Intersections: A monthly go-to for reliable facts and analysis about California's debt, investments and economy

Treasurerís Office Looks Toward More Funding, Innovation, Transparency and Accountability for 2016

Making cars and airplanes has been part of Californiaís manufacturing DNA since the 1920s. Dozens of plants located across the Golden State created steady, solid, middle-class jobs for tens of thousands of skilled workers. Unfortunately, the bonanza, while prolonged, petered out. Read more right arrow to read more

WHAT DOES IT COST FOR
CALIFORNIA TO BORROW?

2.6%

Representative yield for 20-year, AAA-rated general obligation bonds, according to a major national market benchmark. (as of 12/22/15)

2.8%

Representative yield for 20-year, CA general obligation bonds, according to a major CA market benchmark. (as of 12/22/15)

3.0%

Representative yield for 20-year, CA general obligation bonds, according to a major CA market benchmark. (as of 12/22/14)

For every $1 billion in bonds issued, CA will pay $12.7 million more in debt service over a 20-year period.

All indicators reflect yields-to-call on bonds with 5% coupons and 10-year call options. Source: Municipal Market Data, licensed and used with permission.

CALIFORNIA'S CURRENT GENERAL
OBLIGATION CREDIT RATINGS

FITCH

A+

MOODY'S

Aa3

S&P

AA-

Read More About California’s Credit Ratings right arrow to read more

DEBT ISSUANCE

 

NOVEMBER 2015

NOVEMBER 2014

Statewide

down arrow indicating a decrease $3,789 million

up arrow indicating an increase $4,195 million

State of CA

down arrow indicating a decrease $1,259 million

up arrow indicating an increase $1,465 million

Source: CA Debt and Investment Advisory Commission

Read More About Debt Issued So Far This Year right arrow to read more

DebtWatch: A Powerful Way of Exploring Debt in CA right arrow to read more

See The Calendar of Issues right arrow to read more

TREASURER'S OFFICE HIGHLIGHTS

$2.5 Billion

In Taxpayer Benefits From Refinancings Orchestrated by Treasurer Chiang in 2015

Upcoming Bond Sales Calendar right arrow to read more

INVESTMENTS

POOLED MONEY INVESTMENT ACCOUNT (PMIA)

 

AS OF 11/30/15

AS OF 11/30/14

Ending Portfolio

up arrow to indicate an increase $65 billion

up arrow to indicate an increase $60 billion

Average Effective Yield

up arrow to indicate an increase 0.37 percent

down arrow to indicate a decrease 0.26 percent

Average Investment Life

down arrow to indicate a decrease 183 days

down arrow to indicate a decrease 191 days

LOCAL AGENCY INVESTMENT FUND (LAIF)

 

AS OF 11/30/15

AS OF 11/30/14

Ending Portfolio

up arrow to indicate an increase $19.4 billion

up arrow to indicate an increase $18.8 billion

Participating Agencies

down arrow to indicate a decrease 2,474

down arrow to indicate a decrease 2,520

AVERAGE MONTHLY YIELD COMPARISON-NOVEMBER


PMIA

0.374%

S&P GOV'T INVESTMENT POOLS

0.270%

FEDERAL FUNDS
RATE

0.125%

Source: State Treasurerís Office

Read More About PMIA right arrow to read more

Read More About LAIF right arrow to read more