Full text of H.16 Capital Market Developments : October 5, 1981

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October 5, 1981

Capital
Market
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




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

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.




3
1. YIELDS, VOLUME AND RECEPTION
Corporate Bond Market

Week ending
1981-Aug.

Yields
New issue
Recently offered
Aaa utility2
Aaa utility1

7
14
21
28

Sept.

4
11
18
25

Oct.

—

—
—

17.55
17.62
16.87
16.79

2

Gross offerings
($ millions)

16.68
16.63
16.80
17.15

35
362
345
100

17.50
17.52
16.92
17,18r
17.75p

3

Volume
Percent sold by
end of week

New issues in syndicate4
($ millions)

100
100
93
100

0
0
25
0

75
350
415
813

100
98
100
96

0
8
0
25

350

93

23

»

2. YIELDS, VOLUME AND RECEPTION
Municipal Bond Market
Yields
Moody's new
issue Aaa

11.10
11.10
11.10
11.10

11.63
11.94
12.49
12.97

12.34
12.55
13.04
13.89

488
417
752
291

97
87
91
93

67
60

Sept. 4
11
18
25

11.10
11.80
11.80

14.10
14.24
13.78
13.62

369
983
888
646

98

11.50

13.10
13.21
12.79
12.57

99
95

88

65
19
52
84

Oct.

11.80

12.93

13.98

522

95

58

Week ending

1981-Aug.

1
2
3
4

Volume

Bond Buyer
G O. bond
index

7
14
21
28

2

Bond Buyer
Rev. bond
index

Gross offerings
($ millions)

Percent sold by
end of week 3

New issues in
syndicate 4
($ millions)

68
65

Federal Reserve series of implied yield on newly issued, Aea-rated utility bond with 5-year call protection.
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.
Estimated by F.R. on the basis of available data.
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 GRADE BONO YIELDS
Bond Buyer
G.O. bond
index 5

Bond Buyer
Rev. bond
index**

Moody's
seasoned
corporate Aaa 3

U.S. govt.
20-year constant
maturity 4

9.54(12/22) 9.27(12/29)
8.48( 1/6) 8.30( 1/6)

9.00(12/22)
8.01( 1/6)

6,67(12/22;
5 . 5 8 ( 3/17)

1979-High
Low

11.51(11/12) 1 1 . 4 5 ( 11/9) 10.87(12/28) 10.56C 11/9)
8.79(
7/6)
9.40( 8/17)
9.39( 6/29) 9.16( 7/6)

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

1980-High
Low

14.51(12/12) 15.03(12/12) 13.49(12/19) 12.86(12/12) 10.56(12/19) 11.41(12/19)
9.59( 6/20)
7.11( 5/9)
8.15( 5/8)
10.53( 6/20) 10.79( 6/20) 10.34( 6/20)

1981-High
Low

17.62( 9/11) 1 7 . 7 5 ( 10/2) 1 5 . 9 0 ( 10/2) 1 5 . 6 2 ( 10/2) 13.21( 9/11: 14.24( 9/11)
9.49( 1/9) 10.34( 1/16)
14.05( 1/9) 13.99( 3/20) 12.59( 1/9) 11.98( 1/9)

New issue
Aaa utility1

Date

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

1978-High
Low

1980-July
Aug.
Sept.

Recently offered
Aaa utility 2

8.24(11/23)
7/23( 9/21)

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

Oct.
Nov.
Dec.

13.18
13.85
14.51

13.13
13.91
14.38

12.31
12.97
13.21

11.75
12.44
12.49

9.11
9.56
10.11

9.97
10.43
11.08

1981-Jan.
Feb.
Mar.

14.12
14.90
14.71

14.17
14.58
14.41

12.81
13.35
13.33

12.29
12.98
12.94

9.66
10.10
10.16

10.64
11.01
10.90

Apr.
May
June

15.68
15.81
14.76

15.48
15.48
14.81

13.88
14.32
13.75

13.46
13.82
13.20

10.62
10.79
10.67

11.32
11.60
11.49

July
Aug.
Sept.

16.30

15.73
16.82
17.33

14.38
14.89
15.49

13.92
14.52
15.07

11.14
12.26
12.92

11.88
12.96
13.94

16.68
16.63
16.80
17.15

14.82
14.62
14.78
15.21

14.51
14.14
14.34
14.99

11.63
11.94
12.49
12.97

12.34
12.55
13.04
13.89

17.50
I 7 .52
16.92
17.18r

15.50
15.61
15.30
15.35r

15.16
15.12
14.76
14.93r

13.10
13.21
12.79
12.57

14.10
14.24
13.78
13.62

17.75p

15.90p

15.62p

12.93

13.98

1981-Aug.

Sept.

Oct.

1
2
3
4
5
6

17.21

7
14
21
28
4
11
18
25
2

——

17.55
17.62
16.87
16.79

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.
Weekly average of daily closing figures.
Weekly average of daily figures. U.S. Treasury data.
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.
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.




0

e

4. LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS
Gross proceeds, millions of dollars
Corporate

Period

1

State and Local

2

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
2,651
2,923
3,869

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

5,061
3,395
4,841*

July
August
September

4,103
4,211
4,593

8,029
5,437
5,025

4,013
2,450e
3,700e*

3,396
4,256
2,472

4,872
3,946
4,523

3,300e

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

January
February
March

Year
1
2
e

3,000e
3,100e*

Securities and Exchange Commission estimates of gross proceeds.
Public Securities Association estimates of principal amounts,
Estimated by Federal Reserva on the basis of available data.

5. TREASURY AND GOVERNMENT-SPONSORED AGENCY BORROWING
Millions of dollars
Federal Government
Means of financing combined deficit
Net cash borrowing from the publics
Public debt securities
Gov't,
agency
NonBills
Coupons
marketable securities

Decreased) 1 Sponsored
increase!—)
agency
borrowing4
in cash
operating
balance

Combined
deficit(+)
or
surplus)—r

T otal3

-1979
-1980

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

1980--0ct .
Nov .
Dec .

17,146
10,698
7,869

4,758
9,231
13,668

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

19£l--Jan.
Feb.
Mar .

8,339
17,063
13,048

6,772
13,916
15,138

4,320
8,548
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

Apr .
May
June

-15,251
18,379
-13,820

-3,725
539
572

-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
-10,687

1,478
4,744
2,660

Period

CY^
CY

Other

July
Aug .
Sept.
1
2

U.S. unified budget deficit or surplus plus off-budget entities deficit or surplus.
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.
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

1977
1978
1979
1980

53,792
47,230
51,533
73,688

24,072
19,815
25,814
41,587

17,943
17,057
14,394

1980-QI
QII
QUI
QIV

15,134
24,375
18,492
15,688

1981-QI
QII

Memo
Issues included
Foreign
Convertible

Common and
preferred
stocks

11,612

11,777
10,358
11,325
20,490

1,827

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

4,013

1,925

331

1,757

n.a.

130

1,347
1,349

1,008

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
QIII
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

9,104

1981-Jan.
Feb.
Mar.

2,244
1,344
1,799

1,362
853

76
303
958

1,660
2,660

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

832

691

840

1,650

1,008

2,182
1,936

6,221

1,901

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 T o t a l r e f l e c t s g r o s s p r o c e e d s r a t h e r t h a n p a r v a l u e of o r i g i n a l d i s c o u n t b o n d s .



8. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE 1
Issuer

Date

Type

Amount
(millions
of dollars)

Maturity

Coupon
rate

Offering
yield

Moody's/S&P's
ratings

2020

17.00

17.10

Aaa/AAA

I n d i a n a B e l l T e l . Co.
P u b l i c S e r v i c e Co. of New
Mexico

9/1

Debt.

75.0

9/2

Com. s t k .

90.5

Consumers Power Co.
Consumers Power Co.
Texas E a s t e r n T r a n s m i s s i o n
Corp.
Texas E a s t e r n T r a n s m i s s i o n
Corp.
Texas Power & L i g h t Co.
G e n e r a l T e l . Co. of C a l i f .
B r o o k l y n Union Gas Co.
G e n ' 1 . T e l . Co. of t h e S o u t h west
L o u i s v i l l e Gas & E l e c . Co.
F l o r i d a Power Co.
P r i v a t e Export Funding Corp.
Global Marine, I n c .
Hanover P e t r o l e u m Co.
Cleveland Elec. Ilium.
Xerox C r e d i t C o r p .
Switcho, I n c .
Duquesne L i g h t Co.
Southwestern B e l l Telephone
P h i l a d e l p h i a E l e c . Co.
B a r c l a y s American C o r p .
Dayton Power & L i g h t Co.
S o u t h e r n C a l i f . Gas Co.
Ohio Power Co.
B a l t i m o r e Gas & E l e c t r i c Co.
Nucorp E n e r g y , I n c .
Southwestern P u b l i c Service
Michigan Wisconsin P i p e l i n e
Co.
Ohio E d i s o n Co.
I n t e r North, Inc.
P h i l a d e l p h i a E l e c . Co.

9/9
9/10

Com. s t k .
1 s t . mtg.

32.7
75.0

1989

18.50

18.50

Baa/BBB

9/10

Notes

75.0

1991

17.00

17.38

A/A

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

Debt.
1 s t . mtg.
1 s t . mtg.
1 s t . mtg.

75.0
75.0
50.0
50.0

2001
2011
2011
1991

17.50
17.50
18.75
17.38

18.01
17.60
18.75
17.50

A/A
Aaa/AAA
A/BBB+
A/A-

9/15
9/16
9/17
9/17
9/17
9/17
9/18
9/18
9/22
9/22
9/22
9/22
9/22
9/22
9/22
9/23
9/24
9/24
9/25

1 s t . mtg.
Com. s t k .
Com. s t k .
Notes
Debt.
Notes
Com. s t k .
Notes
Com. s t k .
Com. s t k .
Debt.
1 s t . mtg.
Debt.
1 s t . mtg.
1 s t . mtg.
1 s t . mtg.
1 s t . mtg.
Conv.debt.
1 s t . mtg.

50.0
26.6
42.0
100.0
80.4
34.3
51.6
100.0
25.0
49.5
300.0
125.0
53.3
80.0
60.0
30.0
75.0
60.0
30.0

2001

18.00

18.13

A/A

2021
2009
1990
1991
2001
1988
1991
2001
1991

16.13
18.75
0
17.00
17.38
17.63
16.75
19.75
17.20

16.74
18.75
15.25
17.20
17.40
17.63
16.85
10.00
17.20

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

9/29
9/30
10/2
10/2

Debt.
1 s t . mtg.
Debt.
Com. s t k .

75.0
75.0
200.0
99.8

1991
1991
1991

17.75
18.75
17.50

17.75
18.75
17.54

A/A
Baa/BBB—
A/A+

9/2
9/23

Debt.
Debt.

250.0
200.0

1991
1991

OTHER
Hydro-Quebec
S a s k a t c h e w a n , P r o v i n c e of

*
1

——

—

—
—

1989
2001
1986

16.20
16.00
14.75

1991

16.00

—
——

—

16.07

A/A

—

—

—

—

17.40
16.40

/

—

—

/

—

—

/

—

—

/

—

Aa/AA

—

17.38
16.38

/

Aaa/AAA
B/B+
B/B

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




—

16.20
20.00
19.38

/

—

Aa/AA
Aal/AA+

8
9. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL 1
Issuer

Date

M i n n e s o t a H i g h e r Ed. Coordinat i n g Bd.
9/1
M i n n e s o t a H i g h e r Ed. Coordinat i n g Bd.
9/1
J e f f e r s o n P a r i s h , LA
9/2
S h e l b y C o . , TN
9/2
Washington P u b . Power S u p p l y
Syst.
9/4
Washington P u b . Power Supply
Syst.
9/4
Washington P u b . Power S u p p l y
Syst.
9/4
Washington P u b . Power Supply
Syst.
9/4
Washington P u b . Power Supply
Syst.
9/4
Washington P u b . Power S u p p l y
Syst.
9/4
P u e r t o R i c o I n d u s . Med. &
Environ. P o l l . C n t r l . Fac.
F i n . Auth.
9/9
Sam Rayburn Muni. Power A g c y . ,
TX
9/10
Sam Rayburn Muni. Power A g c y . ,
TX
9/10
Sam Rayburn Muni. Power A g c y . ,
TX
9/10
Sam Rayburn Muni. Power A g c y . ,
TX
9/10
Sam Rayburn Muni. Power A g c y . ,
TX
9/10
Sam Rayburn Muni. Power A g c y . ,
TX
9/10
M a s s a c h u s e t t s Bay T r a n s p .
Auth.
9/11
M a s s a c h u s e t t s Bay T r a n s p .
Auth.
9/11
9/15
W i c h i t a , Kansas
Rancho C a l i f o r n i a Water A u t h . 9 / 1 5
N. C a r o l i n a Mun. Power A g c y . ,
9/17
No. 1
N. C a r o l i n a Mun. Power A g c y . ,
9/17
No. 1
N. C a r o l i n a Mun. Power A g c y . ,
9/17
No. 1
N. C a r o l i n a Mun. Power A g c y . ,
9/17
No. 1
9/17
San A n t o n i o , TX
9/17
Honolulu, Hawaii
Hopewell I n d u s . Dev. A u t h . , VA 9 / 2 1
J e f f e r s o n C o . , KY
9/22
9/23
Delaware T r a n s p . A u t h .
1
2
3

Net
interest
cost

Offering
yield

1985

n.a.

12.25

27.0
35.0
80.0

1985
1982-06
1983

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

10.75
9.75-13.70
10.75

A/A
A/A
MIG-l/AA

Rev.

50.0

2001

n.a.

14.38

Aaa/AAA

Rev.

150.0

2003

n.a.

14.25

Aaa/AAA

Rev.

50.0

2006

n.a.

14.64

Aaa/AAA

Rev.

50.0

2012

n.a.

13.25

Aaa/AAA

Rev.

265.0

2017

n.a.

15.00

Aaa/AAA

Rev.

185.0

2018

n.a.

15.00

Aaa/AAA

Rev.

40.0

1986

n.a.

10.75

—/AAA

Rev.

12.7

1983-94

n.a.

Rev.

2.1

1995

n.a.

13.20

A/A-

Rev.

20.1

2001

n.a.

14.50

A/A-

Rev.

45.8

2008

n.a.

14.00

A/A-

Rev.

56.5

2011

n.a.

15.00

A/A-

Rev.

20.1

2012

n.a.

14.50

A/A-

G.O.

20.3

1982-90

n.a.

G.O.
G.O.
Rev.

24.8
23.6
23.0

2001
1982-96
1982-01

n.a.
14.25
Al/A1 1 . 7 2 9 . 5 0 - 1 2 . 3 0 Aa/AA
11.49 10.00-12.20 Baa/—

Rev.

100.0

1984

n.a.

11.50

MIG-1

Rev.

17.5

2001

n.a.

14.38

A/A

Rev.

25.0

2015

n.a.

14.27

A/A

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

157.5
60.0
45.0
33.0
37.0
40.0

Type 2

Amount
(millions
of$)

Rev.

18.0

Rev.
G.O.
G.O.

Maturity

2070
1983-05
1984-01
1986
1984
1983-01

A/A

1 0 . 0 0 - 1 3 . 2 ( i A/A-

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

14.75
n.a.
12.68 9.50-13.00
12.382/
n.a.

A/A
Aa/AA
Aa/AA

n.a.
12.25
A/A
11.13
n.a.
Aa/—
1 2 . 5 8 1 0 . 0 0 - 1 3 . 3 0 A/A+

Includes only state and local security offerings of $25 million and over; excludes secondary offerings.
For state and local government securities, G.O. denotes general obligation; Rev. denotes revenue obligations.
Canadian interest cost.




Moody's/S&P's
ratings

9. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL 1
Issuer

Montana, S t a t e of
Escambia Co. U t i l . A u t h . , FL
Escambia Co. U t i l . A u t h . , FL
Escambia Co. U t i l . A u t h . , FL
Escambia Co. U t i l . A u t h . , FL
Escambia Co. U t i l . A u t h . , FL
Escambia Co. U t i l . A u t h . , FL
Municipal A s s i s t a n c e Corp.
Municipal A s s i s t a n c e Corp.
Municipal A s s i s t a n c e Corp.
G e o r g i a , S t a t e of
Plaquemines P o r t . , Harbor &
T e r m i n a l D i s t . , LA
Putnam Co. D e v e l . A u t h . , F1
Oklahoma Hsg. F i n . Agcy.
S a l i n a - S e w a r d C o . , KS
S a l i n a - S e w a r d C o . , KS
V e s t a v i a H i l l s , AL
V e s t a v i a H i l l s , AL
V e s t a v i a H i l l s , AL
V e s t a v i a H i l l s , AL
A u s t i n , TX
A u s t i n , TX
S a b i n e R i v e r A u t h . , TX
J a s p e r C o . , IN
J a s p e r C o . , IN
NOTE
New J e r s e y H e a l t h
Fin. Auth.
New J e r s e y H e a l t h
Fin. Auth.
New J e r s e y H e a l t h
Fin. Auth.
New J e r s e y H e a l t h
Fin. Auth.
Los A n g e l e s Comm.
A g c y . , CA

Date

Type 2

Amount
(millions
of $)

Maturity

Net
interest
cost

Offering
yield

9/23
9/23
9/23
9/23
9/23
9/23
9/23
9/24
9/24
9/24
9/24

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

36.6
.9
.6
2.3
3.2
29.4
12.0
25.0
25.0
50.0
52.9

1982-96
1983-90
1991-92
1996
1999
2009
2011
1984-86
1988
2008
1982-01

10.46
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
11.27

9.00-11.00
).75-11.50
N.R.
12.50
12.75
13.00
12.77
LI. 0 0 - 1 1 . 7 5
12.25
13.50
3.75-11.60

9/24
9/25
9/29
9/29
9/29
9/30
9/30
9/30
9/30
9/30
9/30
10/1
10/1
10/1

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

63.0
50.0
55.0
.3
59.7
15.2
8.0
1.9
4.9
8.0
43.0
72.5
120.0
55.0

1984-00
1984
1983
1982-83
2013
1987
2014
2009
2007
1984-99
1987-01
1984
1984
2011

n.a.
n.a.
12.00
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
11.04
12.86
n.a.
n.a.
n.a.

L2.00-12.25 A/—
A/A+
11.50
12.00
MIG-1
N.R.
Aa/—
11.00
Aa/—
—/—
15.50
17.00
J
13.63
— J ——
16.75
9 . 1 5 - 1 1 . 7 5 Aaa/AA+
1 1 . 0 0 - 1 3 . 5 ( 1 Aa/A+
11.50
A/AA12.00
A/A14.00
Aa/A

9/15

Rev.

27.9

2010

14.49

15.00

A/A-

9/15

Rev.

11.0

2012

14.49

14.74

A/A-

9/15

Rev.

4.1

1998

14.49

14.00

A/Al

9/15

Rev.

2.0

1983-91

14.49

9/16

Rev.

30.6

2014

n.a.

floating
rate

9/17

Rev.

45.0

1986

n.a.

11.00

Care Fac.
Care F a c .
Care F a c .
Redev.

Includes only state and local security offerings of $25 million and over; excludes secondary offerings.
For state and local government securities, G.O. denotes general obligation; Rev. denotes revenue obligations.
Canadian interest cost.

N.R. = i s t h e a b b r e v i a t i o n f o r n o t r e o f f e r e d .



Moody's/S&P's
ratings

AA1/AA
—/AAA
—/AAA
—/AAA
—/AAA
—/AAA
—/AAA
Baal/A
Baal/A
Baal/A
Aaa/AA

— — j

mm.mm

Care Fac.

Missouri Environ. Improv.
Auth.

1
2
3

(con't.)

1 0 . 2 5 - 1 3 . 0 C A/A—/A—
Aaa/AAA

OF INTERMEDIATE- AND LONG-TERM SECURITIES: U.S. TREASURY
Amount (millions ol
ierii
date

Length

Maturity
date

Coupon Auction
average rate
i percent) (percent)

Gross proceeds
Total

Private1

1,501
4,730

81

Ll-3/4
L3-5/8

11.82
13.69

1,501
5,191

L3-1/4
13
L2-3/4
13-7/8
13-3/4

13.37
12.89
12.68
13.97
13.79

4,662
3,038
2,576
5,438.
3,460

3/31/83
3/31/85
» 5/15/01
4/15/88

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

4,901
3,535
1,751
2,972

4/30/83

14-1/2

14.51

4,586

4,325

3-yr
10-yr
30-yr

5/15/84 15-3/4
5/15/91 14-1/2
5/15/06-11 L3-7/8

15.81
14.56
13.99

3,776
2,074
2,302

20
28

2-yr

5/31/83 15-5/8
> 11/15/86 13-7/8

15.72
13.95

4,763
3,206

4,352
3,206

18
23
25
30

2-yr
4-yr
20-yr
7-yr

6/30/83
6/30/85
) 8/15/01
7/15/88

L4-5/8
14
13-3/8
14

14.72
14.04
13.45
14.07

4,607
3,393
1,753
3,469

4,307

22

2-yr

7/31/83

15-7/8

15.92

4,966

4,615

> 11/15/84 16
8/15/91 14-7/8
10-yr
29-yr 9-n ) 5/15/0611 13-7/8
8/31/83 16-1/4
2-yr
5-yr 2-ii ) 11/15/86 16-1/8

15.96
14.98
14.06
16.26
16.14

6
21

2-yr

3
4
5
24
26

3-yr
9-yr
29-yr
2-yr
5-yr

18
24
26
31

2-yr
4-yr
20-yr
7-yr

22

2-yr

5
6
7

4
5
6
20
27
16
23
30




2-yr
4-yr

2/15/01
1/31/83
8/15/84
11/15/90
•mo» 11/15/10
2/28/83
> 5/15/86

5,780

2,811

2,306
5,423

!

8,801
5,012
3,460

I

6,844

3,281
1,753
3,469

042
4,848

16.12
9/30/83 16
.5-7/8
15.91
9/30/85
> 11/15/01 15-3/4 15.78^

to Government investment accounts and the Federal Reserve. Also excludes add-ons to foreign accou
otal if the Government accounts and/or the Federal Reserve do not fully roll-over their maturing hoi
securities issued to foreign and international monetary authorities at the average auction price for net

11. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: GOVERNMENT-SPONSORED AGENCIES
Offering Payment
date
date

Issuer

Length

Maturity
date

Yield
(percent)

Amount (millions of dollars)
Gross
proceeds

Maturing
issues

Net
proceeds

FFCB

s m
3/25

4/1
4/1

2 - y r 11-mo
4 - y r 11-mo

3/1/84
3/3/86

13.85
13.95

683
970

364

1,289

FNMA

4/1

4/10

4-yr

4/10/85

13.75

500

1,300

-800

FFCB

4/15
4/15
4/15

4/20
4/20
4/2G

2 - y r 8-mo
4 - y r 8-mo
10-yr

12/1/83
12/2/85
4/22/91

14.10
14.30
14.10

588
769
544

924

977

FHLB

4/22

4/29

1 - y r 9-mo

1/25/83

14.50

1,200

0

1,200

FHLB

5/13
5/13
5/13

5/26
5/26
5/26

11-mo
2 - y r 8-mo
5-yr

4/26/82
1/25/84
5/27/86

17.05
15.80
15.50

1,200
1,000
600

.1,400

1,400

FFCB

5/28

6/1

4 - y r 3-mo

9/3/85

14.90

662

0

662

FNMA

6/3

6/10

3 - y r 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 - y r 10-mo

3/25/83
4/25/85

14.80
14.55

il+100
700

0

1,800

FNMA

6/26

7/10

3 - y r 10-mo

5/10/85

15.25

600

1,200

-600

FFCB

7/8
7/8
7/8

7/20
7/20
7/20

3-yr
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-yr
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-yr
4-yr

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-yr

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

17.75

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 - y r 1-mo

11/12/84

17.20

1,000

600

400

FHLB

FHLB

FFCB
FHLB
FHLMC
FNMA

—
—
—

Federal
Federal
Federal
Federal




4-mo
7-mo

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

12

As of O c t o b e r 2 , 1981

12. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE 1
Issuer

P u b l i c S e r v i c e Co. of New Mexico
Washington Gas L i g h t Co.
Long I s l a n d L i g h t i n g Co.
San Diego Gas & E l e c . Co.
L o u i s i a n a Power & L i g h t Co.
C e n t r a l Maine Power Co.
P a c i f i c Power & L i g h t Co.
Washington Water Power Co.
Middle South U t i l s .
A p p a l a c h i a n Power Co.
Cleveland E l e c . Illuminum
M i c h i g a n W i s c o n s i n P i p e l i n e Co.
G e o r g i a Power Co.
Bankamerica RealtyF l o r i d a Power & L i g h t Co.
G e n e r a l T e l . Co. of C a l i f .
U.S. Leasing Corp.
Iowa E l e c . L i g h t & Power Co.
Lorimar P r o d u c t i o n Co.
Republic A i r l i n e s , Inc.
U.S. Home C o r p .
B . F . G o o d r i c h 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 C o r p .
B a r c l a y s American C o r p .
E q u i t a b l e of Iowa Companies
Xerox C r e d i t C o r p .
New York S t a t e Gas & E l e c . Co.
ITT F i n a n c i a l C o r p .
K a i s e r Cement C o r p .
F i r s t S a v i n g s A s s n . of W i s e .
A l l e g h e n y Power System
Delmarva Power & L i g h t Co.
J e t American A i r l i n e s
W e l l s F a r g o & Company
Northern Indiana Public Service
P a c i f i c T e l . & T e l . Co.
P h i l a d e l p h i a E l e c . Co.
Dayton Pwr. & L g t . Co.
Cameron I r o n Works, I n c .
K a i s e r Aluminum & Chemical C o r p .
S o u t h e r n N a t u r a l Gas Co.
Anardarko P r o d u c t i o n Co.
A n a r d a r k o P r o d u c t i o n Co.
Texas G e n e r a l R e s o u r c e s
Gen 1 1. E l e c . C r e d i t C o r p .
G e n ' l . E l e c . C r e d i t Corp.
W i s c o n s i n Gas Co.
Chase M a n h a t t a n C o r p .
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 i o n a l B u s i n e s s Machines C o r p .
N a t i o n a l M e d i c a l Care
M a n u f a c t u r e r s Hanover T r . C o r p .

Type

1 s t . mtg.
1 s t . mtg.
Pfd. stk.
Pfd. stk.
1 s t . mtg.
Com. s t k .
1 s t . mtg.
Com. s t k .
Com. s t k .
Com. s t k .
1 s t . mtg.
Debt.
1 s t . mtg.
Conv. d e b t .
1 s t . mtg.
1 s t . mtg.
Notes
1 s t . mtg.
Notes
Conv. d e b t .
Bonds
Notes
Debt.
1 s t . mtg.
Debt.
Notes
Notes
Debt.
1 s t . mtg.
Notes
Com. s t k .
Com. s t k .
Com. s t k .
Com. s t k .
Com. s t k .
Pfd. stk.
Com. s t k .
Com. s t k .
Com. s t k ( r t s )
Pfd. stk.
Notes
Conv. d e b t .
Debt.
Notes
Debt.
Conv. d e b t .
Notes
Debt.
1 s t . mtg.
Notes
Notes
Debt.
Conv. d e b t .
Notes

Approximate date
of offering

Amount
(millions of dollars)

60.0
50.0
50.0
35.0
100.0
25.0
100.0
25.0
100.0
40.0
60.0
50.0
125.0
50.0
100.0
50.0
40.0
30.0
30.0
50.0
100.0
50.0
100.0
75.0
200.0
50.0
40.0
100.0
75.0
200.0
37.0
41.0
80.0
25.0
28.8
35.0
48.0
370.0
102.0
30.0
75.0
75.0
100.0
75.0
75.0
25.0
150.0
300.0
30.0
100.0
100.0
250.0
30.0
100.0

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.




6
15
15
20
21
22
22
28
29

12. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE-AND LONG-TERM SECURITIES: CORPORATE 1 ( c o n ' t . )
Issuer

C r e d i t h r i f t F i n . Corp.
Columbia Gas Systems
C a b l e American C o r p .
C r y s t a l O i l Co.
F l o r i d a Telephone Corp.
N o r t h w e s t Energy Co.
Ford Motor C r e d i t Co.
P h i l l i p s P e t r o l e u m Co.
Mellon N a t i o n a l Corp.
D e t r o i t E d i s o n Co.
Ohio E d i s o n Co.
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.
^ N i a g a r a Mohawk Power Co.
^ H a l l i b u r t o n Co.
*Texas O i l & Gas C o r p .
C y p r e s s Mines C o r p .
C y p r e s s Mines C o r p .
D a l l a s Power & L i g h t Co.
Union E l e c t r i c Company
New England Power Co.
C l a b i r Corp.
Pennsylvania Engineering Corp.
Amoco C r e d i t C o r p .
B e n e f i c i a l Corp.
Westvaco C o r p .
Diamond Shamrock C o r p .

Type

Amount
(millions of dollars)

Approximate date
of offering

Notes
1 s t . mtg.
Notes
Conv. d e b t .
Notes
Debt.
Notes
Debt.
Notes
Com. s t k .
Com. s t k .
Notes
Bonds
1 s t . mtg.
Notes
Notes
Notes
Debt.
Pfd. stk.
Pfd. stk.
Pfd. stk.
Debt.
Debt.
Debt.
Notes
Debt.
Notes

50.0
125.0
50.0
31.2
45.0
100.0
200.0
350.0
50.0
60.0
90.0
150.0
45.0
50.0
150.0
75.0
100.0
100.0
30.0
75.0
50.0
30.0
30.0
100.0
100.0
75.0
200.0

Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.

OTHER
K r u g e r Co.
O r i e n t L e a s i n g Co.
World Bank
World Bank
M o n t r e a l , P r o v i n c e of
Canadian N a t ' l . R a i l w a y
Oslo Norway

Notes
Conv. d e b t .
Notes
Notes
Debt.
Debt.
Bonds

100.0
30.0
250.0
250.0
100.0
100.0
100.0

Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Indef.

POSTPONED
C o n n e c t i c u t L i g h t & Power Co.
Alabama Power Co.

1 s t . mtg.
1 s t . mtg.

65.0
100.0

S e p t . 28
S e p t . 30

*
1

Included in table for first time.
Includes only corporate and other security issues of $25 million and over; excludes exchanges, options, and secondary offerings.




14

As of O c t o b e r 2 , 1981

13. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL 1
Issuer

C a l i f o r n i a Health Fac. Auth.
S a l t R i v e r A g r i . I m p r o v . & Power D i s t . , AZ
H a w a i i , S t a t e of
C l a r k C o . , NV
J a c k s o n C o . , MI
Ohio B l d g . A u t h .
I n g l e w o o d , CA
New York S t a t e Mtg. Agcy.
*Palm Beach C o . , FL
P h i l a d e l p h i a , PA
P h i l a d e l p h i a Hosp. A u t h .
South C a r o l i n a P u b . S e r v . A u t h .
Kansas H i g h e r Ed. Loan Prgm.
* I l l i n o i s , S t a t e of
M a r y l a n d , S t a t e of
T e x a r k a n a Hosp. A u t h . , TX
^Milwaukee, WI
New J e r s e y , S t a t e of
Howard C o . , MD
H a r r i s C o . , TX
POSTPONED
C a l e x i c o Comm. R e d e v . A g c y . , CA
Chicago P u b l i c B l d g . Commission

*
1

Type

Rev.
Rev.
Rev.
G.O.
Rev.
Rev.
Rev.
Rev.
BANs
Rev.
Rev.
Rev.
Rev.
G.O.
G.O.
Rev.
G.O.
G.O.
BANs
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)

52.6
55.0
75.0

26.0

124.0
38.0
52.5
125.0
21.0
125.0

110.0
150.0

80.0
100.0
97.3
35.0
22.3
150.0
32.9
29.5
27.5
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.

5
5
6
6
8
9
9
9
9
9
15
16
19
20
21
23
27
27

S e p t . 29
Oct.
1

14. STOCK PRICES1
Date

NYSE Index3

1979-High
Low

63.39 (10/5)
53.88 (2/27)

1980-High
Low
1981-High
Low
1981-Aug.

NASDAQ 5

AMEX 4

DJ Industrials

897.61 (10/5)
796.67 (11/8)

247.07 (12/31)
152.03 ( 1/2)

152.29 (10/5)
117.84 ( 1/2)

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)

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)

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

860.73

307.67

184.37

2

15. TRADING VOLUME2
NASDAQ

AMEX

NYSE

Date

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

8 4 . 1 ( 11/5)
1 6 . 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 (
3.4 (

53.2 (
19.7 (

1/7)
8/3)

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
49.5r

5.1
5.5
4.7
6 . Or

25.8
28.8
28.3
27.5r

Oct.

48.4

6.2

28.0

1981-Aug.

1
2
3
4
5

1/7)
1/2)

7
14
21
28

2

Figures other than highs and lows are Friday figures only.
Volume figures are weekly averages of daily figures (millions of shares). Highs and lows refer to single days.
12/31/65 = 50
8/31/73 = 100
2/5/71 = 1 0 0




1/7)
1/2)

16
16. SECURITY CREDIT1
Outstanding, dollar amounts in millions

End of period

1

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.
Feb.
Mar.

11,820
12,460
11,740

165
175
171

1,035
1,065
1,075

87
84
54

Apr.
May
June

11,14a
11,270
11,200

168
167
165

1,055
1,055
1,065

72
81
83

July
Aug.
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.
Feb.
Mar.

14,020
13,950
14,020

221
220
222

1,195
1,205
1,235

80
80
84

Apr.
May
June

14,630
14,700
14,870

238
250
254

1,260
1,260
1,320

79
79
75

July
Aug.

14,870
14,270

262
274

1,365
1,400

75
62

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




17
17. SAVINGS FLOWS AT SELECTED NONBANK THRIFT INSTITUTIONS
Millions of dollars
Mutual Savings Banks
(regular deposits) 1
Date

Net flow
N.S.A.

Sea. adj.

Annual
growth
rate 3

Savings and Loan Associations
Net flow
N.S.A.

Sea. adj.

Annual
growth
rate 3

Memo:
Net New Money 2

Total

Net
flow
(sea. adj.)

Annual
growth
rate 3

At
insured
S&L's

At
MSB's

1976

12,670

—

11.6

50,169

—

17.5

62,854

15.9

34,369

5,283

1977

10,783

—

8.7

50,888

—

15.0

60,982

13.3

31,004

2,874

1978

8,426

—

6.3

44,153

—

11.3

52,292

10.1

23,460

-591

1979

2,900

2.1

39,051

—

9.1

42,226

7.4

15,029

-6,963

1980

7,380

5.1

40,955

—

8.7

48,330

7.9

10,667

-4,831

1979-July

-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

1,314
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.

-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

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
4,498
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

L981-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

-1,201
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 , 5 8 7

3.4
3.5
-5.3
—6.0

1,251
1,868
•- 2 , 1 8 4
-3,433

2.2
3.4
-3.9
-6.2

—4,638
-70
-5,759
-5,538

-2,025
-676
•- 1 , 3 9 2
-1,931

Aug.
Sept.

May
June
July

Apr.

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 percent of industry total
z
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
Thrift Institutions
End of Period

All savings
and loan
associations

Total

Federal and Related Agencies
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

1980-Jan.
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.

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

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

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
24.8
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
8.1
9.2
9.9

3.2
2.7
2.3
2.1
2.1
2.9
4.1
4.4

6.3
6.2
6.0
5.8
5.7
5.5
5.2
4.9

0.7
0.6
0.8
0.7
0.3
0.9
0.7

May
June
July
Aug.
Sept.
Oct.
Nov.

Dec.
1981-Jan.
Feb.
Mar.
Apr.

May
June
July
Aug.

n. a.

n.a.

!

r
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 t h r i f t 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
19. NET NEW MONEY BORROWINGS BY MAJOR HOUSING CREDIT AGENCIES
Millions of dollars

•

•

FHLB

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

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

1980-Jan.
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.

3,607
313
3,390

1,600
150
700

0
0

-300
750

2,307
-587

0

-450

3,140

1,000
300
-650 .

-1,375
-514
912 -

-800
0
-250

719
1,579
981

Feb.

•

•

Feb.

•

•

Dec.

Mar.

207
-18
957

Apr.
May
June

1,119
2,979
2,531

1981-Jan.

•

Feb.

1,300
900
250
1,582
496
45 •
400
1,400
1,550

•
V

@

FNMA and FHLB
short-term
discount notes

Total

1979-Jan.

•

Intermediate- and long-term issues

Total including
short-term
discount notes

Period

Based on data from Treasury Survey of Ownership.




600
200
800 •
1,200
1,400
1,800

FHLMC

-18
-4
-105 •
0
0
0

FNMA

20
20. NET CHANGE IN MORTGAGE HOLDINGS AT SELECTED INSTITUTIONS
Millions of dollars, seasonally adjusted
Major private financial institutions
Commercial
Life insur.
MSB's
S&L's
banks
companies;

Mortgage pools

FNMA
and
GNMA

FHLMC

12,617

8,123

971

20,870

3,288

27,930

12,659

7,026

1,032

17,473

1,673

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

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

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

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
5,998

5,162
5,889
4,522
5,983
4,373
4,121
4,152

121
125
21
144
-92
-281
-40

-

-68
139
-35
133
209
59
-81

n.a.

3,066
2,747
1,787
2,201
1,688
1,811
1,590
439

710
1,082
628
759
745
799
728

n.a.

1,265:
1,934r
2,090
2,879
2,032
1,792
1,874
1,878

173
82
216
77
242
59
216

n.a,

n.a.

964
1,637
892
1,791
1,042
1,807
1,244
385

Period

Total

1979

122,191

88,939

29,300

3,887

43,135

1980

86,682

59,478

18,400

489

Feb.
Mar.

9,626
8,750
7,262

6,137
6,443
5,184

2,260
2,328
1,973

Apr.
May
June

7,062
3,349
2,350

3,671
1,411
725

July
Aug.
Sept.

6,362
7,530
8,174

Total

GNMAFHLMCguaranteec1 guaranteed

1980
Jan.

Oct.
Nov.
Dec.
1981

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

n.a.

n.a.

6
67
-166
125
-243
298
468

n.a.

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
quarteHy series because of minor conceptual differences for which adjustments are not made in the monthly series. Altogether, these grouos accounted
for 89 percent of the net increase estimated for all holders in 1978.




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

1

Quarter

Total

1976-Q1
Q2
Q3
Q4

Total

1 - to 4family

84.0
75.1
92.1
97.7

68.4
59.4
72.6
78.1

62.8
55.6
68.9
75.5

1977-Q1
Q2
Q3
Q4

106.6
129.2
142.3
151.2

84.1
109.6
115.6
117.6

79.5
101.3
108.8
108.0

1978-Q1
Q2
Q3
Q4

132.7
146.4
152.8
161.6

102.2
115.1
123.4
134.1

1979-Q1
Q2
Q3
Q4

151.6
158.9
162.2
150.8

1980-Q1
Q2
Q3
Q4
1981-Q1
Q2

Multifamily

Commercial

Multifamily
and
commercial

Farm

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

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

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

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

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

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
Secondary market
FHA/VA mortgages

Primary market

Period

Rates on
conventional
loans at
S&L's

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

1981-High
Low

18.36
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

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

7
14
21
28

17.13
17.27
17.26
17.48

Aug.

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

1981
Apr.

May

June

July

Aug.

Sept .

June

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

——

——

16.47

10.14

16.61

10.81

—

——*

17.21

8.58

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
—

18.37
——

3.72
—

8.94
——

18.74

5.85

19.23

8.01

15.57
15.75
—

16.42
16.45

16.31
16.29

16.34
16.53
—

16.94
—

17.19
18.65

19.06
19.22

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

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 F H A / V A 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 F H A / V A mortgages do not include graduated payment mortgages.




23. FNMA AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES
Dollar amounts in millions
FHA/VA mortgages
Accepted

Conventional mortgages
Average yield
Accepted

Date of
auction

Offered

1980-High
Low

644.2
96.7

354.6
51.9

15.93
12.28

426.0
28.7

133.0
17.9

17.51
12.76

1981-High
Low

256.9
35.8

181.6
30.3

19.23
14.84

315.7
12.4

167.8
11.1

19.22
14.83

Average yield

Offered

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

14

102.8
43.1

33.8
30.3

18.74
19.23

85.9
34.8

45.2
20.7

19.06
19.22

Sept.

28

24. FHLMC AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES
Conventional mortgages, dollar amounts in millions
Immediate delivery program
Date of
Offered
auction
Average yield
Accepted
Offered

Future commitment program
Average yield
Accepted

1980-High
Low

401.4
4,9

200.3
2.5

16.22
11.60

258.4
38.6

30.8

17.15
17.85

1981-High
Low

141.6
23.0

65.9
2.3

18.92
14.16

76.3
25.2

21.2
5.0

19.09
15.16

25.2

12.4

17.24

25.9

16.1

17.54

52.0

20.6

19.09

July

7
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

Aug.

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

55.4
30.6

7.4
5.7
4.2
2.3
4.8

18.14
18.81
18.63
18.63
18.92

Sept.

8
15
22
29

20.2
24.0
23.0

18.2

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. Prior to June 24,1980, the FHLMC's future commitment program involved
6-month commitments; subsequently, 8-month commitments have been auctioned.
Source: FNMA and FHLMC




24
25. ISSUES OF MORTGAGE-BACKED SECURITIES
Millions of dollars, not seasonally adjusted

Period

GNMA-guaranteed

Pass-through securities
FHLMC-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)

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

Apr.
May
June

1,779
1,127
1,320

82,419
83,385

15,613
15.949

0
0

16,120

510
495
413

5,269
5,760

84,282

199
391
232

6,168

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

Oct.
Nov.
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
n.a.

16,952
17,010
17,067
17,131
17,515
17,565
17,765
n.a.

556
255
464
510
718
625
714
n.a.

9,415
9,665
10,104
10,599

0
0
0

New issues

11,286
11,870
12,557
n.a.

0
0

0
0

40
0
0
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 and are underwritten by major private mortgage insurance companies.
Source: GNMA, FHLMC, HUD, and Federal Reserve.