deficit(+)
or
surplus)—)?

Total 3

Federal Government
Means of financing combined deficit
Net cash borrowing from the publics
Public debt securities
Gov't,
agency
NonCoupons marketable securities
Bills

Other

Decrease(+)/ Sponsored
agency
increase!—)
borrowing*
in cash
operating
balance

CY-/ - 1 9 7 8
CY
-1979

52,870
41,397

53,683
37,360

706
10,899

31,777
28,041

22,644
-397

-1,431
-1,402

3,206
1,115

-4,019
366

23,509
23,631

1979--Oct.
Nov.
Dec.

14,646
8,941
1,997

2,217
5,548
11,207

314
3,408
7,544

2,085
1,463
3,614

357
704
57

-20
-80
-62

-1,287
8,984
1,124

13,716
4,869
-10,334

3,196
2,546
1,542

1980--Jan.
Feb.
Mar.

5,170
10,458
15,350

5,201
2,066
11,802

2,878
1,900
13,358

2,050
3,307
3,517

278
-3,149
-5,066

-27
-40
-19

647
2,478
1,013

-678
5,914
2,535

2,261
1,542
4,764

Apr.
May
June

-8,037
16,318
-11,963

4,632
5,350
-4,615

4,515
91
-10,703

2,899
6,077
6,835

2,602
-941
-685

-86
-32
-101

-2,393
3,200
-3,918

-10,276
7,768
-3,430

3,632
1,957
329

9,737

6,807

2,602

456

-76

2,986

3,661

July
Aug.
Sept.

16,384
4,645p

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.
3 Also includes changes in matured and noninterest-bearing public debt.
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.




6
6. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE
Gross proceeds, millions of dollars
Bonds
Total
Period
Publicly
offered
24,072
53,792
1977
19,815
47,230
1978
25,814
5
1
,
4
6
4
1979

Privately
placed
17,943
17,057
14,325

Common and
preferred
stocks
11,777
10,358
11,325

Memo
Issues included
Convertible
Foreign
863
1,340
418
1,349
2,229
1,008

1979-Q1
QII
QUI
QIV

11,289
15,090
12,852
12,233

4,522
9,154
6,386
5,752

4,570
3,874
2,974
2,907

2,197
2,062
3,492
3,574

67
59
763
119

8
1,404
540
187

1980-QI
QII

15,015
24,255

5,861
18,186

4,600
2,072

4,554
3,997

169
n.a.

908
967

1980-Jan.
Feb.
Mar.

6,210
4,452
4,353

2,450
1,426
1,985

2,384
1,430
786

1,376
1,596
1,582

47
122
0

32
76
800

Apr.
May
June

5,677
9,067
9,511

3,828
6,810
7,548

947
525
600

902
1,732
1,363

89
432
8

383
375
209

July

7,737

5,355

1,021

1,361

n.a.

416

7. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUER
Gross proceeds, millions of dollars
Public utility
Manufacturing
Period

Communications

Other issuers1

13,393
10,813
11,346

14,127
12,232
13,289

4,442
3,640
4,522

21,827
20,549
22,309

1979-Q1
QII
QUI
QIV

2,096
3,050
3,704
2,496

3,012
3,626
2,472
4,179

1,399
799
931
1,413

4,779
7,637
5,745
4,148

1980-QI
QII

3,907
6,838

4,966
4,135

1,278
2,182

4,864
11,101

1980—Jan*
Feb.
Mar.

1,276
1,340
1,291

1,873
1,262
1,831

483
572
223

2,578
1,276
1,010

Apr.
May
June

1,778
2,615
2,445

891
1,338
1,906

651
1,196
335

2,358
3,917
4,826

July

2,881

1,030

787

3,040

1977
1978
1979

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.




8. PUBLIC O F F E R I N G S O F I N T E R M E D I A T E - A N D LONG-TERM S E C U R I T I E S : C O R P O R A T E 1

Issuer

Date

Northern Indiana Pub. Svc. Co. 1 0 / 1
10/1
MCI Communication Corp.
Columbus & Southern Elec. Pwr.
10/1
Co.
Columbus & Southern Elec. Pwr.
10/1
Co.
Columbia Pictures Industries,
10/1
Inc.
10/2
Kaiser Cement Corp.
10/2
U.S. Leasing Corp.
Sensormatic Electronic Corp. 1 0 / 2
10/2
Sierra Pacific Power Co.
10/2
Condec Corp.
10/3
Houston Industries Inc.
10/6
Philadelphia Electric Co.
10/7
Utah PoWer & Light Co.
Southern Bell Tel. & Tel. Co. 1 0 / 7
10/8
Pacific Power & Light Co.
10/8
Toledo Edison Co.
10/9
Golden Nuggets, Inc.
Consolidated Natural Gas Co. 1 0 / 1 4
10/14
Middle South Utils. Co.
10/15
Fischbach Corp.
10/15
Georgia Power Co.
10/15
Cordis Corp.
10/15
Dial Financial Corp.
Southern California Edison Co. 1 0 / 1 5
10/15
Genentech Inc.
10/15
National Semiconductor
10/16
Pogo Producing Co.
10/16
Anheuser-Busch
10/16
USLIFE Corp.
Private Export Funding Corp. 1 0 / 1 6
10/16
Wainco Oil Corp.
10/16
Cray Research Inc.
10/17
International Harvester Co.
10/17
Horn Hardart Baking Co.
10/17
Genstar Ltd.
10/21
Sage Energy Co.
Public Serv. of New Hampshire 1 0 / 2 2
Gen'l. Tel. Co. of the South10/23
west
Gen'l. Tel. Co. of the South10/23
west
10/24
Hughes Tool Co.
10/24
Datapoint Corp.

Com. stk.
Pfd. stk.

Amount
(millions
of dollars)
35.3
49.5

Pfd. stk.

50.0

—

13.80

13.80

Baa/BBB

1 s t . mtg.

80.0

1990

13.63

13.63

A/BBB+

50.0
30.0
25.0
25.0
30.0
25.0
79.5
125.0
67.0
300.0
100.0
65.0
35.6
100.0
97.0
30.0
75.0
25.0
50.0
75.0
35.0
65.3
50.0
100.0
100.0
100.0
43.4
34.6
150.0
35.0
36.3
30.0
30.0

2005
2005
2000
2000
2010
2000

9.50
9.00
9.75
8.88
14.63
14.88

9.50
9.00
9.75
8.88
14.68
16.60

Ba/BBBa/BA
Ba/BB

Type

Conv. debt,
Conv. debt.
Conv. debt,
Conv. debt,
1 s t . mtg.
Debt.
Com. stk.
1 s t . mtg.
Com. stk.
Debt.
Debt.
1 s t . mtg.
Com. stk.
Debt.
Com. stk.
Conv. debt.
1 s t . mtg.
Conv. debt.
Notes
Pfd. stk.
Com. stk.
Com. stk.
Conv. debt.
Conv. debt.
Notes
Gvt. gtd.
Com. stk.
Com. stk.
Pfd. stk.
Conv. debt.
Com. stk.
Conv. debt.
Pfd. stk.

10/9
10/9
10/15
10/15

Moody's/S&P's
ratings

Coupon
rate

- -

14.72

12.26

B/—

- -

—/ —

—

—~f

A/A
B/B

1992

13.75

13.75

A/BBB+

2020
2010
1990

12.88
14.75
14.00

12.94
14.87
14.00

Aaa/AAA
Baa/BBB
Baa/BBB+

2000

12.88

12.88

Aa/AA

8.50
14.50
8.50
12.75
12.00

8.50
14.55
8.50
12.75
12.00

Ba/BB
Baa/BBBf
--/B
A/A+
Aa/AA

—

- -

2005
2010
2000
1990

—

--/ —

- -

2005
2005
1990
1987

/ - -

—/—

—/—
8.00
9.00
12.50
11.75

8.00
9.00
12.59
11.80

Ba/BBBaa/BBB
A/AA
Aaa/AAA

- -

- - / - -

—

- - / - -

11.52
11.25

11.52
13.30

2005

8.50
15.00

8.50
15.00

B/B
Ba/BB

2000
—

Ba/BB
B/B

- -

1 s t . mtg.

75.0

2010

14.00

14.05

A/A

1 s t . mtg.
Com. stk.
Com. stk.

50.0
121.0
91.0

1990

12.75

12.84

A/A

12.75
13.57
12.50
13.32

Aaa/AAA

Notes
Debt.
Notes
Debt.

100.0
100.0
200.0
150.0

1988
2000
1987
2010

" "

12.75
13.50
12.50
13.25

* Rights offering.
1 Includes only corporate and other security offerings of $25 million and over; excludes options, exchanges, and secondary offerings.




—

- -

"

OTHER
European Investment Bank
European Investment Bank
Hydro-Quebec
Hydro-Quebec

Offering
yield

Maturity

- - / - -

Aa/AA
Aa/AA

9. PUBLIC O F F E R I N G S O F I N T E R M E D I A T E - A N D LONG-TERM S E C U R I T I E S : STATE A N D LOCAL 1

Issuer

D a l l a s , TX
N a s s a u C o . , NY
Wake Co. I n d u s . F a c . & P o l l .
C n t r l . A u t h . , NC
La H a b r a R e d e v e l . A g c y . , CA
La H a b r a R e d e v e l . A g c y . , CA
La H a b r a R e d e v e l . A g c y . , CA
E a s t C h i c a g o , IN
E a s t C h i c a g o , IN
E a s t C h i c a g o , IN
S o u t h D a k o t a S t u d e n t Loan
A s s i s t . Corp.
F l o r i d a Keys A c q u e d u c t A u t h .
Anaheim, CA
Anaheim, CA
Anaheim, CA
Alabama H s g . F i n . A u t h .
Alabama H s g . F i n . A u t h .
Alabama H s g . F i n . A u t h .
Alabama Hsg. F i n . A u t h .
M i s s o u r i H e a l t h & Ed. F a c .
Auth.
M i s s o u r i H e a l t h & Ed. F a c .
Auth.
M i s s o u r i H e a l t h & Ed. F a c .
Auth.
M i s s o u r i H e a l t h & Ed. F a c .
Auth.
F a r m i n g t o n , NM
Utah S t a t e B l d g . A u t h .
Utah S t a t e Bldg. Auth.
Utah S t a t e Bldg. Auth.
M a r t i n C o . , FL
M a r t i n C o . , FL
C o n n e c t i c u t , S t a t e of
P e n n s y l v a n i a , S t a t e of
Washington Suburban S a n i t .
D i s t . , MD
Warwick, RI
Triborough Bridge & Tunnel
A u t h . , NY
Triborough Bridge & Tunnel
A u t h . , NY
Triborough Bridge & Tunnel
A u t h . , NY
N o r t h G l e n n , Co.
N o r t h G l e n n , Co.
N o r t h G l e n n , Co.
Salt River P r o j . Agric.
I m p r o v . & Power D i s t . , AZ
Salt River P r o j . Agric.
I m p r o v . & Power D i s t . , AZ

Date

Type2

Amount
(millions
of $)

Maturity

Net
interest
cost

ftfoody's/S&P's
ratings

6.20-8.60
6.00-9.25

AAA/—
A-l/AAA

LO/1
LO/7

G.O.
G.O.

27.1
25.0

1982-2000
1981-2010

7.82
8.85

LO/7
LO/7
LO/7
LO/7
LO/9
LO/9
10/9

Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.

50.0
5.2
5.3
22.1
20.0
25.0
5.0

1983
1994
2000
2010
1983
2000
2010

n.a.
10.01
10.01
10.01
n.a.
n.a.
n.a.

10/9
10/10
10/10
10/10
10/10
10/10
10.10
L0/10
L0/10

Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.

30.8
62.7
30.5
16.7
36.9
35.3
22.4
15.0
77.3

1983
1982
1984-1997
2001
2007
1982-1995
2000
2011
2012

8.25
10.03
n.a.
n.a.
n.a.
10.07
10.07
10.07
10.07

L0/13

Rev.

9.1

1984-1996

n.a.

10/13

Rev.

5.8

2000

n.a.

10.30

Al/A

L0/13

Rev.

40.7

2012

n.a.

10.50

Al/A

L0/13
LO/14
L0/15
L0/15
L0/15
10/15
10/15
LO/15
LO/15

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

6.1
65.0
4.1
4.2
16.7
26.3
50.0
LOO.O
70.0

L0/15
LO/16

G.O.
G.O.

L0/17

7.25
9.20
9.70
10.00
7.3%
N.R.
10.00
7.75
9.25
6.75-9.00
9.10
9.24
6.30-9.50
10.00
9.50
10.25

A/A
Aa/—
Aa/—
Aa/—
A/—
A/—
A/—
——/A
Aa/A+
Aa/A+
Aa/A+
A1/A+
A1/A+
A1/A+
A1/A+

7 . 3 5 - 1 0 . 0 0 Al/A

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
7.62
8.56

10.45
6.60
8.00-8.50
9.13
9.50
9.60
9.90
5.75-8.25
6.50-9.10

Al/A
Aaa/AAA
Aa/AA
Aa/ AA
Aa/AA
A/A+
A/A+
Aa/ AA
A/A+

50.0
25.0

1983-2015 ; 8.88
8.13
1981-1990

6.20-9.00
6.25-8.00

Aa/AA
Baa-l/AAA

Rev.

17.1

1985-1995

n.a.

7.10-9.10

A/A

10/17

Rev.

15.9

2000

n.a.

9.60

A/A

10/17
10/17
10/17
10/17

Rev.
Rev.
Rev.
Rev.

67.0
12.9
10.5
10.4

2010
1981-1998
2005
2009

n.a.
n.a.
n.a.
n.a.

9.80
6.40-9.40
9.63
9.88

A/A
—/AAA
—/AAA
—/AAA

10/17

Rev.

13.5

1986-2001

n.a.

6.50-9.00

Aa/A+

10/17

Rev.

23.4

n.a.

9.15

Aa/A+

2013
1983
1987-1995
2000
2010
2000
2015
1981-2000
1981-2000

2010

1 Includes only state and local security offerings of $25 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.




Offering
yield

9. PUBLIC O F F E R I N G S O F I N T E R M E D I A T E - A N D LONG-TERM S E C U R I T I E S : STATE A N D LOCAL 1

Issuer

Salt River P r o j . Agric.
I m p r o v . & Power D i s t . , AZ
F l o r i d a S t a t e Bd. o f E d u c a .
W a s h i n g t o n P u b . Pwr. S u p p l y
System
Montgomery C o . , OH
Montgomery C o . , OH
Montgomery C o . , OH
Montgomery C o . , OH
Anaheim and Anaheim U n i o n
H . S . A . Comm. C o n v e n t i o n
C t r . A u t h . , CA
M i d d l e s e x Co. P o l l . C n t r . F i n .
A u t h . , NJ
Broward C o . , FL
M a r y l a n d D e p t . of T r a n s p .
Apache Co. I n d u s . D e v e l .
A u t h . , AZ
R i v e r s i d e , CA
A l l e g h e n y Co. H o s p . D e v e l .
A u t h . , PA
A l l e g h e n y Co. H o s p . D e v e l .
A u t h . , PA
A l l e g h e n y Co. H o s p . D e v e l .
A u t h . , PA
M i n n e s o t a Hsg. F i n . Agcy.
M i n n e s o t a Hsg. F i n . Agcy.
M i n n e s o t a Hsg. F i n . Agcy.
Alabama P u b . S c h . & C o l l e g e
Auth.
Texas Hsg. Agcy.
Texas Hsg. Agcy.
T e x a s H s g . Agcy.

Date

Type 2

Amount
(millions
of $)

Maturity

Net
interest
cost

Offering
yield

Moody's/S&P's
ratings

10/17
10/21

Rev.
G.O.

63.2
88.5

10/21
10/21
10/21
10/21
10/21

Rev.
Rev.
Rev.
Rev.
Rev.

200.0
9.6
4.0
45.4
6.6

1986-2012
1984-1994
2000
2009
2010

9.36
n.a.
n.a.
n.a.
n.a.

7.30-9.55
7.25-9.90
10.13
10.35
10.32

Aaa/-A/A+
A/A+
A/A+
A/A+

10/21

G.O.

25.7

1983-2011

9.82

6.75-9.70

A/--

10/21
10/21
10/21

Rev.
G.O.
Rev.

33.3
50.0
59.3

1983
1982-2011
1982-1995

n.a.
9.47
8.21

6.20
6.25-9.55
6.40-8.40

Aaa/AAA
A-1/A+
A/A

10/21
10/21

Rev.
Rev.

100.0
89.1

1983
1981-2013

n.a.
9.48

7.25
6.20-9.70

A/A+
Aa/A+

10/22

Rev.

3.5

1984-1992

n.a.

8.50-10.5(

— / BBB

10/22

Rev.

2.0

1995

n.a.

10/22
10/22
10/22
10/22

Rev.
Rev.
Rev.
Rev.

31.4
8.0
6.4
38.0

2010
1983-1995
2000
2013

n.a.
n.a.
n.a.
n.a.

12.00
6.50-9.50
9.88
10.13

— /BBB
—/AA
--/AA
--/AA

10/23
10/23
10/23
10/23

Rev.
Rev.
Rev.
Rev.

60.0
43.6
23.4
83.0

1981-1987
1982-1995
2000
2012

8.00
n.a.
n.a.
n.a.

6.50-8.00
6.20-9.25
9.75
10.18

Aa/-A-l/A
A-l/A
A-l/A

2020
1983

n.a.
n.a.

1 Includes only state and local security offerings of $25 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.




(con't)

9.25
6.50

11.25

Aa/A+

MIG-l/AA

--/BBB

10
10. PUBLIC O F F E R I N G S O F I N T E R M E D I A T E - A N D LONG-TERM S E C U R I T I E S : U.S. T R E A S U R Y

Notes and Bonds
Offering
date

Payment
date

Length

Maturity
date

Coupon Auction
average
rate
(percent) (percent)

Amount (millions of dollars)
Net proceeds
Gross proceeds
1 2

Memo:
Foreign
add-ons3

Total

Private1

Total

1,502
4,484

1,502
4,051

1,502
609

1,502
609

0
0

Private -

1980
10-1/2
11-1/2

10.60
11.52

11-7/8
12
11-3/4
13-7/8
14-3/8

11.981
12.02?
11.84/
13.98
14.39

9,404

7,626

2,452

2,452

0

4,497
2,719

4,098
2,719

677
2,719

677
2,719

0
200

3/31/82
3/31/84

15
14-1/4

15.01
14.29

4,072
2,974

3,572
2,605

910

910

0
66

5/15/95
4/30/82

12-5/8
11-3/8

12.69
11.44

1,503
4,574

1,503
4,115

1,503
1,394

1,503
1,394

0
0

8/15/83
9-1/4
11/15/89 10-3/4
5 / 1 5 / 0 5 - 1 0 10

9.32)
9.88[
10.12)

13,019

7,743

5,754

5,754

102
55
0

9-3/8
9-5/8
8-5/8
8-7/8

9.37
9.66
8.63
8.99

4,284
4,010
3,293
3,293
5,215 i 4,515,
3,726
3,221 '

1,186
3,293
3,030
-681

1,186
3,293
2,660
-311

0
285
214
0

5/15/95
7/31/82

10-3/8
8-7/8

10.42
8.97

1,504
5,337r

1,504
4,549

1,504
1,173

1,504
1,173

0
0

3-1/4 yr 11/15/83
8/15/90
10 y r
11/15/09
29-1/4 yr
8/31/82
2-yr
5-yr 2-1/2 11/15/85

9-7/8
10-3/4
10-3/8
11-1/8
11-3/4

9.88
10.81
10.71
11.24
11.76

5,832
3,762
1,884
5,127
2,087

4 , 0 8 2 \/
2,762 > 3 , 0 4 9
1,500 .
1,582
4,557
3,087 • 3,087

3,049
1,582
3,087

0
0
0
0
65

LI—7/8
L2-1/8

11.93
12.13

5,117
.3,367

1,211
1,226

1,382
1,045

0
0

1 5 - y r 1-mo 1 1 / 1 5 / 9 5 L l - 1 / 2
2-yr.
10/31/82 L2-1/8

11.61
12.24

l,501p

l,501p
1,130p

0

2/15/95
1/31/82

Jan.

3
23

1/10
1/31

1 5 y r lmo
2yr

Feb.

5
6
7
20
26

2/15
2/15
2/28
2/28
3/3

8/15/83
3-l/2yr
5/15/87
7-l/4yr
2/15/05-10
30yr
2/28/82
2yr
Syr 2-l/2mo 5 / 1 5 / 8 5

Mar. 20
25

3/31
3/31

Apr.

2
22

4/8
4/30

1 5 y r lmo
2yr

May

6
7
8

5/15
5/15
5/15

3-l/4yr
9-l/2yr
30yr

June

2
3
19
24

6/5
6/5
6/30
6/30

5/31/82
2yr
Syr 2-1 /2mo 8 / 1 5 / 8 5
6/30/82
2yr
6/30/84
4yr

7/9
7/31

1 4 y r lOmo
2 yr

8/15
6/15
8/15
9/2
9/3

July

2
23

Aug. 5
6
7
20
27
l e p t . 18
23

9/30
9 /30

)ct.

10/14
10/31

7
22

2yr
4yr

2-yr
4-yr

9/30/82
9/30/84

l,501p

4,567
3,028
l,501p
4,500p

1 Excludes amounts sold to Government investment accounts and the Federal Reserve. Also excludes add-ons to foreign accounts.
2 May be larger than the total if the Government accounts and/or the Federal Reserve do not fully roll-over their maturing holdings.
3 Additional amounts of securities issued to foreign and international monetary authorities at the average auction price for new cash.




11
11. PUBLIC O F F E R I N G S O F I N T E R M E D I A T E - A N D LONG-TERM S E C U R I T I E S : G O V E R N M E N T - S P O N S O R E D AGENCIES

Offering Payment
date
date

Issuer

Length

Maturity
date

Yield
(percent)

Amount (millions of dollars)
Net
Maturing
Gross
proceeds
issues
proceeds

FNMA

4/2
4/2

4/10
4/10

2-yr
4 - y r 1-mo

4/12/82
5/10/84

15.30
14.25

600
1,000

1,100

500

FFCB

4/9
4/9
4/9

4/21
4/21
4/21

3-yr
5-yr
8-yr

4/20/83
4/22/85
4/20/88

13.40
13.25
12.65

1,030
811
454

1,165

1,130

FNMA

4/30
4/30

5/12
5/12

4 - y r 3-mo
7-yr

8/10/84
5/11/87

11.10
11.15

1,000
750

0

1,750

FHLB

5/14
5/14
5/14

5/27
5/27
5/27

2 - y r 2-mo
3 - y r 10-mo
6 - y r 9-mo

7/26/82
3/26/84
2/25/87

9.60
9.85
10.45

1,000
800
600

1,500

900

FFCB

5/29

6/2

4 - y r 6-mo

12/3/84

9.55

870

0

870

FNMA

6/4
6/4
6/4

6/10
6/10
6/10

2 - y r 11-mo
4 - y r 7-mo
8-yr

5/10/83
1/10/85
6/10/88

9.50
9.90
10.50

500
1,000
500

900

1,100

FFCB

6/25

7/1

4 - y r 11-mo

6/3/85

9 ; 20

1,214

323

891

FNMA

7/2

7/10

4 - y r 11-mo

6/10/85

9.95

1,000

550

450

FFCB

7/9
7/9
7/9

7/21
7/21
7/21

3 - y r 5-mo
6 - y r 5-mo
10-yr

12/1/83
12/1/86
7/23/90

9.30
10.00
10.40

841
1,002
600

1,175

1,268

FNMA

7/25

8/1

3-yr

8/19/83

9.70

1,000

0

1,000

FHLB

8/13
8/13

8/25
8/25

4 - y r 7-mo
6 - y r 7-mo

3/25/85
3/25/87

10.80
11.10

1,200
600

1,600

200

FFCB

8/27

9/2

4-yr

9/4/84

11.75

486

0

486

FNMA

9/4

9/10

1 - y r 4-mo

1/11/82

10.90

400

1,050

-650

FNMA

10/1

10/10

1 - y r 8-mo

6/10/82

12.25

500

800

-300

FCB

10/8
10/8
10/8

10/20
10/20
10/20

2 - y r 1-mo
4 - y r 9-mo
7 - y r 9-mo

12/1/82
7/22/85
7/20/88

11.60
11.60
11.70

786
434
604

975

849

FHLB

10/16
10/16

10/27
10/27

10/25/82
2/27/84

11.85
11.75

1,200
600

200

1,600

FFCB
FHLB
FHLMC
FNMA

—
—
—

Federal
Federal
Federal
Federal




2-yr
3 - y r 4-mo

Farm Credit Banks
Home Loan Banks
Home Loan Mortgage Corporation
National Mortgage Association

12

As of October 2 4 , 1980
1
12. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE
Approximate d
Amount
Type
Issuer
of offering
(millions of dollars)
O
c
t . 27
80.0
1 s t . mtg.
Wisconsin Electric Co.
O
c
t . 28
1
5
0
.
0
Notes
Pacific Tel. & Tel. Co.
O
c
t . 28
1
5
0
.
0
Debt.
Pacific Tel. & Tel. Co.
O
c
t . 28
2
7
.
0
E
q
u
i
p
,
t
r
.
Atchison, Topeka & Santa Fe R.R. Co.
O
c
t . 28
3
0
.
0
P
f
d
.
s
t
k
.
Louisiana Power & Light Co.
O
c
t . 28
8
0
.
0
Com.
s
t
k
.
Carolina Power & Light Co.
O c t . 29
100.0
Notes
Willamette Industries Inc.
O c t . 29
80.0
1 s t . mtg.
Appalachian Power Co.
O c t . 29
4
0
.
0
Pfd. stk.
Appalachian Power Co.
O c t . 30
2
5
.
0
Conv.
d
e
b
t
.
Towle Mfg. Co.
O c t . 30
1
0
0
.
0
N
o
t
e
s
Associates Corp. of N. America
Oct.
2
5
.
0
D
e
b
t
.
Bache Group Inc.
Oct.
1
5
0
.
0
P
f
d
.
s
t
k
.
Citicorp
Oct.
5
0
.
0
Pfd. stk.
^Eastern Airlines, Inc.
Oct.
1
0
0
.
0
Pfd. stk.
Chemical N.Y. Corp.
Oct.
3
0
.
0
D
e
b
t
.
Texas International Corp.
Oct.
7
5
.
0
D
e
b
t
.
United Gas Pipeline Co.
Oct.
2
5
.
0
D
e
b
t
.
Cadence Industries Corp.
O
ct.
3
0
.
0
Conv.
d
e
b
t
.
Wells Fargo Mfg. & Equity Tr.
Oct.
55.0
Debt.
General Felt Industries
Oct.
30.0
1 s t . mtg.
Iowa Power & Light Co.
Oct.
1
0
0
.
0
1
s
t
.
m
t
g
.
Florida Power & Light Co.
Oct.
3
5
.
0
Conv.
d
e
b
t
.
*Burnup & Sims Inc.
O
ct.
6
0
.
0
Conv.
d
e
b
t
.
^Norton Co.
O
ct.
5
0
.
0
D
e
b
t
.
-Credit Thrift Financial Inc.
O
ct.
1
0
0
.
0
Conv.
d
e
b
t
.
^Merrill Lynch and Co., Inc.
Oct.
75.0
Pfd. stk.
*Potlach Corp.
Nov. 12
132.0
Com. s t k .
-Southern Co.
Nov. 18
3
0
.
0
Com.
s
t
k
.
*Delmarva Co.
Nov. 19
1
5
0
.
0
1
s
t
.
m
t
g
.
^Southern California Edison Co.
Nov. 19
3
0
.
0
Com.
s
t
k
.
^Central Maine Power
Nov. 25
6
0
.
0
Com.
s
t
k
.
-Pennsylvania Power & Light Co.
Indef.
2
5
.
0
D
e
b
t
.
Steego Corp.
Indef.
300.0
Notes
Caterpillar Tractor Co.
Indef.
7
5
.
0
Notes
Crown Zellerback Corp.
Indef.
4
0
.
0
1 s t . mtg.
Boston Gas Co.
Indef.
2
5
.
0
Debt.
Four-Phase Systems Inc.
Indef.
4
0
.
0
D
e
b
t
.
First Union Bancorp.
Indef.
2
5
.
0
D
e
b
t
.
Standard Pacific Corp.
Indef.
5
0
.
0
M
t
g
b
k
e
d
.
Pacific First Fed. S&L Assoc.
Indef.
7
5
.
0
N
o
t
e
s
Transamerica Financial Corp.
Indef.
5
0
.
0
M
t
g
b
k
e
d
.
Fidelity Fed. S&L A^soc.
Indef.
200.0
.Com. s t k ( r t s )
Pacific Northwest Bell Co.
I
ndef.
3
0
.
0
Pfd. stk.
New York State Elec. & Gas
OTHER
^Export Development Corp.
Gulf Canada Ltd.
Canadian National Railway Co.
Electricite De France

Notes
Bonds
Debt.
Notes

250.0
200.0
150.0
100.0

O c t . 29
Oct.
Indef.
Indef.

* 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.




As of O c t o b e r 2 4 , 1980
13. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL1
Issuer
O h i o , S t a t e of
Long Beach H a r b o r D e p t . , CA
Michigan S t a t e Hosp. F i n . Auth.
San F e r n a n d o C o u r t h o u s e C o r p . , CA
C a l i f o r n i a D e p t . of W a t e r R e s o u r c e s
Columbus, OH
Denton Co. Hsg. F i n . C o r p . , TX
San Diego C e n t e r C i t y R e d e v . C o r p . , CA
A t l a n t a Urban R e s i d . F i n . A u t h . , GA
L e x i n g t o n - F a y e t t e Urban Co. G o v ' t . , KY
New York S t a t e Med. C a r e F i n . F a c . A u t h .
L o u i s i a n a Pub. F a c . A u t h .
*New York S t a t e Urban D e v e l . C o r p .
^ W a s h i n g t o n , S t a t e of
*New York S t a t e Dorm. A u t h .
^ M i n n e s o t a , S t a t e of
^ M i s s i s s i p p i & T e n n e s s e e - T o m b i g b e e Waterway
Bridge
* N o r t h C a r o l i n a , S t a t e of
POSTPONED
L a n c a s t e r R e d e v e l . A g c y . , CA
* C l a y Co. Hsg. F i n . A u t h . , FL
New J e r s e y Hsg. F i n . Agcy.
Government D e v e l . Bank f o r P u e r t o R i c o
Muni. A s s i s t . C o r p . , NY
P l a t t e C o . , WY

Type

Amount
(millions of dollars)

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

40.0
85,0
30.0
30.0

100.0

4 A- , ,; 4
55.0
65 rO
50.0
50.0

26.0

200,0
70,5

*
1

Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Nov.
Nov.
Nov.

27
27
28
28
29
29
30
30
30
30
30
31
31
5
5
6

Nov. 18
Nov. 18

Rev.
Rev.
Rev.
Rev.
Rev.
Rev.

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

Included in table for first time.
Includes state and local government issues of $25 million and over; excludes secondary offerings




Approximate date
of o f f e r i n g

G.O.
G.O.

!

13

9
10
13
23
24
30

14. STOCK PRICES1
NYSE Index3

Date

NASDAQ5

AMEX4

DJ Industrials

1977-High
Low

57.69 (1/2)
49.78 (11/2)

999.75 (1/3)
800.85 (11/2)

127.89 (12/30)
109.61 (1/12)

105.00 (12/30)
93.66 (4/5)

1978-High
Low

60.38 (9/12)
48.37 (3/6)

907.74 (9/8)
742.12 (2/28)

176.87 (9/15)
119.73 (1/11)

139.25 (9/13)
99.09 (1/11)

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

77.24 (10/15)
55.30 (3/27)

974.57 (9/22)
759.13 (4/21)

363.33 (10/22)
215.69 (3/27)

199.43 (10/15)
124.09 (3/27)

74.74
75.34
75.92
74.90

950.68
950.68
956.06
943.60

340.39
348.55
357.65
355.44

193.43
197.79
197.24
196.17

1980-0ct.

3
10
17
24

15. T R A D I N G V O L U M E 2

Date

NYSE

AM EX

1977-High
Low

35.3 (11/11)
10.6 (10/10)

4.2
1.4

1978-High
Low

66.4 (8/3)
7.6 (1/2)

11.0 (10/30)
1.3 (1/20)

18.8 (5/18)
2.8 (1/20)

1979-High
Low

81.6 (10/10)
18.0 (1/2)

13.2 (10/10)
2.2 (1/22)

25.8 (21/17)
7.2 (1/2)

1980-High
Low

67.7 (1/16)
23.1 (4/14)

15.0 (1/15)
2.5 (4/14)

54.1 (10/16)
10.7 (4/14)

1980-0ct.

3
10
17
24

45.9
47.0
47. 6r
46.1

(1/12)
(9/22)

NASDAQ

5.8
6.9
7.8r
6.8

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




11.2 (11/10)
5.1 (5/27)

29.7
37.3
44. l r
38.1

15
16. S E C U R I T Y C R E D I T 1

Outstanding, dollar amounts in millions
End of period

Number of
margin accounts
(thousands)

Percent of debt
in accounts with
40 percent or more
customer equity

1976

7,960

204

810

88

1977

9,740

250

887

81

1978

10,830

205

955

67

1979

11,450

164

995

84

1979 - J a n .
Feb.
Mar.

10,750
10,790
10,870

199
195
181

950
950
965

79
71
79

Apr.
May
June

11,220
11,130
11,590

194
183
172

960
970
980

77
78
79

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 - J a n .
Feb.
Mar.

11,820
12,460
11,740
11,140
11,270
11,200
11,320
11,800
12,520

165
175
171
168
167
165
198
204
209

1,035
1,065
1,075
1,055
1,055
1,065
1,075
1,095
1,105

87
84
54
72

Apr.

May
June
July
Aug.
Sept.

1

Margin credit extended
by brokers on:
Convertible
Marginable
bonds
stock

Margin account debt as reported by the New York Stock Exchange.




%

81
83
88
89
87

j
'

16
17. SAVINGS FLOWS AT SELECTED NONBANK THRIFT INSTITUTIONS
Millions of dollars
Mutual Savings Banks
Savings and Loan Associations
(regular deposits)1
Net flow
Annual
Net flow
Date
Annual
growth
growth
Sea. adj.
N.S.A.
Sea. adj.
N.S.A.
rate 3
rate 3

Memo:
Net New t i/loney2

Total
Net
flow
(sea. adj.)

Annual
growth
rate 3

At
insured
S&L's

At
MSB's

17.5

62,854

15.9

34,369

5,283

11.6

50,169

~

8.7

50,888

15.0

60,982

13.3

32,004

2,874

8,426

—

6.3

44,153

11.3

52,292

10.1

23,460

-591

1979

2,900

—

2.1

39,218

9.1

42,289

7.4

15,029

-6,885

1979-Jan.
Feb.
Mar.

218
683
1,971

584
705
798

5.0
6.0
6.7

4,735
2,876
8,334

4,987
3,733
3,909

13.9
10.3
10.7

5,571
4,438
4,707

11.7
9.2
9.7

4,377
2,580
3,146

-118
342
463

Apr.
May
June

-832
61
890

16
280
341

0.1
2.3
2.9

-1,147
2,037
6,854

1,667
3,006
4,515

4.5
8.1
12.1

1,683
3,286
4,856

3.4
6.7
9.8

-1,490
1,627
1,469

-1,192
-341
-635

July
Aug.
Sept.

-318
-112
517

9
508
134

0.1
4.2
1.1

2,015
1,199
4,770

2,844
3,192
2,620

7.5
8.4
6.8

2,853
3,700
2,754

5.7
7.4
5.5

1,455
717
-198

-733
-504
-1,000

Oct.
Nov.
Dec.

-985
-199
1,006

-694
74
183

-5.8
0.6
15.1

1,863
1,157
4,525

3,321
3,527
2,030

8.6
9.1
5.2

2,627
3,601
2,213

5.2
7.1
4.0

1,314
732
-700

-1,420
-765
-987

1980-Jan.
Feb.
Mar.

-927
141
930

-605
168
-222

-5.0
1.4
-1.9

2,065
1,626
4,403

2,191
2,617
-324

5.6
6.6
-0.8

1,586
2,785
-546

3.1
5.4
-1.1

1,167
1,079
-696

-1,436
-543
-679

Apr.
May
June

-449
881
1,748

402
1,106
1,178

3.4
9.2
9.8

326
3,022
5,287

3,393
4,067
2,779

8.6
10.2
6.9

3,795
5,173
3,957

7.4
10.0
7.6

-817
1,785
-169

-1,024
242
-131

996
July
, 609
Aug.
Sept. - 1 , 2 7 5

1,343
1,227
869

11.0
10.0
7.0

2,223
2,515
5,657

3,096
4,583
3,284

7.7
11.3
8.0

4,439
5,810
4,153

8.4
11.0
7.8

961
1,285
50

247
+4
-425

1976

12,670

—

1977

10,783

1978

1

—

—

Regular deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of

2

New deposits net of both withdrawals and interest. Data for S&L's are for insured associations only, which represent 96 percent of industry 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.




17
18. M O R T G A G E C O M M I T M E N T S O U T S T A N D I N G A T S E L E C T E D I N S T I T U T I O N S

Billions of dollars, seasonally adjusted
End of Period

Total

Thrift Institutions
All savings
Mutual
and loan
savings banks
associations
(N.Y. state)

Federal and Related Agencies
Total

FNMA

GNMA

FHLMC

1976

27.1

24.4

2.7

7.9

3.7

3.8

0.4

1977

37.7

33.2

4.5

11.0

5.1

4.5

1.4

1978

37.5

32.7

4.8

16.5

9.9

4.8

1.8

1979

31.5

28.1

3.4

12.6

6.9

4.7

1.0

1979-Jan.
Feb.
Mar.

37.0
36.5
36.0

32.2
31.8
31.4

4.8
4.7
4.6

15.4
14.1
13.0

8.9
7.7
6.7

4.8
4.8
4.8

1.7
1.6
1.5

Apr.
May
June

36.2
35.8
35.7

31.7
31.7
31.5

4.5
4.1
4.2

12.6
12.0
11.7

6.4
6.0
5.6

4.8
4.7
4.8

1.4
1.3
1.3

July
Aug.
Sept.

35.7
35.9
36.7

31.7
32.0
32.7

4.0
3.9
4.0

11.6
11.2
12.2

5.5
5.5
6.8

4.8
4.4
4.2

1.3
1.3
1.3

Oct.
Nov.
Dec.

35.9
33.0
31.5

32.3
29.4
28.1

3.6
3.6
3.4

14.1
13.5
12.6

8.2
7.7
6.9

4.6
4.7
4.7

1.3
1.1
1.0

1980—Jan.
Feb.
Mar.

30.7
29.9
26.5

27.5
27.1
24.0

3.2
2.8
2.5

11.9
11.2
10.5

6.2
5.7
5.2.

4.7
4.5
4.7

1.0
1.0
0.8

Apr.
May
June

22.8
21.1
22.4

20.7
19.3
20.7

2.1
1.8
1.7

9.2
9.3
10.3

4.2
3.5
3.6

4.4
5.0
5.7

0.6
0.8
1.0

July
Aug.

26.0
28.4

23.7
26.6

1.8
1.8

10.6
10.7

3.9
4.4

5.5
5.1

1.2
1.2

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.




18
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

-61%

1977

2,732

1,444

496

-4

952

1,288

1978

19,030

13,578

6,302

576

6,700

5,452

3-Jan.
Feb.
Mar.

563
1,731
912

82
1,399
-1

0
1,399
-1

82
0
0

0
0
0

481
332
913

Apr.
May
June

701
3,338
1,504

470
1,496
1,300

-1
1,498
0

-129
-2
300

600
0
1,000

231
1,842
204

July
Aug.
Sept.

1,626
1,550
1,627

1,900
1,000
1,076

700
1,000
0

0
0
126

1,200
0
950

-274
550
551

Oct.
Nov.
Dec.

1,799
1,429
2,250

1,695
1,113
2,048

-5
1,114
598

0
-1
200

1,700
0
1,250

104
316
202

)-Jan.
Feb.
Mar.

967
1,457
912

0
1,033
1,372

0
834
0

0
199
-128

0
0
1,500

967
424
-460

Apr.
May
June

1,027
304
1,363

997
215
1,299

0
222
0

-3
-7
199

1,000
0
1,100

30
89
64

July
Aug.
Sept.

1,625
360
398

1,916
613
-154

700
415
0

216
198
146

1,000
0
-300

-291
-253
552

Oct.
Nov.
Dec.

2,297
1,791
1,375

1,599
1,453
150

1,300
953
0

-1
0
150

300
500
0

698
338
1,225

3-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

706
-1,283

0

.500
1,750
1,000

-1,929

-900

450

0

0

450

-1,350

Period

July

Based on data from Treasury Survey of Ownership.




FHLMC

FHLB

FNMA

20. NET CHANGE IN MORTGAGE HOLDINGS AT SELECTED INSTITUTIONS
Millions of dollars, seasonally adjusted
Period

Total

Total

Major private financial institutions
Life insur.
Commercial
MSB's
S&L's companies
banks

FNMA
and
GNMA

FHLMC

Mortgage pools
GNMA- FHLMCguaranteed guaranteed

1976

75,398

64,898

13,737

4,041

44,727

2,393

-2,042

-712

:1 2 , 1 9 9

:1 , 0 5 5

1977

114,008

95,874

26,157

6,540

58,021

5,156

961

-990

14,224

3,939

1978

126,474 103,305

35,376

6,314

52,237

9,378

8,735

-233

9,389

5,275

1979-Jan.
Feb.
Mar.

10,284
9,970
10,293

7,857
7,716
7,240

2,662
2,491
2,426

559
483
388

4,015
3,804
3,359

621
938
1,067

832
790
1,385

179
65
253

1,202
1,080
1,276

214
319
139

Apr.
May
June

9,707
10,995
10,765

7,371
8,311
8,351

2,487
2,328
2,753

204
388
373

3,832
4,616
4,204

848
979
1,021

489
745
530

-3
19
-25

1,542
1,505
1,625

308
415
284

July
Aug.
Sept.

10,161
10,641
10,854

8,152
7,567
7,972

2,809
2,636
2,953

384
297
276

3,804
3,501
3,616

1,155
1,133
1,127

35
524
284

62
114
144

1,608
2,122
2,161

304
314
293

Oct.
Nov.
Dec.

11,665
10,483
8,534

8,585
7,004
4,982

2,844
2,594
2,521

248
265
21

3,892
3,113
1,455

1,601
1,132
985

764
866
903

-71
202
34

2,002
2,393
2,338

385
18
277

1980-Jan.
Feb.
Mar.

9,924
8,035
7,322

6,196
6,166
4,974

2,474
2,402
1,826

197
290
6

2,088
2,458
1,737

1,437
1,235
1,405

1,182
631
1,286

68
144
29

2,374
1,198
834

104
80
199

Apr.
May
June

6,126
3,221
1,890

2,671
1,324
394

890
526
50

-49
148
-168

643
-483
-290

1,187
1,133
802

1,155
584
193

154
-130
30

2,006
1,205
1,084

140
238
189

July
Aug.

5,683
n.a.

3,534
n.a.

886
1,423

-115
-113

1.647
3,720

1,116
n.a.

196
-8

45
192

1,570
1,758

338
187

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 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 Federal
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
for 89 percent of the net increase estimated for all holders in 1978.




20
21. NET CHANGE IN MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY 1
Billions of dollars, seasonally adjusted annual rates
Quarter

1

2

Total

Total

Residential2
1 - to 4family

Multifamily

Multifamily
and
commercial

Commercial

Farm

1976-Q1
Q2
Q3
Q4

81.7
75.5
92.7
98.1

62.9
55.4
72.7
78.0

61.5
55.6
69.0
75.4

1.4
-0.2
3.7
2.6

13.7
15.3
13.2
12.4

15.1
15.1
16.9
15.0

5.1
4.8
6.8
7.7

1977-Q1
Q2
Q3
Q4

110.7
134.9
140.2
150.2

87.5
110.3
114.3
116.8

83.3
102.0
106.1
108.2

4.2
8.3
8.2
8.6

14.6
15.2
17.5
24.6

18.8
23.5
25.6
33.2

8.6
9.4
8.4
8.8

1978-Q1
Q2
Q3
Q4

135.3
147.0
154.3
160.4

105.6
116.5
116.0
123.7

97.4
106.6
104.1
113.3

8.2
9.9
11.9
10.4

20.9
20.7
26.7
25.5

29.0
30.6
38.6
35.8

8.8
9.8
11.6
11.2

1979-Q1
Q2
Q3
Q4

159.1
166.0
162.5
151.7

118.8
121.4
117.9
113.9

110.9
113.4
108.3
104.4

7.9
7.9
9.6
9.5

24.7
27.3
28.3
22.3

32.5
35.3
37.9
31.9

15.6
17.3
16.3
15.4

1980-Q1
Q2

149.1
70.9

103.0
42.1

95.1
35.7

7.9

Zti.u
13.8

35.9
20.2

18.2
15.1

6.4

-

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.
Residential mortgage debt includes nonfarm and is the sum of 1- to 4-family and multifamily mortgage debt.




21
2 2 . A V E R A G E R A T E S A N D Y I E L D S ON HOME M O R T G A G E S A N D PASS T H R O U G H S E C U R I T I E S
Primary m a r k e t
Rates on
conventional
loans at
S&L's

Period

Secondary m a r k e t
F H A / V A mortgages
Period

Yield in
FNMA
auction

D iscount
points
in FNMA
auction

Ceiling
rate

Conventional mortgages
Yield on
GNMA
securities

Yield in
FNMA
auction

Yield in
FHLMC
auction

1976-High
Low

9.10
8.70

1976-High
Low

9.20
8.39

4.93
1.96

9
8

8.44
7.57

8.80

1977-High
Low

9.00
8.65

1977-High
Low

8.98
8.46

5.18
1.50

8-1/2
8

8.39
7.56

8.81

9.21

9.02
8.63

1978-High
Low

10.38
8.98

1978-High
Low

10.60

7.13

9.13

1.88

9-1/2
8-1/2

9.68
8.43

10.92
9.28

10.42
9.12

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

13.16

0.93

13.81

12.61

12.59

6.52

13.27

12.69
12.48
12.42

1980-May

June

July

Aug.

Sept.

Oct.

May

2
9
16
23
30

15.90
14.68
14.15
13.38
13.20

6
13
20
27

13.06
12.85
12.58
12.35

June

3
11
18
25

12.18

July

June

12.23

12.18
12.18
12.25
12.25
12.55

Aug.

12.95

Sept.

5
12
19
26

13.03
13.08
13.25
13.43

Sept.

3
10
17

13.60
13.73
13.7b

1
8
15
22
29

12.80

Oct.

5
12
19
27
2
9
16
23
30

12.42

5.59

12.28

4.77

7
14
21
28

12.53

6.19

12.78

7.63

4
11
18
25
2

13.58

11.96

14.26

15.40

14.41

13.42

14.60

14.33

15.30

12.37

14.57

a.69

8
15
22
29
6
13
20

13
13
11-1/2
11-1/2
11-1/2

9.31

11.03

11.26

13.36

11.78

11.12
11.52

11-1/2
11-1/2
11-1/2
11-1/2

10.89
10.79
10.73
11.42

13.05

12.22

12.81

11.60

11-1/2
11-1/2
11-1/2
11-1/2

11.42
11.58
11.45
11.67

12.76

11-1/2
11-1/2
11-1/2
12
12

11.99
12.41
12.46
12.48
12.57

13.34

12
12
13
13

12.59
12.74
12.93
13.35

13
13
13

12.70
12.59
12.98

11.93

11.67

12.84

11.83
11.94

12.00
12.25

14.00
14.19
14.29
14.86
14.47

12.64
13.00
13.24
13.36
13.35
13.32
13.44
13.82
13.94
13.80
13.70
13.86

Column 2 is average of contract interest rates on commitments for conventional first mortgages with 80 percent loan-to-value ratios 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 GNMAguaranteed 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.

* B e g i n n i n g J u l y 7 , t h e FNMA a u c t i o n r e s u l t s f o r FHA/VA m o r t g a g e s do
payment m o r t g a g e s .



not include graduated

22
23. FNMA A U C T I O N S O F COMMITMENTS T O PURCHASE HOME M O R T G A G E S
Dollar a m o u n t s in millions
F H A / V A mortgages

Date of
auction

Offered

Accepted

Average yield

Offered

Conventional mortgages
Average yield
Accepted

1978-High
Low

1,249.4
130.3

605.3
80.1

10.60
9.13

716.9
74.7

362.5
47.5

10.92
9.28

1979-High
Low

1,034.9
36.5

448.3
19.4

13.29
10.42

454.0
19.4

172.2
17.9

13.97
10.92

1980-High
Low

644.2
199.0

354.6
88.5

15.93
12.28

426.0
53.9

133.0
24.1

17.51
12.81

4
18

643.1
420.2

354.6
273.5

13.58
14.26

204.9
225.5

106.7
112.1

13.31
14.00

Sept. 2
15
29

324.4
224.5
358.1

183.0
136.4
218.5

14.41
14.60
15.30

120.5
103.9
123.3

71.0
67.9
70.9

14.19
14.29
14.86

Oct. 13

196.3

118.3

14.57 .

28.9

61.9

14.47

1980-Aug.

2 4 . FHLMC A U C T I O N S O F COMMITMENTS T O P U R C H A S E HOME M O R T G A G E S
Conventional mortgages, dollar a m o u n t s in millions
Date of
auction

Offered

Immediate delivery program
Average yield
Accepted

F u t u r e c o m m i t m e n t program
Average yield

Offered

Accepted

37.8
13.7

13.89
10.43

1979-High
Low

298.0
38.7

150.5
17.9

13.56
10.40

166.6

1980-High
Low

337.1
24.4

140.4

16.22
11.60

129.5
38.1

31.2

11.6

17.36
12.13

230.6
180.4
130.2
117.7

98.7

229.9

25.2

14.09

67.1
75.0

12.64
13.00
13.24
13.26

65.1
96.5
161.4
108.7

33.9
44.9
50.5
50.9
44.1

13.35
13.32
13.44
13.82
13.94

57.7

25.8

14.27

129.3

30.2
49.5

n.a.

n.a.

13.80
13.69
13.86

72.5

25.8

14.32

1980-Aug.

5

12
19

26
Sept. 2
9

16
23
30
Oct.

7
14
21

51.6
b6.4

20.8
86.6

38.7

As of J u n e 24 t h e s i x - m o n t h f o r w a r d p r o g r a m was d i s c o n t i n u e d , ari<d s u b s e q u e n t d a t a r e f e r
t o FHLMCs 8 - m o n t h p r o g r a m .
Offerings in the FNMA auctions of 4-month purchase commitments relate to total bids submitted, and average yields to FNMA on accepted bids are gross
(before deduction of 37% basis points for mortgage servicing) assuming prepayment in 12 years for 30-year mortgages, without adjustments for FNMA
commitment fees or stock related requirements. Offerings in the FHLMC auctions relate to total bids submitted, and average yields to FHLMC on
accepted bids are net, excluding 37% basis points for mortgage servicing.
Source: FNMA and FHLMC




23
25. ISSUES O F M O R T G A G E - B A C K E D S E C U R I T I E S
Millions of dollars, n o t seasonally adjusted
Pass-through securities
Period

GNMA-guaranteed

F H LMC-guaranteed
Outstanding
(end of period)

Public offerings
of mortgagebacked bonds
Outstanding
by savings and
(end of period)
loan assoc.

Privately insured

New issues

Outstanding
(end of period)

1976

13,764

30,571

1,396

2,671

n.a.

n.a.

75

1977

17,440

44,896

4,131

6,610

242

238

1,115

1978

15,358

54,347

6,212

11,892

1,011

1,141

465

1979-Jan.
Feb.
Mar.

1,703
1,361
1,464

55,627
56,575
57,955

317
494
118

12,093
12,462
12,466

60
136
84

1,325
1,411
1,482

0
0
0

Apr.
May
June

1,489
1,673
1,860

60,274
61,551
63,001

364
572
382

12,790
13,296
13,562

151
201
142

1,619
1,821
1,915

0
0
400

July
Aug.
Sept.

2,032
2,934
2,640

64,401
67,135
69,358

321
554
347

13,781
14,200
14,421

204
190
254

2,105
2,257
2,516

225
350
65

Oct.
Nov.
Dec.

2,639
3,250
1,895

71,457
74,106
76,401

530
186
361

14,838
14,916
15,180

470
383
300

2,987
3,353
3,641

0
0
70

1980-Jan.
Feb.
Mar.

2,611
1,354
1,125

78,849
79,900
80,843

180
207
106

15,274
15,397
15,454

405
205
342

4,227
4,421
4,771

50
0
0

Apr.
May
June

1,778
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.

1,874
2,215
n.a.

85,634
88,031
n. a.

485
466
355

6,603
6,995
7,338

50

320

Sept.

New issues

288

n.a.

16,370

16,558

New issues

0
0

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 underwritten by major private mortgage insurance companies.
Source: GNMA, FHLMC, HUD, and Federal Reserve.