Full text of H.16 Capital Market Developments : September 8, 1980

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September 8, 1980

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 Reserve System in a
form collectible at par in U.S. Currency.




1. YIELDS, VOLUME AND RECEPTION
Corporate Bond Market
Week ending

1980-June

July

New issue
Aaa utility 1

Yields
Recently offered
Aaa utility 2

Gross offerings 3
($ millions)

Volume
Percent sold by
end of week

6
13
20
27

11.45
10.91
10.53
10.90

11.28
10.85
10.79
11.08

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

99
100
81
86

3
11
18
25

11.50
11.48
11.54
11.65

11.18
11.26
11.33
11.44

217
1,204
1,614
1,305

68
76
94

1
8
15
22
29

11.92
12.03
12.36
12.48
12.62r

12.00
12.10
12.27
12.36
12.68r

963
467
1,710
652
804

5

12.25p

12.41p

415

Aug.

Sept.

New issues in syndicate 4
($ millions)

15
0

299
150
70
288
98
160

88

97

188
65
158
15
28

60

165

8C

86
91
98

2. YIELDS, VOLUME AND RECEPTION
Municipal Bond Market
Volume

Yields
Week ending

Moody's new
issue Aaa

Bond Buyer
G O. bond
index

Bond Buyer
Rev. bond
index

Gross offerings
($ millions)

Percent sold by
end of w e e k 3

New issues in
syndicate 4
($ millions)

1980-June

6
13
20
27

7.40
7.25
6.80
7.11

7.67
7.53
7.55
7.76

8.51
8.44
8.39
8.52

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

93
85
89
67

178
226
184
466

July

3
11
18
25

7.00
7.40
7.50
7.50

7.88
7.95
8.03
8.19

8.66
8.70
8.77
8.89

1,108
599
1,139
909

93
77
90
76

349
342
237
312

8
15
22
29

8.15
8.00
8.00
8.00
8.00

8.59
8.61
8.53
8.68
8.85

9.31
9.47
9.39
9.62
9.78

1,054
999
807
775
818

87
93
92
91
97

253
147
134
134
96

5

8.30

8.78

8.68

194

74

89

Aug.

Sept.

1

1
2

Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection.
Federal Reserve series of implied free-market yield on Aaa-rated utility bond with 5-year call protection, released from price restrictions sometime

3
4

during the last four weeks.
Estimated by F.R. on the basis of available data.
Corporate Market: Salomon Brothers Bond Market Roundup; Municipal Market: Weekly Bond Buyer.
necessary to make coverage of this series consistent with the gross offerings series.




Data are adjusted by Federal Reserve when

3. HIGH G R A D E B O N D Y I E L D S
N e w issue
Aaa utility1

Date

Recently offered
Aaa u t i l i t y 2

Moody's
seasoned
corporate A a a 3

U.S. govt.
20-year constant
maturity4

Bond Buyer
G O. bond
index5

1977-High
Low

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

8.48(12/30)
7.95(1/7)

8.28 (12/30) 7.99(12/30)
7.88(1/7)
7.26(1/7)

5.93(2/4)
5.45(11/17)

1978-High
Low

9.30(11/10)
8.61(3/24)

9.54(12/22)
8.48(1/6)

9.27(12/29) 9.00(12/22)
8.30(1/6)
8.01(1/6)

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

Bond Buyer
Rev. b o n d
index6
—
—

__
—

1979-High
Low

11.51(11/12) 11.45(11/9)
9.40(8/17)
9.39(6/29)

10.87(12/28) 10.56(11/9)
8.79(7/6)
9.16(7/6)

7.38(10/26)
6.08(7/6)

1980-High
Low

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

14.12(3/28)
10.79(6/20)

13.00(3/28) 12.79(2/22)
10.34(6/20) 9 . 5 9 ( 6 / 2 0 )

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

1979-July
Aug.
Sept.

9.58
9.48
9.93

9.53
9.49
9.87

9.20
9.23
9.44

8.92
8.97
9.21

6.13
6.20
6.52

Oct.
Nov.
Dec.

10.97
11.42
11.25

10.91
11.36
11.32

10.13
10.76
10.74

9.99
10.37
10.18

7.08
7.30
7.22

7.80
8.11
8.08

1980-Jan.
Feb.
Mar.

11.73
13.57
14.00

11.77
13.35
13.90

11.09
12.38
12.96

10.65
12.21
12.49

7.35
8.16
9.17

8.21
8.91
9.95

Apr.
May
June

12.90
11.53
10.97

12.91
11.64
10.99

12.04
10.99
10.58

11.42
10.44
9.89

8.63
7.59
7.63

9.66
8.50
8.47

July
Aug.

11.60
12.32

11.41
12.31

11.07
11.64

10.32
11.07

8.13
8.67

8.87
9.57

1
8
15
22
29

11.92
12.03
12.36
12.48
12.62r

12.00
12.10
12.27
12.36
12.68r

11.33
11.44
11.57
11.70
11.88r

10.64
10.78
10.97
11.15
11.41r

8.591/
8.61
8.53
8.68
8.85

9.311/
9.47
9.39
9.62
9.78

5

12.25p

12.41p

11.88p

11.13p

8.78

9.68

1980-Aug.

Sept.

1
2
3
4
5
6

8.24(11/23)
7.23(9/21)
10.25(4/4)
8.15(5/8)
M mm

Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection.
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.
Weekly average of daily closing figures.
Weekly average of daily figures. U.S. Treasury data.
Thursday figures. The average rating of t h e 20 general obligation b o n d s used in this index falls midway between the five t o p groups as classified by
Moody's Investors Service. Weekly Bond Buyer data.
Thursday figures. The average rating of the 2 5 revenue bonds used in this index falls midway between the five t o p 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
Corporate

Period

1978

3,770
3,165
4,354

1980
6,210
4,452
4,353

3,397
4,227
5,539

4,692
4,160
6,238

July
August
September

4,414
3,379
4,236

4,103
4,162
4,587

October
November
December

3,799
3,207
4,401

1980

3,306
2,753
4,844

2,840
2,603
4,644

3,042
2,381
2,379

5,646
8,966
9,400e

3,824
5,525
4,369

3,444
3,042
4,724

4,833
4,564
5,800e

7,100e
5,800e

3,920
6,407
2,323

3,396
4,256
2,472

4,600e
4,000e

4,601
3,831
3,801

3,231
4,320
3,690

4,217
4,160
3,567

47,264

51,464

48,512

43,365

1979

January
February
March

3,326
2,770
4,569

April
May
June

Year
1
2
e

State and Local

1979

1978

Securities end Exchange Commission estimates of gross proceeds.
Public Securities Association estimates of principal amounts,
Estimated by Federal Reserve on the basis of available data.

5. TREASURY AND GOVERNMENT-SPONSORED AGENCY BORROWING
Millions of dollars
Federal Government
Means of financing combined deficit
Net cash borrowing from the public2
Public debt securities
Gov't,
agency
NonBills
Coupons
securities
marketable

Decreased)/ Sponsored
agency
increase(-)
borrowing4
in cash
operating
balance

Combined
deficit(+)
or
surplus(-) 1

Total 3

CY-^-1978
CY -1979

52,870
41,397

53,683
37,360

706
10,899

31,777
28,041

22,644
-397

-1,431
-1,402

3,206
1,115

-4,019
366

23,509
23,631

1979-July
Aug.
Sept

8,167
16,003
-15,558

4,831
3,268
4,250

48
551
889

3,529
2,700
2,570

1,312
-41
280

-68
-17
-14

-619
6,155
-2,582

3,955
6,580
-17,226

3,094
821
910

Oct.
Nov.
Dec.

14,646
8,941
1,997

2,217
5,548
11,207

314
3,408
7,544

2,085
1,463
3,614

357
704
57

-20 - 1 , 2 8 7
—80
8,984
—62
1,124

13,716
4,869
-10,334

3,196
2,546
1,542

1980-Jan.
Feb.
Mar.

5,170
10,458
15,350

5,201
2,066
11,802

2,878
1,900
13,358

2,050
3,307
3,517

278
-3,149
-5,066

-27
-40
-19

647
2,478
1,013

-678
5,914
2,535

2,261
1,542
4,764

Apr.
May
June

-8,037
16,318

4,632
5,350

4,515
91

2,899
6,077

2,602
-941

-86
-32

-2,393
3,200

-10,276
7,768

3,632

Period

1
2
3
4

Other

U.S. unified budget deficit or surplus plus off-budget entities deficit or surplus.
Change in outstanding amount of public debt securities and government agency securities less change in holdings of those securities by government
accounts.
Also includes changes in matured and noninterest-bearing public debt.
Change in outstanding amount of marketable securities issued by Federal Farm Credit Banks, Federal Home Loan Banks, Federal Home Loan Mortgage Corporation, Federal National Mortgage Association.




6. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE
Gross proceeds, millions of dollars
Bonds
Period

Total

Publicly
offered

Privately
placed

Memo
Issues included
Convertible
Foreign

Common and
preferred
stocks

1977
1978
1979

53,792
47,230
51,464

24,072
19,815
25,814

17,943
17,057
14,325

11,777
10,358
11,325

1,340
1,349
1,008

863
418
2,229

1979-Q1
QII
QUI
QIV

11,289
15,090
12,852
12,233

4,522
9,154
6,386
5,752

4,570
3,874
2,974
2,907

2,197
2,062
3,492
3,574

67
59
763
119

8
1,404
540
187

1980-QI

15,015

5,861

4,600

4,554

169

908

1979-Oct.
Nov.
Dec.

4,601
3,831
3,801

2,669
1,583
1,500

903
1,029
975

1,029
1,219
1,326

10
21
88

50
24
113

1980-Jan.
Feb.
Mar.

6,210
4,452
4,353

2,450
1,426
1,985

2,384
1,430
786

1,376
1,596
1,582

47
122
0

32
76
800

Apr.
May

5,646
8,966

3,828
6,810

916
424

902
1,732

89
n.a.

383
375

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

1977
1978
1979

Manufacturing

Public utility

Communications

Other issuers1

13,393
10,813
11,346

14,127
12,232
13,289

4,442
3,640
4,522

21,827
20,549
22,309

1979-Q1
QII
QUI
QIV

2,096
3,050
3,704
2,496

3,012
3,626
2,472
4,179

1,399
799
931
1,413

4,779
7,637
5,745
4,148

1980-QI

3,907

4,966

1,278

4,864

1979-Oct.
Nov.
Dec.

1,487
477
532

1,786
1,265
1,128

482
856
75

845
1,236
2,067

1980—Jan.
Feb.
Mar.

1,276
1,340
1,291

1,873
1,262
1,831

483
572
223

2,578
1,276

Apr.
May

1,799
2,588

915
1,317

1,180

643

2,289
3,882

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.




1,010

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

Date

9/3
Commonwealth Edison Co.
Missouri P a c i f i c R.R. Co.
9/3
9/4
Amdahl Corp.
C e n t r a l I l l i n o i s Pub. Srv. Co. 9/4
9/4
Union P a c i f i c Corp.
Southern Union Co.
9/5
9/5
Anacomp Inc..
9/5
Inexco Oil Co.

*
1

Type

Pfd. stk.
Equip, t r .
Com. s t k .
Com. s t k .
Debt.
Debt.
Conv. debt,
Conv. debt

Amount
(millions
of dollars)

50.0
25.0
30.0
27.6
250.0
50.0
30.0
60.0

Maturity
mmmm*

1981-95

Coupon
rate

Offering
yield

12.75
11.75

12.75
11.95

2010
2005
2000
2000

— —

11.88
12.88
9.50
8.50

—

11.97
12.96
9.50
8.50

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




Baa/BBB
Aa/AA
— • / —

—
——

Moody's/S&P's
ratings

— — / —

Aa/AA
A/A
B/B
Ba/BB-

8
9. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL 1
Issuer

Los Angeles Dept. of Water &
Power, CA
Los Angeles Dept. of Water &
Power, CA
Los Angeles Dept. of Water &
Power, CA
G a i n e s v i l l e , FL
G a i n e s v i l l e , FL
G a i n e s v i l l e , FL
G a i n e s v i l l e , FL
G a i n e s v i l l e , FL

Date

Type 2

Amount
(millions
of $)

Maturity

Net
interest
cost

Offering
yield

9/3

Rev.

14.0

1986-2000

9.07—

7.00-8.90

Aa/AA-

9/3

Rev.

26.0

2020

9.07^

9.13

Aa/AA-

9/3
9/4
9/4
9/4
9/4
9/4

Ran's
Rev.
Rev.
Rev.
Rev.
Ran's

40.0
6.4
6.9
5.9
30.8
40.0

1984-1985
1990-1997
2002
2005
2014
1982

6.75-6.90
7.60-8.70
9.00
9.23f'
9.23^/
9.13
9.30
9.23$/
7.32It
6.75
7

'

1 3

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
ratings

fy

MIG-l/AAA-l/AA
A-l/AA
A-l/AA
A-l/AA
MIG-1

10. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: U.S. TREASURY
Notes and Bonds
Offering
date

Payment
date

Length

Amount (millions of dollars)

Coupon Auction
average
rate
(percent) (percent)

Total

Private^

Total

10-1/2
11-1/2

10.60
11.52

1,502
4,484

1,502
4,051

1,502
609

1,502
609

0
0

11-7/8
12
11-3/4
13-7/8
14-3/8

11.98)
12.02?
11.84'
13.98
14.39

9,404

7,626

2,452

2,452

0

4,497
2,719

4,098
2,719

677
2,719

677
2,719

0
200

3/31/82
3/31/84

15
14-1/4

15.01
14.29

4,072
2,974

3,572
2,605

01
n
y 1U

5/15/95
4/30/82

12-5/8
11-3/8

12.69
11.44

1,503
4,574

1,503
4,115

1,503
1,394

1,503
1,394

0
0

9.32)
9.88}
10.12)

13,019

7,743

5,754

5,754

102
55
0

4,010
3,293
4,515,
3,221 .

1,186
3,293
3,030
-681

1,186
3,293
2,660
-311

Maturity
date

Gross proceeds

Net proceeds
1

Private -

2

Memo:
Foreign
add-ons 3

1980
Jan.

3
23

1/10
1/31

15yr
2yr

Feb.

5
6
7
20
26

2/15
2/15
2/28
2/28
3/3

3-l/2yr
8/15/83
7-l/4yr
5/15/87
30yr
2/15/05-10
2yr
2/28/82
Syr 2-1/2mo 5 / 1 5 / 8 5

Mar.

20
25

3/31
3/31

2yr
4yr

Apr.

2
22

4/8
4/30

15yr
2yr

6
7
8

5/15
5/15
5/15

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

2
3

6/5
6/5
6/30
6/30

2yr
Syr 2-1/2mo
2yr
4yr

5/31/82
8/15/85
6/30/82
6/30/84

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

9.37
9.66
8.63
8.99

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

2

7/9

14yr

5/15/95

10-3/8

1,504

1,504

l,5(A

7/31

7/31/82

8-7/8

10.42
8.97

1,504

23

5,331

4,543

1,167

1,167

May

June

19
24
July

Aug.

1
2
3

5
6
7
20
27

8/15
6/15
8/15
9/2
9/3

2 yr

lmo

lmo

lOmo

2/15/95
1/31/82

8/15/83
9-1/4
11/15/89 10-3/4
5 / 1 5 / 0 5 - 1 0 10

3 - 1 / 4 yr
11/15/83
10 yr
8/15/90
29-1/4 yr
11/15/09
8/31/82
2-yr
5-yr 2-1/2 11/15/85

9-7/8
9.88
10-3/4 10.81
10-3/8 10.71
11-1/8 11.24
11-3/4 11.76

qi
n
y iu

0
285
214

0

0
0
0

0
0

8,284p
4,502p

3,942p

957p

957p

0

3,001p

3,001p

3,001p

3,001p

0

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




0
66

10
11. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: GOVERNMENT-SPONSORED AGENCIES
Issuer

Offering Payment
date
date
1979

1979

11/15
11/15
11/15

11/26
11/26
11/26

FHLMC

11/15

12/3

FNMA

12/5

FFCB

12/19

FHLB

T980

Length

Maturity
date

Yield
(percent)

8/25/81
5/25/83

12.30

11/26/86

Amount (millions of dollars)
Gross
proceeds

Maturing
issues

1,700

11.30

1,000
1,000
600

Net
proceeds

1-yr
3-yr
7-yr

9-mo
6-mo

29-yr

9-mo

9/15/09

12.48

150

0

150

12/10

3-yr

6-mo

7/11/83

10.85

1,000

1,000

0

1/2/80

5-yr

12/3/84

10.65

433

531

-98

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

10.95
10.90
10.95

818

900

1,111

438

2/11/85

11.70

500

300

200

10/26/81
8/25/83

12.85
12.25

600

1,850

-350

2/10/82
2/10/84

15.25
14.10

1,000

1,000

500

7/27/81
10/25/83

15.80
14.05

900
500

0

1,400

4/12/82
5/10/84

15.30
14.25

600
1,000

1,100

500

4/20/83
4/22/85
4/20/88

13.40
13.25
12.65

1,030
1,165

1,130

8/10/84
5/11/87

11.10

1,000

11.15

750

11.60

900

1980

1/16
1/16
1/16

1/21
1/21
1/21

2-yr
5-yr
10-yr

FNMA

1/31

2/11

5-yr

FHLB

2/15
2/15

2/25
2/25

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

3/5
3/5

3/10
3/10

1-yr
3-yr

FHLB

3/13
3/13

3/25
3/25

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

FNMA

4/2
4/2

4/10
4/10

2-yr
4-yr

4/9
4/9
4/9

4/21
4/21
4/21

3-yr
5-yr
8-yr

4/30
4/30

5/12
5/12

4-yr
7-yr

FHLB

5/14
5/14
5/14

5/27
5/27
5/27

2 - y r 2—mo
3 - y r 10-mo
6 - y r 9-mo

7/26/82
3/26/84
2/25/87

9.60
9.85
10.45

1,000
800
600

1,500

900

FFCB

5/29

6/2

4-yr

6-mo

12/3/84

9.55

870

0

870

FNMA

6/4
6/4
6/4

6/10
6/10
6/10

2-yr
4-yr
8-yr

11-mo
7-mo

5/10/83
1/10/85
6/10/88

9.50
9.90
10.50

1,000

900

1,100

6/25

7/1

4-yr

11-mo

6/3/85

9.20

1,214

323

891

FNMA

7/2

7/10

4-yr

11-mo

6/10/85

9.95

1,000

550

450

FFCB

7/9
7/9
7/9

7/21
7/21
7/21

3-yr
6-yr
10-yr

5-mo
5-mo

12/1/83
12/1/86
7/23/90

9.30
10.00
10.40

1,002
600

1,175

1,268

8/19/83

9.70

1,000

0

1,000

3/25/85
3/25/87

10.80
11.10

1,200
600

1,600

200

FFCB

FNMA

FFCB

FNMA

• FFCB

FNMA

7/25

8/1

FHLB

8/13
8/13

8/25
8/25

FFCB
FHLB
FHLMC
FNMA

Federal
Federal
Federal
Federal




10-mo

11-mo
11-mo

1-mo

3-mo

3-yr
4-yr
6-yr

mo
mo

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

755

900

500

811
454

1,750

500
500

841

As of September 5, 1980

11

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

ITEK Corp.
Augat I n c .
Thermo E l e c t r o n Corp.
Consumers P o w e r Cc.
Baltimore Gas & E l e c t . Co.
Long I s l a n d L i g h t i n g Co.
Steego Corp.
MGM Grand Hotels I n c .
Four-Phase Systems I n c .
CIT I n t e r n a t i o n a l Corp.
D a l l a s Power & Light Co.
Conn. Light & Power Co.
* N a t ' l Rural U t i l . F i n . Corp.
General F e l t I n d u s t r i e s
Western Mass. E l e c t . Co.
* N a t ' l Rural U t i l . F i n . Corp.
Alabama Power Co.
Texas Air Corp.
W.R. Grace & Co.
Nordstorm I n c .
Niagara Mohawk Power Co.
Duquesne Light Co.
Arizona Pub. Svc. Co.
South C e n t r a l B e l l T e l . Co.
Hawaiian T e l . Co.
* S i e r r a P a c i f i c Power Co.
*Zenith Radio Corp.
C a d e n c e I n d u s t r i e s Corp.
Bankamerica R e a l t y I n v e s t o r s
Columbus & Southern E l e c t . Power Corp.
Condec Corp.
Macandrews & Forbes Co.
Leaseway T r a n s p o r t a t i o n Corp.
Standard P a c i f i c Corp.
C i t i e s S e r v i c e Gas Co.
F i r s t Union Bancorp.
Consolidated Freightways I n c .
Pennzoil Co.
Amax I n c .
C a t e r p i l l a r T r a c t o r Co.
Twentieth Century-Fox Film Corp.
Sears Roebuck & Co.
Ohio Edison Co.
Boston Gas Co.
Charter Co.
U.S. Home Finance Corp.
U.S. Leasing Corp.
Transamerica F i n a n c i a l Corp.
Ina Corp.
F i d e l i t y Fed. S&L Assoc.
P a c i f i c F i r s t Fed. S&L Assoc.
C e n t r a l Fed. S&L Assoc.

*
1

Type

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

Amount
(millions of dollars)

Approximate date
of offering

25.0
25.0
25.0

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

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




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.
Indef
Indef
Indef
Indef
Indef
Indef
Indef
Indef
Indef
Indef
Indef
Indef
Indef
Indef

9
9
9

10
10
10
11
11
11
11
16
16
16
16
16
16
17
17
17
17
23
23
24
24
25
25

•

.
.
.
.
.
.
•

.

.
.
•
•
*

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

OTHER
*Northern Telecom L t d .
MacMillan B l o e d e l , L t d .
MacMillan B l o e d e l , L t d .
Amoco Canada Petroleum Co.
E l e c t r i c i t e De France
O n t a r i o , Province of
O n t a r i o , Province of
European Investment Bank
European Investment Bank
CANCELLED
Jim Walter Corp.
F l o r i d a Nat *1 Banks of F l a .

*
1

Type

Notes
Notes
Debt.
Debt.
Notes
Bonds
Notes
Debt.
Notes
Notes
Debt.

Amount
(millions of dollars)

Approximate date
of offering

75.0
75.0
100.0
100.0
100.0
250.0
150.0
100.0
100.0

100.0
50.0

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




(con't)

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

As o f

September

5,

1980

13

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

New J e r s e y Hsg. F i n . Agcy.
• L i t t l e Rock, AR
•Cleveland Co. Hm. Loan A u t h . , OK
C a l i f o r n i a M i l i t a r y Dept.
•Michigan S t a t e Hsg. .Devel. Auth.
I l l i n o i s S t a t e S c h o l a r s h i p Comm.
• M i s s i s s i p p i Hsg. F i n . Corp.
Ohio, S t a t e of
Maricopa County I n d . Dev. A u t h . , AZ
M a s s a c h u s e t t s , S t a t e of
•Midland Co. Hsg. F i n . C o r p . , TX
I l l i n o i s E d u c a t i o n a l Fac. Auth.
C a l i f o r n i a Hsg. F i n . Agcy.
Denton Co. Hsg. F i n . C o r p . , TX
•Michigan S t a t e Hosp. F i n . Auth.
• L i n c o l n , NB
Santa Rose, CA
Allegheny Co., PA
Indiana T o l l Road Comm.
P h i l a d e l p h i a H o s t p i t a l A u t h . , PA
Oregon, S t a t e of
•Fulton Co. Dev. A u t h . , GA
Alabama Pub. Sch. & College Auth.
•Chicago Sch. F i n . A u t h . , IL
A t l a n t a Urban R e s i d . F i n . A u t h . , GA
Lower Colorado River A u t h . , TX
•Oklahoma I n d u s t r i e s Auth.
Washington Pub. Power Supply System
J e f f e r s o n P a r i s h , LA
New York S t a t e Power Auth.

*
1

Type

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

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




Amount
(millions of dollars)

50.0
28.7

60.0
25.0

60.0
45.0
150.0
65.0
25.0
125.0
39.6
65.0

100.0
55.0

68.8
90.0
29.5
36.2
240.0
53.2
295.0
29.0
90.0

120.0
50.0
45.0
42.2

180.0
25.0
520.0

Approximate date
of offering

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

a
8
8
8
8
8
9
9
9
9
10
10
10
10
11
11
11
11
15
16
16
17
17
18
18
18
19
23
25
26

14. STOCK PRICES 1
NYSE Index 3

Date

NASDAQ 5

AMEX4

DJ Industrials

1977-High
Low

57.69 (1/2)
49.78 (11/2)

999.75 (1/3)
800.85 (11/2)

127.89 (12/30)
109.61 (1/12)

105.00 (12/30)
93.66 (4/5)

1978-High
Low

60.38 (9/12)
48.37 (3/6)

907.74 (9/8)
742.12 (2/28)

176.87 (9/15)
119.73 (1/11)

139.25 (9/13)
99.09 (1/11)

1979-High
Low

63.39 (10/5)
53.88 (2/27)

897.61 (10/5)
796.67 (11/8)

247.07 (12/31)
152.03 (1/2)

152.29 (10/5)
117.84 (1/2)

1980-High
Low

72.71 (9/3)
55.30 (3/27)

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

331.14 (9/3)
215.69 (3/27)

185.61 (9/5)
124.09 (3/27)

1
8
15
22
29

69.44
70.81
72.07
72.47
70.53

931.48
954.69
966.72
958.19
932.59

313.72
319.41
325.06
332.15
324.77

172.49
175.88
179.89
181.70
181.52

5

72.13

940.96

331.36

185.61

1980-Aug.

Sept.

15. TRADING VOLUME2
Date

NYSE

AMEX

NASDAQ

1977-High
Low

35.3 (11/11)
10.6 (10/10)

1978-High
Low

66.4 (8/3)
7.6 (1/2)

11.0 (10/30)
1 . 3 (1/20)

18.8 (5/18)
2 . 8 (1/20)

1979-High
Low

81.6 (10/10)
18.0 (1/2)

13.2 (10/10)
2.2 (1/22)

25.8 (21/17)
7 . 2 (1/2)

1980-High
Low

67.7 (1/16)
2 3 . 1 (4/14)

15.0 (1/15)
2.5(4/14)

36.7 (9/4)
10.7 (4/14)

1980-Aug.

Sept.

1
2
3
4
5

1
8
15
22
29
5

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

47.9
50.6 .
47.3
47.1
38.9r

6.1
6.3
6.1
7.4
6.1r

24.1
24.6
28.3
28.1
27.lr

48.9

7.8

32.1

Figures other than highs and lows are Friday figures only.
Volume figures are weekly averages of daily figures (millions of shares). Highs and lows refer to single days.
12/31/65 = 50
8 / 3 1 / 7 3 = 100
2/5/71 = 100




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

15
16. SECURITY CREDIT1
Outstanding, dollar amounts in millions

cna ot period

Marginable
stock

Convertible
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

887

81

1978

10,830

205

955

67

1979

11,450

164

995

84

1979 - J a n .
Feb.
Mar.

10,750
10,790
10,870

199
195
181

950
950
965

79
71
79

Apr.
MayJune

11,220
11,130
11,590

194
183
172

960
970
980

77
78
79

July
Aug.
Sept.

11,840
12,060
12,000

178
176
177

970
995
1,005

81
86
84

Oct.
Nov.
Dec.

11,310
10,920
11,450

173
161
167

985
1,000
1,020

73
83
84

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

165
175
171
168
167
167
169

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

87
84
54
72
81
83
90

1980 — J a n .
Feb.
Mar.
Apr.
May
June
July

1

Margin credit extended
by brokers on:

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




16
17. SAVINGS FLOWS AT SELECTED NONBANK THRIFT INSTITUTIONS
Millions of dollars
Mutual Savings Banks
(regular deposits) 1
Net flow

Date

N.S.A.

Sea. adj.

Savings and Loan Associations
Net flow

Memo:
Net New Money2

Total

Annual
growth
rate 3

Net
flow
(sea. adj.)

Annual
growth
rate 3

At
insured
S&L's

At
MSB's

50,169

17.5

62,854

15.9

34,369

5,283

8.7

50,888

15.0

60,982

13.3

32,004

2,874

Annual
growth
rate 3

N.S.A.

11.6

Sea. adj.

1976

12,670

—

1977

10,783

——

1978

8,426

6.3

44,153

11.3

52,292

10.1

23,460

-591

1979

2,900

2.1

39,218

9.1

42,289

7.4

15,029

-6,885

1978-Jan.
Feb.
Mar.

626
476
1,712

928
483
580

8.4
4.3
5.2

2,740
2,293
7,143

2,780
2,946
3,155

8.6
9.1
9.6

3,708
3,429
3,735

8.6
7.9
8.5

2,877
2,073
2,592

-59
170
338

Apr.
May
June

-209
436
1,304

567
636
807

5.1
5.6
7.1

557
2,376
6,648

2,975
3,234
4,548

9.0
9.7
13.6

3,542
3,870
5,355

8.0
8.7
11.9

401
2,145
1,744

-553
97
-90

July
Aug.
Sept.

341
260
1,378

626
884
1,036

5.5
7.7
9.0

3,070
2,310
6,425

3,838
4,228
4,577

11.3
12.4
13.2

4,464
5,112
5,613

9.9
11.2
12.2

2,812
2,069
1,606

38
-75
-45

Oct.
Nov.
Dec.

510
275
1,317

802
518
490

6.9
4.4
4.2

2,641
2,155
5,795

3,956
4,269
3,429

11.3
12.1
9.6

4,758
4,787
3,919

10.2
10.2
8.3

2,534
1,897
710

48
59
-405

1979-Jan.
Feb.
Mar.

218
683
1,971

584
705
798

5.0
6.0
6.7

4,735
2,876
8,334

4,987
3,733
3,909

13.9
10.3
10.7

5,571
4,438
4,707

11.7
9.2
9.7

4,377
2,580
3,146

-118
342
463

Apr.
May
June

-832
61
890

16
280
341

0.1
2.3
2.9

-1,147
2,037
6,854

1,667
3,006
4,515

4.5
8.1
12.1

1,683
3,286
4,856

3.4
6.7
9.8

-1,490
1,627
1,469

-1,192
-341
-649

July
Aug.
Sept.

-318
-112
517

9
508
134

0.1
4.2
1.1

2,015
1,199
4,770

2,844
3,192
2,620

7.5
8.4
6.8

2,853
3,700
2,754

5.7
7.4
5.5

1,455
717
-198

-714
-504
-1,000

Oct.
Nov.
Dec.

—985
-199
1,006

-694
74
183

-5.8
0.6
15.1

1,863
1,157
4,525

3,321
3,527
2,030

8.6
9.1
5.2

2,627
3,601
2,213

5.2
7.1
4.0

1,314
732
-700

-1,420
-765
-987.

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

5.6
6.6
—0.8
8.6
10.2

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

3.1
5.4
-1.1
7.4
10.0

6.9
7.7

3,957
4,253

7.6
8.1

-5.0
1980-Jan.
-605
-927
Feb.
168
141
1.4
Mar.
-1.9
930 -222.
402
-449
3.4
Apr.
9.2
881 1,106
MayJune , 1,748 1,178
9.8
J u l y £ V 800 [1.147 ' 9.4
1

1,167 -1,436
1,079
-543
—696
-679
-817 -1,024
242
1,785
-160
-131
200
953

Regular deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of
total deposits.
2 New deposits net of both withdrawals and interest. Data for S&L's are for insured associations only, which represent 96 percent of industry total
resources.
3 Annual growth rate for monthly data is the annualized monthly percentage increase in deposits.
Source: National Association of Mutual Savings Banks and Federal Home Loan Bank Board.




17
18. MORTGAGE COMMITMENTS OUTSTANDING AT SELECTED INSTITUTIONS
Billions of dollars, seasonally adjusted
Federal and Related Agencies

Thrift Institutions
End of Period

Total

All savings
and loan
associations

Mutual
savings banks
(N.Y. state)

Total

FNMA

GNMA

FHLMC

.

1976

27.1

24.4

2.7

7.9

3.7

3.8

0.4

1977

37.7

33.2

4.5

11.0

5.1

4.5

1.4

1978

37.5

32.7

4.8

16.5

9.9

4.8

1.8

1979

31.5

28.1

3.4

12.6

6.9

4.7

1.0

1978-Jan.
Feb.
Mar.

37.7
37.3
37.0

33.3
33.0
32.7

4.4
4.3
4 3

12.1
13.3
13.8

6.3
7.2
7.6

4.5
4.7
4.8

1.3
1.4
1.4

Apr.
May
June

36.7
36.6
36.5

32.4
32.1
31.9

4.3
4.5
4.6

14.2
14.9
14.9

8.2
8.9
8.9

4.7
4.6
4.5

1.3
1.4
1.5

July
Aug.
Sept.

36.5
36.7
36.7

31.9
32.1
32.3

4.6
4.6
4.4

15.6
15.2
16.1

9.4
9.0
9.6

4.5
4.4
4.6

1.7
1.8
1.9

Oct.
Nov.
Dec.

38.1
38.1
37.5

33.4
33.3
32.7

4.7
4.8
4.8

16.8
16.9
16.5

10.5
10.5
9.9

4.6
4.7
4.8

1.7
1.7
1.8

1979-Jan.

37.0

32.2

4.8

15.4

8.9

4.8

1.7

Feb.
Mar.

36.5
36.0

31.8
31.4

4.7
4.6

14.1
13.0

7.7
6.7

4.8
4.8

1.6
1.5

Apr.
May
June

36.2
35.8
35.7

31.7
31.7
31.5

4.5
4.1
4.2

12.6
12.0
11.7

6.4
6.0
5.6

4.8
4.7
4.8

1.4
1.3
1.3

July
Aug.
Sept.

35.7
35.9
36.7

31.7
32.0
32.7

4.0
3.9
4.0

11.6
11.2
12.2

5.5
5.5
6.8

4.8
4.4
4.2

1.3
1.3
1.3

Oct.
Nov.
Dec.

35.9
33.0
31.5

32.3
29.4
28.1

3.6
3.6
3.4

14.1
13.5
12.6

8.2
7.7
6.9

4.6
4.7
4.7

1.3
1.1
1.0

1980-Jan.
Feb.
Mar.

30.7
29.9
26.5

27.5
27.1
24.0

3.2
2.8
2.5

11.9
11.2
10.5

6.2
5.7
5.2.

4.7
4.5
4.5

1.0
1,0
0.8

Apr.
May
June

22.8
21.1

2.1
1.8

9.2
9.3

4.2
3.5

22..4

20.7
19. 3
20.7

26.0

23.7

10.3
10.6

3.6
3.9

0.6
0.8
1.0

July

1.7
1.8

4.4
5.0
5.7
5.5

1,2.

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




18
19. NET NEW MONEY BORROWINGS BY MAJOR HOUSING CREDIT AGENCIES
Millions of dollars

Total including
short-term
discount notes

Total

1976

-1,750

-1,131

-2,031

0

900

-61*

1977

2,732

1,444

496

-4

952

1,288

1978

19,030

13,578

6,302

576

6,700

5,452

5-Jan.
Feb.'
Mar.

563
1,731
912

82
1,399
-1

0
1,399
-1

82
0
0

0
0
0

481
332
913

Apr.
May
June

701
3,338
1,504

470
1,496
1,300

-1
1,498
0

-129
-2
300

600
0
1,000

231
1,842
204

July
Aug.
Sept.

1,626
1,550
1,627

1,900
1,000
1,076

700
1,000
0

0
0
126

1,200
0
950

-274
550
551

Oct.
Nov.
Dec.

1,799
1,429
2,250

1,695
1,113
2,048

-5
1,114
598

0
-1
200

1,700
0
1,250

104
316
202

i-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

-3
-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

l-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

2,205
1,366
-38

1,499
2,649
1,250

1,000
900
0

-1
-1
0

.500
1,750
1,250

706
-1,283

Period

Apr;May e /
June-

Intermediate- and long-term issues

Based on data from Treasury Survey of Ownership.




FHLB

FHLMC

FNMA and FHLB

FNMA

short-term
discount notes

-l,2iW

20. NET CHANGE IN MORTGAGE HOLDINGS AT SELECTED INSTITUTIONS
Millions of dollars, seasonally adjusted
Total

Total

Commercial
banks

MSB's

S&L's

Life insur.
companies

O

Period

FNMA
and
GNMA

FHLMC

e pools

1

Major private financial institutions

FHLMCGNMAguaranteed guaranteed

1976

75,39=

64,89?

13,737

4,041

44,727

2,393

-2,042

-712

12,109

1,055

1977

114,008

95,874

26,157

6,540

58,021

5,156

961

-990

14,224

3,939

1978

126,474

103,305

35,376

6,314

52,237

9,378

8,735

-233

9,389

5,275

1978-Jan.
Feb.
Mar.

10,364
8,633
10,326

8,792
8,310
8,566

3,039
2,569
2,703

574
551
619

4,699
4,717
4,691

480
473
553

352
438
494

-130
15
165

970
-463
940

443
333
161

Apr.
May
June

9,448
11,327
10,798

7,953
8,658
8,857

2,380
3,033
3,259

533
614
489

4,456
4,281
4,332

584
730
777

682
1,182
818

-39
-143
-681

467
1,132
796

379
498
1,008

July
Aug.
Sept.

10,552
11,171
10,369

8,272
9,193
8,369

3,354
3,262
3,049

570
545
498

3,695
4,239
4,154

653
1,147
668

759
921
884

-319
484
-2

815
832
764

1,025
-259
354

Oct.
Nov.
Dec.

11,435
11,221
10,851

8,627
0,057
8,651

2,932
3,003
2,793

462
564
29 5

4,447
4,649
3,877

786
841
1,686

904
583
712

313
104
24

1,143
1,047
1,009

448
430
455

1979-Jan.
Feb.
Mar.

10,284
9,970
10,293

7,857
7,716
7,240

2,662
2,491
2,426

559
483
388

4,015
3,804
3,359

621
938
1,067

832
790
1,385

179
65
253

1,202
1,080
1,276

214
319
139

Apr.
May
June

9,707
10,995
10,765

7,371
8,311
8,351

2,487
2,328
2,753

204
388
373

3,832
4,616
4,204

848
979
1,021

489
745
530

-3
19
-25

1,542
1,505
1,625

308
415
284

July
Aug.
Sept.

10,161
10,641
10,854

8,152
7,567
7,972

2,809
2,636
2,953

384
297
276

3,804
3,501
3,616

1,155
1,133
1,127

35
524
284

62
114
144

1,608
2,122
2,161

304
314
293

Oct.
Nov.
Dec.

11,665
10,483
8,534

8,585
7,004
4,982

2,844
2,594
2,521

248
265
21

3,892
3,113
1,455

1,601
1,132
985

764
866
903

-71
202
34

2,002
2,393
2,338

385
18
277

1980-Jan.
Feb.
Mar.

9,924
8,035
7,322

6,196
6,166
4,974

2,474
2,402
1,826

197
290
6

2,088
2,458
1,737

1,437
1,235
1,405

1,182
631
1,286

68
144
29

2,374
1,198
834

104
80
199

Apr.
May

6,126
3,221

890
526

-49

643

1,187
1,133

1,155
584

154
-130

2.006
1,205

140
238

June
July

1,890

2,671
1,324
394

n. a.

n.a

1,084
n.a.

189
n.a.

50
886

148
-168
n.a.

-483
-299
1,649

•802
n.a.

1 9 3I
n.a.

30
n.a.

Board American Council of Life Insurance, the Federal National Mortgage Association, the Government National Mortgage Association and the Federa
Home Loan Mortgage Corporation. Data for mutual savings banks and life insurance companies may differ somewhat from t h o s e d e n v e d rom reguia
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.




20
21. NET CHANGE IN MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY 1
Billions of dollars, seasonally adjusted annual rates
Residential 2
Quarter

1

2

Total

Total

1 - to 4family

Multifamily

Commercial

Multifamily
and
commercial

Farm

1976-Q1
Q2
Q3
Q4

81.7
75.5
92.7
98.1

62.9
55.4
72.7
78.0

61.5
55.6
69.0
75.4

1.4
-0.2
3.7
2.6

13.7
15.3
13.2
12.4

15.1
15.1
16.9
15.0

5.1
4.8
6.8
7.7

1977-Q1

Q2
Q3
Q4

110.7
134.9
140.2
150.2

87.5
110.3
114.3
116.8

83.3
102.0
106.1
108.2

4.2
8.3
8.2
8.6

14.6
15.2
17.5
24.6

18.8
23.5
25.6
33.2

8.6
9.4
8.4
8.8

1978-Q1
Q2
Q3
Q4

135.3
147.0
154.3
160.4

105.6
116.5
116.0
123.7

97.4
106.6
104.1
113.3

8.2
9.9
11.9
10.4

20.9
20.7
26.7
25.5

29.0
30.6
38.6
35.8

8.8
9.8
11.6
11.2

1979-Q1
Q2
Q3
Q4

155.9
164.3
161.3
150.2

117.8
117.9
114.9
114.5

109.0
105.8
104.6

8.8
6.9
9.1
9.9

22.3
28.5
30.0 21.3

31.1
35.4
39.1
31.2

15.9
17.9
16.4
14.4

1980-Q1
Q2p

144.5
73.4

104.4
44.0

95.1
37.7

9.3
6.3

25.8
14.4

35.0
20.7

14,4
15,0

111.0

Derived from data on mortgage debt outstanding from Federal Deposit Insurance Corporation, Federal Home Loan Bank Board, Institute of Life
Insurance, National Association of Mutual Savings Banks, Departments of Commerce and Agriculture, Federal National Mortgage Association, Federal
Housing Administration, Veterans Administration and Comptroller of the Currency. Separation of nonfarm mortgage debt by type of property, where
not available, and interpolations and extrapolations, where required, estimated mainly by Federal Reserve.
Residential mortgage debt includes nonfarm and is the sum of 1- to 4-family and multifamily mortgage debt.




21
22. AVERAGE RATES AND YIELDS ON HOME MORTGAGES AND PASS-THROUGH SECURITIES
Secondary market
FHA/VA mortgages

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

Period

1976-IIigh
Low

1977-High
Low

1978-High
Low

1979-High
Low

Yield in
FHLMC
auction

9.31
8.80

8.98
8.46

5.18
1.50

8-1/2
8

8.39
7.56

8.81

9.21

9.02
8.63

10.60
9.13

7.13
1.88

9-1/2
8-1/2

9.68
8.43

10.92
9.28

10.42
9.12

13.29
10.42

12.54
4.1&

11-1/2

11.77
9.51

13.97
10.92

13.56
10.40

15.18

6.41

14.03

5.83

14
14
14
13

13.40
12.96
12.23
11.98

13.16

0.93

11.03
11.26
11.78

12.59

6.52

13
13
11-1/2
11-1/2
11-1/2

11.12

13.27

9
16
23
30

12.42

5.59
4.77

11-1/2

10.89
10.79
10.73
11.42

13.05

12.28

11-1/2
11-1/2
11-1/2

7
14
21
28

12.53

6.19
7.63

11.42
11.58
11.45
11.67

12.76

12.78

11-1/2
11-1/2
11-1/2
11-1/2

4
11
18
25
Sept. 2

13.58

11.96
15.40

14.41

13.42

11.99
12.41
12.46
12.48
12.57

13.34

14.26

11-1/2
11-1/2
11-1/2

9.00
8.65

1977-High

10.38
8.98

1978-High

12.90
10.38

1979-High

Low

Low

Low

May

9
16
23
30

15.90
14.68
14.15
13.38
13.20

6
13
20
27

13.06
12.85
12.58
12.35

June

July 3
11
18
25

12.18

July

Aug. 1
8
15

12.25
12.25
12.55
12.80
12.95

29

Yield in
FNMA
auction

8.44
7.57

2

22

Yield on
GNMA
securities

9
8

Low

Apr.

June

Ceiling
rate

4.93
1.96

1976-High

16.35
16.35
16.35
16.25

May

Discount
points
in FNMA
auction

9.20
8.39

9.10
8.70

4
11
18
25

1980-Apr.

Yield in
FNMA
auction

Period

Conventional mortgages

7
14
21
28

5
12
19
27
June 2

12.23
12.18
12.18
Aug.

9-1/2

12
12

16.91
15.67
13.81

11.52

12.81

12.84

14.00
14.19

15.78
15.53
15.04
14.52
13.36
12.61
12.69
12.48
12.42
12.22
11.93
11.60
11.67
11.83
11.94
12.00
12.25
12.64
13.00
13.24
13.36
13.35

Column 2 is average of contract interest rates on commitments for conventional first mortgages with 80 percent loan-to-value ratios made by a sample of
insured S&Ls. Columns 4 and 8 are average gross yield to F N M A before deduction of the fee of 37% basis points paid for mortgage servicing. They reflect
the average accepted bid yield for first mortgages for optional delivery within 4 months, assuming prepayment in 12 years for 30-year loans, without
adjustments for F N M A commitment fees and F N M A stock retention requirements. Column 7 is a 1 -day quote on average net yields to investors on GNMAguaranteed mortgage-backed securities for immediate delivery, assuming prepayment in 12 years on pools of 30-year F H A / V A mortgages carrying a
coupon rate 50 basis points below the current F H A / V A ceiling rates shown in Column 6. Column 9 is the average net yield to F H L M C on accepted bids
in its weekly auction of commitments to buy conventional home mortgages for immediate (within 6 0 days) delivery.
.
,

^Beginning J u l y 7, t h e FNMA a u c t i o n r e s u l t s f o r FHA/VA mortgages do n o t i n c l u d e graduated
payment mortgages.




22
23. FNMA AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES
Dollar a m o u n t s in millions
Date of
auction

Offered

F H A / V A mortgages
Accepted

Average yield

Offered

Conventional mortgages
Average yield
Accepted

1978-High
Low

1,249.4
130.3

605.3
80.1

10.60
9.13

716.9
74.7

362.5
47.5

10.02
9.28

1979-High
Low

1,034.9
36.5

448.3
19.4

13.29
10.42

454.0
19.4

172.2
17.9

13.97
10.92

1980-IIigh
Low

644.2
199.0

354.6
88.5

15.93
12.28

426.0
53.9

133.0
24.1

12.81

17.51

1980-June

9
23

333.1
269.4

146.1
120.4

12.42
12.28

110.1
59.6

43.4
32.6

13.05
12.81

July

7
21

629.0
426.6

256.3
174.0

12.53
12.78

107.4
121.3

58.4
82.5

12.76
12.84

Aug.

4
18

643.1
420.2

354.6
273.5

13.58
14.26

204.9
225.5

106.7
112.1

13.31
14.00

Sept. 2

324.4

183.0

14.41

120.5

71.0

14.19

24. FHLMC AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES
Conventional mortgages, dollar a m o u n t s in millions
Date of
auction

Offered

Immediate delivery program
Average yield
Accepted

F u t u r e c o m m i t m e n t program
Offered

Accepted

Average yield

1979-High
Low

298.0
38.7

150.5
17.9

13.56
10.40

166.6
38.7

37.8
13.7

13.89
10.43

1980-High
Low

337.1
24.4

140.4

20.8

16.22
11.60

129.5
38.1

31.2

11.6

17.36
12.13

212.3

25.6

12.89

229.9

25.2

14.09

July

8
15
22
29

371.3
351.2
320.4
326.5

181.7
155.1
130.8
118.4

11.83
11.94
12.00
12.25

Aug.

5
12
19

230.6
180.4
130.2
117.7

• 98.7
86.6
67.1
75.0

12.64
13.00
13.24
13.26

n.a.

13.35

26

Sept. 2

n.a.

As of June 24, the six-month forward program was d i s c o n t i n u e d , arid subsequent d a t a r e f e r
to FHLMCs 8-month program.
Offerings in the F N M A auctions of 4-month purchase commitments relate to total bids submitted, and average yields to F N M A on accepted bids are gross
(before deduction of 37% basis points for mortgage servicing) assuming prepayment in 12 years for 30-year mortgages, without adjustments for FNMA
commitment fees or stock related requirements. Offerings in the F H L M C auctions relate to total bids submitted, and average yields to F H L M C on
accepted bids are net, excluding 3754 basis points for mortgage servicing.
Source: F N M A and F H L M C




25. ISSUES OF MORTGAGE-BACKED SECURITIES
Millions of dollars, not seasonally adjusted
Pass-through securities
GNMA-guaranteed

Period

New issues

Outstanding
(end of period)

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

1976

13,764

30,571

1,396

2,671

n. a.

n.a.

75

1977

17,440

44,896

4,131

6,610

242

238

1,115

1978

15,358

54,347

6,212

11,892

1,011

1,141

465

1978-Jan.
Feb.

1,327
929

504
470

7,033
7,431

0
10

1,315

120

7,471

119

236
243
358

n

Mar.

45,890
45,325
46,357

Apr.
May
June

823
1,255
999

46,463
47,387
48,033

466

7,861
8,434
9,422

201
135
23

557
689
703

290

651
1,093

July
Aug.
Sept.

997
1,648
1,203

48,663
50,051
50,844

299
725
394

10,371
10,224
10,512

72
35
33

764
797
822

0
50
0

Oct.
Nov.
Dec.

1,762
1,721
1,381

52,095
53,358
54,347

369
581
540

10,987
11,463
11,892

57
36
381

872
897
1,161

0
0
0

1979-Jan.

1,703

55,627

317

1,325

1,361
1,464

56,575
57,955

494
118

12,093
12,462
12,466

60

Feb.
Mar.

136
84

1,411
1,482

0
0
0

Apr.
May
June

1,489
1,673
1,860

60,274
61,551
63,001

364
572
382

12,790
13,296
13,562

151
201
142

1,619
1,821
1,915

0
0
400

July
Aug.
Sept.

2,032
2,934
2,640

64,401
67,135
69,358

321
554
347

13,781
14,200
14,421

204
190
254

2,105
2,257
2,516

225
350
65

Oct.
Nov.
Dec.

2,639
3,250
1,895

71,457
74,106
76,401

530
186
361

14,838
14,916
15,180

470
383
300

2,987
3,353
3,641

0
0
70

1980-Jan.
Feb.
Mar.

2,611
1,354
1,125

78,849
79,900
80,843

180
207
106

15,274
15,397
15,454

408

4,230

50

205
342

4,424
4,742

0
0

Apr.
May

1,778
1,127
1,320

82,419
83,385

199

15,613

391
232

1-5,949
16,120

510
495.
409

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

0
0
190

June
July

1,874

84,282
85,634

n. a

n. a.

469

0
50

75
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 issuedI by F H L M C
against pools of conventional residential mortgages formed by FHLMC. Privately-insured pass-through securities are issued by private institutions against
pools of conventional residential mortgages underwritten by major private mortgage insurance companies.
Source: G N M A , FHLMC, H U D , and Federal Reserve.