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\ M _ Capital Market Developments September 20,1976 Prepared by the CAPITAL MARKETS SECTION in conjunction with the MORTGAGE and CONSUMER FINANCE SECTION DIVISION OF RESEARCH AND STATISTICS BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM Washington, D C 20551 Index SUBSCRIPTION RATES: Weekly $15.00 per year or $.40 each in the United States, its possessions, Canada, and Mexico; 10 or more of the same issue to one address, $13.50 per year or $.35 each. Elsewhere, $20.00 per year or $.50 each. Address requests to Publications Services, Division of Administrative Services, and make payment remittance payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. Currency. TABLES 1 - 6 S E C U R I T Y VOLUME AND Y I E L D S 7, 8 S T O C K MARKET AND S E C U R I T Y CREDIT 9 - 1 6 MORTGAGE MARKET SYMBOLS e P r n.a. — ESTIMATE PRELIMINARY REVISED NOT AVAILABLE DATA DO NOT EXIST I 3 Table 1 YIELDS, VOLUME AND RECEPTION CORPORATE BOND MARKET WEEK ENDING 1976 - J u l y August Sept. YIELDS NEW ISSUE Aaa UTILITY 1 RECENTLY 2 ' OFFERED Aaa UTILITY 3 GROSS OFFERINGS ($ MILLIONS) VOLUME PER CENT SOLD BY END OF WEEK NEW ISSUES 4 IN SYNDICATE ($ MILLIONS) 2 9 16 23 30 8.72 8.58 8.53 8.66 8.72 8.67 8.57 8.55 8.68 8.69 260 248 515 160 158 * 80 85 87 98 97 213 146 139 13 19 6 13 20 27 8.60 8.49 8.47 8.60 8.49 8.46 8.44 299 677 117 190r 96 89 88 92 32 110 124 75 3 10 17 8.38 * 8.28 8.30p 8.38 8.35 8.34p 225 240 423 100 90 99 2 73 7 MUNICIPAL BOND MARKET VOLUME YIELDS WEEK ENDING 1976 - J u l y MOODY'S NEW ISSUE Aaa BOND BUYER 20-80ND INDEX 3 GROSS OFFERINGS ($ MILLIONS) PER CENT SOLD BY END OF WEEK NEW ISSUES 4 IN SYNDICATE ($ MILLIONS) 2 9 16 23 30 5.81 5.75 5.70 5.67 5.62 6.87 6.78 6.78 6.77 6.73 532 492 677 639 559 74 82 75 91 88 204 228 238 212 175 August 6 13 20 27 5.54 5.50 5.52 5.49 6.65 6.60 6.60 6.58 362 490 511 411 93 88 79 91 107 101 167 89 Sept. 3 10 17 5.42 5.40 5.40 6.52 6.52 977 223 89 88 145 107 6.50 781 89 170 NOTES: 1 Federal Reserve series of implied yield on newly issued, Aae-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. Estimated by F.R. on the beiis of evailable data. 3 4 Corporate Market: Salomon Brothers BonS Market Roundup; Municipal Market: Weekly Bond Buyer. Data are adjusted by Federal Reserve when necessary to make coverage of this series consistent with the gross offerings series. — Table 2 HIGH GRADE BOND YIELDS NEW ISSUE Aaa UTILITY DATE 1 RECENTLY OFFERED Aaa UTILITY 2 MOODY'S SEASONED CORPORATE Aaa 3 U.S. GOVT. 20-YEAR CONSTANT MATURITY 4 1972 - High Low 7.60 ( 4 / 2 1 ) 6.99 (11/24) 7.49 (4/21) 7.15 ( 1 2 / 1 ) 7.36 (4/28) 7.05 (2/12) 6.19 (4/14) 5.74 (11/17) 6.54 ( 4 / 1 3 ) 4.96 (10/21) 1973 - High Low 8.-52 ( 8 / 1 0 ) 7.29 ( 1 / 2 1 ) 8.32 (8/10) 7.28 (1/5) 7.77 ( 8 / 2 4 ) 7.11 (1/5) 7.79 (8/10) 6.42 ( 1 / 5 ) 5.59 ( 8 / 3 ) 4.99 (10/11) 1974 - High Low 10.61 ( 1 0 / 4 ) 8.05 (2/15) 10.52 (10/11) 8.13 (1/4) 9.39 (10/11) 7.73 ( 1 / 4 ) 8 . 6 8 (8/30) 7.39 ( 1 / 4 ) 7.15 (12/12) 5.16 ( 2 / 7 ) 1975 - High Low 9.80 (5/2) 8.89 (2/7) 9.71 (5/25) 9.06 (2/28) 9.01 (5/2) 8.57 ( 2 / 2 8 ) 8.63 (9/19) 7.63 (2/21) 7.67 ( 1 0 / 3 ) 6.27 (2/13) 1976 - High Low 8.95 (5/28) 8.28 (9/10)' 9.10 f l / 2 ) 8.34 (9/17) 8.66 (5/28) 8.36 (4/23) 8.17 (5/28) 7 . 8 0 (4/23) 7.29 ( 1 / 2 ) 6.50 (9/161 6 13 20 27 8.60 8.49 8.47 8.60 8.49 8.46 8.44 8.51 8.48 8.42 8.42 7.99 7.93 7.89 7.86 6.65 6.60 6.60 6.58 3 10 17 8.38 8.28 8.30p 8.38 8.35 8.34p 8.41 8.38r 8.39p 7.82 7.81 7.82p 6.52 6.52 6.50 1976 - Aug. Sept. NOTES: Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection. 1 2 Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection released from price restrictions sometime during the last 4 3 4 5 Weekly average of daily closing figures. Weekly average of daily figures. U.S. Treasury data. Thursday figures. The average rating of the 20 bonds used in this index falls midway between the four top groups as classified by Moody's Investors Service. Weekly Bond Buyer data. 5 BOND BUYER 20-BOND INDEX z ^ LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS IN MILLIONS OF DOLLARS GROSS PROCEEDS PERIOD 1 CORPORATE 1976 1 1975 1974 | 2 STATE AND LOCAL 1976 1 1975 | 1974 January February March 3,373 3,827 6,632 5,384 4,528 5,378 3,328 2,687 3,217 2,347 2,707 3,339 2,361 2,387 2,135 2,255 2,003 2,025 April May June 3,382 4,124 4,294 5,798 5,596 3,060 3,164 2,981 2,430 3,477 3,013 2,406 2,900 3,064 2,397 2,304 2,166 July August September 4,327 2,405 2,836 3,248 2,667 1,617 2,572 3,580 2,783 2,159 1,459 1,106 1,701 October November December 4,705 4,068 4,325 4,609 3,739 3,511 2,323 2,381 2,052 2,860 2,483 1,479 03 04 15,290 15,688 9,568 13,098 9,232 9,205 7,532 11,859 6,883 8,370 8,522 6,756 6,283 6,867 4,266 6,822 1st Half 3 Qtrs. Year 30,978 40,546 53,644 15,253 23,775 30,531 13,150 17,416 24,238 01 02 13,832 . * 18,437 25,969 37,828 NOTES: 1 Securities and Exchange Commission estimates of gross proceeds. 2 Securities Industry Association estimates of principal amounts. 8,393 8,920 NEW CORPORATE SECURITY I S S U E S BY TYPE OF ISSUE AND ISSUER IN MILLIONS OF DOLLARS PERIOD 1975 1976 TOTAL GROSS PROCEEDS BY TYPE OF ISSUER GROSS PROCEEDS BY TYPE OF ISSUE BONDS MEMO COMMON OTHER COMMUNIPUBLIC MANUFACAND ISSUES INCLUDED PUBLICLY PRIVATELY CATIONS ISSUERS UTILITY TURING OFFERED PLACED FOREIGN [CONVERTIBLE STOCK I I I I I IV 15,688 9,568 13,098 10,510 5,428 5,816 1,576 2,085 4,166 3, 602 2, 054 3 116 f 1,902 1,035 ,1,225 656 463 215 6,699 2,4 20 3,480 I 13,832 7,554 2,734 - 3 , 544 1.,340 257 4,477 4,407 3,327 3,424 1,,190 679 1 ,215 3,392 3,142 4,981 4,044 765 4,544 C / 1975 May 5,798 5,596 3,796 3,943 502 651 July Aug. Sept. 4,327 2,405 2,836 2,658 1,356 1,414 4,705 4,068 4,325 3,373 3,827 6,632 Oct. Nov. Dec. 1976 - J a n . Feb. Mar. Apr. May 3,382 4,124 ,500 1 ,002 475 425 315 211 2,650 2,318 1,549 1,478 413 362 1,188 1,437 1.014 486 585 654 563 837 925 425 300 38 1,120 681 619 1,039 1,024 1,264 270 112 297 . 1,897 588 657 2,389 1,666 1,761 769 1,630 1,767 1 ,547 772 797 102 825 975 154 952 1,103 1,425 1,247 1,275 902 928 55 232 1,579 1,635 1,767 2,189 2,127 3,238 2,350 1,959 614 773 1,347 570 927 2 ,047 605 335 400 121 15 121 1,064 1,168 2,245 1,097 789 2,158 16 171 578 *1,19? 1,69? 1,650 611 975 521 1 ,190 428 350 37 15 567 1,660 641 1,148 448 10 1,827 1,307 1 NOTES: 1 Other issuers ere extractive, railroed and other transportation, real estate and finance, and commercial and other. ® Source: Securities end Exchange Commission. 61 1 Table 5A INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 August 30, t h r u September 17, 1976 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE OFFERING YIELD MOODY'S RATING 8.53 8.82^ 7.13-8.13 A/A A/a -/AA CORPORATE Amco S t e e l Corp. V i r g i n i a E l e c t r i c & Power N a t i o n a l R u r a l U t i l . Coop. F i n . Corp. Wendy's I n t e r n e t ' 1 I n c . P o r t l a n d General E l e c . Co. Appalachian Power P u b l i c S e r v i c e E l e c t r i c & Gas Montgomery Ward C r e d i t Corp. Canal E l e c t r i c Co. General Telephone of Michigan P u b l i c S e r v i c e E l e c . & Gas Co. Gulf Resources & Chemical Corp. P a c i f i c Gas & E l e c t r i c Minnesota Power & L i g h t Co. Northwest Bancorp. C o n s o l i d a t e d N a t u r a l Gas P.R. Mallory & Co. Minnesota Power & L i g h t Columbus & Southern Ohio E l e c t r i c P r i v a t e Export Funding Corp. M i d l a n t i c Banks I n c . P e n n s y l v a n i a Power Co. *E1 Paso Co. Debt 1 s t Mtg. Coll T r . Com. S t k . Com. S t k . 1 s t Mtg. 1 s t Mtg. Notes 1 s t Mtg. Debt Pfd s t k Pfd s t k Com s t k Pfd s t k iNotes v l s t Mtg. SF debt 1st Mtg. 1st Mtg. Notes Notes 1st Mtg. Gvt. g t d . NOTES: « Rights offering. 1 Includes only corporate and other security offerings of $16 million and over; excludes 100.0 100.0 25.0 20.2 30.0 70.0 60,0 50.0 35.0 25.0 50.0 25.0 168.8 15.0 75.0 75.0 30.0 35.0 35.0 100.0 20.0 15.0 45.4 2001 2006 1978-1981 2006 2006 1986 2006 2006 1986 1996 1996 2006 2006 1981 1983 2006 2001 and secondary offerings. 8.50 8.75 9.50 8.45 8.63 8.85 8.50 8.70 9.45 8.45 8.72 8.75 8.50 8.70 8.00 Baa/BBBAa/AA Baa/BBB Aa/A A Aa/A Ba/BB 8.90 7.88 8.38 8.88 8.70 8.88 7.25 8.88 8.75 8.15 8.90 7.89 8.38 8.88 8.70 8.85 7.25 8.88 8.65 8.15 A/A Aa/AA Aa Baa/BBB A A/BBB+ Aaa A A -/AAA Table 5A Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS O T H E R T H A N U.S. T R E A S U R Y AMOUNT (MILLIONS OF DOLLARS) COUPON RATE OFFERING YIELD MOODY'S RATING CORPORATE *E1 P a s o Gvt.gtd. Other E l e c t r i c i t e De F r a n c e Notes 22.1 1986 100.0 1986 -/AAA 8.90 8.90 INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' August 30, t h r u September 17, 1976 ISSUER STATE AND LOCAL Hawaii, S t a t e of C e n t r a l Washington H l t h Serv. Assoc. C e n t r a l Washington H l t h . Serv. Assoc. C e n t r a l Washington H l t h . Serv. Assoc. 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. M a r s h a l l C o . , W. Va. I l l i n o i s , S t a t e of Washington P u b l i c Pwr. Supply Sys. Washington P u b l i c Pwr. Supply Sys. Washington P u b l i c Pwr. Supply Sys. A t l a n t a , Ga. New J e r s e y Hsg. Finance Agy. New J e r s e y Hsg. Finance Agy. New J e r s e y Hsg. Finance Agy. T e n n e s s e e , S t a t e of Washington, S t a t e of S t . Paul P o r t Auth. Minn. S t . Paul P o r t Auth. Minn. S t . Paul P o r t Auth. Minn. S t . Paul P o r t Auth. Minn. West V i r g i n i a Hsg. Dev. Fund Wayne Co. Comm. College D i s t . , Mich. TYPE G.O. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. Rev. Rev. Rev. G.O. Rev. Rev. Rev. G.O. G.O. Rev. Rev. Rev. Rev. Rev. G.O. 2 AMOUNT (MILLIONS OF DOLLARS) 26.4 4.4 1.9 6.0 27.9 34.8 12.3 50.0 125.0 41.8 67.0 71.2 18.9 7.5 5.1 53.4 111.0 59.8 15.8 11.2 28.8 10.3 10.5 29.0 MATURITY 1977-2011 1980-1989 1993 . 2006 1979-1991 1999 2001 2006 1977-2001 1981-1998 2010 2017 1977-2001 1979-1990 ; 1995 2015 1977-1996 1977-2002 1980-1991 1996 2004 2006 1977-1986 1981-1992 NET INTEREST COST 6.14 7.35 7.35 7.35 7.69 7.69 7.69 8.34 5.23 6.37 6.37 6.37 5.71 7.41 7.41 7.41 4.98 5.54 7.57 7.57 7.57 7.57 5.73 6.88 OFFERING YIELD 3.25-6.40 5.00-6.80 7.00 7.50 5.00-7.40 7.63 7.64 8.25 2.90-6.10 4.15-5.90 6.50 6.60 3.20-6.10 4.50-6.40 7.00 7.41 3.00-5.70 3.10-5.95 4.75-7.00 7.25 7.75 7.78 3.50-5.75 5.00-7.00 MOODY'S RATING Aa A A A A A A Aaa Aaa Aaa Aaa Aa , A-l A-l A-l Aaa Aa —— —— - - - A-l A NOTES: 1 2 3 Includes only state and local security offerings of $10 million and over; excludes secondary offerings. In case of State and local government securities, G O denotes general obligation; Rev. Ut., revenue obligations secured only by income from public utilities; Rev.-Q.-Ut., reveniue bonds secured only by income from quesi-utilities; Rev-S T., revenue bonds secured by revenue from specific taxes only; Rev. Rent., revenue bonds secured solely by lease payments. Includes foreign government and International Bank for Reconstruction and Development issues and non-guaranteed issues by Federal Agencies. INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY August 30 through September 17, 1976 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S RATING STATE AND LOCAL New Hampshire Hsg. Finance Agy. New Hampshire Hsg. Finance Agy. South Dakota Hlth & Educ. Fac. Auth. South Dakota Hlth & Educ. Fac. Auth. Connecticut Resources Rec. Auth. Connecticut Resources Rec. Auth. W i c h i t a , Kansas B u r l i n g t o n Co., N. J . J e f f e r s o n P a r i s h , La. J e f f e r s o n P a r i s h , La. New York S t a t e Hsg. F i n . Agy. New York S t a t e Hsg. F i n . Agy. Colorado Hsg. Finance Auth. Sacramento Mun. U t i l i t y D i s t . , Cal. M a s s a c h u s e t t s Hsg. F i n . Agy. M a s s a c h u s e t t s Hsg. F i n . Agy. I l l i n o i s Health Fac. Auth. I l l i n o i s Health Fac. Auth. Nekoosa, Wise. Nekoosa, Wise. Montgomery C o . , Ohio Montgomery Co., Ohio Montgomery Co.l Phio Wisconsin Hsg. Finance Auth. Wisconsin Hsg. Finance Auth. Wisconsin Hsg. Finance Auth. South C a r o l i n a , S t a t e of Rev Rev Rev Rev Rev Rev Rev G.O. G.O. G.O. . Rev Rev Rev G.O. Rev Rev Rev Rev Rev Rev Rev Rev Rev Rev Rev Rev G.O. 25.9 13.2 4.9 16.8 23.0 30.0 32.4 11.0 8.0 2.1 18.3 130.8 18.9 25.0 4.3 36.7 3.8 9.9 1.0 14.5 8.8 6.2 22.0 6.4 6.1 20.4 70.0 1977-1996 2008 1979-1992 2007 1979-1991 1999 1977-1993 1977-1991 1978-2000 1978-2000 1977-1986 2006 1977-1985 1978-1981 1978-1991 2017 1979-1992 2006 1991 2006 1980-1991 1996 2006 1978-1996 2005 2019 1977-1991 6.17 6.17 7.72 7.72 6.60 6.60 —— 5.18 5.62 5.84 8.45 8.45 5.40 4.08 7.80 7.80 7.49 7.49 — —— —— —— 6.99 6.99 6.99 4.64 3.50-6.50 6.88 4.50-6.90 7.75 4.10-6.35 6.75 3.50-6.20 3.25-5.50 3.75-6.35 4.00-6.60 5.50-7.50 8.50 3.40-5.50 3.40-4.15 4.75-7.20 7.75 4.50-7.00 7.50 6.00 6.75 4.75-7.00 7.38 7.75 4.00-6.60 6.84 7.06 3.00-5.05 A-l A-l A A A-l A-l A Aa A Baa-1 A A A-l Aa A-l A-l A A A A A-l A-l A-l A-l A-l A-l Table SB Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY August 30 through September 17, 1976 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S RATING STATE AND LOCAL Sacramento Reg. Co. S a n i t a t i o n D l s t . , Cal. New J e r s e y , S t a t e of Beaver Co. I n d u s t . Dev. A u t h . , Pa. G.O. G.O. Rev 25.0 75.0 15.0 1981-2005 1978-1996 2011 5.59 5.35 4.10-5.80 3.50-5.80 6.90 Aa Aa A P 12 Table 6A FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of September 17, 1976 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING CORPORATE B a l t i m o r e Gas & E l e c t r i c Co. F i r s t City Bancorp of Texas New J e r s e y B e l l T e l e . Kansas Gas & E l e c t r i c Co. Kansas Gas & E l e c t r i c Co. Utah Power & L i g h t Texas Gas Transmission Co. Utah Power & L i g h t Gould I n c . I n t e r s t a t e Power Co. I n t e r s t a t e Power A t l a n t i c C i t y E l e c t r i c Co. Pan American World Airways *Flying Tiger Lines, I n c . Montana Dakota U t i l i t i e s *Enserch Corp. *Arco Pipe Line Co. *Arco P i p e Line Co. Household Finance Corp. Household Finance Corp. N a t i o n a l Can Corp. B a r n e t t Banks of F l o r i d a I n c . Consumers Power Co. BankAmerica *Chesapeake & Ohio Ry. P h i l a d e l p h i a E l e c . Co. Houston L i g h t i n g & Power Co. C a r o l i n a Power Co. Duke Power Co. C e n t r a l I l l i n o i s Pub. S e r v i c e Co. F l o r i d a Power & L i g h t * F l o r i d a Power Corp. *New York Telephone Co. * I l l i n o i s Power Co. C i n c i n n a t i Gas & E l e c t r i c *Union P a c i f i c Ry. P u b l i c S v r . New Hampshire 1 s t Mtg. Com s t k Debt 1 s t Mtg. Pfd stk Com s t k 1 s t Mtg. 1 s t Mtg. Com s t k Com s t k 1st Mtg. Com s t k Conv. d e b t . Debt 1 s t Mtg. SF Debt Notes Notes Debt Debt Pfd stk Notes 1 s t Mtg. Com s t k --—x Equip, t r . Com s t k 1 s t Mtg. Com s t k 1 s t Mtg. 1 s t Mtg. Pfd s t k 1 s t Mtg. Debt Com s t k 1 s t Mtg. Equip t r . Com s t k NOTES: Included in table for first time. * 1 Includes only corporate and other security issues of $15 million and 75 .0 25 .0 100 .0 25 .0 20.0 30 .0 50 .0 40 .0 20 .0 20 .0 25 .0 20 .0 50 .0 60 .0 20 .0 50 .0 150 .0> 150 .0 75..0 100..0 15..0 15,.0 60..0 327,,0 15.,0 60.0 125.0 60. 0 100. 0 50. 0 75. 0 80. 0 150. 0 50. 0 75. 0 15. 0 20. 0 Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept.' Sept. Sept. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. 20 20 21 21 22 22 22 22 28 28 28 29 30 30 30 6 6 6 6 7 13 13 14 14 19 19 19 20 21 21 13 FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of Sentember 17, 1976 ISSUER CORPORATE TYPE Other » *H ydro Quebec * O s t e r r e i c h i s c h e Kontrollbank Mexico *European Economic Community *New Brunswick APPROXIMATE DATE OF OFFERING • *Southwestern Investment Co. Applied D i g i t a l Data S y s t . *Enserch Corp. Southern Union Co. Ohio—A-T-0 I n c . Postponed: RCA AMOUNT (IN MILLIONS OF DOLLARS) Notes Com s t k Com s t k ( r t s ) SF Debt SF Debt 20.0 18.0 36.0 25.0 20.0 Oct. Oct. Oct. Indef. Indef. Debt Bonds Bonds Notes Debt 250.0 50.0 50.0 100.0 75.0 Sept. Sept. Sept. Oct. Oct. 22 28 Com s t k 144.0 Sept. 20 7 14 11] Table 6B FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of September 17, 1976 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING STATE & LOCAL *Pima Co., Arizona S u f f o l k Co., Water A u t h . , N.Y. Vermont Hsg. Finance Agy. Vermont Hsg. Finance Agy. Shelby Co., Tenn. Ohio, S t a t e of San F r a n c i s c o , Cal. *York Co. I n d u s t . Dev. Auth. Pa. New York S t a t e Power Auth. Pennsylvania Hsg. Finance Agy. Maine Municipal Bond Bank *Albany, N.Y. *Tompkins Co., N.Y. Boston, Mass. *0wensboro, Ky. Texas, S t a t e of F l o r i d a S t a t e Bd. of Ed. *New B r i t a i n , Conn. *Houston, Texas D a l l a s , Texas Cleveland, Ohio Putnam Co., W. Va. * 0 y s t e r Bay, N.Y. Kansas, S t a t e of Memphis, Tenn. Madison, I n d . M a s s a c h u s e t t s , S t a t e of *0akland U n i f i e d Sch. D i s t . , Cal. Lower Colorado River A u t h . , Texas * F a i r f i e l d , Conn. Wisconsin, S t a t e of New O r l e a n s , La. Maryland, S t a t e of *Clark Co., Sch. D i s t . , Nev. Bay Co., F l a . G.O. Rev Rev Rev G.O. G.O. G.O. Rev Rev Rev Rev G.O. G.O. G.O. Rev G.O. Rev G.O. Rev Rev G.O. Rev G.O. Rev Rev Rev G.O. G.O. Rev G.O. G.O. G.O. G.O. G.O. Rev 15.0 12.5 12.1 11.8 27.0 70.0^ 60.p 14.3 150.0 60.0 27.0 17.7 24.0 35.0 55.0 40.0 75.0 10.6 25.0 25.0 25.0 25.0 12.8 64.0 180.0 50.0 116.0 15.8 30.0 11.2 40.0 12.4 145.5 11.4 15.0 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. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. NOTES: 1 • Includes state and local government issues of $10 million and over, foreign government. International Bank for Reconstruction issues of Federally sponsored agencies; excludes secondary offerings. Included in the table for the first time. 20 21 21 21 21 21 21 21 21 22 22 23 23 23 24 27 28 29 29 29 29 29 30 30 5 5 5 6 6 6 13 14 14 Table 7 STOCK PRICES AND VOLUME NYSE INDEX Sept. 1 STOCK PRICES ATE 3 ] DJ INDUSTRIALS AMEX 4 | NYSE 136.84 ( 1 / 1 1 ) 26.0 ( 9 / 2 0 ) 89.12 (12/13) 9 . 0 ( 8 / 2 0 ) | AMEX 5.5 (1/12) *,1.4 ( 8 / 2 0 ) | NASDAQ 11.3 (1/11) 3.5 (8/27) High Low 65.58 (1/11) 49.12 (12/13) 1051.50 ( 1 / 1 1 ) 788.31 (12/5) 130.47 ( 1 / 1 1 ) 85.26 ( 1 2 / 2 0 ) High Low 53.37 (3/13) 32.89 (10/3) 891.66 ( 3 / 1 3 ) 577.60 ( 1 2 / 6 ) 102.01 ( 3 / 1 4 ) 58.26 ( 1 2 / 9 ) 96.53 (3/15) 54.87 ( 1 0 / 3 ) 24.9 (1/3) 7.5 (7/5) 4.4 (1/3) .9 ( 9 / 2 6 ) 7.5 (1/3) 2.8 (7/5) High Low 51.24 ( 7 / 1 5 ) 37.16 (1/8) 881.81 (7/15) 632.04 ( 1 / 2 ) 96.86 ( 7 / 1 5 ) 62.,20 ( 1 / 2 ) 88.00 (7/15) 60.70 (1/2) 35.2 (2/13) 8.7 (9/15) 4.2 (2/21) 1.1 (9/15) 8.1 (2/13) 2.5 (9/15) High Low 56.61 (7/14) 48.04 ( 1 / 2 ) 1011.21 ( 7 / 1 2 ) 858.71 (1/2) 107.05 ( 7 / 1 2 ) 84.31 (1/2) 92.52 ( 7 / 1 5 ) 78.06 ( 1 / 2 ) 44.5 (2/20) 10.3 (1/2) 8.6 (2/20) 1.1 (1/2) 11.1 ( 2 / 2 0 ) 3.5 (1/2) 2 9 16 23 30 55.57 56.06 55.94 55.63 55.26 999.84 1003.11 993.21 990.91 984.64 105.17 106.57 106.02 111.10 103.67 90.88 91.48 92.40 91.60 91.29 19.8 20.0 23.9 17.4r 14.6 2.3 2.1 2.5 2. l r 1.6 5.8 6.2 6.9 6.0 5.2 6 13 20 27 56.46 55.69 54.71 54.23 986.00 990.19 974.07 963.93 103.41 103.80 101.79 101.43 91.64 91.81 90.19 89.14 17.1 15.7 17.3 16.2 1.7 1.6 1.9 1.7 5.3 5,4 5.6 5.1 3 10 17 55.65 55.86 56.69 989.11 988.45 995.10 102.60 91.02 16.0 1.5 103.03 103.38 91.19 91.61 16.5 17.1 1.5 1.5 5.6 5.4 6.1 NOTES: 1 Figures ether than Mghi and lows ere Friday* only. High* end lows are for the year and are not necessarily for Fridays. 2 Volume figures are weekly averages of deify figures (millions of shares). 3 4 TRADING VOLUME NASDAQ 12/31/66-60 Based on average price change until September 4, 1973 thereafter, based on market value of shares listed. 16 Table 8 SECURITY CREDIT REGULATED MARGIN CREDIT EXTENDED BY END OF PERIOD BROKERS ON 1 MARGIN STOCK BROKERS ON % CONVERTIBLE BONDS 3 BANKS 1IUOCZ11II ATCn UAUIIAD/1IU UNntVaULAIcU NUNMAnUIN STOCK CREDIT AT BANKS OUTSTANDING 4,700 4,990 5,300 5,220 5,250 5,300 5,370 5,390 140 146 143 142 145 144 146 147 819 844 820 832 852 1,007 1,008 960 1,883 2,434 2,387 2,457 2,520 2,311 2,270 2,281 5,420 5,950 6,410 6,690 6,940 7,080 7,340 146 153 162 163 161 166 172 1,000 1,037 1,042 1,076 1,007 1,028 n.a. 2,321 2,333 2,355 2,325 2,357 2,368 1975 - May June July Aug. Sept. Oct. Nov. Dec. 340 290 310 -80 30 50 70 20 2 6 -3 -1 3 "I 2 i 1 -5 25 -24 12 20 155 1 -48 -2 551 -47 70 63 -209 -41 11 1976 - J a n . Feb. Mar. Apr. May June July 30 530 460 280 250 140 260 -1 7 9 1 -2 5 6 40 37 5 34 -69 21 1975 - May July Aug. Sept. Oct. Nov. Dec. 1976 - J a n . Feb. Mar. Apr. May June July CHANGE IN OUTSTANDING NOTES: >x X 40 12 22 -30 32 11 n.a. . 1 2 Margin account debt as reported by the New York Stock Exchange, excluding credit fdr subscription issues and convertible bonds. New York Stock Exchange data. 3 June data for .banks are universe totals; all other data for banks represent estimates for all commercial banks based on reports by a reporting sample, which accounted for 60 per cent of security credit outstanding at banks on June 30. 4 Nonmargin stocks are those not listed on a national securities exchange and not included on the Board of Governors of the Federal Reserve System's list of OTC margin stocks. At banks, loans to purchase or carry nonmargin stocks are unregulated; at brokers, such stocks have no & 4 Table 9 SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS IN MILLIONS OF DOLLARS SAVINGS & LOAN ASSOCIATIONS MUTUAL SAVINGS BANKS REGULAR DEPOSITS NET FLOW ANNUAL 3 GROWTH RATE NET NEW MONEY SHARE CAPITAL NET FLOW 5,378 5,451 -442 -2,822 4,757 27,793 32,567 20,237 16,053 43,118 1,394 114 4,332 1976 - January February March April May June July j3 / 1,037 1.017 2,029 586 801 1,195 623 810 787 866 352 561 -55 350 1975 - December 663 1971 1972 1973 1974 1975 1975 - December 1976 - January February March April May June July 2./ 9,621 10,067 4,815 2,909 11,070 1,039 796 1.018 917 1,024 575 1,426 13.5 12.4 5.3 3.0 11.3 7.0 11.4 8.7 11.0 9.8 10.8 6.0 14.9 ANNUAL 3 GROWTH RATE 19.0 18.7 9.8 7.0 17.7 -- 5,376 3,946 -7,070 -2,797 -3,049 — 5,042 — 3,517 -SEASONALLY ADJUSTED 12.3 2,926 4,232 3,658 4,078 3,676 3,642 2,861 5,016 17.7 15.0 16.5 14.7 14.4 11.2 19.4 NET NEW MONEY 20,653 23,884 10,507 4,668 29,276 NET FLOW 37,414 42,634 25,052 18,962 54,188 ANNUAL 3 GROWTH RATE 17.2 16.7 8.4 5.8 15.9 NET NEW MONEY 26,331 29,335 10,062 1,846 34,033 968 5,726 1,082 5,108 3,719 3,687 2,583 2,835 1,353 3,282 6,413 4,963 9,099 3,383 3,850 6,237 4,140 5,918 4,497 4,553 3,935 3,396 1,298 3,632 3,559 10.8 5,271 4,454 5,096 4,593 4,666 3,436 6,442 15.9 13.3 15.0 13.4 13.4 9.8 18.2 NOTES: 1 Regular deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of total deposits. 2 New deposits net of both withdrawals and interest. Data for S&L's are for insured associations only, which represent 96 per cent of industry total resources. 3 Annual yowth 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. H.16 18 Table 10 MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS BILLIONS OF DOLLARS, SEASONALLY ADJUSTED NET CHANGE MUTUAL ALL SAVINGS SAVINGS BKS & LOAN ASSOCIATIONS (N Y. STATE) OUTSTANDING COMMITMENTS MUTUAL ALL SAVINGS SAVINGS BKS & LOAN TOTAL ASSOCIATIONS (N Y. STATE) 1972 - Dec. 25.2 20.3 4.9 .45 .43 .02 1973 - Dec. 19.9 16.4 3.5 .04 .21 -.17 1974 - Dec. 14.6 12.4 2.2 .09 -.09 -.03 -.11 .50 1.18 .55 .25 .92 1.21 .90 .01 .35 .04 .08 .14 .39 1.17 .49 .21 .94 1.10 .96 .07 .42 .08 .06 .61 .48 .38 .48 .27 .50 .02 .67 .27 .29 .44 .29 .45 1975 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1976 - J a n . Feb. Mar. Apr. May June July 17. 1Z.9 19 , zO.O 20.1 20.4 20.4 12.5 12.6 13.0 14.2 14.7 14.9 15.9 16.9 17.9 18.0 18.4 18.5 2.1 1.9 2.0 2.0 2.1 2.1 2.1 2.2 2.1 2.1 2.0 2.0 20.5 21.1 21.5 21.9 22.5 22.6 23.2 18.5 19.2 19.4 19.7 20.2 20.4 20.9 2.0 1.9 2.1 2.2 2.3 14.6 14.5 15.0 10.9 2.2 2.3 -.01 -.24 .11 .01 .06 .04 -.02 .11 -.06 -.06 -.07 .04 .04 -.06 .21 '.04 -.02 .05 NOTES: Based on data from Federal Home Loan Bank Board and Savings Banks Association of New York State. Both series include a minor amount of nonresidential commitments; S&L commitments also include loans in process. Net changes are derived directly from unrounded end-of period outstanding levels as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding. 19 Table 11 NET NEW MONEY BORROWINGS BY MAJOR HOUSING AGENCIES IN MILLIONS OF DOLLARS PERIOD 1973 - J u l y Aug. Sept. Oct. Nov. Dec. 1974 - J a n . Feb. Mar. Apr. May July Aug. Sept. Oct. Nov. Dec. 1975 - J a n . Feb. Mar. Apr. May July Aug. Sept. Oct. Nov. Dec. 1976 - J a n . Feb. Mar. Apr. May June July TOTAL INCLUDING SHORT-TERM DISCOUNT NOTES INTERMEDIATE AND LONG-TERM ISSUES TOTAL 0HLB +1,475 +1,693 +1,910 / +1,946 +11 +598 +1,528 +1,349 +1,850 +1,950 -150 +256 +998 +1,349 +1,500 +1,300 -671 -695 +424 +508 +1,442 +2,699 +1,804 +878 +2,768 +1,665 -89 +507 -756 -657 +450 -4 +992 +2,250 +1,499 +200 +2,750 +1,599 +93 +961 -4 +992 +1,500 +1,000 +400 +1,700 +1,499 -217 +470 -242 -659 +440 0 -1,568 +330 +236 -398 215 587 152 669 -5 -254 + 689 +69 -1,279 + 600 + 300 -700 100 850 200 600 -4 -554 -11 -30 -1,279 0 0 -700 0 +150 0 0 -197 -1,160 447 131 -946 -101 -49 0 -800 -100 700 -600 -200 300 0 -1,100 0 0 -600 0 0 FNMA — +530 — —— — +350 +650 —— — -150 —— — — +256 -800 -657 —— +44 -53 +344 +60 -4 +161 +342 +1,050 +100 +310 +491 +85 -38 -26 +512 +450 +449 +305 +678 +18 +66 -182 -454 + 300 0 -1 0 0 0 0 0 0 200 0 -1 0 + 700 + 100 0 + 600 + 300 0 100 700 0 600 -237 -405 -249 -69 -289 -270 -64 302 115 -263 -48 69 0 0 200 0 0 0 0 0 300 -300 700 0 -200 300 -197 -360 -547 -569 -346 99 -349 —— +450 *— Based on data from the Treasvry Survey of Ownership. 1/ Sales of FHLB discount notes began in Hay 1974. j)/ Preliminary. VHLMC FNMA & FHLB SHORT-TERM DISCOUNT , NOTES 1 / —— — —— — —— -200 —— +750 +499 —— Table 12 20 NET CHANGE IN MORTGAGE H O L D I N G S IN MILLIONS OF DOLLARS PERIOD TOTAL INCLUDING FNMA-GNMA FINANCIAL INSTITUTIONS TOTAL COMMERCIAL BANKS MSB's S & Ls INSURANCE COMPANIES Not Seasonally Adjusted 41,647 57,587 58,372 42,748 43,775 39,259 55,561 55,072 36,526 38,936 1975 - O c t . Nov. Dec. 4,981 3,584 4,906 4,332 3,218 4,248^ 1976 - J a n . Feb . Mar. Apr. May 2,212 3,534 4,691 4,752 4,878 5,883 1,802 3,270 5,531 5,088 5,412 6,526 July 9,940 16,800 19,600 11,700 4,200 3,938 5,377 5,642 2,172 2,236 23,919 31,932 25,552 17,560 29,400 1,221 1,452 4,278 5,078 3,100 900 500 600 226 200 366 2,996 2,323 2,774 210 195 508 300 600 900 900 1,100 1,100 1,000 87 106 324 309 240 449 1,378 2,416 4,069 4,171 4,032 4,815 4,238 37 148 238 -292 40 162 Seasonally Adjusted 1975 - O c t . Nov. Dec. 5,353 4,265 5,283 4,842 3,910 4,548 923 614 877 273 214 294 3,490 2,949 3,360 156 133 17 511 355 735 1976 - J a n . Feb. Mar. Apr. May June July 691 748 ,879 ,373 ,071 ,478 3,205 4,333 5,565 4,535 4,414 5,043 687 962 987 762 826 699 968 184 249 320 301 195 303 2,189 2,848 3,844 3,771 3,232 3,894 3,786 145 274 414 -299 161 147 486 415 -686 -162 -343 -565 47 NOTES: 1 Monthly data for commercial banks based on Federal Reserve estimates benchmarked to Call Report data on real estate loans outstanding as available. Other data derived from mortgage debt outstanding as reported separately by National Assn. of Mutual Savings Banks, Federal Home Loan Bank Board, Institute of Life Insurance and, through August 1968, the Federal National Mortgage Association, and thereafter by FNMA and the Government National Mortgage Association. Data for mutual savings banks and for Life Insurance companies may differ somewhat from those derived from regular quarterly series because of minor conceptual differences for which adjustments are not made in the monthly series. Altogether, these groups accounted for 83 per cent of the net increase estimated for all holders in 1974. 2 Beginning January 1972 data reflect activity in limited amount of conventional mortgages. Tab.e 13 21 NET INCREASE IN MORTGAGE DEBT OUTSTANDING 1 IN BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL RATES4 2 QUARTER TOTAL 3 RESIDENTIAL TOTAL ( | 1- to 4FAMILY MULTIFAMILY COMMERCIAL MULTFAMLY A COMMERCIAL FARM 1969 - I II III IV 31.7 28.9 25.7 25.4 23.3 21.3 18.7 18.0 18.9 16.7 14.0 12.2 4.4 4.7 4.7 5.7 6.2 5.3 5.3 6.0 10.6 10.0 10.0 11.7 2.2 2.2 1.8 1.4 1970 - I II III IV 20.7 22.7 28.4 32.5 15.7 16.7 21.2 23.4 11.1 11.5 14.9 17.1 4.6 5.2 6.3 6.3 3.5 4.5 5.1 7.0 8.1 9.7 11.4 13.2 1.5 1.5 2.1 2.2 1971 - I II III IV 37.2 46.7 52.1 56.3 27.4 34.9 38.1 43.1 18.7 25.6 28.4 33.6 8.7 9.4 9.7 9.5 7.6 9.4 11.6 10.8 16.3 18.7 21.4 20.4 2.2 2.4 2.3 2.4 1972 - I II III IV 62.8 61.7 63.9 72.1 47.7 45.5 46.2 51.5 38.0 35.8 37.4 42.6 9.7 9.7 8.8 8.9 12.4 13.7 15.1 18.2 22.1 23.3 23.9 27.1 -2.6 2.6 2.7 2.4 1973 - I II III IV 83.4 72.4 70.6 61.4 59.7 50.4 48.9 39.5 51.1 39.6 40.1 32.6 8.7 10.8 8.8 6.9 19.7 18.0 18.1 18.0 28.3 28.8 26.9 24.9 4.1 3.9 3.7 3.9 1974 - I II III IV 60.2 62.3 52.0 43.0 37.7 38.9 31.8 25.9 29.4 32.4 26.1 21.6 8.3 6.5 5.7 4.3 18.9 18.6 14.3 11.3 27.2 25.0 20.0 15.6 3.6 4.8 5.9 5.7 1975 - I II III IV 35.4 45.7 58.2 69.8 21.1 31.7 39.9 49.9 19.4 30.9 38.6 49.9 1.7 0.9 1.4 9.1 9.7 13.9 14. 8 10.8 10.6 15.3 14.8 5.1 4.3 4.4 5.1 1976 - I 71.5 54.0 49.9 4.1 12.0 5.4 NOTES: 1 Derived from data on mortgage debt outstanding from Federal Deposit Insurance Corporation, Federal Home Loan Bank Board, Institute of Life Insurance, National Association of Mutual Savings Banks, Departments of Commerce and Agriculture, Federal National Mortgage Association, Federal Housing Administration, Veterans Administration and Comptroller of the Currency. Separation of nonfarm mortgage debt by type of property, where not available, and interpolations and extrapolations, where required, estimated mainly by Federal Reserve. 2 May differ somewhat from related flow of funds series mainly because of more aggregative type of seasonal adjustment. 3 Residential mortgage debt includes nonfarm only and is sum of 1 to 4- family and multifamily mortgage debt. 4 * Data r e v i s e d A p r i l 12 due t o r e e s t i m a t i o n of s e a s o n a l f a c t o r s . Less t h a n . 0 5 . PRIVATE HOUSING PERMITS, S T A R T S , COMPLETIONS, AND MOBILE HOME SHIPMENTS IN T H O U S A N D S OF UNITS, S E A S O N A L L Y A D J U S T E D A N N U A L RATES PERMITS 1 1 —FAMILY STARTS 2 - O R MORE FAMILY COMPLETIONS 2 - O R MORE 2 - O R MORE FAMILY FAMILY 1969 1970 1971 1972 1973 1974 1975 1,324 1,352 1,925 2,219 1,820 1,074 924 626 647 906 1,033 882 644 668 698 705 1,018 1,186 937 431 257 1,407 1,434 2,052 2,357 2,045 1,388 1,161 811 813 1,151 1,309 1,132 888 893 656 621 901 1,048 914 450 269 1,399 1,418 1,706 1,972 2,014 1,692 1,296 808 802 1,014 1,143 1,174 932 866 592 617 1975 - O c t . Nov. Dec. 1,111 1,127 1,091 794 814 812 317 313 279 1,431 1,381 1,283 1,093 1,048 962 338 333 321 1,115 1,386 1,329 738 992 993 377 394 336 1976 - J a n . Feb. Mar. Apr. May 1,147 1,165 1,188 1,082 1,158 1,050 1,219 851 863 882 803 807 829 875 296 302 306 279 351 321 344 1,236 1,547 1,417 1,367 1,422 1,527 1,387 957 1,295 1,110 1,055 1,065 1,149 1,128 279 252 307 312 357 378 259 1,213 1,299 1,399 1,266 1,350 1,355 1,248 926 953 1,032 986 934 1,039 991 287 346 367 July Aug. Sept. Oct. Nov. Dec. 692 828 840 760 430 280 416 316 257 NOTES: Private building permits (for 14,000 areas with permit systems, excluding farm), starts, and completions are Census Bureau data. A dwelling unit is started when excavation begins. In the case of apartment buildings all units are considered started at that time; however, all such units are considered completed when more than half of the units in the structure are ready for use. Private mobile home shipments are Mobile Home Manufacturers Association data converted to seasonally adjusted annual rate by Census Bureau. 1 Permit data for 1969 and 1970 based on 13,000 areas with permit systems w ^ Table 15 AVERAGE RATES AND YIELDS ON HOME MORTGAGES CONVENTIONAL LOANS PRIMARY MARKET NEW HOMES EXISTING HOMES 1 PERIOD RATE (IN PER CENT) SPREAD (BASIS POINTS) 1 RATE (IN PER CENT) SPREAD BETWEEN RETURNS ON NEW Aaa NEW HOMES CONVENTIONAL UTILITY 1 AND HUD(FHA) BOND DISCOUNT NEW HOME YIELD SPREAD YIELD (IN PER CENT) (BASIS (PERCENTAGE MORTGAGES (IN PER CENT) (BASIS POINTS) POINTS) POINTS) HUD(FHA) INSURED LOANS SECONDARY MARKET SPREAD (BASIS POINTS) 1974 - High Low 9.80 8.55 45 -70 9.80 8.60 50 -70 10.38 8.54 44 -25 6.3 2.3 1 -70 10.46 8.10 1975 - High Low 9.25 8.90 15 -70 9.30 8.95 20 -65 9.74 8.69 31 -91 6.2 2.4 21 -49 9.70 8.94 1975 - O c t . Nov. Dec. 9.25 9.20 9.15 3 n. a. n.a. 9.30 9.25 9.20 8 n.a. n.a. 9.53 9.41 9.32 31 n.a. n.a. 4.0 3.1 2.4 -28 -21 -17 n.a. 1976 - J a n . Feb. Mar. Apr. 9.05 9.00 8.95 8.90 9.00 9.05 9.05 39 42 42 32 5 35 33 9.10 9.05 9.00 8.95 9.05 9.10 9.10 44 47 47 37 10 40 38 9.06 9.04 40 46 2.4 2.2 - 1 - 4 8.82 9.03 9.05 8.99 24 8 35 27 2.5 4.1 4.2 3.8 8 - 3 0 - 6 May July 9.22 . n.a. 8.66 8.58 8.53 8.58 8.95 8.70 8.72 NOTES: Gross yield spread is average mortgage return before deducting servicing costs, minus average yiel| on new issues of high-grade utility bonds with 5-year call protection. 1 Rates on conventional first mortgages (excluding additional fees and charges) are based on unweighted HUD (FHA) field office opinions on prevailing contract interest rates in the market areas of the insuring offices, rounded to the nearest 5 basis points. For secondary market data, weighted HUD office opinions on the average bid price for HUD (FHA) loans with minimum downprepaid in 15 years, for immediate delivery, are used. forpayment, FRASER Digitized ^ vo FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS GOVERNMENT-UNDERWRITTEN AMOUNT (IN MILLIONS OF DOLLARS) DATE OF AUCTION OFFERED AVERAGE YIELD | ACCEPTED CONVENTIONAL AMOUNT (IN MILLIONS OF DOLLARS) ACCEPTED 51 ( 4 / 2 1 ) 643 (8/25) 366 (8/11) 9 . 9 5 (9/22) 100 ( 4 / 7 ) 25 (2/10) 18 (2/10) 8 . 7 8 (2/10) 10 (10/20) 9 ( 2 / 1 0 ) 1975 - High Low AVERAGE YIELD 10.02 (9/22) 8.96 (3/10) Oct. 6 20 198.5 43.2 143.0 23 ^ 9.95 9.65 27.5 9.7 23.5 9.2 10.02 9.81 Nov. 3 17 69.8 293.1 41.7 180.6 9.32 9.33 19.6 68.6 15.2 34.6 9.54 9.40 Dec. 1 15 29 255.9 287.1 95.3 138.5 158.8 52.7 9.32 9.31 9.29 73.9 69.7 41.8 40.5 31.2 11.8 9.38 9.36 9.35 Jan. 12 26 58.4 103.9 31.5 57.7 9.13 9.07 42.7 33.4 32.1 24.7 9.28 9.22 Feb. 9 23 252.2 126.9 179.9 81.2 9.07 9.04 57.8 44.0 36.9 23.3 9.17 9.14 Mar. 8 22 299.9 146.3 171.9 121.6 9.06 9.03 75.4 46.2 45.0 33.7 9.15 9.13 Apr. 5 19 106.2 132.1 56.2 60.1 8.94 8.83 56.4 55.3 31.8 33.4 9.05 9.00 May 4 17 483.3 634.3 ' 222.3 321.4 '8.94 9.13 110.7 128.8 60.1 68.9 9.09 9.24 June 1 14 28 349.5 146.6 261.2 224.7 98.8 157.5 9.20 9.14 9.12 131.4 77.3 93.6 90.5 70.3 59.2 9.31 9.30 9.31 July 12 26 148.3 311.8 88.4 212.0 9.05 9.04 90.7 130.5 82.0 105.2 9.27 9.23 Aug. 9 23 7 190.1 171.3 9 107.4 107.0 68.8 9.01 8.97 8.,9 2 136.7 162.1 170.6 93.4 115.3 117.8 9.17 9.14 9.13 Sept. - offered by bidders relate tp total eligible bids received.
@FedFRASER