Full text of H.16 Capital Market Developments : September 2, 1980

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September 2, 1980

Capital
Market
Developments
FEDERAL RESERVE BANK
Of KANSAS CITY
SEP 0 9 1980

__ Research Library —

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. Long-Term Corporate and State and Local Government Security Offerings and Placements
5. Treasury and Government-Sponsored Agency Marketable Coupon Offerings and Placements
6.
7.
8.
9.
10.
11.
12.
13.

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

14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.

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

25. Issues of Mortgage-Backed Securities

SYMBOLS
e
P
r
n.a.

estimate
preliminary
revised
not available
data do not exist

SUBSCRIPTION RATES
Weekly $ 1 5 0 0 per year or $.40 each in the United States, its possessions, Canada, and Mexico, 10 or more of the same issue to one
address, $ 1 3 . 5 0 per year or $ . 3 5 each. Elsewhere, $ 2 0 . 0 0 per year or $ . 5 0 each. Address requests to Publications Services, Divisiono
Support Services, and make payment remittance payable to the order of the Board of Governors of the
form collectible at par in U.S. Currency.




e era

eserve \ s em

I

3

1. YIELDS, VOLUME AND RECEPTION
Corporate Bond Market
Yields
Recently offered
New issue
Aaa utility 2
Aaa utility 1

Week ending

1980-June

July

Aug.

Volume
Gross offerings
($ millions)

3

New issues in syndicate 4
($ millions)

Percent sold by
end of week

1,911
2,331
1,609
1,059

99
100
81
86

15
0
299
150

11.18
11.26

217
1,204
1,614
1,305

68
76
94
88

70
288
98
160

12.00
12.10

963
467
1,710
652
804

8C
86
91
98r
97

188
65
158
15r
26

6
13
20
27

11.45
10.91
10.53
10.90

11.28

3
11
18
25

11.50
11.48
11.54
11.65

1
8
15
22
29

11.92
12.03
12.36
12.48r
12.59p

10.85
10.79

11.08

11.33
11.44

12.27
12.36r
12.65p

2. YIELDS, VOLUME AND RECEPTION
Volume

Yields
Week ending

Moody's new
issue Aaa

Bond Buyer
G.O. bond
index

Bond Buyer
Rev. bond
index

Gross offerings
($ millions)

Percent sold by
end of w e e k 3

New issues in
syndicate 4
($ millions)

1980-June

6
13
20
27

7.40
7.25
6.80
7.11

7.67
7.53
7.55
7.76

8.51
8.44
8.39
8.52

1,536
1,052
1,171
1,010

93
85
89
67

178
226
184
466

July

3
11
18
25

7.00
7.40
7.50
7.50

7.88
7.95
8.03
8.19

8.66
8.70
8.77
8.89

1,108
599
1,139
909

93
77
90
76

349
342
237
312

Aug.

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

during the last four weeks.

! S Z "

* » » « . , mm*

«*•»**«•

necessary to make coverage of this series consistent with the gross offerings series.




« «*««< » ***

•*-

3. HIGH GRADE BOND YIELDS
New issue
Aaa utility 1

Date

Recently offered
Aaa utility 2

Moody's
seasoned
corporate Aaa 3

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

Bond Buyer
G.O. bond
index 5

1977-High
Low

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

8.48(12/30) 8.28(12/30)
7.88(1/7)
7.95(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) 9.27(12/29)
8.30(1/6)
8.48(1/6)

9.00(12/22)

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

1979-High
Low

11.51(11/12)
9.40(8/17)

1980-High
Low

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

1979-Apr.
May
June

9.70
9.83
9.50

9.74
9.84
9.50

July
Aug.
Sept.

9.58
9.48
9.93

Oct.
Nov.
Dec.

1.45(11/9)
9.39(6/29)

8.01(1/6)

0.87(12/28) 10.56(11/9)
8.79(7/6)
9.16(7/6)

Bond Buyer
Rev. bond
index 6

7 . 3 8 ( 1 0 / 2 6 ) 8.24(11/23)
7.23(9/21)
6.08(7/6)
0.25(4/4)
8.15(5/8)

12.79(2/22)
9.59(6/20)

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

9.38
9.50
9.29

9.21
9.21
8.91

6.29
6.25
6.13

9.53
9.49
9.87

9.20

8.92
8.97
9.21

6.13
6.20
6.52

10.97
11.42
11.25

10.91
11.36
11.32

10.13
10.76
10.74

9.99
10.37

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

11.60

11.41

11.07

10.32

8.13

8.87

3
11
18
25

11.50
11.48
11.54
11.65

11.18
11.26

10.15

10.26

11.33
11.44

10.84
10.94
11.09
11.11

10.29
10.29

7.88
7.95
8.03
8.19

8.66
8.70
8.77
8.89

1
8
15
22
29

11.92
12.03
12.36
12.48r
12.59p

12.00
12.10
12.27
12.36r
12.65p

11.33
11.44
11.57
11.7Or
11.84p

10.64
10.78
10.97.
11.15r
11.35p

8.59-/
8.61
8.53
8.68
8.85

9.31-

1980-July

Aug.

;

1 4 . 1 2 ( 3 / 2 8 ) 13.00(3/28)
1 0 . 7 9 ( 6 / 2 0 ) 10.34(6/20)

9.23
9.44

10.18

"

—

9.47
9.39
9.62
9.78

= : : : : tss

3

restrictions sometime during the last four weeks.
Weekly average of daily closing figures.

5

^hur^dav^fgu^es'The average

6

Th Ji^day f i % % " ^ avlrJge ^at iiig of ttfe 25 revenue bonds used in this index falls midway between the five top groups as classified by Moody s

o f l h e Z O general obligation bonds used in this index falls midway between the five top groups as classified by

Investors Service. Weekly Bond Buyer data.




4. LONG-TERM CORPORATE A N D STATE A N D LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS
Gross proceeds, millions of dollars
Period

Corporate
1979

1978

1980

1978

State and Local
1979

1980

January
February
March

3,326
2,770
4,569

3,770
3,165
4,354

6,210
4,452
4,353

3,306
2,753
4,844

2,840
2,603
4,644

2,042
2,381
2,379

April
May
June

3,397
4,227
5,539

4,692
4,160
6,238

5,646
8,966

3,824
5,525

9,400e

4,369

3,444
3,042
4,724

4,833
4,564
5,800e

July
August
September

4,414
3,379
4,236

4,103
4,162
4,587

7,100e
5,800e

3,920
6,407
2,323

3,396
4,256
2,472

4,600e
4,000e

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

Year

1 Securities and Exchange Commission estimates of gross proceeds.
2
e

Public Securities Association estimates of principal amounts,
Estimated by Federal Reserve 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 public2
Public debt securities
Gov't,
agency
NonCoupons
Bills
securities
marketable

Decreased)/ Sponsored
agency
increase!—)
borrow! ng4
in cash
operating
balance

Combined
deficit(+)
or
surplus(-) 1

Total 3

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

8,167
1979-July
16,003
Aug.
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

—68
-17
-14

-619
6,155
-2,582

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

5,201
2,066

2,878

10,458

2,050
3,307

15,350

11,802

1,900
13,358

-8,037
16,318

4,632

4,515

5,350

91

Period

CY-/-1978
CY - 1 9 7 9

Apr.
May
June

Other

278

-27

647

-678

2,261

3,51?

-3,149
-5,066

-40
-19

2,478
1,013

5,914
2,535

1,542
4,764

2,899
6,077

2,602
-941

-86
-32

-2,393
3,200

-10,276
7,768

3,632

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

3
4

accounts.
Also includes changes in matured and noninterest-bearing public debt.
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. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE
Gross proceeds, millions of dollars
Bonds
Period

Total

Publicly
offered

Privately
placed

Memo
Issues included
Convertible
Foreign

Common and
preferred
stocks

1977
1978
1979

53,792
47,230
51,464

24,072
19,815
25,814

17,943
17,057
14,325

11,777
10,358
11,325

1,340
1,349
1,008

863
418
2,229

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
1,4*4
540
187

1980-QI

15,015

5,861

4,600

4,554

169

908

1979-Oct.
Nov.
Dec.

4,601
3,831
3,801

2,669
1,583
1,500

903
1,029
975

1,029
1,219
1,326

10
21
88

50
24
113

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

5,646
8,966

3,828
6,810

916
424

902
1,732

89
n • <3. •

383
375

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

Manufacturing

Public utility

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

3,907

4,966

1,278

4,864

1979-Oct.
Nov.
Dec.

1,487
477
532

1,786
1,265
1,128

482
856
75

845
1,236
2,067

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

1,799
2,588

915
1,317

643
1,180

2,289
3,882

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

Date

8/1
US Air Inc.
Portland Gen'l Electric Co.
8/1
8/5
Prime Computer Inc.
8/6
Republic New York Corp.
8/6
Burroughs Corp.
8/6
Burroughs Corp.
First National Charter Corp. 8 / 6
8/6
American Maize Products Co.
Cleveland Electric Illuminat8/6
ing Co.
8/7
Puget Sound Pwr. & Lgt. Co.
8/7
Metpath Inc.
Berkshire Hathaway Inc.
8/8
8/12
Burlington Northern Inc.
8
/12
Illinois Bell Tel. Co.
8/12
Storage Technology Corp.
New York State Elec. & Gas Co 8 / 1 3
8/13
Illinois Power Co.
8/13
Illinois Power Co.
8/13
American Standard Inc.
Int'l. Harvester Credit Corp. 8 / 1 3
8/13
Polaroid Corp.
8/13
Pacific Gas & Elec. Co.
8/13
Columbia Gas System
8/14
Caesars World Inc.
8/14
First Int'l. Bancshares
8/14
Intel Corp.
8/15
Savin Corp.
8/15
Computervision Corp.
Hartke-Hanks Communication
8/15
Inc.
8/19
Duke Power Co.
8/19
Duke Power Co.
8/20
Federal-Mogul Corp.
8/20
Federal-Mogul Corp.
8/20
Duke Power Co.
8/21
Wang Laboratories Inc.
8/21
Public Service of Indiana
Peoples Gas Light & Coke Co. 8 / 2 1
8/21
Texas Gas Transmission
8/21
Public Service of Indiana
United Cable Television Corp. 8 / 2 5
8/26
Gen'l Tel. Co. of Florida
Gn~11 ~cl. Co* of Florida
C&P Tel. Co. of Maryland
Ingersoli-Rand Co.
Intersoli-Rand Co.
Gulf United Corp.
Nicor Inc.
Idaho Power Co.
Rolm Corp.
Tiger International Inc.
Caroline Pwr. & Lgt. Co.
FFA Corp.
*
1

R/2h

8/26
8/26
8/26
8/26
8/27
8/27
8/28
8/28
8/29
8/29

Type

Amount
(millions
of dollars)

Debt.
1 s t . mtg.
Conv. d e b t ,
Com. s t k .
Notes
Debt.
Notes
Conv. d e b t

60.0
75.0
30.0
27.4
100.0
150.0
25.0
25.0

Com. s t k .
Com. s t k .
Debt.
Debt.
Con-mtg.
Debt.
Conv. d e b t ,
Com. s t k .
1 s t . mtg.
1 s t . mtg.
Debt.
Notes
Notes
1 s t . mtg.
Debt.
Debt.
Conv. d e b t
Conv. d e b t
Debt.
Com. s t k .

66.0
47.7
30.0
50.0
125.0
300.0
100.0
41.3
75.0
50.0
100.0
100.0
125.0
250.0
100.0
25.0
100.0
150.0
40.0
39.7

Offering
yield

8.25
13.88
10.00
n.a.
10.75
11.50
12.00
11.75

A.25
13.88
10.00
n.a.
10.85
11.50
12.00
11.75

n.a.
n.a.
13.25
12.75
12.88
12.25
10.25
n.a.
11.38
12.63
12.38
13.50
11.88
12.88
12.75
12.50
7.75
7.00
14.00
n.a.

n.a.
n.a.
14.75
12.75
12.91
12.25
10.25
n.a.
11.45
12.70
12.40
13.50
12.00
12.90
12.80
15.82
7.75
7.00
15.50
n.a.

--/—
—/—
B/B
—/A
A/A
Aaa/AAA
Ba/BA
--/-Aa/AA
Aa/AA
A/A+
Baa/BBB
A+/A+
Aa/AAA/A
--/B
A/A
Baa/BBB
B/B
—/ —
A/A+
A/A+
A/A
A/A
--/ —
Ba/B
Aa/AA
A/A
A/A

—

8.00
13.13
12.00
13.00
12.50
n.a.
9.00
12.13
12.13
12.13
n.a.

A/A
Aaa/AAA
A/A
A/A
Baa/BBB

2005
2010
2000
1987
2010
1990
2000

2000
2005
2005
2017
2000
- —

1987
2010
2010
1990
1990
2013
2000
2000
2005
2005
2000

35.0
Conv. d e b t
50.0
1 s t . mtg.
75.0
1 s t . mtg.
50.0
Debt.
50.0
Notes
69.5
Com. s t k .
Conv. d e b t , 1 0 0 . 0
125.0
1 s t . mtg.
60.0
1 s t . mtg.
75.0
Debt.
56.4
Com. s t k .
32.4
Com. s t k .
50.0
1 s t . mtg.

2005
2010
1990
2005
1990

—
1990

12.25

8.00
13.16
12.10
13.00
12.50
n.a.
9.00
12.13
12.30
12.32
n.a.
—
12,3?

50.0
175.0
150.0
150.0
100.0
48.fi
32.3
43.5
60.0
35.0
25.0

2010
2017
1990
2010
2005

13.38
12.38
12.38
12.88
9.25

13.3R
12.52
12.38
12.88
9.25

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

—

2005
1990
1990
1990

——

—

—

2005
——

2000

8.63
11.16
14.50

Ba/BBBaa/BBB
BA/B

—j—

Aa/AA+
Aa/AA+
A/AA
Ba/BB

__/ —
—/—

A/A

—/—
—/—
—/—

—
8.63
11.16
15.73

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




Moody's/S&P
ratings

Coupon
rate

Maturity

B/B
A/A
B/B

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

OTHER
Sea C o n t a i n e r s A t l a n t i c L t d .
Canadian P a c i f i c E n t e r p r i s e

*
1

Date

Type

Amount
(millions
of dollars)

8/1
8/27

Pfd. stk.
Com. s t k .

30.0
168.2

Maturity

Coupon
rate

Offering
yield

8.40

14.00

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




Moody's/S&P's
ratings

Ba/Baa

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

•

s

•

•

e

e

e

•

a

w

•

C h a r l o t t e , NC
Clark Co., NV
Washington Pub. Power Supply
System
Washington Pub. Power Supply
System
Washington Pub. Power Supply
System
Washington Pub. Power Supply
System
Washington Pub Power Supply
System
Ohio, Higher Education F a c .
Massachusetts Muni. Wholesale
E l e c t . Co.
Municipal E l e c t . Auth. of GA
Municipal E l e c t . Auth. of GA
Municipal E l e c t . Auth. of GA
Municipal F l e e t . Auth. of GA
Municipal E l e c t . Auth. of GA
I l l i n o i s Hsg. Devel. Auth.
I l l i n o i s Hsg. Devel. Auth.
I l l i n o i s Hsg. Devel. Auth.
Puerto Rico Pub. Bldg. Auth.
Puerto Rico Pub. Bldg. Auth.
Massachusetts Health & Ed.
Fac. Auth.
Massachusetts H e a l t h & Ed.
Fac. Auth.
Massachusetts H e a l t h & Ed.
Fac. Auth.
Massachusetts H e a l t h & Ed.
Fac. Auth.
Oregon, S t a t e of
Oregon, S t a t e of
Oregon, S t a t e of
Muscatine, IA
Muscatine, IA
Muscatine, IA
C a l i f o r n i a , S t a t e of
Ohio Air Q u a l i t y Dev. Auth.
Ohio Air Q u a l i t y Dev. Auth.
Ohio Air Q u a l i t y Dev. Auth.
Orange Co., F l .
Orange Co., F l .
Orange Co., F l .
Ohio Air Q u a l i t y Dev. Auth.
Ohio Air Q u a l i t y Dev. Auth.
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 , PA
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 , PA
Orange Co., CA

Amount
(millions
of $)

Net
interest
cost

Moody's/S&P's
ratings

Type2

8/5
8/5

G.O.
G.O.

27.0
28.0

1983-2003
1981-1995

7.83
8.34

5.25-8.35
5.75-9.00

Aaa/AAA
A/A

8/5

Rev.

55.4

1986-1995

8.87

6.50-8.25

Aaa/AAA

8/5

Rev.

37.0

2002

8.87

9.00

Aaa/AAA

8/5

Rev.

17.0

2005

8.87

9.20

Aaa/AAA

8/5

Rev.

70.6

2013

8.87

9.34

Aaa/AAA

8/5
8/6

Rev.
Rev.

30.0
85.0

2017
1981-2005

8.87
9.09

9.30
5.60-9.40

Aaa/AAA
A/A+

8/6
8/7
8/7
8/7
8/7
8/7
8/7
8/7
8/7
8/7
8/7

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

112.0
26.8
33.0
13.8
56.2
20.2
6.1
3.3
35.4
12.5
87.5

1984-2008
1984-1995
2002
2005
2013
2015
1982-1997
2001
2023
1982-1988
2010

10.24
9.13
9.13
9.13
9.13
9.13
9.43
9.43
9.43
10.31
10.31

7.50-9.50
5.75-8.20
9.13
9.25
9.50
9.35
6•10—9.00
9.25
9.88
7.00-9.00
10.25

A/A
A/AAA/AAA/AAA/AAA/AAAl/AA
Al/AA
Al/AA
Baal/A
Baal/A

8/7

Rev.

19.9

1990-1995

8.46

7.25-8.13

Aaa/AAA

8/7

Rev.

17.9

2000

8.46

8.63

Aaa/AAA

8/7

Rev.

21.0

2004

8.46

8.75

Aaa/AAA

8/7
8/8

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

Aaa/AAA
A1/A+
A1/A+
A1/A+
A/A
A/A
A/A
Aa/AA+
Baa/BBB
Baa/BBB
Baa/BBB
—/AAA
—/AAA
—/AAA
Baa/BBB
Baa/BBB
A/A
A/A
A/A
A/A
A/A+

8/8
8/8
8/12
8/12
8/12
8/12
8/12
8/12
8/12
8/12
8/12
8/12
8/12
8/12
8/14
8/14
8/14
8/14
8/14

Maturity

21.2

2007

8.46

8.80

23.0
6.0
13.0
16.9
15.0

1981-1983

9.19

5.70-8.80
9.25
.
9.50
/7.60-9.10
./
9.50
!
9.70
/5.10-8.50

48.1
150.0
9.0

21.5
1.0
5.0
6.5
23.5

25.0
25.0
24.5
13.8
11.5
50.2
12.9

1998
2011
1990-1999
2004
2013
1981-2005
2000
2010
2010
1983-1995
2003
2015
2000
2010
1983-1990
1993

1995
2001
1983-1993

9.19
9.19,
9.66J
9.663
9.66^
7.93.3

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
9.52
9.52
9.52
9.52
9.49

1
2

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.

3

Canadian interest cost.




Offering
yield

Date

9.75
10.00
10.00
6.00-8.40
9.00

9.25
10.00
10.18
6.25-8.25
9.13

9.50
9.68
6.25-9.00

10
9. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL 1 ( c o n ' t )
Issuer

Date

8/14
Orange Co., CA
8/14
Orange Co., CA
8/14
Orange Co., CA
8/14
D e t r o i t , Michigan
Tulsa I n t e r n a t i o n a l A i r p o r t ,
8/15
OK
Tulsa I n t e r n a t i o n a l A i r p o r t ,
8/15
OK
Tulsa I n t e r n a t i o n a l A i r p o r t ,
8/15
OK
Tulsa I n t e r n a t i o n a l A i r p o r t ,
8/15
OK
New Hampshire Ed. & Health
8/15
Fac. Auth.
New Hampshire Ed. & H e a l t h
8/15
Fac. Auth.
South C e n t r a l Connecticut Reg
8/15
Water A u t h . , CT
South C e n t r a l Connecticut Reg
8/15
Water A u t h . , CT
South C e n t r a l Connecticut Reg
8/15
Water A u t h . , CT
South C e n t r a l Connecticut Reg
8/15
Water A u t h . , CT
South C e n t r a l Connecticut Reg
8/15
Water A u t h . , CT
8/18
H a r r i s o n C o . , MS
Beaver County I n d . Devel. Auth
*8/19
PA
Beaver County I n d . Devel. Auth
*8/19
PA
8/20
Municipal A s s i s t . Corp. NY
8/20
Municipal A s s i s t . Corp. NY
8/20
Municipal A s s i s t . Corp. NY
8/21
San Antonio, TX
8/21
B u r l i n g t o n , KS
8/22
Chatham Co. Hosp. A u t h . , GA
8/22
Chatham Co. Hosp. A u t h . , GA
8/22
Chatham Co. Hosp. A u t h . , GA
8/22
F r a n k l i n Co., OH
8/22
F r a n k l i n Co., OH
8/22
F r a n k l i n Co., OH
8/22
F r a n k l i n Co., OH
8/22
F r a n k l i n Co., OH
8/22
Pomona Redevel. Agcy., CA
8/22
Pomona Redevel. Agcy., CA
8/22
Pomona Redevel. Agcy., CA
8/22
Pomona Redevel. Agcy., CA
8/26
East Baton Rouge, LA
8/26
East Baton Rouge, LA
8/26
East Baton Rouge, LA
8/26
East Baton Rouge, LA
Palm Beach Co. Hsg. F i n . Auth.
8/26
Fl.
1
2
3

Net
interest
cost

Amount
(millions
of $)

Maturity

Rev.
Rev.
Rev.
Rev.

10.9
13.0
63.2
40.1

1998
2002
2012
1985-2010

9.25
9.49
9.00
9.49
9.50
9.49
n . a . 7.75-10.00

Rev.

5.7

1986-1992

n.a.

6.75-8.20

A/A

Rev.

2.6

1995

n.a.

8.50

A/A

Rev.

6.0

2000

n.a.

9.14

A/A

Rev.

16.7

2008

n.a.

9.38

A/A

Rev.

4.2

1983-1990

9.94

6.30-8.25

A/A

Rev.

24.8

2012

9.94

9.88

A/A

Rev.

16.0

1981-1995

9.02

5.30-8.20

A/A

Rev.

23.4

2000

9.02

9.00

A/A

Rev.

27.6

2004

9.02

9.17

A/A

Rev.

64.6

2010

9.02

9.28

A/A

Rev.
Rev.

30.2
25.5

2012
2010

9.02
8.48

9.22
8.38

A/A
Aaa/AAA

Rev.

27.5

2010

n.a.

12.00

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

6.0
46.0
19.0
35.0
85.0
25.5
8.1
4.4
14.8
1.4
1.9
5.3
10.8
28.2
1.3
4.6
12.0
82.1
16.2
23.7
19.4
65.7

1990
1982-1988
1994
2008
1982-2005
1983
1984-1998
2002
2010
1985-1990
1991-1995
2001
2005
2013
1982-1983
1984-1987
1994
2013
1982-1995
2003
2011
2012

n.a.
9.58
9.58
9.58
8.82
7.75
8.94
8.94
8.94
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
10.09
10.09
10.09
10.09

11.00
6.50-8.70
9.50
9.75
5.75-9.15
7.25
5.80-8.50
9.00
9.19
N.R.
8.30-9.10

Rev.

11.4

1982-1994

9.92

6.25-9.25

Type2

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




Offering
yield

10.00

10.13
10.25
N.R.
7.15-8.00
9.50
10.00
6.75-9.60
10.00
9.25
10.25

Moody's/S&P's
ratings

A/A+
A/A+
A/A+
Baa/BBB

Baa--1/A
Baa-l/A
Baa-l/A
Aa/AA
Baa/BBB
Aa/AA
Aa/AA
Aa/AA
A/A
A/A
A/A
A/A
A/A
--/A

--/A
--/A
--/A

Aa/—
Aa/—
Aa/—
Aa/—
A-L/AA-

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

Date

Palm Beach Co. Hsg. F i n . Auth.
Fl.

Palm Beach Co. Hsg.
Fl.
Palm Beach Co. Hsg.
Fl.
Allegheny Co. Hosp.
A u t h . , PA
Allegheny Co. Hosp.
A u t h . , PA
Allegheny Co. Hosp.
A u t h . , PA

1

F i n . Auth.
F i n . Auth.
Devel.
Devel.
Devel.

Type2

Amount
(millions
of $)

Maturity

Net
interest
cost




Moody's/S&P's
ratings

Rev.

10.1

2000

9.92

9.75

A-l/AA-

8/26

Rev.

14.9

2005

9.92

9.50

A-l/AA-

8/26

Rev.

43.5

2012

9.92

10.00

A-l/AA-

8/28

Rev.

4.8

1983-1994

10.30

8/28

Rev.

7.4

2002

10.30

10.13

A/A

8/28

Rev.

26.3

2013

10.30

10.30

A/A

Includes only state and local security offerings of $25 million and over; excludes secondary offerings.
Canadian interest cost.

Offering
yield

8/26

2 For state and local government securities, G.O. denotes general obligation; Rev. denotes revenue obligations.
3

(con't)

6.50-9.10

A/A

12
10. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: U.S. TREASURY
Notes and Bonds
Amount (millions of dollars)
Offering
date

Payment
date

Length

Maturity
date

Coupon Auction
average
rate
(percent) (percent)

Total

Private

2/15/95
1/31/82

10-1/2 10.60
11-1/2 11.52

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

Net proceeds

Gross proceeds
1

Total

1 2

Private -

Memo:
Foreign
add-ons 3

1980
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-l/2mo

Mar. 20
25

3/31
3/31

Apr.

2
22

4/8

May

6
7

2yr
4yr .

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

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

8/15/83
9 - 1 / 4 9.32)
11/15/89 10-3/4 9.88} 13,019
IO.I2)
5/15/05-10 10

7,743

5,754

5,754

102
55
0

4/30

15yr lmo
2yr

8

5/15
5/15
5/15

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

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
9-7/8
10 yr
8/15/90 10-3/4
29-1/4 yr 11/15/09 10-3/8
8/31/82 11-1/8
2-yr
5 - y r 2-1/2111/15/85 11-3/4

June

1
2
3

11.98)
12.02}
11.84'
13.98
14.39

9.37
9.66
8.63
8.99

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

1,186
4,010
3,293
3,293
4,515*
3,030
3,221 . -681

1,186
3,293
2,660
-311

0
285
214
0

10-3/8 10.42
8 - 7 / 8 8.97

1,504
5,331

1,504
4,543

1,504
1,167

0
0

957p
3,001p

0
0
0
0
0

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

9.88
10.81
10.71
11.24
11.76

1,504
1,167

8,284p
-

4,502p
3,001p

3,942p
3,001p

957p
3,001p

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




13
11. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: GOVERNMENT SPONSORED AGENCIES
Amount (millions of dollars)
Offering Payment
date
date

Issuer

#

#

1979

1979

FHLB

11/15
11/15
11/15

11/26
11/26
11/26

FHLMC

11/15

12/3

FNMA

12/5

12/10

FFCB

12/19 ]L/2/80

e

e

#

•

Gross
proceeds

Maturing
issues

Net
proceeds

1 - y r 9-mo
3 - y r 6-mo
7-yr

8/25/81
5/25/83
11/26/86

12.30
11.60
11.30

1,000
1,000
600

1,700

900

2 9 - y r 9-mo

9/15/09

12.48

150

0

150

3 - y r 6-mo

7/11/83

10.85

1,000

1,000

0

5-yr

12/3/84

10.65

433

531

-98

10/20/82
1/21/85
1/22/90

10.95
10.90
10.95

755
818
438

900

1,111

2/11/85

11.70

500

300

200

1980

FFCB

1/16
1/16
1/16

1/21
1/21
1/21

FNMA

1/31

2/11

5-yr

FHLB

2/15
2/15

2/25
2/25

1 - y r 8-mo
3 - y r 6-mo

10/26/81
8/25/83

12.85
12.25

900
600

1,850

-350

FNMA

3/5
3/5

3/10
3/10

1 - y r 11-mo
3 - y r 11-mo

2/10/82
2/10/84

15.25
14.10

1,000
500

1,000

500

FHLB

3/13
3/13

3/25
3/25

1 - y r 4-mo
3 - y r 7-mo

7/27/81
10/25/83

15.80
14.05

900
500

0

1,400

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-mc,
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

6/25

7/1

4 - y r 11-mc)

6/3/85

9.20

1,214

323

891

FNMA

7/2

7/10

4 - y r 11-m<3

6/10/85

9.95

1,000

550

450

FFCB

7/9
7/9
7/9

7/21
7/21
7/21

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

8/19/83

9.70

1,000

0

1,000

FHLB

8/13
8/13

8/25
8/25

3/25/85
3/25/87

10.80
11.10

1,200
600

1,600

200

. FFCB

e

Yield
"
(percent)

T980

#

e

Length

Maturity
date

FFCB
FHLB
FHLMC
FNMA

—
—
-

Federal
Federal
Federal
Federal




2 - y r 10-mo
5-yr
10-yr

3 - y r 5-mo
6 - y r 5-mo
10-yr
3-yr
4 - y r 7-mo
6 - y r 7-mo

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

14

As of August 29, 1980

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

Commonwealth Edison Co.
Commonwealth Edison Co.
Steego Corp.
Consolidated Freightways I n c .
CTI I n t e r n a t i o n a l Corp.
Western Mass. E l e c t . Co.
Conn. Light & Power Co.
Consumers Power Co.
*Baltimore Gas & E l e c t . Co.
Long I s l a n d L i g h t i n g Co.
Inexco O i l Co.
*Dallas Power & Light Co.
Alabama Power Co.
Niagara Mohawk Co.
Duquesne Light Co.
*Arizona Pub. Svc. Co.
South C e n t r a l B e l l T e l . Co.
Hawaiian T e l . Co.
*W.R. Grace & Co.
*Texas Air Corp.
*ITEK Corp.
*General F e l t I n d u s t r i e s
*Thermo E l e c t r o n Corp.
*Nordstorm I n c .
*Augat I n c .
*Bankamerica R e a l t y I n v e s t o r s
*Columbus & Southern E l e c t . Power Corp.
Amdahl Corp.
Condec Corp.
Macandrews & Forbes Co.
MGM Grand H o t e l s I n c .
Caclence I n d u s t r i e s Corp.
Leaseway T r a n s p o r t a t i o n Corp.
Standard P a c i f i c Corp.
Union P a c i f i c Corp.
C i t i e s S e r v i c e Gas Co.
Four-Phase Systems I n c .
F i r s t Union Bancorp.
Southern Union Co.
Twentieth Century-Fox Film Corp.
C a t e r p i l l a r T r a c t o r Co.
Jim Walter Corp.
P e n n z o i l Co.
Amax I n c .
Sears Roebuck & Co.
Ohio Edison Co.
Boston Gas Co.
C h a r t e r Co.
U.S. Home Finance Corp.
U.S. Leasing Corp.
F l o r i d a N a t 1 1 Banks of F l a .
Transamerica F i n a n c i a l Corp.
Ina Corp.
F i d e l i t y Fed. S&L Assoc.
P a c i f i c F i r s t Fed. S&L Assoc.
*
1

Type

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

Amount
(millions of dollars)

50.0
50.0
25.0
75.0
50.0
25.0
65.0
70.0
75.0
60.0
50.0
28.0
125.0
75.0
50.0
95.0
250.0
50.0
100.0
30.0
25.0
55.0
25.0
30.0
25.0
40.0
80.0
30.0
30.0
30.0
50.0
25.0
75.0
25.0
250.0
100.0
25.0
40.0
50.0
50.0
300.0
100.0
150.0
100.0
200.0
50.0
40.0
50.0
100.0
25.0
50.0
75.0
75.0
50.0
50.0

Approximate date
of offering

Sept. 3
Sept. 3
Sept. 4
Sept. 4
Sept. 4
Sept. 9
Sept. 9
S e p t . 10
S e p t . 10
S e p t . 10
S e p t . 10
S e p t . 16
S e p t . 19
S e p t . 23
S e p t . 23
S e p t . 24
S e p t . 24
S e p t . 25
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.

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




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

Type

C e n t r a l Fed. S&L Assoc.

Mtg.-bked.

OTHER
MacMillan B l o e d e l , L t d .
MacMillan B l o e d e l , L t d .
Amoco Canada Petroleum Co.
E l e c t r i c i t e De France
O n t a r i o , P r o v i n c e of
O n t a r i o , P r o v i n c e of
European Investment Bank
European Investment Bank
POSTPONEMENTS
Citicorp
Chemical N.Y. Corp.
Houston I n d u s t r i e s
Anacomp I n c .

*
1

Amount
(millions of dollars)

Approximate date
of offering

75.0

Indef.

Notes
Debt.
Debt.
Notes
Bonds
Notes
Debt.
Notes

75.0
100.0
100.0
100.0
250.0
150.0
100.0
100.0

Sept.
Sept.
Sept.
Indef.
Indef.
Indef.
Indef.
Indef.

Pfd. stk.
Pfd. stk.
Com. s t k .
Conv. d e b t ,

150.0
100.0
90.0
30.0

Sept.
Indef.
Indef.
Aug. 28

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




(con't. )

16

As of August 29, 1980

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

Los Angeles Dept. of Water & Power, CA
Gainesville, Fl.
*New J e r s e y Hsg. F i n . Agcy.
^California M i l i t a r y Sept.
^ I l l i n o i s S t a t e S c h o l a r s h i p Comm.
Ohio, S t a t e of
Maricopa County I n d . Dev. A u t h . , AZ
M a s s a c h u s e t t s , S t a t e of
I l l i n o i s E d u c a t i o n a l Fac. Auth.
C a l i f o r n i a Hsg. F i n . Agcy.
*Santa Rosa, CA
*Allegheny Co., PA
Indiana T o l l Road Comm.
P h i l a d e l p h i a H o s p i t a l A u t h . , PA
Oregon, S t a t e of
Alabama Pub. Sch. & College Auth.
A t l a n t a Urban R e s i d . F i n . A u t h . , GA
Lower Colorado River A u t h . , TX
^Washington Pub. Power Supply System
J e f f e r s o n P a r i s h , LA
*New York S t a t e Power Auth.

Type

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

Amount
(millions of dollars)

80.0
50.0
50.0
25.0
45.0
65.0
25.0
125.0
65.0
100.0
29.5
36.2
240.0
53.2
295.0
90.0
50.0
45.0
180.0
25.0
520.0

Approximate date
of offering

Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.

3
4
5
5
8
9
9
9
10
10
11
11
15
16
16
17
18
18
23
25
26

POSTPONED
South C a r o l i n a P u b l i c Serv. Auth.
I l l i n o i s E d u c a t i o n a l Fac. Auth.
New Orleans Home Mort. A u t h . , LA
New J e r s e y Hsg. F i n . Agcy.
Pueblo Co., CO
New Mexico Mortgage F i n . Auth.
P u l a s k i Co. R e s i d e n t i a l Hsg. Fac. Bd., AK
Missouri Hsg. Dev. Comm.
J e f f e r s o n P a r i s h Home Morg. A u t h . , LA

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

150.0
65.0
100.0
50.0
105.0
85.0
200.0
27.5
150.0-200.0

Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.

1
5
8
11
21
22
29
27
29

WITHDRAWN
Ohio Air Q u a l i t y Dev. Auth.

Rev.

26.0

Aug.

12

*
1

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




14. STOCK PRICES 1
NYSE Index 3

Date

NASDAQ 5

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

72.47 (8/22)
55.30 (3/27)

966.72 (8/15)
759.13 (4/21)

332.15 (8/22)
215.69 (3/27)

182.39 (8/26)
124.09 (3/27)

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

1980-Aug.

1
8
15
22
29

15. TRADING VOLUME2
NYSE

Date

1977-High
Low

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

1978-High
Low

AMEX

NASDAQ

4 . 2 (1/12)
1.4 (9/22)

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

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)
1 8 . 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)

15.0 (1/15)
2 . 5 (4/14)

3 6 . 1 (2/8)
10.7 (4/14)

1980-Aug.

1
8
15
22
29

47.9
50.6
47.3
47. l r
40.3

6.1
6.3
6.1
7.4r
6.5

1
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.

3
4
5

12/31/65 = 50
8 / 3 1 / 7 3 = 100
2 / 5 / 7 1 = 100




24.1
24.6
28.3
28. l r
27.7

16. SECURITY CREDIT1
Outstanding, dollar
UUISiaiiUMIU,
uunm amounts
a.Mv"..—in millions
Margin credit extended
by brokers on:
End of period

1

Marginable
stock

Convertible
bonds

Number of
margin accounts
(thousands)

Percent of debt
in accounts with
4 0 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 — Jail.
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.
Apr.
May
June
July

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

165
175
171
168
167
167
169

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

87
84
54
72
81
83
90

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




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

Date

N.S.A.

Sea. adj.

Net flow

Annual
growth
rate 3

N.S.A.

Sea. adj.

Merrio:
Net New Money 2

Total

Savings and Loan Associations
Annual
growth
rate 3

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

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.

-927
141
930
-449

-605
168
-222
402
1,106
1,178

-5.0
1.4
-1.9
3.4
9.2
9.8

5.6
6.6
-0.8
8.6
10.2

1,5862,785
-546
3,795
5,173

3.1
5.4
-1.1
7.4
10.0

[1,147

9.4

2,065 2,191
1,626 2,617
-324
4,403
326 3,393
3,022 4,067
5,287 2,779
2,233 3,106

6.9
7.7

3,957
4,253

7.6
8.1

Oct.
Nov.

Dec.
1980-Jan.
Feb.

Mar.
Apr.
881
MayJune , 1,748
J u l y !iK 800

——

1,167 - 1 , 4 3 6
-543
1,079
-679
-696
-817 -1,024
242
1,785
-131
-160
200
953

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 9 6 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.




18. MORTGAGE COMMITMENTS OUTSTANDING AT SELECTED INSTITUTIONS
Billions of dollars, seasonally adjusted
Federal and Related Agencies

Thrift Institutions
End of Period

Total

All savings
and loan
associations

Mutual
savings banks
(N.V. 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

1978-Jan.
Feb.
Mar.

37.7
37.3
37.0

33.3
33.0
32.7

4.4
4.3
4 3

12.1
13.3
13.8

6.3
7.2
7.6

4.5
4.7
4.8

1.3
1.4
1.4

Apr.
May
June

36.7
36.6
36.5

32.4
32.1
31.9

4.3
4.5
4.6

14.2
14.9
14.9

8.2
8.9
8.9

4.7
4.6
4.5

1.3
1.4
1.5

July
Aug.
Sept.

36.5
36.7
36.7

31.9 .
32.1
32.3

4.6
4.6
4.4

15.6
15.2
16.1

9.4
9.0
9.6

4.5
4.4
4.6

1.7
1.8
1.9

Oct.
Nov.
Dec.

38.1
38.1
37.5

33.4
33.3
32.7

4.7
4.8
4.8

16.8
16.9
16.5

10.5
10.5
9.9

4.6
4.7
4.8

1.7
1.7
1.8

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
4.5

1.0
1.0
0.8

Apr.
May
June
July

22.8
21.1
22.4
26.0

20.7
19. 3
20.7
23.7

2.1
1.8
1.7
1.8

9.2
9.3
10.3
10.6

4.2
3.5
3.6
3,9

4.4
5.0
5.7
5.5

0.6
0.8
1.0
1.2

Based on data from Federal Home Loan Bank Board, Savings Banks Association of New York State, and federal and related agencies, seasonally adjusted
by Federal Reserve. Both thrift institutions series include a minor amount of non-residential commitments; S & L commitments also include loans in
process. Subtotals may not add to total because of rounding.




19. NET NEW MONEY BORROWINGS BY MAJOR HOUSING CREDIT AGENCIES
Millions of dollars
Intermediate- and long-term issues

FNMA and FHLB
short-term
discount notes

Total including
short-term
discount notes

Total

1976

-1,750

-1,131

-2,031

0

900

-619

1977

2,732

1,444

496

-4

952

1,288

1978

19,030

13,578

6,302

576

6,700

5,452

1978-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.

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

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

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

1979-Jan.
Feb.
Ma r .

967
1,457
912

0
1,033
1,372

0
834
0

0
199
-128

0
0
1,500

967
424
-460

1,027
304
1,363

997
215
1,299

0
222
0

-3
-7
199

1,000
0
1,100

30
89
64

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

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
-1,2Art

Period

May
June
July
Aug.
Sept.
Oct.
Nov.

Apr.

May
June
uly
Aug.

1980-Jan.
Feb.
Mar.
Apr;-

May e /
June-

Based on data from Treasury Survey of Ownership.




FHLB

FHLMC

FNMA

22
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

Mortgag e pools
FHLMC

FHLMCGNMAguaranteed guaranteed

1976

75,39$

64,89$

13,737

4,041

44,727

2,393

-2,04:

-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

1978-Jan.
Feb.
Mar.

10,364
8,633
10,326

8,792
8,310
8,566

3,039
2,569
2,703

574
551
619

4,699
4,717
4,691

480
473
553

352
438
494

-130
15
165

970
-463
940

443
333
161

Apr.

May
June

9,448
11,327
10,798

7,953
8,658
8,857

2,380
3,033
3,259

533
614
489

4,456
4,281
4,332

584
730
777

68$
1,182
818

-39
-143
-681

467
1,132
796

379
498
1,008

July
Aug.
Sept.

10,552
11,171
10,369

8,272
9,193
8,369

3,354
3,262
3,049

570
545
498

3,695
4,239
4,154

653
1,147
668

759
921
884

-319
484
-2

815
832
764

1,025
-259
35^

Oct.
Dec.

11,435
11,221
10,851

8,627
9,057
8,651

2,932
3,003
2,793

462
564
295

4,447
4,649
3,877

786
841
1,686

904
583
712

313
104
24

1,143
1,047
1,009

448
430
455

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.
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
July

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

2,671
1,324
394
n.a

890
526
50
886

643 1,187
—483 1,133
-296
•802
n.a.
1,649

1,155
584
193
n.a.

154
-130
30
n.a.

2.006
1,205
1,084
n.a.

140
238
189
n.a.

Nov.

Nov.

—49
148
-168
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 f r o m 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.




21. NET CHANGE IN MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY 1
Billions of dollars, seasonally adjusted annual rates
Residential 2
Quarter

1976-Q1

Q2
Q3
Q4
1977-Q1

Q2
Q3
Q4
1978-Q1

Q2
Q3
Q4
1979-Q1

Q2
Q3
Q4
1980-Q1

Q2p

1

2

Total

Total

1 - to 4family

Multifamily

Multifamily
and
commercial

Commercial

Farm

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

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

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

155.9
164.3
161.3
150.2

117.8
117.9
114.9
114.5

109.0
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

144.5
73.4

104.4
44.0

95.1
37.7

9.3

25.8
14.4

35.0

6.3

14,4
15,0

111.0

-

20.7

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.




24
22. AVERAGE RATES AND YIELDS ON HOME MORTGAGES AND PASS-THROUGH SECURITIES
Secondary market
FHA/VA mortgages

Primary market
Rates on
conventional
loans at
S&L's

Period

Yield in
FNMA
auction

Period

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-Higt
Low

9.20
8.39

4.93
1.96

9
8

8.44
7.57

9.31
8.80

1977-High
Low

9.00
8.65

1977-Hlgt
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-IIigh
Low

10.38
8.98

1978-IIlgt
Low

10.60
9.13

7.13

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-Hlgt
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

7
14
21
28

14.00
15.40
15.70
16.03

Mar. 1C
17
24
31

15.73

14.42
15.35

13.57
13.84
14.17
13.78

17.00

15.93

13
13
13
13

15.34
16.16
16.22
16.05

4
11
18
25

16.35
16.35
16.35
16.25

Apr.

14
14
14
13

13.40
12.96
12.23
11.98

2
9
16
23
30

15.90
14.68
14.15
13.38
13.20

May

6
13
20
27

1980-Mar.

Apr.

14

15.18

6.41

21
28

14.03

5.83

12
19
27
June 2

13.16

0.93

12.59

6.52

13.06
12.85
12.58
12.35

June

9
16
23
3C

12.42

5.59

12.28

4.77

July 3
11
18
25

12.18
12.23
12.18
12.18

July

7
14
21
26

12.53

6.19

12.78

7.63

Aug. 1
8
15
22

12.25
12.25
12.55
12.80

13.58

11.96

14.26

15.40

May

June

Aug.

4
11
18
25

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

11.03

17.51
16.91
15.67

15.78
15.53
15.04
14.52
13.36

12.61

11.26

13.81

11.12

13.27

-1/2

11.52

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

10.89
10.79
10.73
11.42

13.05

12.81

11.60

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

11.42
11.61
11.66
11.71

12.76

11.83
11.94
12.00
12.25

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

12.34
12.84
13.01
13.01

13.34

1
1
1
1

12

11.78

12.84

14.00

12.69
12.48
12.42
12.22
11.93
11.67

12.64
13.00
13.24
13.36

Column 2 is average of contract interest rates on commitments for conventional first mortgages with 8 0 percent loan-to-value ratios made by a sample of
insured S&Ls. Columns 4 and 8 are average gross yield to F N M A 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 F N M A commitment fees and F N M A 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 F H A / V A 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 F H L M C on accepted bids
in its weekly auction of commitments to buy conventional home mortgages for immediate (within 6 0 days) delivery.

^Beginning 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 mortgages do n o t i n c l u d e g r a d u a t e d
payment mortgages.




23. FNMA AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES
Dollar amounts in millions
Date of
auction

Average yield

Offered

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

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

644.2
199.0

354.6
88.5

15.93
12.28

426.0
53.9

133.0
24.1

17.51
12.81

Offered

1978-High
Low

1979-High
Low

1980-High
Low

Conventional mortgages
Average yield
Accepted

FHA/VA mortgages
Accepted

1980-June

9
23

333.1
269.4

146.1
120.4

12.42
12.28

110.1
59.6

43.4
32.6

13.05
12.81

July

7
21

629.0
426.6

256.3
174.0

12.53
12.78

107.4
121.3

58.4
82.5

12.76
12.84

Aug.

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

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

Date of
auction

Offered

Future commitment program
Average yield
Accepted

1979-High
Low

298.0
38.7

150.5
17.9

13.56
10.40

166.6

37.8
13.7

13.89
10.43

1980-High
Low

337.1
24.4

140.4

20.8

16.22
11.60

129.5
38.1

31.2

11.6

17.36
12.13

June 17
24

172.1
224.6

125.0
170.2

11.93
11.60

48.0

23.9

12.13

July

200.3
181.7
155.1
130.8
118.4

11.67
11.83
11.94
12.00
12.25

212.3

25.6

12.89

29

401.4
371.3
351.2
320.4
326.5

5
12
19
26

230.6
180.4
130.2
n. a.

98.7
86.6
67.1
n . a.

12.64
13.00
13.24
13.36

229.9

25.2

14.09

1
8

15
22

Aug.

38.7

*As of June 24, t h e six-month forward program was d i s c o n t i n u e d , and subsequent d a t a r e f e r
to FHLMCs 8-month program.
Offerings in the F N M A auctions of 4-month purchase commitments relate to total bids submitted, and average yields to F N M A 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 F N M A
commitment fees or stock related requirements. Offerings in the F H L M C auctions relate to total bids submitted, and average yields to F H L M C on
accepted bids are net, excluding 37% basis points for mortgage servicing.
Source: F N M A and F H L M C




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

Period

GNMA-guaranteed
New issues

Outstanding
(end of period)

Pass-through securities
FHLMC-guaranteed
New issues

Outstanding
(end of period)

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

Privately insured
New issues

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

1978-Jan.
Feb.
Mar.

1,327
929
1,315

45,890
45,325
46,357

504
470
120

7,033
7,431
7,471

0
10
119

236
243
358

0
0
50

Apr.

823
1,255
999

46,463
47,387
48,033

466
651
1,093

7,861
8,434
9,422

201
135
23

557
689
703

290
75
0

997
1,648
1,203

48,663
50,051
50,844

299
725
394

10,371
10,224
10,512

72
35
33

764
797
822

0
50
0

Dec.

1,762
1,721
1,381

52,095
53,358
54,347

369
581
540

10,987
11,463
11,892

57
36
381

872
897
1,161

0
0

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.
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

408
205
342

4,230
4,424
4,742

50
0
0

Apr.
May
June
July

1,778
1,127
1,320
1,874

82,419
83,385
84,282
n. a .

199
391
232
n. a .

15,613
1-5,949
16,120
n. a .

510
495.
409
469

5,240
5,732
6,139
6,551

0
0
190

May
June
July
Aug.
Sept.
Oct.
Nov.

Nov.

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 F H L M C
against pools of conventional residential mortgages formed by F H L M C . Privately-insured pass-through securities are issued by private institutions against
pools of conventional residential mortgages underwritten by major private mortgage insurance companies.
Source: G N M A , F H L M C , H U D , and Federal Reserve.