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

Where’s the Money? Financing the Green Economy

Just over a month ago, nearly every country on the planet met in Paris and committed to a landmark agreement to combat climate pollution and stave off destructive climate change. Read more right arrow to read more

WHAT DOES IT COST FOR
CALIFORNIA TO BORROW?

2.5%

Representative yield for 20-year, AAA-rated general obligation bonds, according to a major national market benchmark. (as of 1/22/16)

2.7%

Representative yield for 20-year, CA general obligation bonds, according to a major CA market benchmark. (as of 1/22/16)

2.8%

Representative yield for 20-year, CA general obligation bonds, according to a major CA market benchmark. (as of 1/22/15)

For every $1 billion in bonds issued, CA will pay $16.4 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

 

DECEMBER 2015

DECEMBER 2014

Statewide

down arrow indicating a decrease $2.070 billion

up arrow indicating an increase $5.597 billion

State of CA

up arrow indicating an increase $0.076 billion

$0 billion

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 12/31/15

AS OF 12/31/14

Ending Portfolio

up arrow to indicate an increase $66 billion

down arrow to indicate a decrease $60 billion

Average Effective Yield

up arrow to indicate an increase 0.40 percent

up arrow to indicate an increase 0.27 percent

Average Investment Life

down arrow to indicate a decrease 179 days

down arrow to indicate a decrease 200 days

LOCAL AGENCY INVESTMENT FUND (LAIF)

 

AS OF 12/31/15

AS OF 12/31/14

Ending Portfolio

up arrow to indicate an increase $20.3 billion

down arrow to indicate a decrease $19.5 billion

Participating Agencies

down arrow to indicate a decrease 2,479

down arrow to indicate a decrease 2,510

AVERAGE MONTHLY YIELD COMPARISON-NOVEMBER


PMIA

0.400%

S&P GOV'T INVESTMENT POOLS

0.320%

FEDERAL FUNDS
RATE

0.192%

Source: State Treasurer’s Office

Read More About PMIA right arrow to read more

Read More About LAIF right arrow to read more