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September 28, 1981
Capital-""-"'"
Market
Developments
Prepared by
the Capital Markets Section
in conjunction with
the Mortgage and Consumer Finance Section
and the Government Finance Section
Division of Research and Statistics
Board of Governors of the Federal Reserve System
Washington, D C. 20551
CONTENTS
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
Yields, Volume and Reception: Corporate Bond Market
Yields, Volume and Reception: Municipal Bond Market
High Grade Bond Yields
Long-Term Corporate and State and Local Government Security Offerings and Placements
Treasury and Government-Sponsored Agency Marketable Coupon Offerings and Placements
New Corporate Security Issues by Type of Issue
New Corporate Security Issues by Type of Issuer
Public Offerings of Intermediate- and Long-Term Securities: Corporate
Public Offerings of Intermediate- and Long-Term Securities: State and Local
Public Offerings of Intermediate- and Long-Term Securities: U.S. Treasury
Public Offerings of Intermediate- and Long-Term Securities: Government-Sponsored Agencies
Forthcoming Public Offerings of Intermediate- and Long-Term Securities: Corporate
Forthcoming Public Offerings of Intermediate- and Long-Term Securities: State and Local
Stock Prices
Trading Volume
Security Credit
Savings Flow at Selected Nonbank Thrift Institutions
Mortgage Commitments Outstanding at Selected Institutions
Net New Money Borrowings by Major Housing Credit Agencies
Net Change in Mortgage Holdings at Selected Institutions
Net Change in Mortgage Debt Outstanding, By Type of Property
Average Rates and Yields on Home Mortgages and Pass-Through Securities
FNMA Auctions of Commitments to Purchase Home Mortgages
FHLMC Auctions of Commitments to Purchase Home Mortgages
Issues of Mortgage-Backed Securities
SYMBOLS
e
P
r
n.a.
— —
estimate
preliminary
revised
not available
data do not exist
SUBSCRIPTION RATES
Weekly $15.00 per year or $.40 each in the United States, its possessions, Canada, and Mexico; 10 or more of the same issue to one
address, $13.50 per year or $.35 each. Elsewhere, $20.00 per year or $.50 each. Address requests to Publications Services, Division of
Support Services, and make payment remittance payable to the order of the Board of Governors of the Federal Resei vc System in a
form collectible at par in U.S. Currency.
1. YIELDS, VOLUME A N D RECEPTION
Corporate Bond Market
Yields
Recently offered
New issue1
Aaa utility^
Aaa utility
Week ending
7
14
21
28
1981-Aug.
Sept.
17.55
17.62
16.87r
16.79p
4
11
18
25
Gross offering^?
($ millions) 5
Volume
Percent sold by
end of week
New issues in syndicate4
($ millions)
16.68
16.63
16.80
17.15
35
362
345
100
100
100
93
100
0
0
25
0
17.50
17.52
16.92
17.13p
75
350
415
813
100
98
100
96
0
8
0
25p
2. YIELDS, VOLUME A N D RECEPTION
Municipal Bond Market
Week ending
1981-Aug.
Sept.
Moody's new
issue Aaa
Volume
Yields
Bond Buyer
G O. bond
index
Bond Buyer
Rev. bond
index
Gross offerings
($ millions)
Percent sold by3
end of week
New issues in
syndicate4
($ millions)
7
14
21
28
11.10
11.10
11.10
11.10
11.63
11.94
12.49
12.97
12.34
12.55
13.04
13.89
488
417
752
291
97
87
91
93
67
60
68
65
4
11
18
25
11.10
11.80
11.80
11.50
13.10
13.21
12.79
12.57
14.10
14.24
13.78
13.62
369
983
888
646
98
99
95
88
65
19
52
84
1 Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection.
2 Federal Reserve series of implied free-market yield on Aaa-rated utility bond with 5-year call protection, released from price restrictions sometime
during the last four weeks.
3 Estimated by F ,R. on the basis of available data.
4 Corporate Market: Salomon Brothers Bond Market Roundup; Municipal Market: Weekly Bond Buyer. Data are adjusted by Federal Reserve when
necessary to make coverage of this series consistent with the gross offerings series.
5 Gross o f f e r i n g s r e f l e c t s g r o s s p r o c e e d s r a t h e r t h a n p a r v a l u e of o r i g i n a l d i s c o u n t bonds.
3. HIGH GRADE BOND YIELDS
New issue
Aaa utility1
Date
Recently offered
Aaa utility 2
U.S. govt.
Moody's
seasoned 3 20-year constant
maturity4
corporate Aaa
Bond Buyer
G O. bond
index5
Bond Buyer
Rev. bond
index6
9.00(12/22)
1/6)
6.67(12/22]
5 . 5 8 ( 3/17)
1979-High
Low
1 1 . 5 1 ( 1 1 / 1 2 ) 1 1 . 4 5 ( 1 1 / 9 ) 1 0 . 8 7 ( 1 2 / 2 8 ) 1 0 . 5 6 ( 11/9)
9 . 4 0 ( 8/17) 9 . 3 9 ( 6/29) 9 . 1 6 ( 7/6) 8 . 7 9 ( 7 / 6 )
7.38(10/26)
6 . 0 8 ( 7/6)
1980-High
Low
1 4 . 5 1 ( 1 2 / 1 2 ) 1 5 . 0 3 ( 1 2 / 1 2 ) 1 3 . 4 9 ( 1 2 / 1 9 ) 12.86(12/12) 1 0 . 5 6 ( 1 2 / 1 9 ) 11.41(12/19)
1 0 . 5 3 ( 6/20) 1 0 . 7 9 ( 6/20) 1 0 . 3 4 ( 6/20) 9 . 5 9 ( 6/20) 7 . 1 1 ( 5 / 9 ) 8 . 1 5 ( 5/8)
1981-High
Low
1 7 , 6 2 ( 9/11) 1 7 . 5 2 ( 9/11) 1 5 . 6 1 ( 9/11) 1 5 . 1 6 (
1 4 . 0 5 ( 1 / 9 ) 1 3 . 9 9 ( 3/20) 1 2 . 5 9 ( 1 / 9 ) 1 1 . 9 8 (
1978-High
Low
9.30(11/10)
8.61( 3/24)
11.60
1980-July
Aug.
Sept.
9.54(12/22) 9.27(12/29)
8.48( 1/6) 8.30( 1/6)
8.01(
8.24(11/23)
7/23( 9/21)
9 / 4 ) 1 3 . 2 1 ( 9/11: 1 4 . 2 4 ( 9/11)
1 / 9 ) 9 . 4 9 ( 1 / 9 ) 1 0 . 3 4 ( 1/16)
12.32
12.74
11.41
12.31
12.72
11.07
11.64
12.02
10.32
11.07
11.47
8.13
8.67
8.94
8.87
9.57
9.84
Oct.
Nov.
Dec.
13.18
13.85
14.51
13.13
13.91
14.38
12.31
12.97
13.21
11.75
12.44
12.49
9.11
9.56
10.11
9.97
10.43
11.08
1981-Jan.
Feb.
Mar.
14.12
14.90
14.71
14.17
14.58
14.41
12.81
12.29
12.98
12.94
9.66
10.10
10.16
10.64
13.35
13.33
Apr.
May
June
15.68
15.81
14.76
15.48
15.48 •
14.81
13.88
14.32
13.75
13.46
13.82
13.20
10.62
10.79
10.67
11.32
July
Aug.
16.30
15.73
14.38
14.89
13.92
14.52
11.14
11.88
16.68
17.15
14.82
14.62
14.78
15.21
14.51
14.14
14.34
14.99
11.63
11.94
12.49
12.97
12.34
12.55
13.04
13.89
177 . 5 0
l .52
16.92
17.13p
15.50
15.61
15.30r
15.26p
15.16
15.12
14.76r
14.78p
13.10
13.21
12.79
12.57
14.10
14.24
13.78
13.62
1981-Aug.
Sept.
7
14
21
28
4
11
18
25
16.82
16.63
16.80
17.55
17.62
16.87r
16.79p
12.26
11.01
10.90
11.60
11.49
12.96
1 Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection.
2 Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection released from price
restrictions sometime during the last four weeks.
3 Weekly average of daily closing figures,
4 Weekly average of daily figures. U.S. Treasury data.
5 Thursday figures. The average rating of the 20 general obligation bonds used in this index falls midway between the five top groups as classified by
Moody's Investors Service. Weekly Bond Buyer data.
6 Thursday figures. The average rating of the 25 revenue bonds used in this index falls midway between the five top groups as classified by Moody s
Investors Service. Weekly Bond Buyer data.
4. LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS
Gross proceeds, millions of dollars
State and Local 2
Corporate 1
Period
1981
1980
1979
1981
1980
1979
3,078
2,840
2,651
5,581
6,173
3,770
January
2,424
2,603
2,923
4,157
4,507
3,165
February
2,435
4,644
6,423
3,869
4,454
4,354
March
April
May
June
4,692
4,160
6,238
5,656
9,074
9,645
6,835
5,457
9,536e
3,444
3,042
4,72.4
4,962
4,746
6,136
5,061
3,395
4,821*
July
August
September
4,103
4,211
4,593
8,029
5,437
5,025
4,013
2,450e
3,396
4,256
2,472
4,872
3,946
4,523
3,300e
3,000e
October
November
December
4,601
3,868
3,778
5,819
3,936
5,933
4,217
4,160
3,567
4,474
2,916
3,854
51,553
73,688
43,365
48,366
Year
1 Securities end Exchange Commission estimates of gross proceeds.
2 Public Securities Association estimates of principal amounts.
e Estimated by Federal Reserve on the basis of available data.
*
E x c l u d e s $150 m i l l i o n i s s u e of Alaska Housing F i n a n c e C o r p o r a t i o n .
5. TREASURY AND GOVERNMENT-SPONSORED AGENCY BORROWING
Millions of dollars
Federal Government
Means of financing combined deficit
Net cash borrowing from the public?
Combined
Public debt securities
deficit(+)
Period
Gov't,
or
agency
Nonsurplus! - )T Totals
Bills
Coupons marketable securities
CY- / -1979
CY
-1980
Other
Qecrease(+)' Sponsored
agency
increase*—)
borrowing4
in cash
operating
balance
41,397
50,670
37,360
79,201
10,899
43,458
28,041
50,480
-397
-14,298
-1,402
-577
1,115
484
366
3,621
23,631
24,705
' ' Q 0 - - J u l y 16,384
Aug.
8,347
Sept. -4,434
9,737
11,111
6,260
6,807
7,815
526
2,602
3,245
7,026
456
219
-1,407
-76
-28
-36
2,986
-701
-2,199
6061
-2,063
-8,495
575
-835
2,432
Oct.
Nov.
Dec.
17,146
10,698
7,869
4,758
9,231
13,668
2,477
6,412
7,382
2,422
3,267
7,233
-63
-315
-1,023
-23
-30
-79
4,076
-3,985
-720
8,312
5,452
-5,079
5,116
412
3,378
1981—Jan.
Feb.
Mar.
8,339
17,063
13,048
6,772
13,916
15,138
4,320
8,548
6,343
4,159
5,849
8,997
-1,480
-489
-347
-35
-55
-14
3,179
-664
-1,479
-1,612
3,811
-611
1,408
13
1,960
Apr.
May
June
45,251
18,379
43,820
-3,725
539
572
-9,466
-1,336
-5,728
6,307
2,155
7,770
-417
-158
-1,479
-71
-37
-84
-1,092
2,391
-3,705
-10,434
15,449
-10,687
1,478
4,744
2,660
1 U.S. unified budget deficit or surplus plus off-budget entities deficit or surplus.
2 Change in outstanding amount of public debt securities and government agency securities less change in holdings of those securities by government
accounts.
3 Also includes changes in matured and noninterest-bearing public debt.
4 Change in outstanding amount of marketable securities issued by Federal Farm Credit Banks, Federal Home Loan Banks, Federal Home Loan Mortgage Corporation, Federal National Mortgage Association.
5 CY= Calendar Year
6. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE
Gross proceeds, millions of dollars
Bonds
Total
Period
Publicly
Privately
offered 2
placed
53,792
24,072
17,943
1977
47,230
19,815
17,057
1978
51,533
25,814
14,394
1979
73,688
11,612
41,587
1980
Common and
preferred
stocks
11,777
10,358
11,325
20,490
Memo
Issues included
Convertible
Foreign
863
1,347
418
1,349
2,229
1,008
4,685
1,827
1980-QI
QII
QUI
QIV
15,134
24,375
18,492
15,688
5,924
18,165
11,618
5,880
4,624
2,213
2,163
2,612
4,586
3,997
4,711
7,196
169
529
631
498
908
967
1,510
1,300
1981-QI
QII
16,161
21,828
9,114
10,791
1,381
2,487
5,666
8,550
277
864
1,317
1,472
1981-Jan..
Feb.
Mar.
5,581
4,157
6,423
2,928
2,408
3,778
458
426
497
2,195
1,323
2,148
162
105
10
303
575
439
Apr.
May
June
6,835
5,457
9,536
3,668
2,520
4,603
929
560
998
2,238
2,377
3,935
168
121
575
719
399
354
July
4,013
1,925
331
1,757
n.a.
13C
7. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUER
Gross proceeds, millions of dollars
Public utility
Manufacturing
Period
1977
1978
1979
1980
Communications
Other issuers1
13,393
10,813
11,357
20,248
14,127
12,232
13,324
15,786
4,522
3,640
4,522
7,250
21,827
20,549
22,332
30,404
1980-QI
QII
QUI
QIV
3,950
6,896
5,925
3,477
4,864
4,151
3,701
3,070
1,324
2,182
1,936
1,808
4,995
11,148
6,928
7,333
1981-QI
QII
5,387
5,857
3,223
4,696
1,337
2,172
6,221
9,104
1981-Jan.
Feb.
Mar.
2,244
1,344
1,799
1,362
853
1,008
76
303
958
1,901
1,660
2,660
Apr.
May
June
1,990
2,172
1,695
1,621
1,236
1,839
610
56
1,506
2,614
1,994
4,496
July
832
691
840
1,650
1 Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other.
Source: Securities and Exchange Commission and Federal Reserve Board.
2 T o t a l r e f l e c t s g r o s s p r o c e e d s r a t h e r t h a n p a r v a l u e of o r i g i n a l d i s c o u n t b o n d s .
8. PUBLIC O F F E R I N G S OF INTERMEDIATE- A N D LONG-TERM SECURITIES: CORPORATE 1
Issuer
*
1
I n d i a n a B e l l T e l . Co.
P u b l i c S e r v i c e Co. of New
Mexico
Consumers Power Co.
Consumers Power Co.
Texas E a s t e r n T r a n s m i s s i o n
Corp.
Texas E a s t e r n T r a n s m i s s i o n
Corp.
Texas Power & L i g h t Co.
G e n e r a l T e l . Co. of C a l i f .
Brooklyn Union Gas Co.
G e n ' l . T e l . Co. of t h e Southwest
L o u i s v i l l e Gas & E l e c . Co.
F l o r i d a Power Co.
P r i v a t e E x p o r t Funding Corp.
Global Marine, I n c .
Hanover P e t r o l e u m Co.
Cleveland Elec. Ilium.
Xerox C r e d i t Corp.
Switcho, I n c .
Duquesne L i g h t Co.
S o u t h w e s t e r n B e l l Telephone
P h i l a d e l p h i a E l e c . Co.
B a r c l a y s American Corp.
Dayton Power & L i g h t Co.
S o u t h e r n C a l i f . Gas Co.
Ohio Power Co.
B a l t i m o r e Gas & E l e c t r i c Co.
Nucorp E n e r g y , I n c .
Southwestern Public Service
OTHER
Hydro-Quebec
S a s k a t c h e w a n , P r o v i n c e of
Date
Type
Amount
(millions
of dollars)
Maturity
Coupon
rate
Offering
yield
Moody's/S&F
ratings
2020
17.00
17.10
Aaa/AAA
9/1
Debt.
75.0
9/2
Com. s t k .
90.5
9/9
9/10
Com. s t k .
1 s t . mtg.
32.7
75.0
1989
18.50
18.50
Baa/BBB
9/10
Notes
75.0
1991
17.00
17.38
A/A
9/10
9/10
9/10
9/15
Debt.
1 s t . mtg.
1 s t . mtg.
1 s t . mtg.
75.0
75.0
50.0
50.0
2001
2011
2011
1991
17.50
17.50
18.75
17.38
18.01
17.60
18.75
17.50
A/A
Aaa/AAA
A/BBB+
A/A-
9/15
9/16
9/17
9/17
9/17
9/17
9/18
9/18
9/22
9/22
9/22
9/22
9/22
9/22
9/22
9/23
9/24
9/24
9/25
1 s t . mtg.
Com. s t k .
Com. s t k .
Notes
Debt.
Notes
Com. s t k .
Notes
Com. s t k .
Com. s t k .
Debt.
1 s t . mtg.
Debt.
1 s t . mtg.
1 s t . mtg.
1 s t . mtg.
1 s t . mtg.
Conv.debt.
1 s t . mtg.
50.0
26.6
42.0
100.0
80.4
34.3
51.6
100.0
25.0
49.5
300.0
125.0
53.3
80.0
60.0
30.0
75.0
60.0
30.0
2001
18.00
18.13
A/A
2021
2009
1990
1991
2001
1988
1991
2001
1991
16.13
18.75
0
17.00
17.38
17.63
16.75
19.75
17.20
16.74
18.75
15.25
17.20
17.40
17.63
16.85
10.00
17.20
Aaa/.
Baa/BE a
A/AA
A/A
A/AABaa/BBB4
Aa/AA
9/2
9/23
Deb t .
Debt.
250.0
200.0
1991
1991
17.38
16.38
17.40
16.40
Aa/AA
Aal/AA+
—
—
—
1989
2001
1986
—
/
—
—
/
—
16.20
16.00
14.75
16.20
20.00
19.38
Aaa/AA;
B/B+
B/B
16.00
16.07
A/A
—
—
—
—
Rights offering.
Includes only corporate and other security offerings of $25 million and over; excludes options, exchanges, and secondary offerings.
—
—
—
1991
/
/
— !
—
—
-
-
-
-
/ - -
/
—
Aa/AA
9.
PUBLIC O F F E R I N G S
Issuer
OF INTERMEDIATE-
AND.LONG-TERM SECURITIES: STATE AND LOCAL 1
Date
M i n n e s o t a H i g h e r Ed. C o o r d i n a
t i n g Bd.
9/1
M i n n e s o t a H i g h e r Ed. C o o r d i n a
t i n g Bd.
9/1
J e f f e r s o n P a r i s h , LA
9/2
S h e l b y C o . , TN
9/2
W a s h i n g t o n P u b . Power S u p p l y
Syst.
9/4
W a s h i n g t o n P u b . Power S u p p l y
Syst.
9/4
•Washington P u b . Power S u p p l y
Syst.
9/4
W a s h i n g t o n P u b . Power S u p p l y
Syst.
9/4
Washington P u b . Power S u p p l y
Syst.
9/4
Washington %P„uh. Power S u p p l y
Syst.
•
9/4
P u e r t o R i c o I n d u s . Med. &
Environ. P o l l . C n t r l . Fac.
Fin. Auth.
9/9
Sam Rayburn Muni. Power A g c y . ,
TX
9/10
Sam Rayburn Muni. Power A g c y . ,
TX
9/10
Sam Rayburn Muni. Power A g c y . ,
TX
9/10
Sam Rayburn Muni. Power A g c y . ,
TX
9/10
Sam Rayburn Muni. Power A g c y . ,
TX
9/10
Sam Rayburn Muni. Power A g c y . ,
TX
9/10
M a s s a c h u s e t t s Bay T r a n s p .
Auth.
9/11
M a s s a c h u s e t t s Bay T r a n s p .
Auth.
9/11
9/15
W i c h i t a , Kansas
Rancho C a l i f o r n i a Water A u t h . 9 / 1 5
N. C a r o l i n a Mun. Power A g c y . ,
9/17
No. 1
N. C a r o l i n a Mun. Power A g c y . ,
9/17
No. 1
N. C a r o l i n a Mun. Power A g c y . ,
9/17
No. 1
N. C a r o l i n a Mun. Power A g c y . ,
9/17
No. 1
9/17
San A n t o n i o , TX
9/17
Honolulu, Hawaii
Hopewell I n d u s . Dev. A u t h . , VA 9 / 2 1
J e f f e r s o n C o . , KY
9/22
Delawar e T r a n s p . A u t h .
9/23
Type2
Amount
(millions
of $)
Rev.
Maturity
Met
interest
cost
Offering
yield
18.0
1985
n.a.
12.25
Rev.
G.O.
G.O.
27.0
35.0
80.0
1985
1982-06
1983
n.a.
n.a.
n.a.
10.75
9.75-13.70
10.75
A/A
A/A
MIG-l/AA
Rev.
50.0
2001
n.a.
14.38
Aaa/AAA
Rev.
150.0
2003
nua.
14.25
Aaa/AAA
Rev.
50.0
2006
n.a.
14.64
Aaa/AAA
Rev.
50.0
'2012
n.a.
13.25
Aaa/AAA
Rev.
265.0
2017
n.a.
15.00
Aaa/AAA
Rev.
185.0
2018
n.a.
15.00
Aaa/AAA
Rev.
40.0
1986
n.a.
10.75
—/AAA
Rev.
12.7
1983-94
n.a.
Rev.
2.1
1995
n.a.
13.20
A/A-
Rev.
20.1
2001
n.a.
14.50
A/A-
Rev.
45.8
2008
n.a.
14.00
A/A-
Rev.
56.5
2011
n.a.
15.00
A/A-
Rev.
20.1
2012
n.a.
14.50
A/A-
G.O.
20.3
1982-90
n.a.
G.O.
G.O.
Rev.
24.8
23.6
23.0
2001
1982-96
1982-01
n.a.
14.25
Al/A1 1 . 7 2 9 . 5 0 - 1 2 . 3 0 Aa/AA
1 1 . 4 9 1 0 . 0 0 - 1 2 . 2 0 Baa/—
Rev.
100.0
1984
n.a.
11.50
MIG-1
Rev.
17.5
2001
n.a.
14.38
A/A
Rev.
25.0
2015
n.a.
14.27
A/A
Rev.
Rev.
G.O.
Rev.
Rev.
G.O.
157.5
60.0
45.0
33.0
37.0
40.0
2020
1983-05
1984-01
1986
1984
1983-01
A/A
1 0 . 0 0 - 1 3 . 2 ( A/A-
1 0 . 0 0 - 1 3 . 0 0 Al/A-
14.75
n.a.
12.68 9.50-13.00
12.381/
n.a.
A/A
Aa/AA
Aa/AA
n.a.
12.25
A/A
n.a.
11.13
Aa/—
1 2 . 5 8 1 0 . 0 0 - 1 3 . 3 0 A/A+
1 Includes only state and local security offerings of $25 million and over; excludes secondary offerings.
2 For state and local government securities, G.O. denotes general obligation; Rev. denotes revenue obligations.
3 Canadian interest cost.
Moody's/S&P's
ratings
9
S. PUBLIC O F F E R I N G S OF INTERMEDIATE- A N D LONG-TERM SECURITIES: STATE A N D LOCAL 1
W
r-
Issuer
#
»
0
Montana, S t a t e of
Escambia Co. U t i l . A u t h . , FL
Escambia Co. U t i l . A u t h . , FL
Escambia Co. U t i l . A u t h . , FL
Escambia Co. U t i l . A u t h . , FL
Escambia Co. U t i l . A u t h . , FL
Escambia Co. U t i l . A u t h . , FL
Municipal A s s i s t a n c e Corp.
M u n i c i p a l A s s i s t a n c e Corp.
M u n i c i p a l A s s i s t a n c e Corp.
G e o r g i a , S t a t e of
Plaquemines P o r t . , Harbor &
Terminal D i s t . , LA
(con't.)
Maturity
Net
interest
cost
Offering
yield
1Vloody's/S&P's
ratings
36.6
.9
.6
2.3
3.2
29.4
12.0
25.0
25.0
50.0
52.9
1982-96
1983-90
1991-92
1996
1999
2009
2011
1984-86
1988
2008
1982-01
10.46
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n .a.
n.a.
11.27
31 . 0 0 - 1 1 . 0 0
51.75-11.50
N.R.
12.50
12.75
13.00
12.77
LI.00-11.75
12.25
13.50
S.75-11.60
AA1/AA
—/AAA
—/AAA
—/AAA
—/AAA
—/AAA
—/AAA
Baal/A
Baal/A
Baal/A
Aaa/AA
63.0
1984-00
n.a.
L2.00-12.25
A/—
Date
Amount
Type2 i millions
of $)
9/23
9/23
9/23
9/23
9/23
9/23
9/23
9/24
9/24
9/24
9/24
G.O.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
G.O.
G.O.
G.O.
G.O.
9/24
Rev.
•
(
•
e
e
,
e
»x
-
'1 Includes only state and local security offerings of $25 million and over; excludes secondary offerings.
2 For state arid local government securities, G.p. denotes general obligation; Rev. denotes revenue obligations.
3 Canadian interest cost.
N.R. = i s t h e a b b r e v i a t i o n f o r n o t r e o f f e r e d .
10. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: U.S. TREASURY
Notes and Bonds
Amount (millions of dollars)
Coupon Auction
Net proceeds
Gross
proceeds
Offering Payment
Memo:
Maturity
Length
average
rate
date
date
date
1 2 Foreign 3
(percent) (percent) Total
Privatel
Total
Private • add-ons
1981
Jan.
6
• 21
1/12
2/2
2 0 - y r 1-mo 2 / 1 5 / 0 1
2-yr
1/31/83
11-3/4
13-5/8
11.82
13.69
1,501
5,191
Feb.
3
4
5
24
26
2/17
2/17
2/17
3/2
3/4
3-yr
9-yr
29-yr
2-yr
5-yr
13-1/4
13
12-3/4
13-7/8
13-3/4
13.37
12.89
12.68
13.97
13.79
4,662
3,038
2,576
5,438
3,460
Mar.
18
24
26
31
3/31
3/31
4/2
4/6
2-yr
3/31/83
4-yr
3/31/85
2 0 - y r 1-mo 5 / 1 5 / 0 1
7-yr
4/15/88
12-5/8
13-3/8
13-1/8
13-1/4
12.75
13.49
13.21
13.34
Apr.
22
4/30
2-yr
14-1/2
May
5
6
7
5/15
5/15
5/15
3-yr
10-yr
30-yr
20
28
6/1
6/3
June
18
23
25
30
6/30
6/30
7/2
7/7
July
22
7/31
Aug.
4
-5
6
20
27
8/17
8/17
8/17
8/31
9/8
S e p t . 16
23
9/30
9/30
1,501
4,730
1,501
2,045
1,501
2,045
8,801
3,638
3,638
5,012
3,460
2,551
3,460
2,551
3,460
0
130
0
186
195
5,601
3,794
1,751
2,972
4,901
3,535
1,751
2,972
2,085
985
1,751
2,972
2,118
952
1,751
2,972
68
0
0
215
14.51
4,586
4,325
1,573
1,573
0
5/15/84 15-3/4
5 / 1 5 / 9 1 14-1/2
5/15/06-11 1 3 - 7 / 8
15.81
14.56
13.99
3,776
2,074
2,302
6,844
2,221
2,221
0
0
0
2-yr
5/31/83 15-5/8
5 - y r 5-mo 1 1 / 1 5 / 8 6 1 3 - 7 / 8
15.72
13.95
4,763
3,206
4,352
3,206
2,120
3,206
2,120
3,206
0
195
14-5/8
14
13-3/8
14
14.72
14.04
13.45
14.07
4,607
3,393
1,753
3,469
4,307
3,281
1,753
3,469
1,550
879
1,753
3,469
1,582
847
1,753
3,469
0
0
0'
450
L5-7/8
15.92
4,966
4,615
1,744
1,744
0
3 - y r 3-mo 1 1 / 1 5 / 8 4 16
10-yr
8 / 1 5 / 9 1 14-7/8
2 9 - y r 9-mo 5 / 1 5 / 0 6 1 1 L3-7/8
2-yr
8 / 3 1 / 8 3 L6-1/4
5 - y r 2-mo 1 1 / 1 5 / 8 6 L6-1/8
15.96
14.98
14.06
16.26
16.14
5,780
2,811
2,306
5,423
9,042
3,394
•3,394
4,848
1^694
1,594
6-mo 8 / 1 5 / 8 4
9-mo 1 1 / 1 5 / 9 0
9-mo 1 1 / 1 5 / 1 0
2/28/83
2-mo 5 / 1 5 / 8 6
4/30/83
2-yr
6/30/83
4-yr
6/30/85
2 0 - y r 1-mo 8 / 1 5 / 0 1
7-yr
7/15/88
2-yr
2-yr
4-yr
7/31/83
9/30/83
9/30/85
L6
L5-7/8
16.12
15.91
1 Excludes amounts sold to Government investment accounts and the Federal Reserve. Also excludes add-ons to foreign accounts.
2 May be larger than the total if the Government accounts and/or the Federal Reserve do not fully roll-over their maturing holdings.
3 Additional amounts of securities issued to foreign and international monetary authorities at the average auction price for new cash.
0
125
271
150
0
0
0
n.a.
n.a.
.
11. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: GOVERNMENT SPONSORED AGENCIES
I
Amount (millions of dollars)
Yield
Maturity
Offering
Payment
Length
Issuer
Net
Gross
Maturing
(percent)
date
date
date
proceeds
proceeds
issues
FFCB
3/25
4/1
4/1
2 - y r 11-mo
4 - y r 11-mo
3/1/84
3/3/86
13.85
13.95
683
970
364
1,289
FNMA
4/1
4/10
4-yr
4/10/85
13.75
500
1,300
-800
FFCB ,
4/15
4/15
4/15
4/20
4/20
4/29
2 - y r 8-mo
4 - y r 8-mo
10-yr
12/1/83
12/2/85
4/22/91
14.10
14.30
14.10
588
769
544
924
977
FHLB
4/22
4/29
1 - y r 9-mo
1/25/83
14.50
1,200
0
1,200
FHLB
5/13
5/13
5/13
5/^6
5/26
5/26
11-mo
2 - y r 8-mo
5-yr
4/26/82
1/25/84
5/27/86
17.05
15.80
15.50
1,200
1,000
600
.1,400
1,400
FFCB
5/28
6/1
4 - y r 3-mo
9/3/85
14.90
662
0
662
FNMA
6/3
6/10
3 - y r 4-mo
10/10/84
14.90
500
750
-250
FHLB
6/10
6/10
6/25
6/25
1 - y r 9-mo
3 - y r 10-mo
3/25/83
4/25/85
14.80
14.55
a*ioo
700
0
1,800
FNMA
6/26
7/10
3 - y r 10-mo
5/10/85
15.25
600
1,200
-600
FFCB
7/8
7/8
7/8
7/20
7/20
7/20
3-yr
5-yr
10-yr
7/23/84
7/21/86
7/22/91
15.25
15.15
14.70
759
938
617
905
1,409
7/15
7/15
7/15
7/27
7/27
7/27
1-yr
3-yr
5-yr
7/26/82
7/25/84
7/25/86
15.90
15.55
15.35
1,000
1,000
400
900
1,500
FHLB
8/12
8/12
8/12
8/25
8/25
8/25
1-yr
3-yr
4-yr
4-ffio 1 2 / 2 7 / 8 2
8/27/84
3/25/86
7-mo
16.50
16.00
15.75
1,400
1,000 '
600
FNMA
8/14
8/14
8/17
8/17
3-yr
7-yr
6-mo
2/11/85
8/10/88
17.00
16.375
700
300
0
0
700
300
FCB
8/26
8/26
9/1
9/1
2-yr
4-yr
6-mo
3-mb
3/11/84
12/2/85
17.00
17.00
415
491
0
0
415
491
FNMA
9/2
9/10
1-yr
8-mo
5/10/83
18.00
1,000
1,050
-50
FNMA
9/10
9/15
1-yr
5-mo
2/10/83
17.75
400
0
„
400
FHLB
FHLB
FHLB
9/16
9/16
9/16
9/25
9/25
9/25
1-yr
3-yr
5-yr
9/27/82
9/25/84
9/25/86
16.50
16.40
16.40
1,500
600
500
0
0
0
'
1,500
600
500
3425
FHLB
FFCB
FHLB
FHLMC
FNMA
-
Federal Farm Credit Banks
Federal Home Loan Banks
Federal Home Loan Mortgage Corporation
Federal National Mortgage Association
1,000
800
.. • 4 0 0 "
200
600
12
12.
F O R T H C O M I N G PUBLIC O F F E R I N G S
As of September 25, 1.981
OF INTERMEDIATE- AND LONG-TERM
Issuer
C o n n e c t i c u t L i g h t & Power Co.
Michigan W i s c o n s i n P i p e l i n e Co.
Michigan W i s c o n s i n P i p e l i n e Co
Alabama Power Co.
Ohio E d i s o n Co.
Georgia Power Co.
Bankamerica R e a l t y
F l o r i d a Power & L i g h t Co.
G e n e r a l T e l . Co. of C a l i f .
U.S. L e a s i n g Corp.
Iowa E l e c . L i g h t & Power Co.
Lorimar P r o d u c t i o n Co.
Republic A i r l i n e s , Inc.
U.S. Home Corp.
B.F. Goodrich C.o.
Farmland I n d u s t r i e s , I n c .
Kentucky U t i l i t i e s Co.
Kerr-McGee Corp.
B a r c l a y s American Corp.
E q u i t a b l e of Iowa Companies
Xerox C r e d i t Corp.
New York S t a t e Gas & E l e c . Co.
ITT F i n a n c i a l C o r p .
K a i s e r Cement C o r p .
F i r s t S a v i n g s A s s n . of Wise.
A l l e g h e n y Power System
Delmarva Power & L i g h t Co.
J e t American A i r l i n e s
Wells Fargo & Company
Northern Indiana Public Service
P a c i f i c T e l . & T e l . Co.
P h i l a d e l p h i a E l e c . Co.
Dayton Power & L i g h t Co.
Cameron I r o n Works, I n c .
K a i s e r Aluminum & Chemical Corp.
S o u t h e r n N a t u r a l Gas Co.
Anardarko P r o d u c t i o n Co.
Anardarko P r o d u c t i o n Co.
Texas G e n e r a l R e s o u r c e s
G e n ' l . E l e c . C r e d i t Corp.
G e n ' l . E l e c . C r e d i t Corp.
Wisconsin Gas Co.
Chase Manhattan Corp.
C o n t i n e n t a l I l l i n o i s Corp.
I n t e r n a t ' l . B u s i n e s s Machines C o r p .
N a t i o n a l M e d i c a l Care
M a n u f a c t u r e r s Hanover T r . Corp.
C r e d i t h r i f t F i n . Corp.
Columbia Gas Systems
Cable American C o r p .
C r y s t a l O i l Co.
F l o r i d a T e l e p h o n e Corp.
Northwest Energy Co.
Ford Motor C r e d i t Co.
P h i l l i p s P e t r o l e u m Co.
SECURH :£$:
CORPORATE 1
Type
Amount
{millions of dollars)
1 s t . mtg.
Debt.
Debt.
1 s t . mtg.
1 s t . mtg.
1 s t . mtg.
Conv. d e b t .
1 s t . mtg.
1 s t . mtg.
Notes
1 s t . mtg.
Notes
Conv. d e b t .
Bonds
Notes
Debt.
1 s t . mtg.
Debt.
Notes
Notes
Debt.
1 s t . mtg.
Notes
Com. s t k .
Com. s t k .
Com. s t k .
Com. s t k .
Com. s t k .
Pfd. stk.
Com. s t k .
Com. s t k .
Com. s t k ( r t s )
Pfd. stk.
Notes
Conv. d e b t .
Debt.
Notes
Debt.
Conv. d e b t .
Notes
Debt.
1 s t . mtg:
Notes
Notes
Debt.
Conv. d e b t .
Notes
Notes
1 s t . mtg.
Notes
Conv. d e b t .
Notes
Debt.
Notes
Debt.
65.0
50.0
50.0
100.0
100.0
125.0
50.0
100.0
50.0
40.0
30.0
30.0
50.0
100.0
50.0
100.0
75.0
200.0
50.0
40.0
100.0
75.0
200.0
37.0
41.0
80.0
25.0
28.8
35.0
48.0
370.0
102.0
30.0
75.0
75.0
100.0
75.0
75.0
25.0
150.0
300.0
30.0
100.0
100.0
250.0
30.0
100.0
50.0
125.0
50.0
31.2
45.0
100.0
200:0
350.0
i
Approximate d
of offering
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.
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.
Sept.
Sept.
Sept.
* Included in table for first time.
1 Includes only corporate and other security issues of $25 million and over; excludes exchanges, options, and secondary offerings.
28
29
29
30
30
12. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG TERM SECURITIES: CORPORATE 1 (con ' t . )
Issuer
Mellon N a t i o n a l Corp.
D e t r o i t E d i s o n Co.
Ohio E d i s o n Co.
*InterNorth, Inc.
^ C a t e r p i l l a r T r a c t o r Co.
P u b l i c S e r v i c e Co. of New Mexico
^Washington Gas L i g h t Co.
*Long I s l a n d L i g h t i n g Co.
*San Diego Gas & E l e c . Co.
^ L o u i s i a n a Power & L i g h t Co.
^ C e n t r a l Maine Power Co.
^ P a c i f i c Power & L i g h t Co.
^Washington Water Power Co.
^Middle South U t i l s .
A p p a l a c h i a n Power Co.
C l e v e l a n d E l e c . Illuminum
Cypress Mines Corp.
Cypress Mines Corp.
D a l l a s Power & L i g h t Co.
Union E l e c t r i c Company
New England Power Co.
Clabir Corp.
Pennsylvania Engineering Corp.
Amoco C r e d i t Corp.
B e n e f i c i a l Corp.
Westvaco Corp.
Diamond Shamrock Corp.
OTHER
Kruger Co.
O r i e n t L e a s i n g Co.
World Bank
World Bank
M o n t r e a l , P r o v i n c e of
Canadian N a t ' l . Railway
Oslo Norway
'
Type
Notes
Com. s t k .
Com. s t k .
Debt.
Notes
1 s t . mtg.
1 s t . mtg.
Pfd. stk.
Pfd. stk.
1 s t . mtg.
Com. s t k .
1 s t . mtg.
Com. s t k .
Com. s t k .
Com. s t k .
1 s t . mtg.
Notes
Debt.
Pfd. stk.
Pfd. stk.
Pfd. stk.
Debt.
Debt.
Debt.
Notes
Debt.
Notes
Notes
Conv. d e b t .
Notes
Notes
Debt.
Debt.
Bonds
Amount
(millions of dollars)
Approximate date
of offering
200.0
Sept.
Sept.
Sept.
Sept.
Sept.
Oct. 6
O c t . 15
O c t . 15
O c t . 20
O c t . 21
O c t . 22
O c t . 22
O c t . 28
O c t . 29
Oct.
Oct.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
100.0
30.0
250.0
250.0
100.0
100.0
100.0
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Indef.
50.0
60.0
90.0
200.0
150.0
60.0
50.0
50.0
35.0
100.0
25.0
100.0
25.0
100.0
40.0
60.0
100.0
100.0
30.0
75.0
50.0
30.0
30.0
100.0
100.0
75.0
Includes on"corporat^aniT'other security issues of $25 million and over; excludes exchanges, options, and secondary offerings.
14
As of September 25, 1981
1 3 . FORTHCOMING PUBLIC O F F E R I N G S OF INTERMEDIATE- A N D LONG-TERM SECURITIES: STATE A N D LOCAL 1
Issuer
South C a r o l i n a Pub. S e r v . Auth.
Jtfew J e r s e y H e a l t h Care F a c . F i n . Auth.
C a l e x i c o Comm. Redev. A g c y . , CA
C a l i f o r n i a H e a l t h F a c . Auth.
Los A n g e l e s Comm. Redev. A g c y . , CA
M i s s o u r i E n v i r o n . Improv. A u t h .
J a c k s o n C o . , MI
V e s t a v i a H i l l s , AL
Oklahoma Hsg. F i n . Agcy.
Inglewood, CA
Howard C o . , MD
H a r r i s C o . , TX
*Alaska Hsg. F i n . C o r p .
*Putnam Co. D e v e l . A u t h . , FL
New York S t a t e Mtg. Agcy.
A u s t i n , TX
Texarkana Hosp. A u t h . , TX
* J a s p e r C o . , IN
Ohio B l d g . Auth.
Chicago P u b l i c B l d g . Commission
^Hawaii, S t a t e of
* C l a r k C o . , NV
S a l t R i v e r A g r i . Improv. & Power D i s t . , AZ
* P h i l a d e l p h i a , PA
* P h i l a d e l p h i a Hosp. Auth.
*Kansas H i g h e r Ed. Loan Program
Maryland, S t a t e of
*New J e r s e y , S t a t e of
POSTPONED
C a l i f o r n i a , S t a t e of
Burbank Redev. A g c y . , CA
New O r l e a n s , LA
Ohio B l d g . A u t h .
Type
Amount
(millions of dollars)
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
BAN's
G.O.
Rev. ,
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
G.O.
Rev.
Rev.
Rev.
Rev.
G.O.
G.O.
97.3
150.0
G.O.
Rev.
Rev.
Rev.
100.0
55.5
27.0
38.0
150.0
43.5
27.5
40.0
33.0
65.0
118.7
29.6
55.0
52.5
32.9
29.5
150.0
50.0
125.0
43.0
35.0
175.0
38.0
50.0
75.0
26.0
75.0
125.0
110.0
80.0
Approximate date
of offering
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.
0c(:.
Oct.
Oct.
Oct.
Oct.
Oci.
Oct.
28
29
29
29
29
29
29
29
29
29
29
29
30
30
30
30
30
1
1
1
6
6
9
9
15
19
21
27
Sept.
1
2
16
18
Sept.
Sept.
Sept.
/
*
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
Date
1979-High
Low
NYSE Index3
63.39 (10/5)
53.88 (2/27)
DJ Industrials
897.61 (10/5)
796.67 ( 1 1 / 8 )
AMEX4
247.07 (12/31)
152.03 ( 1 / 2 )
NASDAQ5
152.29 ( 1 0 / 5 )
117.84 ( 1 / 2 )
1980-High
Low
81.02 ( 1 1 / 2 8 )
55.30 ( 3 / 2 7 )
1000.17 (11/20)
759.13 ( 4/21)
370.75 ( 1 1 / 2 9 )
215.69 ( 3 / 2 7 )
2 0 8 . 1 5 (11/28)
124.09 ( 3/27)
1981-High
Low
79.14 ( 1 / 6 )
64.96 ( 9/25 )
1024.05 ( 4 / 2 7 )
824.01 ( 9/25)
379.77 ( 5 / 2 7 )
276.76 ( 9 / 2 5 )
223.47 ( 5/29)
175.12 ( 9 / 2 5 )
1981-July
2
10
17
24
31
74.73
75.15
75.96
74.60
75.95
959.18
955.67
958.90
936.74
952.34
366.84
363.44
370.02
366.72
361.97
212.80
210.54
212.76
208.00
211.63
Aug.
7
14
21
28
76.58
77.00
75.10
71.97
942.54
936.93
920.56
892.22
369.52
378.09
364.65
354.80
211.36
212.12
206.76
197.55
Sept. 4
11
18
25
69.51
70.32
67.27
64.96
861.68
872.81
836.19
824.01
337.28
331.05
300.33
276.76
139.63
189.81
184.27
175.12
15. T R A D I N G V O L U M E 2
AMEX
NYSE
Date
NASDAQ
1979-High
Low
81.6 (10/10)
18.0 ( 1/2)
13.2 (10/10)
2.2 ( 1/22)
25.8 (12/17)
7.2 ( 1/2)
1980-High
Low
8 4 . 1 ( 11/5)
16.1 (12/26)
15.0 ( 1/15)
2.5 ( 4/14)
6 0 . 4 (11/19)
10.7 ( 4/14)
1981-High
Low
92.9 (
28.9 (
15.8 ( 1/7)
3.6 ( 2/13)
53.2 (
19.7 (
1981-July
Aug.
1/7)
1/2)
2
10
17
24
31
43.4
45.9
42.8
44.4
41.3
4.7
4.3
4.1
4.2
4.8
32.9
29.1
27.7
29.0
27.0
7
14
21
28 =
44.8
4.6
47.3
40.7
46.0
6.0
5.2
30.2
32.4
29.4
27.5
41.5
47.1
42.4r
48.2
5.1
5.5
4.7r
5.4
25.8
28.8
28.3r
26.6
Sept. 4
11
18
25
4.9
1 Figures other than highs and lows are Friday figures only.
2 Volume figures are weekly averages of daily figures (millions of shares). Highs and lows refer to single days.
3 12/31/65-50
4 8/31/73 e 100
5 2/5/71 = 100
1/7)
1/2)
16
16. SECURITY CREDIT?
Outstanding, dollar amounts in millions
End of period
1
Margin credit extended
by brokers on:
Marginable
Convertible
stock
bonds
Number of
margin accounts
(thousands)
Percent of debt
in accounts with
40 percent or more
customer equity
1976
7,960
204
810
88
1977
9,740
250
885
81
1978
10,830
205
955
67
1979
11,450
167
1,020
84
1980
14,500
219
1,180
86
1979-July
Aug.
Sept.
11,840
12,060
12,000
178
176
177
970
995
1,005
81
86
84
Oct.
Nov.
Dec.
11,310
10,920
11,450
173
161
167
985
1,000
1,020
73
83
84
1980-Jan.
Feb.
Mar.
11,820
12,460
11,740
165
175
171
1,035
1,065
1,075
87
84
54
Apr.
May
June
11,140
11,270
11,200
168
167
165
1,055
1,055
1,065
72
81
83
July
Aug.
Sept.
11,320
11,800
12,520
198
204
208
1,075
1,095
1,105
88
89
87
Oct.
Nov.
Dec.
13,080
14,140
14,500
211
220
219
1,120
1,155
1,180
87
87
86
1981-Jan.
Feb.
Mar.
14,020
13,950
14,020
221
220
222
1,195
1,205
1,235
80
80
84
Apr.
May
June
14,630
14,700
14,870
238
250
254
1,260
1,260
1,320
79
79
75
July
Aug.
14,870
14,270
262
274
1,365
1,400
75
62
Margin account debt as reported by the New York Stock Exchange.
17. SAVINGS FLOWS A T SELECTED N O N B A N K THRIFT INSTITUTIONS
Millions of dollars
Mutual Savings Banks
(regular deposits)1
Net flow
Annual
growth
Sea. adj.
N.S.A.
rate3
Date
1976
12,670
1977
10,783
1978
8,426
1979
2,900
1980
7,380
—
•
—
Net flow
N.S.A.
Sea. adj.
Annual
growth
rate3
Memo:
Net New Money 2
Total
Savings and Loan Associations
Net
flow
(sea. adj.)
Annual
growth
rate3
At
insured
S&L's
At
MSB's
11.6
50,169
17.5
62,854
15.9
34,369
5,283
8.7
50,888
15.0
60,982
13.3
31,004
2,874
6.3
44,153
11.3
52,292
10.1
23,460
-591
2.1
39,051
9.1
42,226
7.4
15,029
-6,963
5.1
40,955
8.7
48,330
7.9
10,667
-4,831
-337
-92
520
-76
344
76
-0.6
2.9
0.6
2,006
1,199
4,744
2,799
2,795
2,822
7.4
7.4
7.4
2,723
3,139
2,898
5.5
6.3
5.8
1,455
717
-198
-733
-504
-1,072
Oct.
Nov.
Dec.
-983
-325
1,006
-372
-245
266
-3.1
-2.0
2.2
1,855
1,153
4,505
2,810
3,009
2,666
7.3
7.8
6.8
2,438
2,764
2,932
4.8
5.5
5.8
1,314
732
-700
-1,421
-765
-987
1980-Jan.
Feb.
Mar.
-927
141
930
-399
189
-115
-3.3
1.6
-1.0
2,059
1,622
4,390
2,206
2,734
-101
5.6
6.9
—0.3
1,807
2,923
-216
3.5
5.7
-0.4
1,167
1,079
-696
-1,436
-543
-679
Apr.
May
June
-449
881
1,770
481
1,001
991
4.0
8.3
8.2
. 325
3,011
5,269
4,235
3,078
3,118
10.7
7.7
7.8
4,716
4,079
4,109
9.2
7.9
7.9
-817
1,785
-169
-1,024
242
-176
July
Aug.
Sept.
992
610
1,377
1,274
1,017
914
10.5
8.3
7.4
2,216
2,507
5,588
3,083
4,130
3,513
7.6
10.1
8.6
4,359
5,147
4,427
8.3
9.7
8.3
961
1,285
6
246
1
-460
Oct.
Nov.
Dec.
402
312
1,307
1,078
401
496
8.7
3.2
4.0
3,870
2,507
7,591
4,909
4.498
5,693
11.9
10.8
13.5
5,987
4,899
6,184
11.1
9.0
11.3
2,550
1,461
2,055
-169
-227
-639
1981-Jan.
Feb.
Mar.
-365
295
1,284
200
349
191
1.6
2.8
1.6
1,987
2,304
3,740
1,983
3,546
-1,105
4.7
8.3
—2 • 6
2,183
3,895
-919
3.9
7.0
-1.6
599
879
-2,137
-979
-385
-757
-1,201
Apr.
May
229
June
945
Julyp -1,153
-210
349
109
—846
-1.7
2.8
0.9
-6.7
-2,919
1,557
4
-3,529
1,461
1,519
-2,293
-2,587
3.4
3.5
-5.3
-6.0
1,251
1,868
-2,184
-3,433
2.2
3.4
-3.9
-6.2
—4,638
-70
-5,759
-5,538
-2,025
-676
-1,392
-1,931
1979-July
Aug.
Sept.
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 96 percent ofjndustry 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
18. MORTGAGE COMMITMENTS OUTSTANDING AT SELECTED INSTITUTIONS
Billions of dollars, seasonally adjusted
Federal and
Thrift Institutions
Mutual
All savings
End of Period
FNMA
Total
savings banks
and loan
Total
(N.Y. state)
associations
Related Agencies
GNMA
FHLMC
1979
31.4
28.1
3.3
12.1
6.5
4.6
1.0
1980
28.8
27.3
1.5
9.0
3.3
5.1
0.6
1980-Jan.
Feb.
Mar.
30.7
29.9
26.5
27.5
27.1
24.0
3.2
2.8
2.5
11.7
11.1
10.6
6.0
5.6
5.3
4.7
4.5
4.5
1.1
1.0
0.8
Apr.
May
June
22.9
21.2
22.5
20.7
19.3
20.7
2.2
1.9
1.8
9.5
9.5
10.5
4.4
3.7
3.9
4.4
5.0
5.6
0.6
0.9
1.0
July
Aug.
Sept.
25.6
28.5
29.8
23.7
26.7
28.0
1.9
1.8
1.8
10.8
10.8
10.8
4.2
4.6
5.0
5.4
5.2
5.0
1.1
0.8
Oct.
Nov.
Dec.
29.4
29.4
28.8
27.7
27.8
27.3
1.7
1.6
1.5
10.0
9.7
9.0
4.5
3.9
3.3
4.9
5.1
5.1
0.7
0.7
0.6
1981-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
28.5
27.6
26.9
27.0
26.5
26.0
24.8
n.a.
27.1
26.2
25.5
25.3
24.8
24.5
23.6
23.0
1.4
1.4
1.4
1.7
1.7
1.5
1.3
n.a.
10.2
9.4
9.1
8.5
8.1
9.2
9.9
n.a
3.2
2.7
2.3
2.1
2.1
2.9
4.1
4.4
6.3
6.2
6.0
5.8
5.7
5.5
5.2
n.a.
0.7
1.0
0.6
0.8
0.7
0.3
0.9
0.7
n. a.
Based on data from Federal Home Loan Bank Board. Saving, Bank, Association of New York State, and federal and related agencies, sea^onahv idjusted
by Federal Reserve. Both thrift institution, series include a minor amount of non-residential commitments; S&L commitments also include loans in
process. Subtotals may not add to total because of rounding.
19
19. NET NEW MONEY BORROWINGS BY MAJOR HOUSING CREDIT AGENCIES
Millions of dollars
•
•
•
•
#
#
e
#
Intermediate- and long-term issues
FNMA and FHLB
short-term
discount notes
Total including
short-term
discount notes
Total
FHLB
1976
-1,750
-1,131
-2,031
0
900
-619
1977
2,732
1,444
496
-4
952
1,288
1978
19,030
13,578
6,302
576
6,700
5,452
1979-Jan.
Feb.
Mar.
967
1,457
912
0
1,033
1,372
0
834
0
0
199
-128
0
0
1,500
967
424
-460
Apr.
May
June
1,027
304
1,363
997
215
1,299
0
222
0
-X
-7
199
1,000
0
1,100
30
89
64
July
Aug.
Sept.
1,625
360
398
1,916
613
-154
700
415
0
216
198
146
1,000
0
-300
-291
-253
552
Oct.
Nov.
Dec.
2,297
1,791
1,375
1,599
1,453
150
1,300
953
0
-1
0
150
300
500
0
698
338
1,225
1980-Jan.
Feb.
Mar.
328
927
3,580
-2
10
1,780
0
-350
1,400
-2
160
-120
0
200
500
330
917
1,800
Apr.
May
June
2,205
1,366
-929
1,499
2,649
1,000
1,000
900
0
-1
-1
0
500
1,750
1,000
706
-1,283
-1,929
July
Aug.
Sept.
-979
-458
1,325
442
1,200
253
0
200
1,000
-8
0
-97
450
1,000
-650
-1,421
-1,658
1,072
Oct.
Nov.
Dec.
3,607
313
3,390
1,600
150
700
0
0
-300
750
2,307
-587
0
-450
3,140
1981-Jan.
Feb.
Mar.
207
-18
957
1,000
300
-650 .
-1,375
-514
912 •
Apr.
May
June
1,119
2,979
2,531
-800
0
-250
719
1,579
981
Period
s
Based on data from Treasury Survey of Ownership.
1,300
900
250
1,582
496
45 •
400
1,400
1,550
600
200
800 •
1,200
1,400
1,800
FHLMC
-18
-4
-105 •
0
0
0
FNMA
20. NET CHANGE IN MORTGAGE HOLDINGS A T SELECTED INSTITUTIONS
Millions of dollars, seasonally adjusted
Major private financial institutions
Commercial
Life insur.
MSB's
S&L's companies
banks
FHLMC
12,617
8,123
971
20,870
3,288
27,930
12,659
7,026
1,032
17,473
1,673
Total
1979
122,191
8 8 , 9 3 9 29,300
3,887
43,135
1980
86,682
5 9 , 4 7 8 18,400
489
Total
Mortgage pools
GNMA- FHLMCguaranteedl guaranteed
FNMA
and
GNMA
Period
1980
Jan.
Feb.
Mar.
9,626
8,750
7,262
6,137
6,443
5,184
2,260
2,328
1,973
152
275
22
2,126
2,557
1,828
1,599
1,284
1,361
1,044
632
1,002
50
99
8
2,229
1,439
862
166
138
206
Apr.
May
June
7,062
3,349
2,350
3,671
1,411
725
1,447
620
195
-13
106
-109
857
-438
-236
1,381
1,124
875
962
545
199
135
-72
-1
2,125
1,263
1,246
169
202
181
July
Aug.
Sept.
6,362
7,530
8,174
3,984
5,420
6,293
1,195
1,084
1,159
-116
-103
-14
1,767
3,587
4,442
1,138
851
706
454
171
164
60
142
169
1,596
1,639
1,326
269
159
222
Oct.
Nov.
Dec.
10,435
7,376
8,324
7,934
6,152
6,055
2,401
1,668
2,045r
169
74
48
4,511
3,631
3,251
853
778
711
551
466
862
144
8
290
1,770
771
1,180
36
-21
-63
6,226
7,854
5,433
8,109
5,623
6,344
n.a.
n.a.
5,162
5,889
4,526
5,983
4,373
4,121
n.a.
n.a.
1,265r
1,934r
2,090
2,879
2,032
1,792
1,874
1,878
121
125
21
144
-92
-281
n.a.
n.a.
3,066
2,747
1,787
2,201
1,688
1,811
1,590
439
- 6
67
-166
125
-243
298
468
n.a.
-68
139
-35
133
209
59
-81
n.a.
964
1,637
892
1,791
1,042
1,807
1,244
n.a.
173
122
216
77
242
59
216
n.a.
1981
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
710
1,082
628
759
745
799
n.a.
n. a.
Monthly data for commercial banks based on Federal Reserve estimates benchmarked to Call Report data on real estate loans outstanding as available.
Other data derived from mortgage debt outstanding as reported separately by National Association of Mutual Savings Banks, Federal Home Loan Bank
Board, American Council of Life Insurance, the Federal National Mortgage Association, the Government National Mortgage Association, and the Federal
Home Loan Mortgage Corporation. Data for mutual savings banks and life insurance companies may differ somewhat from those derived from regular
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.
2 1 . NET CHANGE IN MORTGAGE D E B T O U T S T A N D I N G , BY TYPE OF PROPERTY 1
Billions of dollars, seasonally adjusted annual rates
Quarter
1
Total
Total
Residential
1 - to 4family
Multifamily
Commercial
Multifamily
and
commercial
Farm
1976-01
Q2
Q3
04
84.0
75.1
92.1
97.7
68.4
59.4
72.6
78.1
62.8
55.6
68.9
75.5
5.6
3.8
3.7
2.6
10.8
11.3
13.2
12.4
16.4
15.1
16.8
15.0
4.8
4.4
6.4
7.3
1977-Q1
Q2
Q3
Q4
106.6
129.2
142.3
151.2
84.1
109.6
115.6
117.6
79.5
101.3
108.8
108.0
4.6
8.3
6.8
9.6
16.1
11.2
19.9
26.8
20.7
19.5
26.7
36.4
6.4
8.4
6.8
6.8
1978-Q1
Q2
Q3
Q4
132.7
146.4
152.8
161.6
102.2
115.1
123.4
134.1
92.8
104.2
115.2
125.2
9.4
10.9
8.2
8.9
23.8
23.3
21.4
20.0
33.1
34.2
29.6
28.9
6.7
8.0
8.0
7.5
1979-Q1
Q2
Q3
Q4
151.6
158.9
162.2
150.8
116.7
122.3
125.8
115.8
109.7
113.9
118.5
107.8
7.0
8.4
7.3
8.0
23.7
23.9
25.3
24.9
30.7
32.3
32.6
32.9
11.2
12.7
11.1
10.1
1980-01
Q2
03
04
152.0
74.0
123.1
153.4
101.9
42.0
98.8
114.8
93.6
34.3
90.6
105.4
8.3
7.7
8.2
9.4
33.0
18.0
13.8
24.2
41.3
25.7
22.0
33.6
17.1
14.0
10.5
14.4
1981-Ql
Q2
108.0
98.0
76.8
66.2
71.4
57.0
5.4
9.2
19.5
17.2
24.9
26.4
11.7
14.6
Derived from data on mortgage debt outstanding from Federal Deposit Insurance Corporation, Federal Home Loan Bank Board, Institute of Life
Insurance, National Association of Mutual Savings Banks, Departments of Commerce and Agriculture, Federal National Mortgage Association, Federal
Housing Administration, Veterans Administration and Comptroller of the Currency. Separation of nonfarm mortgage debt by type of property, where
not available, and interpolations and extrapolations, where required, estimated mainly by Federal Reserve.
22
2 2 . A V E R A G E RATES A N D YIELDS ON HOME MORTGAGES A N D PASS-THROUGH SECURITIES
Primary market
Period
Rates on
conventional
loans st
S&L's
Period
Yield in
FNMA
auction
Secondary market
FHA/VA mortgages
Discount
Y it; Sri on
points
Ceiling
GNMA
rate
in FNMA
securities
auction
Conventional mortgages
Yield in
FNMA
auction
Yie'd in
FHIMC
auction
1979-High
Low
12.90
10.38
1979-High
Low
13.29
10.42
12.54
4.16
11-1/2
9-1/2
11.77
9.51
13.97
10.92
13.56
10.40
1980-High
Low
16.35
12.18
1980-High
Low
15.93
12.28
15.40
.93
14
11-1/2
14.17
10.73
17.51
12.76
16.22
11.60
1981-High
Low
18.27
14.80
1981 High
Low
18.74
14.84
12.51
3.47
17-1/2
13-1/2
17.41
13.18
19.06
14.83
18.81
14.16
3
10
17
24
15.40
15.50
15.65
15.77
Apr .
14
14-1/2
14-1/2
14-1/2
14.69
14.64
14.61
14.81
15.57
1
8
15
22
25
15.82
16.12
16.64
16.63
16.80
May
14-1/2
15-1/2
15-1/2
15-1/2
15-1/2
15.46
15.37
15.16
15.23
14.97
5
12
19
26
16.76
16.69
16.71
16.62
June
15-1/2
15-1/2
15-1/2
15-1/2
14.96
14.75
15.09
15.33
3
10
17
24
31
16.64
16.79
16.74
16.88
17.11
July
15-1/2
15-1/2
15-1/2
15-1/2
15-1/2
15.35
15.56
16.17
15.96
16.55
7
14
21
28
17.13
17.27
17.26
17.48
Aug.
15-1/2
15-1/2
16-1/2
16-1/2
16.04
16.21
17.28
17.26
4
11
18
17.79
13.22
18.27
Sept.
16-1/2
17-1/2
17-1/2
17.41
17.05
16.33
1981
Apr.
May
June
July
Aug.
Sept.
June
Aug.
6
13
20
27
4
11
18
26
1
8
15
22
29
6
13
20
27
3
10
17
24
31
7
14
21
mmm
16.47
10.14
—
—
16.61
10.81
17.21
8.58
16.65
5.89
——
—
—
16.17
16.17
3.49
3.47
—
16.43
16.87
4.82
6.94
—
17.27
——
8.80
—
17.24
3.72
18.37
8.94
—
——
18.74
——
5.85
——
15.75
16.42
——
16.45
16.31
——
16.29
16.34
——
16.53
16.94
17.19
18.65
19.06
H H P B
15.35
IS.44
15.51
15.69
16.35
16.77
16.51
16.45
16.31
16.16
15.98
16.13
16.43
16.56
16.69
16.96
16.99
17.12
17.01
17.09
17.66
18.14
18.81
18.63
18.63
23. FNMA A U C T I O N S OF COMMITMENTS TO PURCHASE HOME M O R T G A G E S
Dollar amounts in millions
FHA/VA mortgages
Accepted
Average yield
Conventional mortgages
Accepted
Average yield
Date of
auction
Offered
L980-High
Low
644.2
96.7
354.6
51.9
15.93
12.28
426.0
28.7
133.0
17.9
17.51
12.76
1981-High
Low
256.9
35.8
181.6
33.8
18.74
14.84
315.7
12.4
167.8
11.1
19.06
14.83
Offered
July
6
20
130.0
201.9
119.7
170.7
16.43
16.87
124.2
182.4
109.3
128.9
16.34
16.53
Aug.
3
17
31
250.0
256.9
182.6
181.6
112.8
42.2
17.27
17.24
18.37
315.7
308.4
238.1
167.8
84.0
52.5
16.94
17.19
18.6S
S e p t . 14
102.8
33.8
18.74
85.9
45.2
19.06
24. FHLMC AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES
C o n v e n t i o n a l mortgages, dollar a m o u n t s in millions
Date of
auction
Offered
Immediate delivery program
Accepted
Average yield
Offered
Future commitment
Accepted
program
Averaoe
1980-High
Low
401.4
4.9
200.3
2.5
16.22
11.60
258.4
38.6
30.8
18.2
17.15
17.85
1981-High
Low
141.6
24.0
65.9
2.3
18.81
14.16
76.3
25.2
21.2
5.0
19.09
15.16
7
14
21
28
65.7
51.7
34.4
32.0
16.9
16.7
14.1
14.7
16.56
16.69
16.96
16.99
__
12.4
17.24
4
11
18
25
31.7
39.6
45.5
55.1
15.5
15.5
16.5
15.5
17.12
17.01
17.09
17.66
1
8
15
22
55.4
30.6
36.5
24.0
7.4
5.7
.2
2.3
18.14
18.81
18.63
18.63
July
Aug.
Sept.
25.2
—
—
__
25.9
16.1
17.54
——
—
——
__
52.0
20.6
19.0<i
Offerings in the FNMA auctions of 4-month purchase commitments relate to total bids submitted, and average yields to FNMA on accepted bids are gross
(before deduction of 37% basis points for mortgage servicing) assuming prepayment in 12 years for 30-year mortgages, without adjustments for FNMA
commitment fees or stock related requirements. Offerings in the FHLMC auctions relate to total bids submitted, and average yields to FHLMC on
accepted bids are net, excluding 37% basis points for mortgage servicing. Prior to June 24,1980, the FHLMC's future commitment program involved
6-month commitments; subsequently, 8-month commitments have been auctioned.
Source: FNMA and FHLMC
2 5 . ISSUES OF M O R T G A G E B A C K E D S E C U R I T I E S
Millions of dollars, not seasonally adjusted
Period
GNMA guaranteed
New issues
Outstanding
(end of period)
Pass-through securities
F H LMC 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
1978
15,360
54,347
6,212
11,892
1,102
1,161
465
1979
24,997
76,401
4,546
15,100
2,575
3,641
1,110
1980
19,863
93,874
2,527
16,853
5,136
8,724
290
1980-Jsn.
Feb.
Mar.
2,611
1,354
1,126
78,849
79,900
80,843
180
207
106
15,274
15,397
15,454
408
205
342
4,230
4,424
4,771
50
0
0
Apr.
May
June
1,779
1,127
1,320
82,419
83,385
84,282
199
391
232
15,613
15,949
16,120
510
495
413
5,269
5,760
6,168
0
0
190
July
Aug.
Sept.
1,087
2,215
1,807
85,634
88,031
89,452
288
320
275
16,370
16,658
16,852
485
466
355
6,603
6,995
7,338
50
0
0
Oct.
Nov.
Dec.
2,255
1,613
1,569
91,425
92,574
93,874
187
94
48
16,950
16,912
16,853
402
628
427
7,708
8,342
8,724
0
0
0
1981-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
1,300
1,306
1,046
1,402
1,245
1,383
1,590
959
95,061
96,292
97,184
98,405
99,144
100,588
101,581
n. a.
168
94
127
97
422
940
238
n.a.
16,952
17,010
17,067
17,131
17,515
17,565
17,765
n.a.
556
255
464
510
718
625
714
n.a.
9,415
9,665
10,104
10,599
11,286
11,870
12,557
n.a.
0
0
0
40
0
0
0
0
GNMA-guaranteed securities are issued by private institutions and represent undivided interests in pools of Government-underwritten home mortgages
formed by these institutions. FHLMC-guaranteed securities include Participation Certificates and Guaranteed Mortgage Certificates issued by FHLMC
against pools of conventional residential mortgages formed by FHLMC. Privately insured pass-through securities are issued by private institutions anainst
pools of conventional residential mortgages and are underwritten by major private mortgage insurance companies.
Source: GNMA, FHLMC, HUD, and Federal Reserve.
@FedFRASER