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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

Sept.

Volume
Percent sold by
end of week

New issues in syndicate4
($ millions)

16.68
16.63
16.80
17.15
17.55
17.62
16.87r
16.79p

4
11
18
25

35
362
345
100

100
100
93
100

0
0
25
0

17.50
17.52
16.92
17.13p

7
14
21
28

1981-Aug.

Gross offering^?
($ millions) 5

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 by
end of week3

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
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

*
1

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

—

1991

—
—

—
—

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




/

/

— !
—

—

-

-

-

-

/ - -

/

—

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

Vloody's/S&P's
1
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

1
3 .00-11.00
1.75-11.50
5
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 . , M
D
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

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

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.

1

7,960

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

2,900

1980

Sea. adj.

Net
flow
(sea. adj.)

Annual
growth
rate3

At
insured
S&L's

At
MSB's

11.6

7,380

—

•

—

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

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

8,426

1979

N.S.A.

Annual
growth
rate3

6.3

10,783

1978

Net flow

Memo:
Net New Money 2

Total

Savings and Loan Associations

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
— •6
2

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

Intermediate- and long-term issues

FNMA and FHLB
short-term
discount notes

#

e

#

-2,031

0

900

-619

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

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

-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.

#

-1,131

July
Aug.
Sept.

•

-1,750

Oct.
Nov.
Dec.

•

FHLB

1977

•

Total

1976

•

Total including
short-term
discount notes

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

Total

Total

Residential
1 - to 4family

Multifamily

Commercial

Multifamily
and
commercial

Farm

1976-01
Q2
Q3
04

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

1

84.0
75.1
92.1
97.7

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.





Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102