Full text of H.16 Capital Market Developments : October 6, 1980

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October 6, 1980

Capital

1980

—Research Library __

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. Yields, Volume and Reception: Corporate Bond Market
2. Yields, Volume and Reception: Municipal Bond Market
3. High Grade Bond Yields
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.

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 t o Purchase Home Mortgages
FHLMC Auctions of Commitments t o Purchase Home Mortgages
Issues of Mortgage-Backed Securities

SYMBOLS
e

estimate

P
r

preliminary

n.a.

not available

11

revised

~

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 t o one
address, $13.50 per year or $ . 3 5 each. Elsewhere, $20.00 per year or $.50 each. Address requests t o Publications Services, Division of
Support Services, and make payment remittance payable t o the order of the Board of Governors of the Federal Reserve System in a
form collectible at par in U.S. Currency.



1. YIELDS, VOLUME A N D RECEPTION
C o r p o r a t e Bond Market
Volume

Yields
Week ending

1980-Aug.

Sept.

Oct.

N e w issue
Aaa utility 1

Recently o f f e r e d
Aaa utility?

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

5
12
19
26

12.34
12.60

3

Gross o f f e r i n g s 3
($ millions)

New issues in s y n d i c a t e 4
($ millions)

Percent sold by
end of week

963
467
1,710
652
804

80
86
91
98
97

188
65
158
15
28

415
458
415
680

99
97
81
100

3
15
78

13.10r

12.42
12.48
12.78
13.03r

13.28p

13.13p

377

100

0

0

2. YIELDS, VOLUME A N D RECEPTION
Municipal Bond Market
Volume

Yields
Week ending

1980-Aug.

Sept.

Oct.

Moody's new
issue Aaa

Bond Buyer
G.O. b o n d
index

Bond Buyer
Rev. b o n d
index

Gross offerings
($ millions)

Percent sold by
end of w e e k 3

New issues in
syndicate4
($ millions)

1
8
15
22
29

8.,15
8.,00
8.,00
8.,00
8,.00

8.59
8.61
8.53
8.68
8.85

9. 31
9.,47
9.,39
9.,62
9..78

1 ,054
999
807
775
818

87
93
92
91
97

253
147
134
134
96

5
12
19
26

8,.30
8,.30
8,.35
8,.50

8.78
8.82
8.98
9.18

9,.68
9,.73
9,.92
10,.02

194
906
1 ,363
1 ,077

74
87
85
91

89
150
287
156

3

8.,50

9.22

10.,07

263

95

69

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 GRADE BOND YIELDS
New issue
Aaa u t i l i t y 1

Date

Recently o f f e r e d
Aaa u t i l i t y 2

Moody's
seasoned
corporate A a a 3

U.S. govt.
20-year c o n s t a n t
maturity4

Bond Buyer
G O. b o n d
index5

1977-High
Low

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

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

8.28(12/30) 7 . 9 9 ( 1 2 / 3 0 )
7.88(1/7)
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)

1979-High
Low

11.51(11/12) 1 1 . 4 5 ( 1 1 / 9 )
9.40(8/17)
9.39(6/29)

10.87(12/28) 1 0 . 5 6 ( 1 1 / 9 )
9.16(7/6)
8.79(7/6)

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

1980-High
Low

14.22(3/28)
10.53(6/20)

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

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

1979-July
Aug.
Sept.

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

Bond Buyer
Rev. bond
index 6

—

—

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

1930-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
12.77p

11.41
12.31
12.73p

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

9.3li/
9.47
9.39
9.62
9.78

5
12
19
26

12.34
12.60
13.lOr

12.42
12.48
12.78
13.03r

11.89
11.90
12.00
12.15r

11.14
11.24
11.48
11.75r

8.78
8.82
8.98
9.18

9.68
9.73
9.92
10.02

13.28p

13.13p

12.33p

11.89p

9.22

10.07

1980-Aug.

Sept.

Oct.

3

- -

—

1 Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection.
2 Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection released from price
restrictions sometime during the last four weeks.
3 Weekly average of daily closing f igures.
4 Weekly average of daily figures. U.S. Treasury dtita.
5 Thursday figures. The average rating of the 20 general obligation bonds used in this index faults 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 faffs midway between the five top groups as classified by Moody's
Investors Service. Weekly Bond Buyer data.




4. LONG-TERM CORPORATE A N D STATE A N D LOCAL GOVERNMENT SECURITY OFFERINGS A N D PLACEMENTS

Gross proceeds, millions of dollars
1978

Corporate
1979

January
February
March

3,326
2,770
4,569

3,770
3,165
4,354

April
May
June

3,397
4,227
5,539

4,692
4,160
6,238

July
August
September

4,414
3,379
4,236

4,103
4,162
4,587

October
November
December

3,799
3,207
4,401
47,264

Period

Year

1980
6,210
4,452
4,353

1978

State and Local
1979

1980

3,306
2,753
4,844

2,840
2,603
4,644

3,042
2,381
2,379

9,067

9,511

3,824
5,525
4,36*

3,444
3,042
4,724

4,833
4,564
5,958

7,200e
5,800e
4,500e

3,920
6,407
2,323

3,396
4,256
2,472

4,600e
4,OOOe
4,500e

4,601
3,831
3,801

3,231
4,320
3,690

4,217
4,160
3,567

51,464

48,512

43,365

5,677

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. TREASURY^ A N D GOVERNMENT SPONSOR ED AGENCY BORROWING

Millions of dollars
Federal Government
Means of financing combined deficit
Net cash borrowing from the public2
Public debt securities
Gov't,
Nonagency
Bills
Coupons marketable securities

Combined
deficit(+)
or
surplus!—I1

Totals

52,870
41,397

53,683
37,360

706
10,899

31,777
28,041

22,644
-397

1979-July
8,167
Aug. 16,003
Sept - 1 5 , 5 5 8

4,831
3,268
4,250

48
551
889

3,529
2,700
2,570

1,312
-41
280

Period

CY-/-1978
CY -1979

-1,431
-1,402

Other

3,206
1,115

Decreased)/ Sponsored
increase!—)
agency
in cash
borrowing*
operating
balance
-4,019
366

23,509
23,631

—68
-619
-17
6,155
-14 - 2 , 5 8 2

3,955
6,580
-17,226 |

3,094
821
910

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
3,511

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. - 8 , 0 3 7
May
16,318
June -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

-1 0 , 2 76
7,768
-3,430

3,632
1,957
329

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 , .omt Loan Mortgage Corporation, Federal National Mortgage Association.




6
6. NEW CORPORATE SECURITY ISSUES BY TYPE Of ISSUE
Gross proceeds, millions of dollars
Period

Total

Bonds

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

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

1977
1978
1979

53,792
47,230
51,464

Publicly
offered
24,072
19,815
25,814

1979-Ql
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

3,82»
6,810
7,54&

947
525
600

962
1,732
1,363

89
432
n.a.

383
375
209

Privately
placed
17,943
17,057
14,325

i

7. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUER
Gross proceeds, millions of dollars
Period
Manufacturing
Public utility
1977
13,393
14,127
1978
10,813
12,232
1979
11,346
13,289

Communications

Other Issuers1 •

4,442
3,640
4,522

21,827
20,549
22*309

1,399
199
931
i,4i3

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

1979-Ql
QII
QIII
QIV

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

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

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

:

1 Other issuers are extractive, rafl rood and otherWm#%wWion, <r*st estate m i ftnaftc*, and ewmqrierCiai and other.
Source: Securities and Exchange Commission and Federal Reserve Board.



8. PUBLIC OFFERINGS OF INTERMEDIATE- A N D LONG-TERM SECURITIES: CORPORATE 1

Issuer

#

e

e

Northern I n d i a n a Pub. Svc. Co.
MCI Communication Corp.
Columbus & Southern E l e c .
Pwr. Co.
Columbus & Southern E l e c .
Pwr. Co.
Columbia P i c t u r e s I n d u s t r i e s ,
Inc.
Kaiser Cement Corp.
U.S. Leasing Corp.
Sensormatic E l e c t r o n i c Corp.
S i e r r a P a c i f i c Power Co.
Condec Corp.
Houston I n d u s t r i e s I n c .

Date

Type

Amount
(millions Maturity
of dollars)

10/1
10/1

Com. s t k .
Pfd. stk.

35.3
59.4

—

10/1

Pfd. stk.

50.0

10/1

1 s t . mtg.

10/1
10/2
10/2
10/2
10/2
10/2
10/3

Conv. d e b t .
Conv. d e b t . '
Conv.debt.
Conv.debt.
1 s t . mtg.
Debt.
Com. s t k .

Coupon
rate

Offering Moody's/S&P's
yield
ratings

7.36

12.26

B/—

—

13.80

13.80

Baa/BBB

80.0

1990

13.63

13.63

A/BBB+

50.0
30.0
25.0
25.0
30.0
25.0
79.5

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

e

#

e

e

#

e

1

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




A/A
B/B

9. PUBLIC OFFERINGS OF INTERMEDIATE- A N D LONG-TERM SECURITIES: STATE A N D LOCAL 1
Issuer

D a l l a s , TX

Date

10/1

Type2

G.O.

Amount
(millions
of $)

27.1

Maturity

1982-2000

Net
interest
cost

7.82

1 Includes only state and local security offerings of $25mTH»on 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

6.20-8.60

Moody's/S&P's
ratings

AAA/--

10. PUBLIC OFFERINGS OF INTERMEDIATE- A N D LONG-TERM SECURITIES: U.S. T R E A S U R Y

Notes and Bonds
Offering
date

Payment
date

Length

Maturity
date

Amount (millions of dollars)
Coupon Auction
Net proceeds
Memo:
Gross proceeds
average rate
Foreign 3
1
2
percent) (percent) Total
Private < add-ons
Total
Private^

1980
2/15/95
1/31/82

10-1/2
11-1/2

10.60
11.52

8/15/83
5/15/87
2/15/05-10
2/28/82
5/15/85

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

11.98)
12.02?
11.84/
13.98
14.39

Jan.

3
23

1/10
1/31

15yr lmo
2yr

Feb.

5
6
7
20
26

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

3-l/2yr
7-l/4yr
30yr
2yr
Syr 2-1/2mo

Mar. 20
25

3/31
3/31

Apr.

2
22

4/8
4/30

15yr 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

2yr
Syr 2-1/2mo
2yr
4yr

5/31/82
8/15/85
6/30/82
6/30/84

July 2
23

7/9
7/31

14yr lOmo
2 yr

5/15/95
7/31/82

Aug. 5
6
7
20
27

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

3 - 1 / 4 y r 11/15/83
8/15/90
10 y r
2 9 - 1 /4 y r 11/15/09
8/31/82
2-yr
5 - y r 2-1/5 1 1 / 1 5 / 8 5

S e p t . 18
23

9/30
9/30

Oct.

10/14

7

2yr
4yr

2-yr
4-yr

1,502
4,484

1,502
4,051

1,502
609

1,502
609

0
0

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

15.01
15
14-1/4 14.29

4,072
2,974

3,572
2,605

910

910

0
66

5/15/95
4/30/82

12-5/8 12.69
11-3/8 11.44

1,503
4,574

1,503
4,115

1,503
1,394

1,503
1,394

0
0

9 - 1 / 4 9.32)
8/15/83
11/15/89 10-3/4 9.88} 13,019
10.12)
5/15/05-10 10

7,743

5,754

5,754

102
55
0

1,186
3,293
2,660
—3111

0
285
214
0

9/30/82
9/30/84

9.37
9.66
8.63
8.99

4,284
3,293
5,215
3,726

1,186
4,010
3,293
3,293
3,030
4,51&
3,221 . -681

1 0 -3 / 8 10.42
8 - 7 / 8 8.97

1,504
5,331

1,504
4,543

4,082
2,762 / 3,049
1,500 .
957p
3,932p
3,001p 3,001p

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

9-7/8
1 0 -3 / 4
1 0 -3 / 8
11-1/8
1 1 -3 / 4

9.88
10.81
10.71
11.24
11.76

5,832
3,762
1,884
4,502p
3,001p

Ll-7/8
L2-1/8

11.93
12.13

4,501p
3,004p

1,504
1,167

1,504
1,167
3,049
957p
3,001p

15-yr 1-moi 11/15/95

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 p ice




0
0
0
0
0
0
0

11. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: GOVERNMENT-SPONSORED AGENCIES
Issuer

Offering Payment
date
date

Length

Maturity
date

Amount (millions of dollars)

Yield
(percent)

Gross
proceeds

Maturing
issues

Net
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 7/26/82
3 - y r 10-mo 3 / 2 6 / 8 4
6 - y r 9-mo 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 5 / 1 0 / 8 3
4 - y r 7-mo 1 / 1 0 / 8 5
8-yr
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 / 8 5

9:20

1,214

323

891

FNMA

7/2

7/10

4 - y r 11-mo 6 / 1 0 / 8 5

9.95

1,000

550

450

FFCB

7/9
7/9
7/9

7/21
7/21
7/21

FNMA

7/25

8/1

FHLB

8/13
8/13

FFCB
FNMA

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

3-yr

8/19/83

9.70

1,000

0

1,000

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

8/27

9/2

4-yr

9/4/84

11.75

486

0

486

9/4

9/10

1 - y r 4-mo

1/11/82

10.90

400

1,050

-650

FFCB
FHLB

— Federal Farm Credit Banks
— Federal Home Loan Banks

FNMA

— Federal National Mortgage Association

FHLMC — Federal Heme Loan Mortgage Corporation




.

11
As of October 3, 1980
12. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- A N D LONG-TERM SECURITIES: CORPORATE 1
Issuer

P h i l a d e l p h i a E l e c t r i c Co.
Southern B e l l T e l . & T e l . Co.
Utah Power & L i g h t Co.
Toledo Edison Co.
P a c i f i c Power & L i g h t Co.
D i a l F i n a n c i a l Corp.
G e n ' l . T e l . Co. of Kentucky
*New York S t a t e E l e c . & Gas
New York S t a t e E l e c . & Gas Co.
Middle South U t i l s . Co.
Consolidated N a t u r a l Gas Co.
Georgia Power Co.
*Lanier Business P r o d u c t s I n c .
Southern C a l i f o r n i a Edison Co.
P u b l i c S e r v i c e of New Hampshire
Wisconsin E l e c t r i c Co.
*Louisiana Power & L i g h t Co.
^ C a r o l i n a Power & L i g h t Co.
*Appalachian Power Co.
Appalachian Power Co.
Citicorp
Chemical N.Y. Corp.
P a c i f i c T e l . & T e l . Co.
Crown Z e l l e r b a c k Corp.
Texas I n t e r n a t i o n a l Corp.
United Gas P i p e l i n e Co.
Consolidated Freightways I n c .
Cadence I n d u s t r i e s Corp.
Wells Fargo Mtg. & E q u i t y T r .
G e n ' l . T e l . Co. of t h e Southwest
G e n ' l . T e l . Co. of t h e Southwest
*Fischbach Corp.
General F e l t I n d u s t r i e s
Steego Corp.
Pennzoil Co.
C a t e r p i l l a r T r a c t o r Co.
Ina Corp.
U.S. Home Finance Corp.
Boston Gas Co.
Amax I n c .
Four-Phase Systems I n c .
F i r s t Union Bancorp
Standard P a c i f i c Corp.
Leaseway T r a n s p o r t a t i o n Corp.
Sears Roebuck & Co.
C e n t r a l Fed. S&L Assoc.
P a c i f i c F i r s t Fed. S&L Assoc.
Transamerica F i n a n c i a l Corp.
F i d e l i t y Fed. S&L Assoc.
i n t e r n a t i o n a l H a r v e s t e r Co.
P a c i f i c Northwest B e l l Co.

Type

Amount
(millions of dollars)

Approximate date
of offering

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

125.0
450.0
75.0
65.0
100.0
50.0
35.0
30.0
50.0
75.0
100.0
125.0
40.0
75.0
30.0
80.0
30.0
80.0
40.0
80.0
150.0
100.0
300.0
75.0
30.0
75.0
75.0
25.0
30.0
50.0
75.0
25.0
55.0
25.0
150.0
300.0
75.0
100.0
40.0
100.0
25.0
40.0
25.0
75.0
200.0
75.0
50.0
75.0
50.0
250.0
200.0

Oct. 6
Oct. 7
Oct. 7
Oct. 8
Oct. 8
Oct. 9
Oct. 9
Oct. 9
Oct. 9
O c t . 14
Oct. 14
Oct. 15
Oct. 15
Oct. 15
O c t . 16
Oct. 27
O c t . 28
Oct. 28
Oct. 29
Oct. 29
Oct.
Oct.
Oct.
Oct,
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
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.




12. FORTHCOMING PUBLIC O F F E R I N G S OF INTERMEDIATE- A N D LONG-TERM SECURITIES: CORPORATE 1

Issuer
OTHER
^Canadian National Railway Co.
MacMillan Bloedel, Ltd.
MacMillan Bloedel, Ltd.
Amoco Canada Petroleum Co.
Electricite De France
European Investment Bank
European Investment Bank
POSTPONED
Washington Water Power Co.

Type
Debt.
Notes
Debt.
Debt.
Notes
Debt.
Notes
1st.

mtg.

Amount
(millions of dollars)

A p p r o x i m a t e date
of offering

150.0
75.0

100.0
100.0
100.0

100.0
100.0
40.0

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




(con't.)

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

As of October 3, 1980
13. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- A N D LONG-TERM SECURITIES: STATE A N D LOCAL 1
Issuer

*Nassau Co., NY
La Habra Redevel. Agcy., CA
Wake Co. I n d u s . Fac. & P o l l . C n t r l . A u t h . ,
N.C.
*Anaheim, CA
San Diego Center C i t y Redevel. C o r p . , CA
*East Chicago, IN
L a n c a s t e r Redevel. Agcy., CA
*Alabama Hsg. F i n . Auth.
A t l a n t a Urban R e s i d . F i n . A u t h . , GA
* F l o r i d a Keys Acqueduct Auth.
L e x i n g t o n - F a y e t t e Urban Co. G o v . ' t , KY
West P o i n t I n d u s t r i a l Devel. A u t h . , VA
Ohio, S t a t e of
*Martin Co., FL
*Washington Surburban S a n i t . D i s t . , MD
C o n n e c t i c u t , S t a t e of
Denton Co. Hsg. F i n . C o r p . , TX
S a l t River P r o j . A g r i c . Improv. & Power
D i s t . , AZ
• R i v e r s i d e , CA
Maryland Dept. of T r a n s p o r t a t i o n
*Anaheim and Anaheim Union H.S.D. Comm.
Convention C t r . , CA
• R i v e r s i d e , CA
L o u i s i a n a Pub. F a c . Auth.
Long Beach Harbor D e p t . , CA
*San Fernando Courthouse C o r p . , CA
*Columbus, OH
* P l a t t e C o . , WY
POSTPONED
Alabama Pub. Sch. & C o l l e g e Auth.

*
1

Type

Approximate date
of offering

G.O.
Rev.

25.0
32.6

Oct.
Oct.

7
7

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

75.0
84.0
65.0
50.0
65.0
150.0
50.0
63.0
50.0
32.0
40.0
80.0
55.0
100.0
55.0

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

7
9
9
9
9
10
10
10
10
10
14
15
15
15
17

Rev.
Rev.
Rev.

150.0
89.1
57.5

Oct. 17
Oct. 21
O c t . 21

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

26.0
89.1
200.0
85.0
30.0
44.4
63.5

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

21
21
21
27
28
29
30

Rev.

90.0

Oct.

2

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




Amount
(millions of dollars)

14. STOCK PRICES 1

Date
1977-High
Low

NYSE Index3
57.69 (1/2)
49.78 (11/2)

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

AMEX4
127.89 (12/30)
109.61 (1/12)

NASDAQ5
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

75.43 (9/22)
55.30 (3/27)

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

347.49 (9/24)
215.69 (3/27)

195.94 (9/22)
124.09 (3/27)

1
8
15
22
29

69.44
70.81
72.07
72.47
70.53

931.48
954.69
966.72
958.19
932.59

313.72
319.41
325.06
332.15
324.77

172.49
175.88
179.89
181.70
181.52

5
12
19
26

72.13
72.65
74.81
72.99

940.96
936.52
963.74
940.10

331.36
341.35
340.06
334.46

185.61
189.58
195.33
190.77

3

74.74

950.68

340.39

193.43

1980-Aug.

Sept.

Oct.

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

AM EX
4 . 2 (1/12)
1 . 4 (9/22)

NASDAQ
11.2 (11/10)
5 . 1 (5/27)

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

1 1 . 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)
2 3 . 1 (4/14)

1 5 . 0 (1/15)
2.5 (4/14)

44.4 (9/23)
10.7 (4/14)

Date
1977-High
Low

NYSE
3 5 . 3 (11/11)
10.6 (10/10)

1978-High
Low

1980-Aug.

1
8
15
22
29

47.9
50.6
47.3
47.1
38.9

6.1
6.3
6.1
7.4
6.1

24.1
24.6
28.3
28.1
27.1

Sept.

5
12
19
26

46.2
46.0
56.7
54.7r

7,8r
8.5
8. l r

7.9

32.3
35.6
39.6
39.5r

Oct.

3

45.4

6.0

29.3

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




15
16. SECURITY CREDIT?
Outstanding, dollar amounts in millions

End of period

Margin credit extended
by brokers on:
Marginable
stock

Convertible
bonds

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

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

165
175
171
168
167
165
198
204

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

87
84
54
72
81
83
88
89

1980 — J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.

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



17. S A V I N G S F L O W S A T S E L E C T E D NONBAIMK T H R I F T I N S T I T U T I O N S
Millions of dollars
M u t u a l Savings Banks
(regular d e p o s i t s ) 1
Net f l o w

Date

N.S.A.

Sea. a d j .

Savings a n d L o a n A s s o c i a t i o n s
Net f l o w

Annual
growth
rate3

N.S.A.

11.6

50,169

Memo:
Net New Money 2

Total

Annual
growth
rate3

Net
flow
(sea. a d j . )

Annual
growth
rate3

At
insured
S&L's

At
MSB's

—

17.5

62,854

15.9

34,369

5,283

Sea. a d j .

1976

12,670

——

1977

10,783

—

8.7

50,888

—

15.0

60,982

13.3

32,004

2,874

1978

8,426

—

6.3

44,153

—

11.3

52,292

10.1

23,460

-591

1979

2,900

—

2.1

39,218

—

9.1

42,289

7.4

15,029

—6,885

1978-Jan.
Feb.
Mar.

626
476
1,712

928
483
580

8.4
4.3
5.2

2,740
2,293
7,143

2,780
2,946
3,155

8.6
9.1
9.6

3,708
3,429
3,735

8.6
7.9
8.5

2,877
2,073
2,592

-59
170
338

Apr.
May
June

-209
436
1,304

567
636
807

5.1
5.6
7.1

557
2,376
6,648

2,975
3,234
4,548

9.0
9.7
13.6

3,542
3,870
5,355

8.0
8.7
11.9

401
2,145
1,744

-553
97
-90

July
Aug.
Sept.

341
260
1,378

626
884
1,036

5.5
7.7
9.0

3,070
2,310
6,425

3,838
4,228
4,577

11.3
12.4
13.2

4,464
5,112
5,613

9.9
11.2
12.2

2,812
2,069
1,606

38
-75
-45

Oct.
Nov.
Dec.

510
275
1,317

802
518
490

6.9
4.4
4.2

2,641
2,155
5,795

3,956
4,269
3,429

11.3
12.1
9.6

4,758
4,787
3,919

10.2
10.2
8.3

2,534
1,897
710

48
59
-405

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
-649

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

-714
-504
-1,000

-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:

-5.0
1.4
—1.93.4
9.2
9.8
11.0
9.6

2,065 2 , 1 9 1
1,626 2,617
4,403
-324
326 3,393
3,022 4,067

5.6
6.6
—0.8
8.6
10.2

1,586.
2,785
—546
3,795
5,173

3.1
5.4
-1.1
7.4
10.0

1,167
1,079
-696
-817
1,785

-1,436
-543
-679
-1,024
242

5,287
2,223
2,567

6.9
7.7
11.4

3,957
4,439
5,814

7.6
8.4
11.0

-169
961
1,332

-131
247
—40

Oct.
Nov.
Dec.
1980-Jan.
Feb.
Mar.
Apr.
May

-927
141
930
-449
881
June
1,748
July!
996
Aug.2/ 560

1

-605
168
— 222
402
1,106
1,178
1,343
1
'1,178

2,779
3,096
4,636

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
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. MORTGAGE COMMITMENTS OUTSTANDING A T SELECTED INSTITUTIONS

Billions of dollars, seasonally adjusted
Federal and Related Agencies

T h r i f t Institutions
End of Period

Total

All savings
and loan
associations

Mutual
savings banks
(N.Y. state)

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.
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
28.6

23.7
26.8

1.8
1.8.

10.6
n.a.

3.9
4.4

5.5
5.1

1.2
n.a.

Nov.

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

Total including
short-term
discount notes

Total

1976

-1,750

-1,131

-2,031

0

900

—619

1977

2,732

1,444

496

-4

952

1,288

1978

19,030

13,578

6,302

576

6,700

5,452

5-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

)-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

2,205
1,366
-38

1,499
2,649
1,250

1,000
900
0

-1
-1
0

.500
1,750
1,250

706
-1,283
-1,28*

Period

Apr;May e /
June-

Based on data from Treasury Survey of Ownership.



FHLB

FHLMC

FNMA

short-term
discount notes

19
20. NET CHANGE IN MORTGAGE HOLDINGS AT SELECTED INSTITUTIONS
Millions of dollars, seasonally adjusted
Major private financial institutions
Period

Total

Total

Commercial
banks

MSB's

S&L's

Life insur.
companies

FNMA
and
GNMA

Mortgage pools
FHLMC

FHLMCGNMAguaranteed guaranteed

1976

75,398

64,898

13,737

4,041

44,727

2,393

-2,042

-712

12,199

1,055

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

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

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

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

1980—Jan.
Feb.
Mar.

9,924
8,035
7,322

6,196
6,166
4,974

2,474
2,402

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

Apr.
May
June
July
Aug.

6,126
3,221
1,890
5,683
n.a.

2,671
1,324
394
3,534
n.a.

890
526
50
886
1,423

-49
148

643
-483
-290
1,647
3,593

1,187
1.133
802
1,116
n.a.

1,155
584
193
196
n.a.

154
-130
30
45
n.a.

2,006
1,205
1,084
1,570
1,758

1,826

-168

-115
n.a.

1,276

2,122

2,161

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




21. NET CHANGE IN MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY 1

Billions of dollars, seasonally adjusted annual rates
Residential2
1 - to 4
Total
Quarter
Total
family

Multifamily

Commercial

Multifamily
and
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
8.12
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

155,.9
164,.3
161,.3
150,.2

117.,8
117.,9
114.,9
114..5

109,.0
111 .0
105,.8
104 .6

8,.8
6,.9
9.1
9 .9

22.,3
28..5
30.,0 21,.3

31 . 1
35,.4
39 . 1
31 .2

15,.9
17,.9
16,.4
14,.4

1980-Q1
Q2

144 . 5
70,.9

104.•4
42.,1

95 . 1
35,.7

9 .3
6 .4

25 .8
13,.8

35 .0
20 .2

14 ,4
15,.1

1 Derived from data on mortgage debt outstanding from Federal Deposit Insurance Corporation, Federal Home Loan Bank Board, Institute of Life
Insurance, National Association of Mutual Savings Banks, Departments of Commerce and Agriculture, Federal National Mortgage Association, Federal
Housing Administration, Veterans Administration and Comptroller of the Currency. Separation of nonfarm mortgage debt by type of property, where
not available, and interpolations and extrapolations, where required, estimated mainly by Federal Reserve.
2 Residential mortgage debt includes nonfarm and is the sum of 1- to 4-famity and multifamily mortgage debt.




RATES A N D YIELDS ON HOME MORTGAGES A N D PASS-THROUGH SECURITIES
Secondary market
F H A / V A mortgages
Yield in
FNMA
auction

D iscount
points
in FNMA
auction

1976-High
Low

9.20
8.39

4.93
1.96

9
8

8.44
7.57

1977-High
Low

8.98
8.46

5.18
1.50

8-1/2
8

8.39
7.56

1978-High
Low

10.60

7.13

9.13

1.88

9-1/2
8-1/2

9.68
8.43

1979-High
Low

13.29
10.42

12.54
4.16

11-1/2
9-1/2

11.77
9.51

13.16

0.93

12.59

6.52

9
16
23
30

12.42

5.59

12.28

4.77

7
14
21
28

12.53

6.19

12.78

7.63

13.58

11.96

14.26

15.40

14.41

13.42

14.60

14.33

15.30

12.37

Period

May

2
9
16
23
30
-

June
June

6

13
20
27
3
11
18
25

July

1
8
15
22
29

Aug.

5
12
19
26

Sept.

5
12
19
27
2

4
11
18
25
Sept. 2
8
15
23
30

Ceiling
rate

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

Yield o n
GNMA
securities

11.03

11.26

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

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

11.42
11.58
11.45
11.67

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

11.99
12.41
12.46
12.48
12.57

12
12
13
13

12.59
12.74
12.93
13.35

avera ge of contract interest rates on commitments for conventional first mortgages with 80 percent loan-to-value ratios made
s. Co lumns 4 and 8 are average gross yield to FNMA before deduction of the fee of 37% basis points paid for mortgage servic
iccep ed bid yield for first mortgages for optional delivery within 4 months, assuming prepayment in 12 years for 30-year loa
for F SIMA commitment fees and FNMA stock retention requirements. Column 7 is a 1 -day quote on average net yields to invc
nortg age-backed securities for immediate delivery, assuming prepayment in 12 years on pools of 30-year FHA/VA mortgages
50 b:isis points below the current FHA/VA ceiling rates shown in Column 6. Column 9 is the average net yield to FHLMC or
ion of commitments to buy conventional home mortgages for immediate (within 60 days) delivery.

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 doe n o t i n c l u d e j
rtgages.



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

Date of
auction

Offered

FHA/VA mortgages
Accepted
Average yield

Offered

Conventional mortgages
Accepted
Average yield

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

1980-Aug.

24. FHLMC AUCTIONS O F COMMITMENTS TO PURCHASE HOME M O R T G A G E S
C o n v e n t i o n a l m o r t g a g e s , d o l l a r a m o u n t s in millions

Date of
auction

Immediate delivery program
Accepted
Average yield
13.56
150.5
10.40
17.9

1979-High
Low

Offered
298.0
38.7

1980-High
Low

337.1
24.4

140.4
20.8

16.22
11.60

5
12
19
26

230.6
180.4
130.2
117.7

98.7
86.6
67.1
75.0

12.64
13.00
13.24
13.26

Sept. 2
9
16
23
30

65.1
96.5
161.4
108.7
n.a.

33.9
44.9
50.5
50.9
n.a.

13.35
13.32
13.44
13.82
13.94

1980-Aug.

Offered
166.6
38.7
129.5
38.1

Future commitment program
Accepted
• Average yield
37.8
13.89
13.7
10.43
31.2
11.6

17.36
12.13

—

229.9
—

25.2
—

_

14.09

~

——

57.7

25.8

14.27

——

—

~

As of June 24 , t h e six-moi ith forward pr ogram was d i s c o n t i n u e d , ar d subsequent d a t a r e f e r
to FHLMCs 8-month program.
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




1

23
25. ISSUES OF MORTGAGE-BACKED SECURITIES
Millions of dollars, not seasonally adjusted
GNMA-guaranteed

Period

Pass-through securities
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

6,619

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

2,611
1,354
1,125

78,849
79,900
80,843

180
207
106

15,274
15,3*7
15,454

405
205
342

4,227
4,421
4,728

50
0
0

Apr.
May
June

1,778
1,127
1,320

82,419
83,385
84,282

199
391
232

15,613
15,*49
16,120

510
495
409

5,240
5,732
6,139

. 0
0
190

July
Aug.

1,874
2,215

85,63*
88,031

288
a. a.

16,370
n.e.

469
n.a.

6,551
n.a.

50
n.a.

1980-Jan.
Feb.
Mar.

*

New issues

New issues

GNMA-guaranteed securities are issued by private institutions and represent undivided interests m poofs 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. Private*y-&n#wfedpeas-through securities are issued by private institutions against
pools of conventional residential mortgages underwritten by m#of private mortgage insurance companies.
Source: GNMA, FHLMC, HUO, and Federal Reserve.