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m U R A L RESERVE BANK ^ K A N S A S CITY — S E 2 8 1919 R e s e a r c h Library Capital Market Developments September 24, 1979 Prepared by the C A P I T A L MARKETS SECTION in conjunction with the MORTGAGE and CONSUMER FINANCE SECTION DIVISION OF RESEARCH AND STATISTICS BOARD O F GOVERNORS F E D E R A L R E S E R V E SYSTEM Washington, D C. 20551 .^ . Index SUBSCRIPTION RATES: Weekly $15.00 per year or $.40 each in the United TABLES __ 6 SECURITY VOLUME AND YIELDS 1 7 . . year or $.35 each. Elsewhere, $20.00 per year or $.50 each. Address requests to Publications Services, Divi- STOCK m a r k e t N D CREDIT 9 — 16 M O R T G A G E M A R K E T sion of Administrative Services, and make payment remittance payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. Currency. A SYMBOLS e p ESTIMATE PRELIMINARY r REVISED n.a. NOT A V A I L A B L E DATA DO NOT EXIST S E C U R E Table 1 YIELDS, VOLUME AND RECEPTION CORPORATE BOND MARKET YIELDS WEEK ENDING 1979 - J u l y NEW ISSUE Aaa UTILITY 1 VOLUME RECENTLY OFFERED Aaa UTILITY 2 3 GROSS OFFERINGS ($ MILLIONS) PER CENT SOLD BY END OF WEEK NEW ISSUES 4 IN SYNDICATE ($ MILLIONS) 9.57 9.63 9.41 9.50 9.58 9.59 175 440 257 754 77 70 96 90 40 133 10 79 3 10 17 24 31 9.52 9.40 9.42 9.47 9.62 9.57 9.44 9.45 9.47 9.54 429 456 361 587 179 90 83 92 99 94 42 72 30 8 10 7 14 21 9.84 9.97p 9.70 9.87 9.93p 110 945 296 85 93 96 17 67 12 6 13 20 27 Aug. Sept. — — MUNICIPAL BOND MARKET YIELDS WEEK ENDING MOODY'S NEW ISSUE Aaa VOLUME BOND BUYER 2D-BOND INDEX 3 GROSS OFFERINGS ($ MILLIONS) PER CENT SOLD BY END OF WEEK NEW ISSUES 4 IN SYNDICATE ($ MILLIONS) 1979 - J u l y 6 13 20 27 5.50 5.60 5.60 5.60 6.08 6.11 6.15 6.19 465 836 427 941 83 90 82 86 278 299 272 274 Aug. 3 10 17 24 31 5.60 5.70 5.70 5.75 5.85 6.14 6.13 6.16 6.23 6.36 548 823 1,066 798 605 92 81 84 91 85 208 291 404 348 244 5.85 5.90 5.90 6.47 6.49 6.57 366 706 497 84 89 88 181 164 104 Sept. 7 14 21 NOTES: 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 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. Table 2 HIGH GRADE BOND YIELDS NEW ISSUE Aaa UTILITY DATE - High i Low 1976 - High Low 1977 - High Low 1978 - High Low 1979 - High Low 1979 - June July Aug. Aug. 3 10 17 24 8 Sept. 31 7 14 21 1 RECENTLY OFFERED Aaa UTILITY 2 MOODY'S SEASONED CORPORATE Aaa 3 U S. GOVT. 20-YEAR CONSTANT MATURITY 4 BOND BUYER 20-BOND INDEX 9.80 (5/2) 8.89 ( 2 / 7 ) 9 . 7 1 (5/25) 9.06 (2/28) 9 . 0 1 (5/2) 8.57 (2/28) 8 . 6 3 (9/19) 7.63 (2/21) 7.67 ( 1 0 / 3 ) 6.27 (2/13) 8.95 ( 5 / 2 8 ) 7 . 9 3 (12/10) 9.10 (1/2) 7.84 (12/31) 8.66 (5/28) 7 . 9 1 (12/31) 8.17 (5/28) 7.27 (12/31) 7.29 ( 1 / 2 ) 5 . 9 5 (12/16) 8.36 (12/16) 7.90 ( 1 / 7 ) 8.84 (12/30) 7.95 ( 1 / 7 ) 8.28 (12/30) 7.88 (1/7) 7.99 (12/30) 7.26 ( 1 / 7 ) 5.93 (2/4) 5 . 4 5 (11/17) 9.29 (12/15) 8.60 (3/24) 9.54 (12/22) 8.84 ( 1 / 6 ) 9.27 (12/29) 8.30 ( 1 / 6 ) 9.00 (12/22) 8.02 ( 1 / 6 ) 6 . 6 7 (12/22) 5.58 (3/17) 9.97 ( 9 / 2 1 ) 9.40 ( 8 / 1 7 ) 9 . 9 3 (9/21) 9.39 (6/29) 9.52 (5/11) 9.16 (7/6) 9.30 (5/11) 8.79 (7/6) 6.57 (9/21) 6.08 (7/6) 9.50 9.58 9.48 9.50 9.53 9.49 9.29 9.20 9.23 8.91 8.92 8.97 6.13 6.13 6.20 9.52 9.40 9.42 9.47 9.62 9.57 9.44 9.45 9.47 9.54 9.24 9.20 9.20 9.23 9.30 8.96 8.92 8.95 8.97 9.04 6.14 6.13 6.16 6.23 6.36 9.84 9.97p 9.70 9.87 9.93p 9.34 9.42r 9.49p 9.18 9.19 9.21P 6.47 6.49 6.57 NOTES: 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 4 weeks. 3 Weekly average of daily closing figures. 4 Weekly average of daily figures. U.S. Treasury data. 5 Thursday figures. The average rating of the 20 bonds used in this index falls midway between the four top groups as classified by Moody's Investors Service. Weekly Bond Buyer data. 5 5 Table 3 LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS IN MILLIONS OF DOLLARS G R O S S PROCEEDS 1 CORPORATE PERIOD January February March 1979 1978 1977 1979 1978 1977 3,770 3,170 3,326 2,770 4,569 4,358 2,790 5,578 2,833 3,306 2,753 4,844 3,402 3,442 4,063 3,397 4,227 3,349 3,076 5,539 3,928 3,733 5,632 4,400e 3,824 5,525 4,369 3,409 4,566 5,786 3,920 6,407 3,113 4,118 2,323 4,013 4,401 2,593 4,629 April May June 4,311 July August September 3,550e 4,414 4,251 3,287e 3,450e 3,379 4,236 3,458 4,178 3,900e 3,799 3,207 4,025 5,341 6,518 4,167 6,044 October November December 01 02 03 04 4,401 11,341 14,522 1st Half 3 Otrs. Year 25,863 • 12,726 10,665 13,163 12,029 11,407 13,295 11,887 15,884 23,828 35,857 47,264 26,021 37,908 53,792 NOTES: 1 Securities and Exchange Commission estimates of gross proceeds. 2 Securities Industry Association estimates of principal amounts. 2 STATE AND LOCAL 3,231 3,807 4,320 3,690 3,332 3,646 10,055 10,825e 10,903 13,718 12,650 11,241 10,907 13,761 11,244 10,785 20,880e 24,621 24,668 35,912 46,697 37,271 48,512 Table 4 NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE AND ISSUER IN MILLIONS OF DOLLARS G R O S S PROCEEDS BY TYPE O F ISSUE PERIOD G R O S S P R O C E E D S BY TYPE OF ISSUER BONDS MEMO COMMON MANUFACAND ISSUES INCLUDED PRIVATELY PREFERRED TURING PLACED FOREIGN CONVERTIBLE STOCK PUBLIC UTILITY COMMUNICATIONS OTHER ISSUERS TOTAL PUBLICLY OFFERED 10,665 13,163 12,029 11,407 4,748 5,422 5,159 4,486 3,886 4,788 4,526 3,891 2,031 2,953 2,344 3,030 233 260 120 189 4 158 115 129 2,555 3,148 2,699 2,411 2,433 3,728 3,049 3,041 854 424 1,143 1,219 4,822 5,863 5,142 4,737 11,341 14,522 4,522 9,129 4,570 3,341 2,249 2,052 6 NA 8 NA 2,096 3,000 3,059 3,290 1,399 779 4,785 7,453 1978-April May June July August September October November December 3,397 4,227 5,539 4,414 3,379 4,236 3,799 3,207 4,401 1,959 1,719 1,744 2,052 1,497 1,610 1,651 1,608 1,227 931 1,469 2,388 1,734 1,100 1,692 964 873 2,054 507 1,039 1,407 628 782 934 1,184 726 1,120 12 106 142 80 40 0 10 30 149 20 2 136 16 6 93 101 22 6 606 958 1,854 843 740 1,116 498 840 1,073 743 1,713 1,272 793 877 1,379 1,626 761 654 75 349 376 552 215 302 457 460 1,973 1,557 2,333 2,404 1,211 1,527 1,372 1,150 2,215 1979-January February March April May June 3,770 3,170 4,401 4,311 4,167 6,044 1,282 1,336 1,904 2,984 1,999 4,146 1,824 921 1,825 748 1,576 1,017 664 913 672 579 592 881 2 2 2 2 1 NA 3 5 0 759 350 NA 934 399 763 570 1,293 1,137 817 1,186 1,056 1,123 865 1,302 259 558 582 261 109 409 1,759 1,026 2,000 2,357 1,899 3,197 1978-1 II III IV 1979-1 II NOTES: Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other. 1 Source: Securities and Exchange Commission. — — 1 • # 9 t # # e $ # # e T a b l e 5A INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 September 4 through September 21, 1979 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) Mtg.-backed Debt. Com. s t k . Pfd. stk. Debt. Notes 65.0 30.0. 40.0 75.0 250.0 75.0 1989 1999 2018 1985 8.54 9.88 10.25 8.54 10.00 10.31 Aa/AA Aaa/AAA A/A+ Conv. d e b t . 1 s t mtg. 1 s t mtg. Notes Debt. Notes Debt. Com. s t k . Com. s t k . Pfd. stk. Equip, t r . 1 s t mtg. Notes Debt. 1 s t mtg. 1 s t mtg. 40.0 65.0 100.0 100.0 175.0 125.0 20.0 21.9 73.3 67.5 24.0 30.0 100.0 50.0 20.0 60.0 1999 2009 2009 1986 1999 1989 1999 8.75 10.25 10.88 9.63 9.63 9.63 11.88 8.75 10.22 10.97 9.68 9.63 9.63 12.80 —/BBBA/AABaa/BBB Aa/AA Aa/AA Aa/AA B/B MATURITY COUPON RATE OFFERING YIELD MOODY'S/S&P'S RATINGS 10.00 12.00 Aaa/AAA B/B CORPORATE Community F e d e r a l S&L Assoc. I r o q u o i s Brands L t d . Bally Manufacture Corp. Southern C a l i f . Edison Co. South C e n t r a l B e l l T e l . Co. Transamerica F i n a n c i a l Corp. F i r s t Union Real E s t a t e Investments Trust Utah Power & Light Co. D e t r o i t Edison Co. Times-Mirror Co. Superior O i l Co. ^Superior O i l Co. Intermark I n c . Best P r o d u c t s Co. C e n t r a l & South West Corp. MCI Communications Corp. A t c h i s o n , Topeka & Santa Fe Ry. Co. Potomac Edison Co. Anheuser-Busch I n c . Gulf Resources & Chemical Corp. C e n t r a l Hudson Gas & E l e c t . Co. New Hampshire Pub. S e r v . Co. *->•»— — — — — • •1 — — — — — - — — —— 1980-1994 2009 1986 2004 2009 1999 NOTES: * Rights offering. 1 Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings. 10.00 12.00 7.20 9.88 11.00 9.90 12.50 10.75 12.00 7.20 11.60-9.88 10.95 9.90 12.50 10.80 12.00 — — «— —• —/B Aaa/AAA Baa/AAa/AAB/B A/ABa/BB+ T a b l e 5A C o n t i n u e d INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY September 4 through September 21, 1979 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE OFFERING YIELD MOODY'S/S&P'S RATINGS CORPORATE OTHER Ontario, Imperial European European Northern Province of O i l Ltd. Investment Bank Investment Bank Telecom L t d . Debt. Bonds Bonds Notes Com. s t k . 300.0 250.0 100.0 lbo.o 65.0 2009 2009 1999 1987 9.88 9.75 10.15 10.13 9.93 9.77 10.20 10.20 Aaa/AAA Aaa/AAA Aaa/AAA Aaa/AAA Table 5B INTERMEDIATE AND LONG-TERM * PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' September 4 through September 21, 1979 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S/S&P'S RATINGS STATE AND LOCAL Piano I n d . Sch. D i s t . , Tex. Caddo P a r i s h , La. New J e r s e y Economic Dev. Auth. C a l i f o r n i a Hsg. Finance Agcy. Kanawha Co., W. Va. Kanawha Co., W. Va. Kanawha Co., W. Va. Anne Arundel Co., Md. Anne Arundel Co., Md. P h i l a d e l p h i a I n d u s t . Dev. A u t h . , Pa. Ohio, S t a t e of Albany, N.Y. P o r t l a n d Hosp. Fac. Auth. Ore. P o r t l a n d Hosp. Fac. Auth. Ore. Helena-West Helena R e s i d . Hsg. Fac. Bd., Ark. Helena-West Helena R e s i d . Hsg. Fac. Bd., Ark. New J e r s e y H e a l t h Care Fac. F i n . Auth New J e r s e y H e a l t h Care Fac. F i n . Auth New J e r s e y H e a l t h Care Fac. F i n . Auth I l l i n o i s H e a l t h Fac. Auth. I l l i n o i s H e a l t h Fac. Auth. I l l i n o i s Health Fac. Auth. 20.6 15.0 42.6 35.014.2 21.0 4.8 20.0 55.0 15.0 65.0 Rev. Rev. 4.4 13.6 1981-2002 1981-1999 2009 1981 1980-1999 2010 2011 2004 2009 1983-2005 1980-2004 1981-2000 1982-1994 2009 Rev. 3.4 1981-1998 Rev. Rev. Rev. Rev. Rev. Rev. Rev. 7.2 2.8 1.3 17.1 5.1 2001 1983-1992 1995 2012 1980-1994 1997 2009 G. 0 . G.O: Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G. 0 . 10.8 1.8 12.5 NOTES: 1 Includes only state and local security offerings of $10 million and over; excludes secondary offerings. 2 For State and local government securities, G O. denotes general obligation; Rev. denotes revenue obligations. * ** G r e a t e r t h a n 12 months. Canadian I n t e r e s t c o s t . 5.93 6.03 7.00** 6.80 7.30 7.33 7.33 6.55 7.37 7.51 7, 51 8.04 8.04 8.04 7.51 7.51 7.51 5.50-6.10 5.20-6.20 6.90 6.50 5.50-7.10 7.38 7.38 6.82 6.94 6.50-8.50 5.50-6.75 6.50-7.40 6.00-7.00 7.50 A/— A—1/— Aa/AA MIG—1/—— Aa/AA Aa/AA Aa/AA Aa/AAAa/AA- 6.00-7.35 —/AA 7.65 6.00-7.20 7.50 8.00 5.70-7.20 7.25 7.50 —/AA Con. Baa—1/BBB+ Con. Baa—1/BBB+ Con. Baa-1/BBB+ A—1/A+ A-1/A+ A-1/A+ Aa/AA Baa—1/A— A/— A/— T a b l e 5B C o n t i n u e d INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY September 4 through September 21, 1979 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S/S&P'S RATINGS STATE AND LOCAL Anchorage, Alaska Fargo, N.Dakota V i r g i n i a Hsg. Dev. Auth. G t r . Chicago Metro. S a n i t a r y D i s t . Rev. G. 0. Rev. 10.0 15.9 41.5 1980-1999 1980-1998 1981 6.61 5.73 6.94 5.70-6.50 5.50-6.00 6.60 A/AAA Aa/AA MIG—1/—— South C a r o l i n a S t a t e Hsg. Auth. South C a r o l i n a S t a t e Hsg. Auth. South C a r o l i n a S t a t e Hsg. Auth. Woodridge, 111. Woodridge, 111. Wyoming Comm. Dev. Auth. Wyoming Comm. Dev. Auth. A u s t i n , Texas A u s t i n , Texas G a i t h e r s b u r g , Md. G a i t h e r s b u r g , Md. P i t t s b u r g h Urban Redev. A u t h . , Pa. P i t t s b u r g h Urban Redev. Auth., Pa. S t . Bernard Home Mort. A u t h . , La. S t . Bernard Home Mort. Auth., La. S t . Ternard Home Mort. Auth., La. Du Page Co. F o r e s t Preserve D i s t . 111, Charleston Co. A i r p o r t D i s t . , S.C. P e o r i a , 111. Bergen Co., N . J . Geneva C i t y School D i s t . , N.Y. Sacramento Mun. U t i l i t y D i s t . , Cal G. 0. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G. 0 . Rev. Rev. Rev. Rev. Rev. Rev. Rev. G«0. G. 0. G.O. G. 0. G.O. Rev. 50.0 92.8 4.0 73.4 6.6 13.4 89.7 35.3 60.0 8.8 2.7 22.7 11.5 12.0 8.8 13.1 3.1 32.0 15.5 30.2 18.7 11.0 17.0 1981-1999 1981-1998 2000 2011 1981-1999 2011 1981-2000 2011 1993-2006 1981-2002 1989 2009 1981-1995 2011 1981-1999 2010 2011 1981-1994 1984-2004 1982-2008 1980-1998 1980-1999 1983-2004 6.24 6.79 6.79 6.79 5.70-6.40 5.50-6.50 6.40 6.96 6.00-7.40 7.75 5.60-6.60 6.90 5.95-6.75 5.35-6.25 8.00 8.75 6.00-7.00 7.38 5.80-7.30 7.50 7.50 5.55-5.90 5.50-6.50 5.70-6.70 5.50-6.10 5.50-6.40 5.60-6.60 Aa/AA Aa/AA Aa/AA Aa/AA A/A+ A/A+ Aa/AA Aa/AA Aa/A+ Aaa/AA+ 111. ** Canadian I n t e r e s t c o s t . — —— —— 6.62 5.75 * • — —— 5.90 6.06 6.43 6.75** — A-l/A A-l/A Aa/AA Aa/AA Aa/AA Aa/AA Aa/AA Aa/AA Aaa/— A-l/AAA Aa/AA # * # # # # # # # # # Table 5B Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY September 4 through September 21, 1979 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY Rev. Rev. Rev. Rev. Rev. Rev. G • 0. 33.0 5.3 9.5 12.5 8.2 17.9 12.0 2019 1981-1999 2011 1981 1981-1999 2011 1987-1992 NET INTEREST COST OFFERING YIELD MOODY'S/S&P'S RATINGS STATE AND LOCAL Sacramento Nun. U t i l i t y D i s t . , Southwestern Colorado Southwestern Colorado Rhode I s l a n d Hsg. & Mort. F i n . Pope Co. R e s i d . Hsg. Fac. Bd., Pope Co. R e s i d . Hsg. Fac. Bd., Spring I n d . Sch. D i s t . , Tex. Cal. Corp. Ark. Ark. 6.75 — — —— 5.84 6.83 5.80-7.30 7.75 6.90 6.00-7.40 7.88 5.50-5.80 Aa/AA —/AA —/AA ——/—— Aa/— Aa/— A/A- 12 Table 6A FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of September 21, 1979 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING CORPORATE United Banks of Colorado Big Three I n d u s t r i e s I n c . Toledo Edison Co. Southern P a c i f i c Transp. Co. Niagara Mohawk Power Co. L o u i s v i l l e Gas & E l e c t . Co. L o u i s v i l l e Gas & E l e c t . Co. *Georgia P a c i f i c Corp. Southwest Gas Co. Drum F i n a n c i a l Corp. General T e l . Co. of Cal. Columbia Gas System I n c . McDonalds Corp. Brookwood H e a l t h S e r v i c e s I n c . Sharon S t e e l Corp. D i a l F i n a n c i a l Corp. Archer Daniel Midland Co. Gamble-Skogmo I n c . Instrument Systems Corp. Boise Cascade Corp. Duke Power Co. I n d i a n a & Michigan E l e c . Co. Kansas Power & Light Co. I n d i a n a p o l i s Power & Light Co. P a c i f i c Northwest B e l l T e l . Co. Northwest Energy Co. P h i l a d e l p h i a E l e c t . Co. L o u i s i a n a Power & Light Co. P u b l i c S e r v i c e E l e c t . & Gas Co. Southern Cal. Edison Co. Houston I n d u s t r i e s I n c . *Elsimore Corp. C e n t r a l Main Power Co. Utah Power & Light Co. Mountain S t a t e s T e l . & T e l . Co. A t l a n t a Gas Light Co. Gulf S t a t e s U t i l i t i e s General T e l . Co. of t h e Southwest General T e l . Co. of t h e Southwest Conv. d e b t . Debt. 1 s t mtg. Equip. t r . Com. s t k . 1 s t mtg. Pfd. stk. Notes* Com. s t k . Debt. Debt. Debt. Notes* Notes Debt. Debt. Conv. debt Notes* Conv. d e b t . Notes 1 s t mtg. Pfd. stk. Com. s t k . Com. s t k . Debt. Com. s t k . 1 s t mtg. Pfd. stk. Com. s t k . 1 s t mtg. Com. s t k . Debt. 1 s t mtg. Com. s t k . Debt. Debt. Com. s t k . Debt. 25.0 20.0 50.0 75.0 24.0 40.0 25.0 25.0 150.0 20.0 25.0 125.0 100.0 100.0 15.0 50.0 50.0 100.0 35.0 17.5 100.0 150.0 35.0 40.0 25.0 170.0 34.0 100.0 40.0 60.0 200.0 60.0 35.0 40.0 65.0 175.0 50.0 40.0 75.0 Pfd. stk. NOTES: * Included in table for first time. 1 Includes only corporate and other security issues of $15 million and over; excludes exchanges, options * Floating-rate 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. Oct. Oct. Oct. Oct. 24 25 25 25 25 26 26 26 26 27 27 27 27 27 27 27 27 2 2 3 3 3 4 10 10 10 11 16 17 18 18 23 24 24 25 25 13 T a b l e 6A C o n t i n u e d FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' As of September 21, 1979 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING CORPORATE El Paso E l e c t . Co. Carolina Power & Light Co. Kansas Gas & E l e c t . Co. Telecom Corp. Consumers Power Co. TransWorld Corp. Core L a b o r a t o r i e s Century Brass P r o d u c t s I n c . *Gulf Energy and Development Corp. POSTPONED Alleghany Corp. 1 s t mtg. Com. s t k . Com. s t k . Debt. Com. s t k . Units Debt. Debt. Debt. 25.0 90.0 40.0 25.0 96.0 60.0 15.0 17.5 20.0 Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. 29 30 31 Debt. 50.0 Sept. 19 14 Table 6B FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of September 21, 1979 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING STATE & LOCAL *Union Co. R e s l d . Hsg. Fac. Bd., Ark. Allegheny Co. Hosp. Dev. A u t h . , Pa J e f f e r s o n Co., Ky. Wisconsin, S t a t e of Missouri Hsg. Dev. Comm. *Maine Municipal Bond Bank New York S t a t e Energy & Dev. Auth. Conroe I n d . Sch. D i s t . , Tex. Oxford Area Comm. Sch. D i s t . , Mich New York S t a t e Hsg. F i n . Agy. U n i v e r s i t y of Cal. • P e o r i a Co., 111. *Allegheny Co. I n d u s t . Dev. A u t h . , Pa. *Azusa Red. Agcy., Cal. *Weber Co., Utah •Armstrong Sch. D i s t . , Pa. •Kentucky, S t a t e of *Dade Co., F l a . •Memphis Shelby Co. A i r p o r t A u t h . , Tenn. •Houston, Texas A r l i n g t o n , Mass. •Nassau Co., N.Y. •Minneapolis, Munn. S a l t River A g r i c . Imprv. Power Dist., Ariz. Chicago P u b l i c Bldg. Comm., 111. Coon Rapids, Minn. • L o u i s i a n a , S t a t e of •Oregon, S t a t e of Culver C i t y Redev. Agcy., Cal. Cherry Creek Sch. D i s t . , #5, Colo. New York S t a t e Power Auth. P u e r t o Rico Water Resources Auth. •Mercer Sch. D i s t . , W. Va. Delaware Transp. Auth. H a r t f o r d Co. Metro. D i s t . , Conn. NOTES: 1 Includes state and local government issues of $10 million and over. Included in the table for the first time. Rev. Rev, Rev. G.O. Rev. Rev. Rev. G.O. G.O. Rev. Rev. Rev. 25 .0 41 .5 60,.0 90 .0 75..9 29 .6 19..0 11..0 14..3 150..0 25,.0 15..0 Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Rev. Rev. Rev. G.O. Rev. G.O. 35,.0 38..2 13..1 22..3 145.,0 67. 5 Sept. Sept. Sept. Sept. Oct. Oct. 3 3 Rev. Rev. G.O. G.O. G.O. 27.,1 35. 0 15. 9 27.,4 19. 6 Oct. Oct. Oct. Oct. Oct. 3 3 3 4 4 Rev. Rev. Rev. G.O. G.O. G.O. G.O. G.O. Rev. G.O. Rev. G.O. 240. 0 29. 0 45. 0 100. 0 200. 0 21. 0 24. 5 150. 0 100. 0 16. 7 23. 0 11. 2 Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. 4 4 5 9 9 9 10 11 15 16 17 18 25 25 25 25 26 26 26 26 27 28 28 15 Table 6B C o n t i n u e d FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY As of September 21, 1979 ISSUER STATE & LOCAL Beaverton, Oregon *Cai i f o m i a Dept. of Water k urces *Los Angeles Dept. of A i r p o r t s , Cal Michigan S t a t e Hosp. F i n . Auth. TYPE 1 AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING G.O. 14.8 Oct. 18 Rev. Rev. Rev. 90.0 255.0 19.7 Oct. Oct. Oct. 23 24 Table 7 STOCK PRICES AND VOLUME DATE NYSE INDEX 1975-High Low 1976-High Low 1977-High Low 1978-High AMEX 4 NASDAQ NYSE AMEX NASDAQ 51.24 (7/15) . 37.16 ( 1 / 8 ) 881.81 (7/15) 632.04 (1/2) 96.86 (7/15) 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) 5 7 . 5 1 (9/21) 48.04 ( 1 / 2 ) 1014.79 (9/21) 858.71 (1/2) 107.05 (7/12) 8 4 . 3 1 (1/2) 92.52 (7/15) 78.06 (1/2) 44.5 (2/20) 10.3 (1/2) 8.6 (2/20) 1.1 (1/2) 1 1 . 1 (2/20) 3.5 (1/2) 57.69 ( 1 / 2 ) 49.78 (11/2) 999.75 (1/3) 800.85 (11/2) 127.89 (12/30) 105.05 (12/30) 109.61 (1/12) 93.66 (4/5) 3 5 . 3 (11/11) 10.6 (10/10) 4.2 (1/12) 1 . 4 (9/22) 11.2 (11/10) 5 . 1 (5/27) 907.74 (9/8) 742.12 (2/28) 176.87 (9/15) 119.73 (1/11) 139.25 (9/13) 99.09 (1/11) 66.4 ( 8 / 3 ) 7.6 (1/20) 62.88 (9/21) 53.88 (2/27) 893.94 (9/21) 807.00 (2/27) 2 2 7 . 6 1 (9/20) 152.03 (1/2) 150.65 (9/21) 117.84 (1/2) 47.0 (8/16) 18.3 (1/2) 7.9 (6/7) 2.2 (1/22) 19.7 (7/10) 7.2 ( 1 / 2 ) 3 10 17 24 31 59.33 60.64 61.70 61.94 62.40 846.16 867.06 883.36 880.20 887.63 198.99 202.41 211.00 216.24 217.61 142.63 145.07 147.84 149.40 150.44 33.1 37.8 41.5 35.6 29.6 3.8 4.2 5.2 4.6 4.4 14.1 14.3 15.7 15.4 14.8 7 14 21 61.39 62.08 62.88 874.15 879.10 893.94 222.59 225.92 227.24 148.07 150.56 150.65 34.9 38.4r 39.2 5.1 5.4 5.6 15.0 15.6r 15.2 1979-High Low Sept. B J INDUSTRIALS 2 TRADING VOLUME 60.38 (9/12) 48.37 ( 3 / 6 ) Low 1979 Aug. 3 1 STOCK PRICES NOTES: 1 Figures other than highs and lows are Fridays only. Highs and lows are for the year and are not necessarily for Fridays. 2 Volume figures are weekly averages of daily figures (millions of shares). 3 4 12/31/66 « 50 Based on average price change until September 4, 1973 thereafter, based on market value of shares listed. 11.0 (10/30) 18.8 (5/18) 1 . 3 (1/20) 2 . 8 (1/20) 17 Table 8 SECURITY CREDIT REGULATED MARGIN CREDIT EXTENDED BY END OF PERIOD B R O K E R S ON MARGIN STOCK 1 BROKERS ON 2 CONVERTIBLE BONDS 3 BANKS UNREGULATED NONMARGIN STOCK CREDIT AT BANKS OUTSTANDING 1978 - MayJune July August September October November December 10,660 11,090 11,190 11,740 12,400 12,090 11,000 10,830 245 242 247 243 225 216 209 205 1979 - January February March April 10,750 10,790 10,870 11,220 11,130 11,590 11,840 12,060 199 195 181 194 183 172 178 176 400 430 100 550 6€t0 -130 -1,090 -170 -3 -3 5 -4 —18 -9 -7 -4 -80 40 80 350 -6 4 14 13 -11 -11 6 -2 May June July Aug. series discontinued CHANGE IN OUTSTANDING 1978 - May June July August September October November December 1979 - January February March April May June July Aug. 90 460 250 220 series discontinued NOTES: 1 Margin account debt as reported by the New York Stock Exchange, excluding credit for subscription issues and convertible bonds. 2 New York Stock Exchange data. 4 CO Table 9 SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS IN MILLIONS OF DOLLARS MUTUAL SAVINGS BANKS DATE REGULAR DEPOSITS NET FLOW 1974 1975 19 76 1977 1978 2,165 11,070 12,670 10,783 8,426 1979-January February March April May June , D/ July*- 218 683 1,971 -832 61 890 -400 1979-January February March April May June / July11 404 712 728 -74 190 273 -70 1 ANNUAL 3 GROWTH RATE 2.3 11.3 11.6 8,8 6.3 —— —- ' — 3.4 6.0 6,1 -0,6 1.6 2.3 -0.6 SAVINGS & LOAN ASSOCIATIONS NET NEW MONEY 2 -2,822 4,757 5,275 2,874 -591 -121 338 463 -1,192 -341 -649 -725 — — —— —— — SHARE CAPITAL NET FLOW 16,006 42,769 50,169 50,888 44,209 ANNUAL 3 GROWTH RATE 7.1 17.6 17.6 15.1 11.4 NET NEW MONEY 4,668 29,276 34,369 32,004 23,460 NOT SEASONALLY ADJUSTED —— 4,743 4,377 —— 2,881 2,580 8,348 3,146 -1,150 -1,490 2,041 1,627 6,866 1,469 2,019 1,459 SEASONALLY ADJUSTED -mm4,564 12.7 MM 3,416 9.4 •MM* 3,833 10.5 890 2.4 2,796 7.5 —— 4,738 12.7 2,823 7.5 - rnmmm TOTAL 2 DEPOSITS NET FLOW 18,171 53,839 62,839 61,671 52,554 4,961 3,564 10,319 -1,982 2,102 7,756 1,619 4,968 4,128 4,561 816 2,986 5,011 2,753 ANNUAL 3 GROWTH RATE 5.6 15.8 15.9 13.5 10.1 mmmmm 10.4 8.6 9.4 1.6 6.1 10.2 5.5 NET NEW MONEY 2 1,846 34,033 39,644 34,878 22,869 4,256 2,918 3,609 - 2 682 1,286 820 734 — —• NOTES: 1 Repilar 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 3 New deposits net of both'withdrawals and interest. Data for S&L's are for insured associations only, which represent 96 par cent of industry total resources. 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. H.16 19 Table 10 MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS BILLIONS OF DOLLARS, SEASONALLY ADJUSTED OUTSTANDING COMMITMENTS PERIOD TOTAL ALL SAVINGS MUTUAL & LOAN SAVINGS BKS ASSOCIATIONS (N Y. STATE) NET CHANGE TOTAL ALL SAVINGS MUTUAL & LOAN SAVINGS BKS ASSOCIATIONS (N.Y. STATE) 1974 14.5 12.3 2.2 -5.36 -4.03 -1.33 1975 20.0 18.0 2.0 5.47 5.72 -.25 1976 27.3 24.6 2.7 7.30 6.60 .70 1977 38,2 33,. 7 4.5 10.89 9.08 1.81 1978 38.3 33.4 4.9 ,06 -.32 .38 1978 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 38.0 37.3 36.9 36.5 36.2 36.1 36.0 36.4 36.7 38.8 39.1 38.3 33.6 33.0 32.7 32.3 - 31.9 31.5 31.5 31.9 32.3 33.9 34.0 33.4 4.4 4.3 4.3 4.3 4.3 4.6 4.6 4.6 4.4 4.8 4.9 4.9 -.32 -.70 -.38 -.39 -.34 .02 -.05 .35 -.34 1.96 .22 -.65 -.08 -.61 -.34 -.42 -.39 -.32 -.03 .36 .42 1.63 .10 -.64 -.24 -.09 -.04 -.03 .05 .34 -.02 -.01 —. 08 .33 .12 -.01 1979 - J a n . Feb. Mar. Apr. May June July 37.5 36. 6 36.0 36.0 35.4 35.2 35,3 32.6 31. 8 31.4 31.6 31.3 31.1 31.3 4.8 4.8 4,6 4.4 4.1 4.1 4.0 —. 88 -.93 -.52 -.02 —. 81 -.83 -.32 .19 -.28 -.23 .20 -.04 -.07 -.20 -.17 -.32 +.03 -,16 —.60 -.20 .04 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. H.16 20 T a b l e 11 NET NEW MONEY B O R R O W I N G S BY MAJOR HOUSING A G E N C I E S IN MILLIONS OF DOLLARS PERIOD TOTAL INCLUDING SHORT-TERM DISCOUNT NOTES INTERMEDIATE AND LONG-TERM ISSUES TOTAL FHLB FHLMC FNMA FNMA & FHLB SHORT-TERM DISCOUNT NOTES 1 1977-Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 12 —862 289 344 532 605 531 347 195 247 466 1,078 188 -592 -354 746 297 203 553 301 -291 211 500 0 0 -200 0 -6 105 , 0 0 304 0 .0 300 0 -189 -393 -4 0 200 3 -47 -3 9 11 200 0 -1 1 -350 752 —8 200 600 0 -300 200 0 0 -176 -270 643 -402 235 402 -22 46 486 -36 -34 1,078 1978—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 399 1,712 887 848 3,091 1,492 1,605 1,811 1,683 1,680 1,108 3,023 534 1,933 1,478 1,029 517 1,376 1,688 -12 1,388 -17 600 1,483 1,276 1,881 1,182 1,131 1,630 885 2,183 0 1,400 0 0 1,500 0 700 1,200 0 0 900 750 -12 -12 -17 0 -17 276 -19 —18 181 -70 -15 183 0 0 0 600 0 1,000 1,200 0 950 1,700 0 1,250 411 0 1,325 1,479 979 477 1,279 1,898 0 837 0 0 400 0 700 -116 488 -21 -21 77 179 198 0 0 1,500 1,000 0 1,100 1,000 1979-Jan. Feb. Mar. Apr. . May June July NOTES: Based on data from Treasury Survey of Ownership. Sales of FHLB discount notes began in May 1974. 324 904 248 1,608 216 -276 629 552 50 223 840 650 608 -1 50 40 97 -210 21 Table 12 NET CHANGE IN MORTGAGE HOLDINGS IN MILLIONS OF DOLLARS PERIOD 1970 ^971 1972 1973 1974 1975 IS 76 1977 1978 TOTAL INCLUDING FNMA-GNMA 21,930 41,406 57,587 58,372 42,739 43,497 62,783 96,814 110,936 2 FINANCIAL INSTITUTIONS TOTAL 17,020 39,018 55,561 55,072 36,517 38,658 64,903 95,924 102,240 COMMERCIAL BANKS 2,462 9,940 16,800 19,600 11,700 4,200 13,900 27,900 35,000 INSURANCE FNMA-GNMA COMPANIES MSB's S & L's 1,946 3,938 5,377 5,642 2,172 2,236 4,074 6,565 6,378 10,254 23,919 31,932 25,552 17,567 29,289 44,515 58,158 51,695 2,348 1,221 1,452 4,278 5,078 2,933 2,414 5,184 9,167 4,910 2,388 2,026 3,300 6,222 4,839 -2,120 890 8,696 Not Seasonally Adjusted 1978 - Oct. Nov. Dec. 9,644 9,508 8,871 8,761 9,023 8,169 3,200 3,300 2,500 500 594 405 4,265 4,184 3,438 796 945 1,826 883 485 702 1979 - J a n . Feb. Mar. Apr. May June 6,660 5,924 7,983 8,324 9,992 11,778 5,862 5,053 6,983 7,905 9,155 11,261 2,400 1,600 2,100 2,800 2,900 3,800 395 268 316 NA 339 504 2,602 2,445 3,515 4,285 5,349 5,448 465 740 1,052 1,009 825 1,460 798 871 1,000 419 837 517 Seasonally Adjusted 1978 — Oct. Nov. Dec. 9,925 10,234 8,660 9,027 9,630 8,006 3,299 3,278 2,769 456 626 263 4,450 4,762 3,818 822 964 1,156 898 604 654 1979 - J a n . Feb. Mar. Apr. May June July 8,726 7,833 8,387 7,595 9,532 10,074 7,906 6,987 6,992 7,129 8,516 9,464 2,815 2,172 2,031 2,619 2.746 3,313 2,783 575 486 395 NA 356 330 3,925 3,451 3,414 3,780 4.641 4,362 591 878 1,152 919 1,031 1,509 820 846 1,395 466 1,016 610 3,738 1 NOTES: 1. Monthly d a t a f o r commercial banks based on F e d e r a l Reserve e s t i m a t e s benchmarked to Call Report data on r e a l e s t a t e loans o u t s t a n d i n g as a v a i l a b l e . Other d a t a d e r i v e d from mortgage debt c_ s t a n d i n g as r e p o r t e d s e p a r a t e l y by N a t i o n a l Assn. of Mutual Savings Banks, Federal Home Loan Bank Board, American Council of L i f e Insurance and, through August 1968, the Federal N a t i o n a l Mortgage A s s o c i a t i o n , and t h e r e a f t e r by FNMA and t h e Government N a t i o n a l Mortgage A s s o c i a t i o n . Data f o r mutual s a v i n g s banks and f o r L i f e Insurance companies may d i f f e r somewhat from those d e r i v e d from r e g u l a r q u a r t e r l y s e r i e s because of minor c o n c e p t u a l d i f f e r e n c e s f o r which a d j u s t m e n t s a r e not made i n t h e monthly s e r i e s . A l t o g e t h e r , t h e s e groups accounted f o r o j p e r c e n t of t h e n e t i n c r e a s e e s t i m a t e d f o r a l l h o l d e r s i n 1978. 2. Beginning January 1972 d a t a r e f l e c t a c t i v i t y i n l i m i t e d amount of conventional mortgages. Table 13 22 NET INCREASE IN MORTGAGE DEBT OUTSTANDING IN BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL RATES 2 QUARTER TOTAL 3 RESIDENTIAL TOTAL 1- to 4 FAMILY MULTIFAMILY COMMERCIAL MULTFAMLY & COMMERCIAL FARM 1972 - I II III IV 67.9 73.9 77.2 88.8 49,8 53.9 58,6 64.1 38.5 40.7 47.7 48.4 11,3 13.2 11.0 15,7 14.7 16,5 14,9 21.1 26.0 29.6 25,9 36.8 3.5 3,5 3,7 3.6 1973 - I II III IV 82.0 86.7 79.8 71.1 57.5 59,2 55.4 48,9 49,4 46,1 42,9 41.1 8,1 13,1 12,5 7.9 18,8 21,7 19,4 16.7 27,0 34,8 31.9 24,5 5,6 5,8 5,0 5,5 1974 - I II III IV 71.1 69.6 53.6 47.7 50.4 45.9 34.1 30.4 40,8 39.0 27,4 26.1 9,5 7,0 6,7 4.3 17.2 18,8 13.7 11,4 26.7 25.7 20.3 15.7 3.6 4,0 5.8 5,9 1975 - I II III IV 45.8 53.0 61.3 68.7 32,0 38,1 45.1 50.4 31.1 38.7 45,2 50.5 0.9 *-0.6 -0,1 —0.1 8.6 10,1 12,1 14.2 9.4 9,4 12.1 14.1 5.3 4,9 4.0 4,1 1976 - I II III IV 80.9 74.5 93.1 99.6 62.5 55.0 72.7 78.9 61.0 55,2 68,9 76.5 1.5 -0.2 3,8 2.4 13.3 14.8 13,5 13.0 14,8 14,5 17.2 15.5 5.2 4.7 6.9 7,7 1977 - I II III IV 108.5 133.8 140.9 152.8 85.9 110.0 114.5 118.6 81.6 101.8 106.2 110.2 4.2 8.3 8.3 8.4 14,0 14.5 17.8 25,6 18.2 22.8 26.1 34.0 8.6 9.2 8.6 8.7 1978 - I II I I I (r) IV ( r ) 133.2 145.9 154.8 162.2 104.9 114.6 116.1 126.4 95.8 105.3 104.0 116.2 9.1 9.2 12.0 10.2 19,3 21,7 25.9 25.4 28.4 31.0 38.9 35.6 9.0 9.6 11.8 10.3 1979 - I (p) 150.0 112.8 103.4 9.4 24.8 34.2 12.4 NOTES: 1. Derived from d a t a on mortgage debt o u t s t a n d i n g from F e d e r a l Deposit Insurance C o r p o r a t i o n , F e d e r a l Home Loan Bank Board, American Council of L i f e I n s u r a n c e , National A s s o c i a t i o n of Mutual Savings Banks, Departments of Commerce and A g r i c u l t u r e , Federal N a t i o n a l Mortgage A s s o c i a t i o n , F e d e r a l Housing A d m i n i s t r a t i o n , Veterans Administration and Comptroller of the Currency. S e p a r a t i o n of nonfarm mortgage debt by type of p r o p e r t y , where not a v a i l a b l e , and i n t e r p o l a t i o n s and e x t r a p o l a t i o n s , where r e q u i r e d , estimated mainly by F e d e r a l Reserve. 2. May d i f f e r somewhat from r e l a t e d flow of funds s e r i e s mainly because of more a g g r e g a t i v e type of s e a s o n a l a d j u s t m e n t . 3. R e s i d e n t i a l mortgage debt i n c l u d e s nonfarm only and i s sum of 1 t o 4 - f a m i l y and m u l t i f a m i l y mortgage d e b t . • # # # # # e # # # e T a b l e 14 PRIVATE HOUSING PERMITS, STARTS, COMPLETIONS, AND MOBILE HOME SHIPMENTS IN T H O U S A N D S O F U N I T S , S E A S O N A L L Y A D J U S T E D A N N U A L R A T E S PERMITS 1 PERIOD TOTAL 1—FAMILY COMPLETIONS STARTS 2 - O R MORE FAMILY TOTAL 1—FAMILY 2-OR TOTAL MORE 1—FAMILY FAMILY MOBILE 2-OR MORE HOME FAMILY SHIPMENTS 1,399 1,418 1,706 1,972 2,014 1,692 1,297 1,362 1,652 1,866 808 802 1,014 1,143 1,174 932 867 1,026 1,254 1,366 592 617 692 828 840 760 430 336 398 499 413 401 497 576 567 329 216 246 277 275 646 573 592 618 605 535 1,928 1,948 1,900 1,883 1,885 1,888 1,320 1,363 1,370 1,414 1,375 1,416 608 584 530 468 510 472 232 283 272 286 280 303 540 428 520 467 609 635 566 574 1,815 1,894 1,957 2,015 2,029 1,871 1,331 1,376 1,412 1,439 1,347 1,337 484 518 545 576 682 534 311 272 270 273 271 279 1969 1970 1971 1972 1973 1974 1974 1976 1977 1978 1,324 1,352 1,925 2,219 1,820 1,074 939 1,297 1,677 1,801 626 647 906 1,033 882 644 676 894 1,125 1,183 698 705 1,018 1,186 937 431 264 403 552 618 1,407 1,434 2,052 2,357 2,045 1,338 1,160 ; 1,538 1,987 2,020 811 813 1,151 1,309 1,132 888 892 1,162 1,451 1,433 656 621 901 1,048 914 450 268 376 375 587 1978 - J u l y Aug. Sept. Oct. Nov. Dec. 1,765 1,716 1,838 1,835 1,787 1,827 1,140 1,129 1,184 1,209 1,172 1,268 625 587 654 626 617 559 2,104 2,004 2,024 2,054 2,107 2,074 1,455 1,431 1,432 1,436 1,502 1,539 1979 - J a n . Feb. Mar. Apr. May June July Aug. 1,442 1,425 1,621 1,517 1,618 1,639 1,528 1,614 920 881 1,056 1,036 1,047 1,012 1,0.00 994 522 544 565 481 571 627 527 620 1,679 1,381 1,786 1,745 1,835 1,923 1,791 1,783 1,139 953 1,266 1,278 1,226 1,288 1/225 1,209 ! 282 NOTES: Private building permits (for 1 4 , 0 0 0 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 1 9 6 9 and 1970 based on 1 3 , 0 0 0 areas with permit systems Beginning i n 1978 t o p r e s e n t d a t a i s based on 16,000 a r e a s . K3 ^ T a b l e 15 AVERAGE RATES AND YIELDS ON HOME MORTGAGES CONVENTIONAL LOANS PRIMARY MARKET > 1 1 SPREAD (BASIS POINTS) RATE (IN PER CENT) 9.10 8.80 99 52 9.20 8.85 98 63 10.30 9.15 100 47 10.30 9.20 100 47 1978 - J u l y Aug. Sept. Oct. Nov. Dec. 9.80 9.80 9.80 9.95 10.10 10.30 72 100 74 72 NA NA 9.80 9.80 9.85 9.95 10.15 10.30 72 100 79 72 NA "NA 1979 - J a n . Feb. Mar. Apr. May June July Aug. 10.30 10.35 10.35 10.55 10.80 10.90 10.95 11.10 NA 76 75 68 100 147 132 148 10.30 10.35 10.40 10.55 10.80 10.90 11.00 11.15 NA 76 80 68 100 147 137 153 1977 - High Low 1978 - High Low YIELD (IN PER CENT) SPREAD (BASIS ..." POINTS) RATE (IN PER CENT) CONVENTIONAL wwl< * tn i iwnnk 73 22 4.7 1.7 40 4 8.31 8.01 10.16 9.11 , 98 45 5.0 4.1 14 -12 9.23 8.71 9.92 9.78 9.78 9.93 9.99 10.16 84 98 72 55 NA NA 3.1 2.1 2.1 2.1 3.6 4.8 -12 2 2 2 11 14 9.08 8.80 9.06 9.23 NA NA 10.17 10.17 10.19 NA 10.61 10.49 10,46 10.58 NA 58 59 NA 81 106 83 96 4.9 4.9 5.0 NA 4.0 3.2 3.0 3.8 13 18 16 NA 9.59 9.60 9.87 9.80 9.43 9-63 9.62 9.11 8.40 ' SPREAD (BASIS POINTS) SPREAD BETWEEN RETURNS ON NEW A a a UTILITY 1 BOND AND HUD(FHA) YIELD NEW HOME DISCOUNT (PERCENTAGE MORTGAGES (IN PER CENT) (BASIS POINTS) POINTS) NEW HOMES EXISTING HOMES NEW HOMES PERIOD HUD(FHA) INSURED LOANS SECONDARY MARKET HA 19 41 49 52 NOTES: 1 Gross yield spread is average mortgage return before deducting servicing costs, minus ayerage yield oh new isswt of, high^rade utility bonds with S^ew call protection. 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 (iata, weighted on # e average bid price for HUD (FHA) loans with minimum downpayment, prepaid in 15 years, for immediate delivery, are used. T a b l e 16 FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS CONVENTIONAL GOVERNMENT-UNDERWRITTEN AMOUNT (IN MILLIONS O F DOLLARS) DATE OF AUCTION ACCEPTED OFFERED 605(1/9) 10.69(12/27) 1011(1/9) 1978 - High Low AVERAGE YIELD 130(8/7) 80(8/7) 9.13(1/9) AMOUNT (IN MILLIONS OF DOLLARS) OFFERED ACCEPTED 717(5/15) 363(5/15) 10.92(12/2 75(8/7) 48(8/7) 9.28(1/9) 1979 - J a n . 8 23 211.0 93.9 101.1 54.3 10.67 10.73 71.2 42.3 Feb. 6 20 42.4 168.2 37.9 123.3 10.61 10.47 19.4 43.6 Mar. 5 19 265.0 243.3 141.8 142.6 10.43 10.42 Apr. 2 16 30 260.7 326.9 735.1 139.2 191.5 307.8 May 14 29 279.2 147.1 June 11 25 159.7 60.2 x AVERAGE YIELD 36.0 22.1 11.02 11.13 17.9 27.5 11.07 11.02 47.0 97.9 33.8 79.7 10.96 10.92 : 10.44 10.51 10.82 167.8 252.9 241.2 98.6 157.7 107.3 10.92 11.01 11.17 118.6 66.4 10.88 10.80 250.3 208.3 102.0 112.3 66.3 33.6 10.79 10.74 237.1 120.4 123.2 72.1 11.54 11.60 , ' 11.30 11.41 July 9 23 36.5 96.7 ' 19.4 50.2 10.66 10.65 36.0 57.5 27.5 42.4 11.54 11.51 Aug. 6 20 55,7 106.6 28.1 54.6 10.64 10.69 106.8 139.1 88.9 95.2 11.50 11.53 Sep. 4 17 613.5 807.6 285.0 314.9 10.92 10,25 289.7 237,6 172.2 153,4 11.67 11,83 NOTES: Average secondary market yields are gross before deduction of the fee of 38 basis points paid for mortgage servicing. They reflect the average accepted bid yield for home mortgages assuming a prepayment period of 12 years for 30-year loans, without special adjustment for Federal National Mortgage Association (FNMA) commitment fees and FNMA stock purchase and holding requirements on 4-month commitments. Mortgage amounts offered by bidders relate to total eligible bids received.
@FedFRASER