Capital Market Developments

Transcription

1 Capital Market Developments % 3 % * \ <c V \ <* <P % April 4, 1977 Prepared by the CAPITAL MARKETS SECTION in conjunction with the MORTGAGE and CONSUMER FINANCE SECTION DIVISION OF RESEARCH AND STATISTICS BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM Washington, D C

2 Index SUBSCRIPTION RATES: Weekly $15.00 per year or $.40 each in the United States, its possessions, Canada, and Mexico; 10 or more of the same issue to one address, $13.50 per year or $.35 each. Elsewhere, $20.00 per year or $.50 each. Address requests to Publications Services, Division of Administrative Services, and make payment remittance payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. Currency. TABLES 1-6 SECURITY VOLUME AND YIELDS 7,8 STOCK MARKET AND SECURITY CREDIT 9-16 MORTGAGE MARKET SYMBOLS e P r n.a. ESTIMATE PRELIMINARY REVISED NOT AVAILABLE DATA DO NOT EXIST

3 Table 1 YIELDS, VOLUME AND RECEPTION WEEK ENDING YIELDS CORPORATE BOND MARKET VOLUME NEW ISSUE 1 RECENTLY 2 GROSS 3 PER CENT NEW ISSUES 4 Aaa UTILITY OFFERED OFFERINGS SOLD BY END IN SYNDICATE Aaa UTILITY ($ MILLIONS) OF WEEK ($ MILLIONS) February March 4 mm mm r 8.28r April p 8.26p WEEK ENDING YIELDS MUNICIPAL BOND MARKET VOLUME MOODY'S BOND BUYER GROSS 3 PER CENT NEW ISSUES 4 NEW ISSUE 20-BGND OFFERINGS SOLD BY END IN SYNDICATE Aaa INDEX ($ MILLIONS) OF WEEK ($ MILLIONS) February March April , Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection. 2 Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection, released from price restrictions sometime during the last four weeks. 3 Estimated by F.R. on the basis of available data. 4 Corporate Market: Salomon Brothers Bond Market Roundup; Municipal Market: Weekly Bond Buyer. Data are adjusted by Federal Reserve when necessary to make coverage of this series consistent with the gross offerings series.

4 Table 2 HIGH GRADE BOND YIELDS High Low High Low High Low High Low High Low DATE Feb Mar Apr. i NEW ISSUE Aaa UTILITY 8,.52 (8/10) 7,.29 (1/21) (10/4) 8.05 (2/15) 9.80 (5/2) 8.89 (2/7) 8.95 (5/28) 7.93 (12/10) 8.30 (3/11) 7.90 (1/7) r 8.20p RECENTLY OFFERED Aaa UTILITY 8.32 (8/10) 7.28 (1/5) (10/11) 8.13 (1/4) 9.71 (5/25) 9.06 (2/28) 9.10 (1/2) 7.84 (12/31) 8.32 (3/18) 7.95 (1/7) r 8.26p MOODY'S SEASONED CORPORATE Aaa 7.77 (8/24) 7.11 (1/5) 9.39 (10/11) 7.73 (1/4) 9.01 (5/2) 8.57 (2/28) 8.66 (5/28) 7.91 (12/31) 8.12 (3/11) 7.88 (1/7) p U.S. GOVT. 20-YEAR CONSTANT MATURITY 7.79 (8/10) 6.42 (1/5) 8.68 (8/30) 7.39 (1/4) 8.63 (9/19) 7.63 (2/21) 8.17 (5/28) 7.27 (12/31) 7.76 (3/25) 7.26 (1/7) r 7.75p BOND BUYER 20-B0ND INDEX 5.59 (8/3) 4.99 (10/11) 7.15 (12/12) 5.16 (2/7) 7.67 (10/3) 6.27 (2/13) 7.29 (1/2) 5.95 (12/16) 5.93 (2/4) 5.78 (1/7) 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 durmg the last 4 weeks. 3 Weekly average of daily closing figures. 4 Weekly average of daily figures. U.S. Treasury data. 5 Thursday figures. The average rating of the 20 bonds used in this index falls midway between the four top groups as classified by Moody's Investors Service. Weekly Bond Buyer data. ft # ft I ft ft ft ft ft ft

5 Table 3 LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS IN MILLIONS OF DOLLARS PERIOD GROSS PROCEEDS PERIOD CORPORATE 1 STATE AND LOCAL January 3,381 5,367 3,328 2,451 2,361 2,255 February 3,863 4,528 2,687 2,885 2,387 2,003 March 6,635 5,378 3,217 3,365 2,135 2,025 April 3,507 4,294 3,060 2,463 2,406 2,397 May 4,186 5,798 3,164 3,575 2,900 2,304 June 6,404 5,596 2,981 3,115 3,064 2,166 July 3,216 4,327 3,248 2,734 3,580 1,459 August 3,365 2,405 2,667 2,821 2,783 1,106 September 4,832 2,836 1,617 2,814 2,159 1,701 October 4,427 4,705 4,609 3,524 2,323 2,860 November 3,458 4,076 3,739 3,336 2,381 2,483 December 6,334 4,307 3,511 2,298 2,052 1, ,879 15,273 9,232 8,701 6,883 6, ,097 15,688 9,205 9,153 8,370 6, ,413 9,568 7,532 8,369 8,522 4, ,219 13,088 11,859 9,158 6,756 6,822 1st Half 7,976 30,961 18,437 17,854 15,253 13,150 3 Qtrs. 39,389 40,529 25,969 26,223 23,775 17,416 Year 53,608 53,617 37,828 35,381 30,531 24,238 1 Securities and Exchange Commission estimates of gross proceeds. 2 Securities Industry Association estimates of principal amounts.

6 Table 4 NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE AND ISSUER IN MILLIONS OF DOLLARS GROSS PROCEEDS BY TYPE OF ISSUE GROSS PROCEEDS BY TYPE OF ISSUER III IV PERIOD TOTAL 9,568 13,088 PUBLICLY OFFERED 5,428 5,816 BONDS PRIVATELY PLACED 2,085 4,158 COMMON AND PREFERRED STOCK 2,054 3,116 MEMO ISSUES INCLUDED FOREIGN CONVERTIBLE 1,225 1, MANUFAC- TURING 2,420 3,480 PUBLIC UTILITY 3,327 3,424 COMMUNI- CATIONS 679 1,215 OTHER ISSUERS 3,142 4, I II III 13,879 14,097 11,413 7,569 7,427 4,904 2,757 3,549 4,648 3,553 3,121 1,861 1,340 1,843 1, ,500 3,723 2,999 4,044 3,140 3, , ,569 5,358 4, Oct. Nov. Dec. 4,705 4,076 4,307 2,389 1,666 1, ,640 1,749 1, ,103 1,425 1,247 1, ,579 1,645 1, Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. 3,381 3,863 6,635 3,507 4,186 6,404 3,216 3,365 4,832 4,427 2,189 2, ,350 1,937 3, ,565 2,100 2, , ,051 1,869 1,348 1,122 2, , ,198 1, , ,073 1,179 2, ,709 1,446 1,198 1, ,348 1, , ,148 1, ,465 1, , ,197 1,722 1,650 1,847 1,309 2,202 1,061 1,195 2,449 1,511 1 Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other. Source: Securities and Exchange Commission.

7 Table 5A INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 February 28 through April 1, 1977 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE OFFERING YIELD MOODY'S/S&P'S RATINGS CORPORATE Reeves Brothers, Inc. SF debt Baa/BBB Pacific Gas & Elec. Co. Pfd. stk A/A Kansas Gas & Elec. Co. Com. stk Potomac Elec. & Power Co. Com. stk * Southwestern Public Service Co. 1st mtg Aa/AA Harbor Tug & Barge Co. Gtd. bds j Harbor Tug & Barge Co. Gtd. bds j Kansas Gas & Elec. Co. 1st mtg Aa/AA- Philadelphia Electric Co. 1st mtg A/A- Gulf Power Co. 1st mtg A/AA South Central Bell Tele. Co. Debt Aaa/AAA General Tele. Co. of Kentucky 1st mtg A/A Union Pacific Railroad Co. Equip, tr Aaa/AAA Zapata Corp. Debt B/ Standard Oil Co. (Ohio) Debt A/AA- Northwestern Bell Tele. Co. Debt Aaa/AAA San Diego Gas & Electric Co. 1st mtg Baa/BBB Virginia Electric & Power Co. 1st mtg A/A Fuqua Industries Inc. Notes B/B Natomas Co. Debt Baa/BB+ American Airlines, Inc. Pfd. stk Ba/B Central Maine Power Co. Com. stk x Mich. Consolidated Gas Co. Pfd. stk /A Natomas Co. Pfd. stk Ba/BB+ * Rights offering. 1 Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings.

8 00 Table 5A Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY February 28 through April 1, 1977 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE OFFERING YIELD MOODY S/S&P'S RATINGS CORPORATE Ohio Edison Co. Commonwealth Edison Co. Tenneco Inc. Chrysler Finance Corp. Utah Power & Light Co. Citicorp Privite Export Funding Corp. Public Service of New Mexico Iowa Power & Light Co. Union Elec. Co. Utah Power & Light Co. Duke Power Co. Montana Power Co. Pennsylvania Power & Light Co. Southwestern Public Service Southwestern Bell Telephone Co. Southern Railroad Co. General Tel. Co. of Calif. Pan American World Airways Com. stk Pfd. stk Debt Notes st mtg Notes Gtd. Bds Pfd. stk Pfd. stk Com. stk Com. stk Com. stk Pfd. stk Com. stk Com. stk.(rts) 20.6 Debt Equip, tr st mtg Equip, tr A/A A/A Baa/BBB A/AA Aaa/AAA Aaa/AAA A/A A/A A/A Aaa/AAA Aa/AA+ A/A+ B/B OTHER Caisse Nationale des Autoroutes European Coal & Steel Community Gtd. Bds Bonds Aaa/AAA Aaa/AAA

9 Table 5B INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 February 28 through April 1, 1977 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S/S&PS RATINGS STATE AND LOCAL Pennsylvania Hsg. Finance Agy. Pennsylvania Hsg. Finance Agy. Pennsylvania Hsg. Finance Agy. Pennsylvania Hsg. Finance Agy. Alexandria, Va. Texas, State of Terrebonne Parish, La. New York, State of Omaha Public Power Dist., Neb. Omaha Public Power Dist., Neb. Connecticut Development Auth Connecticut Development Auth Fort Wayne Hosp. Auth., Ind. Fort Wayne Hosp. Auth., Ind. Mifflin Co. Sch. Dist,, Pa. Mifflin Co. Sch. Dist., Pa. Mifflin Co. Sch. Dist., Pa. Mifflin Co. Sch. Dist., Pa. Santa Clara Redev. Agy., Calif, Amarillo Hosp. Dist., Texas Norfolk, Va. Baltimore Co., Md. West Virginia, State of Mifflin Co. Sch. Dist., Pa A-1/A A-1/A A-1/A A-1/A+ G.O Aa/AA G.O Aaa/AAA A-l/A G.O A/AA Aa/AA Aa/AA A-l/AA A-l/AA A-l/A A-l/A Aaa/ G.O /A G.O /A G.O /A G.O Baa-l/BBB G.O A-1/A+ G.O Aa/AA G.O Aaa/AA G.O A-1/AA Aaa/ 1 Inc udes only state and local security offerings of $10 million and over; excludes secondary offerings. 2 For State and local government securities, G O. denotes general obligation; denotes revenue obligations. XO

10 Table 5B Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY February 28 through April 1, 1977 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S/S&P'S RATINGS STATE AND LOCAL Arlington, Texas G.O Baa-l/AAA Arlington^ Texas A/A Port of Seattle, Wash. G.O Aa/AA East Bay Mun. Util. Dist., #1, Calif. G.O Aaa/AA East Bay Mun. Util. Dist., #1, Calif. G.O Aaa/AA Virginia Public Sch. Auth Aa/AA Oregon Hsg. Finance Agy A-l/AA Pima Co., Arizona A-1/A+ Pima Co., Arizona A-1/A+ McCandless Tp. Sant. Auth., Pa /BBB McCandless Tp. Sant. Auth., Pa /BBB McCandless Tp. Sant. Auth., Pa Aaa/ Montana Board of Housing Aa/ Montana Board of Housing Aa/ Sebastian Co. Hlth. Fac. Bd., Ark A-l/AA Sebastian Co. Hlth. Fac. Bd., Ark A-l/AA Illinois, State of G.O Aaa/AAA Richardson Hosp. Auth., Texas Baa/BBB Richardson Hosp. Auth., Texas Baa/BBB Richardson Hosp. Auth., Texas Aaa/AAA Port Auth. of N.Y. and New Jersey A/A Aurora, A/ Peoria, A/ Lincoln, Neb A-l/AA Lincoln, Neb A-l/AA Lincoln, Neb , A-1/A+

11 Table 5B Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY February 28 through April 1, 1977 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S/S&P'S RATINGS STATE AND LOCAL Lincoln, Neb A-1/A+ Lincoln, Neb Aaa/AAA Erie Co. Hosp. Auth., Pa A-l/ Erie Co. Hosp. Auth., Pa A-1 / Erie Co. Hosp. Auth., Pa A-l/ Erie Co. Hosp. Auth., Pa Aaa/ Tallahassee, Fla A-l/AA Tallahassee, Fla A-l/AA Tallahassee, Fla A-l/AA Tallahassee, Fla Aaa/AAA New Hampshire Educ. & Hlth. Fac. Auth A/A New Hampshire Educ. & Hlth. Fac. Auth A/A New Hampshire Educ. & Hlth. Fac. Auth A/A Gtr. New Bedford Voc. Tech. Sch. Dist. Mass. G A/ Eugene, Oregon Aaa/AA+ Eugene, Oregon Aaa/AA+ Phoenix, Arizona G.O Aa/AA West Va. Hsg. Dev. Fund A-l/AA Eau Claire, Wise. G.O Aa/AA Virginia Hsg. Dev. Auth A-l/AA Virginia Hsg. Dev. Auth A-l/AA St. Tammany Par. Sch. Bd., La A/A Colorado Housing Finance Auth Aa/AA Colorado Housing Finance Auth Aa/AA Illinois Health Fac. Auth Aaa/AAA

12 Table 5B Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY February 28 through April 1, 1977 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S/S&PS RATINGS STATE AND LOCAL Illinois Health Fac. Auth. Illinois Health Fac. Auth. Port of Houston Auth., Texas Port of Houston Auth., Texas Wamego, Kansas New Jersey Hlth. Care Fac. Fin. Auth, New Jersey Hlth. Care Fac. Fin. Auth, Madison, Ind. Maryland, State of Philadelphia, Pa. Salt River Agric. Improv. & Power Dist., Ariz. Salt River Agric. Improv. & Power Dist., Ariz. Salt River Agric. Improv. & Power Dist., Ariz. Sewickley Val, Sewickley Val, Sewickley Val, Middlesex Co. Hosp. Auth., Hosp. Auth., Hosp. Auth., Indust. Poll. Pa. Pa. Pa. Ctrl. Fin. Auth., N.J. Shelby Co. Hlth. & Educ. Fac. Bd., Tenn. Shelby Co. Hlth. & Educ. Fac. Bd., Tenn. G 0. G.O A-1/A+ A-1/A+ A/A+ A/A+ Aa/AA A/A A/A Aaa/AAA Aaa/AAA Baa/A- Aa/A+ Aa/A+ Aa/A+ Aaa/AAA A/A+ A/A+ Aaa/AAA A-l/A A-l/A

13 # # # # # # # # # # r Table 5B Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY February 28 through April 1, 1977 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S/S&P'S RATINGS STATE AND LOCAL Shelby Co. Hlth & Educ. Fac. Bd., Tenn A-l/A Shelby Co. Hlth & Educ. Fac. Bd., Tenn A-l/A Marin Mun. Water Dist., Cal /AAA Missouri Housing Dev. Comm Aa/AA Missouri Housing Dev. Comm Aa/AA Idaho Health Fac. Auth /-- Idaho Health Fac. Auth /-- Idaho Health Fac. Auth Wyoming West Sch. Dist., Pa. G.O / - - Wyoming West Sch. Dist., Pa. G /-- Wyoming West Sch. Dist., Pa. G.O Wyoming West Sch. Dist., Pa. G.O / Gtr. Clark Co. Sch. Bldg. Corp., Ind A/A Alaska Hsg. Finance Corp /A Alaska Hsg. Finance Corp /A Port of Tacoma, Wash A/A Allegheny Co. Hosp. Dev. Auth., Pa A/A+ Allegheny Co. Hosp. Dev. Auth., Pa A/A+ Allegheny Co. Hosp. Dev. Auth., Pa Aaa/AAA Columbia, Mo A-l/AA Rochester, N.Y. G.O Aaa/ Columbus, Ohio G.O Aa/AA Minnesota Hsg. Finance Agy A-l/AA Pennsylvania, State of G.O A-l/AA

14 Table 5B Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY February 28 through April 1, 1977 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S/S&P'S RATINGS STATE AND LOCAL Erie Co., N.Y. New Jersey Hlth. Fac. Fin. Auth. New Jersey Hlth. Fac. Fin. Auth. New Jersey Hlth. Fac. Fin. Auth. California, State of Wisconsin Hsg. Finance Auth. Wisconsin Hsg. Finance Auth. Mt. Lebanon Hosp. Auth., Pa. Mt. Lebanon Hosp. Auth., Pa. Mt. Lebanon Hosp. Auth., Pa. Mt. Lebanon Hosp. Auth., Pa. G.O A-l/ A/A A/A A/A G.O Aaa/AAA A-l/AA A-l/AA A/A A/A A/A Aaa/AAA

15 Table 6A FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of April 1, 1977 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING CORPORATE Eastern Airlines, Inc. *E1 Paso Co. Wells Fargo & Co. Elizabethtown Water Co. Portland General Electric Co. Ohio Power Co. *Duquesne Light Co. Pacific Gas & Electric Co. Missouri Pacific Railroad El Paso Electric Co. Kentucky Utilities Co. Duquesne Light Co. Southern Bell Tel. & Tele. Co. Long Island Lighting Co. *Puget Sound Power & Light Co. R.J. Reynolds Industries Inc. *Allstate Financial Corp. * Allstate Financial Corp. *U.V. Industries Inc. *U.V. Industries Inc. *AMFAC Mortgage Corp. Consumer Power Co. ^Central Hudson Gas & Elec. Corp. *Equitable Gas Co. Combanks Corp. Central Louisiana Electric Co. Republic Steel Corp. Conv. debt Apr. 5 Gtd. bds Apr. 6 Debt Apr. 6 Debt Apr. 6 Com. stk Apr. 13 1st mtg Apr. 13 Pfd. stk Apr. 19 1st mtg Apr. 19 Equip, tr Apr. 19 1st mtg Apr. 20 1st mtg Apr. 20 1st mtg Apr. 21 Debt Apr. 26 1st mtg Apr. 27 Pfd. stk Apr. 28 Debt Apr. Notes 25.0 Apr. Notes 75.0 Apr. Debt Apr. Notes 50.0 Apr. Med-term notes 25.0 Apr. 1st mtg Apr. Pfd. stk May Pfd. stk Indef. Notes 20.0 Indef. Com. stk Indef. SF debt Indef. * Included in table for first time. 1 Includes only corporate and other security issues of $15 million and over; excludes exchanges, options

16 16 Table 6B FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of April 1, 1977 AMOUNT ISSUER TYPE (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING STATE & LOCAL Jackson, Tenn Apr. 5 Jackson, Tenn. 7.7 Apr. 5 Nebraska Public Power Dist Apr. 5 Nebraska Public Power Dist Apr. 5 Hawaii, State of G.O Apr. 5 Dade Co., Fla Apr. 5 *Henry Co. Hosp. Assoc., Ind. G.O Apr. 5 *Minnesota, State of G.O Apr. 5 Paramount Redev. Agy., Calif. G.O Apr. 5 Maine Hlth. Fac. Auth Apr. 5 Oregon, State of G.O Apr. 5 *Los Angeles Dept. of Airports, Cal 25.9 Apr. 6 Illinois Hlth. Fac. Auth Apr. 6 Coconino Co. Poll. Ctrl. Corp,Ariz Apr. 6 Navajo Co. Poll. Ctrl. Corp., Ariz 30.0 Apr. 6 Waynesboro Indust. Dev. Auth., Va Apr. 6 Jefferson Co. Board of Educ., Ala. G.O Apr. 12 Oshkosh, Wise. G.O Apr. 12 ^Montgomery Co., Md. G.O Apr. 12 *Chicago Park Dist., 111. G.O Apr. 12 Connecticut, State of G.O Apr. 12 Sunnyvale Redev. Agy., Calif. G.O Apr. 12 Sunnyvale Redev. Agy., Calif Apr. 12 Michigan State Hsg. Dev. Auth Apr. 13 *Farmers Branch Hosp. Auth., Tex Apr. 13 Dallas, Texas G.O Apr. 13 Little Rock, Ark Apr. 13 Los Angeles Dept. of Water & Power, Calif Apr. 13 Miami, Fla. G.O Apr. 14 Puerto Rico, Commonwealth of G.O Apr. 14 Austin, Texas 80.0 Apr. 14 Los Angeles Co. Flood Ctrl. Dist., Calif. G.O Apr. 19 Illinois Hlth. Fac. Auth., (Chicago) 36.0 Apr. 20 *Santa Margarita Water Dist., Cal. G.O Apr. 21 Baltimore, Md. G.O Apr. 26 Salem Sch. Dist., #24J., Oregon G.O Apr Includes state and local government issues of $10 million and over, foreign government, International Bank for Reconstruction issues of Federally sponsored agencies; excludes secondary offerings. * Included in the table for the first time.

17 17 STATE & LOCAL Table 6B Continued FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of April 1, 1977 AMOUNT APPROXIMATE ISSUER TYPE (IN MILLIONS OF DOLLARS) DATE OF OFFERING San Antonio, Texas G.O Apr. 28 Erie Co. Hosp. Auth., Pa Apr. 28 Louisiana Mun. Power Comm Apr.

18 Table 7 STOCK PRICES AND VOLUME DATE High Low High Low High Low High Low Jan Feb Mar Apr. 1 STOCK PRICES NYSE INDEX BJ INDUSTRIALS AMEX NASDAQ (1/11) (12/13) (3/13) (10/3) (7/15) (1/8) (9/21) (1/2) (1/11) (12/5) (3/13) (12/6) (7/15) (1/2) (9/21) (1/2) TRADING VOLUME NYSE AMEX NASDAQ (1/11) (1/11) 26.0 (9/20) 5.5 (1/12) (12/20) (12/13) 9.0 (8/20) 1.4 (8/20) (3/14) (3/15) 24.9 (1/3) 4.4 (1/3) (12/9) (10/3) 7.5 (7/5).9 (9/26) (7/15) (7/15) 35.2 (2/13) 4.2 (2/21) (1/2) (1/2) 8.7 (9/15) 1.1 (9/15) (7/12) (7/15) 44.5 (2/20) 8.6 (2/20) (1/2) (1/2) 10.3 (1/2) 1.1 (1/2) (1/11) 1 Figures other than highs and lows are Fridays only. Highs and lows are for the year and are not necessarily for Fridays. 2 Volume figures are weekly averages of daily figures (millions of shares). 3 12/31/ Based on average price change until September 4, 1973 thereafter, based on market value of shares listed.

19 19 Table 8 SECURITY CREDIT END OF PERIOD REGULATED MARGIN CREDIT EXTENDED BY BROKERS ON 1 MARGIN STOCK BROKERS ON 2 CONVERTIBLE BONDS BANKS UNREGULATED NONMARGIN STOCK CREDIT AT BANKS OUTSTANDING January 5,420 February 5,950 March 6,410 April 6,690 May 6,940 June 7,080 July 7,340 August 7,450 September 7,530 October 7,350 November 7,610 December 7, ,038 1,057 1,077 1, , , ,276 2,332 2,355 2,325 2,357 2,368 2,317 2,368 2,830 2,774 3,351 3,684 January 8,270 February 8, n.a. 3,693 n.a. CHANGE IN OUTSTANDING 1976 January 30 February 530 March 460 April 280 May 250 June 140 July 260 August 110 September 80 October November 80 December January 310 February n.a. n.a. 1 Margin account debt as reported by the New York Stock Exchange, excluding credit for subscription issues and convertible bonds. 2 New York Stock Exchange data. 3 June data for banks are universe totals; all other data for banks represent estimates for all commercial banks based on reports by a reporting sample, which accounted for 60 per cent of security credit outstanding at banks on June Nonmargin stocks are those not listed on a national securities exchange and not included on the Board of Governors of the Federal Reserve System's list of OTC margin stocks. At banks, loans to purchase or carry nonmargin stocks are unregulated; at brokers, such stocks have no value.

20 Table 9 SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS IN MILLIONS OF DOLLARS ho O DATE MUTUAL SAVINGS BANKS SAVINGS & LOAN ASSOCIATIONS TOTAL REGULAR DEPOSITS NET FLOW ANNUAL 3 GROWTH RATE NET NEW MONEY 1 2 SHARE CAPITAL NET FLOW ANNUAL 3 GROWTH RATE NET NEW MONEY 2 NET FLOW DEPOSITS 2 ANNUAL 3 GROWTH RATE NET NEW MONEY , ,451 32, ,884 42, , , , ,507 25, , , ,822 16, ,668 18, , , ,757 42, ,276 53, , , ,275 50, ,369 61, , July ,509 3,289 4,419 3,622 Aug , ,967 2, ,014 Sept. 1,307 «75 5, ,944 6, ,019 Oct. 836» 582 3,452 3,224 4, ,826 Nov. 779 mm 539 2,581 2,381 3, ,920 Dec. 1, , ,279 8, , Jan ,218 4,944 6,159 m m * 5,449 Feb. / ,392 3,173 4,242 3,773 ~ r SEAS01 ALLY ADJUSTED July 1, «4, , Aug. 1, , , Sept. 1, , , Oct. 1, , , Nov mm 4, , ~ - Dec , , Jan mm 4, , Feb. / , , Regular deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of total deposits. 2 New deposits net of both withdrawals and interest. Data for S&L's are for insured associations only, which represent 96 per cent of industry total resources. 3 Annual growth rate for monthly data is the annualized monthly percentage increase in deposits. Digitized Source: for FRASER National Association of Mutual Savings Banks and Federal Home Loan Bank Board. H.16

21 Table 10 MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS BILLIONS OF DOLLARS, SEASONALLY ADJUSTED 21 OUTSTANDING COMMITMENTS NET CHANGE PERIOD ALL SAVINGS MUTUAL ALL SAVINGS MUTUAL TOTAL & LOAN SAVINGS BKS TOTAL & LOAN SAVINGS BKS ASSOCIATIONS (N.Y. STATE) ASSOCIATIONS (N.Y. STATE) Dec Dec Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Based on data from Federal Home Loan Bank Board and Savings Banks Association of New York State. Both series include a minor amount of nonresidential commitments; S&L commitments also include loans in process. Net changes are derived directly from unrounded end of-period outstanding levels as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding. H.16

22 22 Table 11 NET NEW MONEY BORROWINGS BY MAJOR HOUSING AGENCIES IN MILLIONS OF DOLLARS PERIOD TOTAL INCLUDING SHORT-TERM DISCOUNT NOTES INTERMEDIATE AND LONG-TERM ISSUES TOTAL FHLB FHLMC FNMA FNMA& FHLB SHORT-TERM DISCOUNT 1 1 NOTES Sept. +2,768 +2,750 +1,700 +1, Oct. +1,665 +1,599 +1, Nov Dec Jan Feb Mar Apr May -1,568-1,279-1, June July Aug Sept Oct , Nov Dec Jan Feb. -1, , Mar Apr ' May June July Aug Sept Based on data from Treasury Survey of Ownership. Sales of FHLB discount notes began in May Digitized for p FRASER Preliminary

23 Table 12 NET CHANGE IN MORTGAGE HOLDINGS IN MILLIONS OF DOLLARS 23 TOTAL FINANCIAL INSTITUTIONS 2 INSURANCE FNMA-GNMA PERIOD INCLUDING TOTAL COMMERCIAL MSB's S & L's FNMA-GNMA BANKS Not Seasonally Adjusted COMPANIES ,406 39,018 9,940 3,938 23,919 1,221 2, ,587 55,561 16,800 5,377 31,932 1,452 2, ,372 55,072 19,600 5,642 25,552 4,278 3, ,732 36,510 11,700 2,172 17,560 5,078 6, ,608 38,769 4,200 2,236 29,400 2,933 4, ,041 61,417 10,400 4,063 44,540 2, June 5,940 5,940 1, , July 5,962 5,616 1, , Aug. 5,641 5, , Sept. 5,931 6,071 1, , Oct. 4,983 5,399 1, , Nov. 5,649 5, , Dec. 6,209 6, , Jan ,926 Feb. 800 Seasonally Ad lusted June 4,724 5, , July 5,055 5, , Aug. 4,827 4, , Sept. 5,773 6,117 1, , Oct. 5,132 5, , Nov. 6,449 5, , Dec. 6,183 6, , Jan ,980 Feb. 1,127 Seasonally adjusted data have been revised due to reestimation of seasonal factors. 1 Monthly data for commercial banks based on Federal Reserve estimates bench marked to Call Report data on real estate loans outstanding as available. Other data derived from mortgage debt outstanding as reported separately by National Assn. of Mutual Savings Banks, Federal Home Loan Bank Board, Institute of Life Insurance and, through August 1968, the Federal National Mortgage Association, and thereafter by FNMA and the Government National Mortgage Association. Data for mutual savings banks and for Life Insurance companies may differ somewhat from those derived from regular quarterly series because of minor conceptual differences for which adjustments are not made in the monthly series. Altogether, these groups accounted for 83 per cent of the net increase estimated for all holders in Beginning January 1972 data reflect activity in limited amount of conventional mortgages.

24 Table 13 NET INCREASE IN MORTGAGE DEBT OUTSTANDING IN BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL RATES QUARTER TOTAL 2 RESIDENTIAL 3 MULTFAMLY TOTAL 1- to 4- FAMILY MULTI- FAMILY COMMERCIAL & COMMERCIAL FARM I II III IV I II III IV I * II III IV I II ' III IV I II III IV I II III IV I II III IV I II III IV Derived from data on mortgage debt outstanding from Federal Deposit Insurance Corporation, Federal Home Loan Bank Board, Institute of Life Insurance, National Association of Mutual Savings Banks, Departments of Commerce and Agriculture, Federal National Mortgage Association, Federal Housing Administration, Veterans Administration and Comptroller of the Currency. Separation of nonfarm mortgage debt by type of property, where not available, and interpolations and extrapolations, where required, estimated mainly by Federal Reserve. 2 May differ somewhat from related flow of funds series mainly because of more aggregative type of seasonal adjustment. 3 Residential mortgage debt includes nonfarm only and is sum of 1 to 4 family and multifamily mortgage debt.

25 # # # # # # # 1 Permit d; a for 1969 and 1970 based on 13,000 areas with permit systems Table 14 PRIVATE HOUSING PERMITS, STARTS, COMPLETIONS, AND MOBILE HOME SHIPMENTS IN THOUSANDS OF UNITS, SEASONALLY ADJUSTED ANNUAL RATES PERMITS 1 STARTS COMPLETIONS MOBILE PERIOD TOTAL 1 FAMILY 2-OR MORE TOTAL 1 FAMILY 2-OR MORE TOTAL 1 FAMILY 2-OR MORE HOME FAMILY FAMILY FAMILY SHIPMENTS , , , , , , , ,018 2,052 1, ,706 1, ,219 1,033 1,186 2,357 1,309 1,048 1,972 1, , ,045 1, ,014 1, , , , , ! 1, , I 1,538 1, ,354 1, Jan. 1, , , Feb. 1, ! 1,476 1, , Mar. 1, ! 1,426 1, ,399 1, Apr. 1, i 1,385 1, , May 1, i 1,435 1, , ! June 1, ,494 1, ,373 1, July 1, ! 1,413 1, ,307 1, Aug. 1, ,530 1, ,401 1, Sept. 1, ,768 1, ,387 1, Oct. 1, ,715 1, , Nov. 1,590 1, ,706 1, ,399 1, Dec. 1,514 1, ,889 1, ,435 1, Jan. 1, ,386 1, ,373 1, Feb. 1,514 1, ,791 1, p Private building permits (for 14,000 areas with permit systems, excluding farm), starts, and completions are Census Bureau data. A dwelling unit is started when excavation begins. In the case of apartment buildings, all units are considered started at that time; however, all such units are considered completed when more than half of the units in the structure are ready for use. Private mobile home shipments are Mobile Home Manufacturers Association data converted to seasonally adjusted annual rate by Census Bureau.

26 Table 15 AVERAGE RATES AND YIELDS ON HOME MORTGAGES N> ON PERIOD RATE (IN PER CENT) CONVENTIONAL LOANS PRIMARY MARKET HUD(FHA) INSURED LOANS SECONDARY MARKET NEW HOMES EXISTING HOMES NEW HOMES SPREAD (BASIS POINTS) 1 RATE (IN PER CENT) SPREAD (BASIS POINTS) 1 YIELD (IN PER CENT) SPREAD (BASIS POINTS) 1 DISCOUNT (PERCENTAGE POINTS) SPREAD BETWEEN RETURNS ON CONVENTIONAL AND HUD(FHA) NEW HOME MORTGAGES (BASIS POINTS) NEW Aaa UTILITY BOND YIELD (IN PER CENT) High Low High Low Jan Feb Mar n.a. n.a. n.a. n.a Apr May June July Aug Sept Oct Nov Dec n.a n.a n.a n.a Jan Feb Gross yield spread is average mortgage return before deducting servicing costs, minus average yield on new issues of high-grade utility bonds with 5-year call protection. Rates on conventional first mortgages (excluding additional fees and charges) are based on unweighted HUD (FHA) field office opinions on prevailing contract interest rates in the market areas of the insuring offices, rounded to the nearest 5 basis points. For secondary market data, weighted HUD office opinions on the average bid price for HUD (FHA) loans with minimum downpayment, prepaid in 15 years, for immediate delivery, are used. # # # e e e # # H.16

27 Table 16 FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS GOVERNMENT-UNDERWRITTEN CONVENTIONAL DATE OF AUCTION AMOUNT (IN MILLIONS OF DOLLARS) OFFERED ACCEPTED AVERAGE YIELD AMOUNT (IN MILLIONS OF DOLLARS) OFFERED ACCEPTED AVERAGE YIELD High Low 634 (5/17) 321 (5/17) 9.20 (6/1) 21 (12/27) 19 (12/27) 8.39(12/27) 171 (9/7) 127 (11/15) 9.31 (6/1, 6/28) 33 (1/26) 23 (2/23) 8.90 (12/27) Sept Oct Nov Dec Jan Feb Mar Average secondary market yields are gross before deduction, of the fee of 38 basis points paid for mortgage servicing. They reflect the average accepted bid yield for home mortgages assuming a prepayment period of 12 years for 30-year loans, without special adjustment for Federal National Mortgage Association (FNMA) commitment fees and related stock requirements on 4-month commitments. Mortgage amounts offered by bidders relate to total eligible bids received.