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

California Secure Choice Would Provide Retirement Security to Millions

The ability to retire with modest comfort and contentment has become an elusive dream for millions of Californians. Many head into their supposed “golden years” with diminished incomes and little or no savings to pay for food, shelter, medical bills and other basics. 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 2/22/16)

2.7%

Representative yield for 20-year, CA general obligation bonds, according to a major CA market benchmark. (as of 2/22/16)

3.0%

Representative yield for 20-year, CA general obligation bonds, according to a major CA market benchmark. (as of 2/23/15)

For every $1 billion in bonds issued, CA will pay $18.7 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

 

JANUARY 2016

JANUARY 2015

Statewide

down arrow to indicate a decrease $2.659 billion

down arrow to indicate a decrease $3.157 billion

State of CA

up arrow to indicate an increase $0.720 billion

down arrow to indicate a decrease $0.012 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 Conducted by Treasurer Chiang in 2015

Upcoming Bond Sales Calendar right arrow to read more

INVESTMENTS

POOLED MONEY INVESTMENT ACCOUNT (PMIA)

 

AS OF 1/31/16

AS OF 1/31/15

Ending Portfolio

up arrow to indicate an increase $65 billion

up arrow to indicate an increase $61 billion

Average Effective Yield

up arrow to indicate an increase 0.45 percent

up arrow to indicate an increase 0.26 percent

Average Investment Life

down arrow to indicate a decrease 167 days

down arrow to indicate a decrease 198 days

LOCAL AGENCY INVESTMENT FUND (LAIF)

 

AS OF 1/31/16

AS OF 1/31/15

Ending Portfolio

up arrow indicating an increase $21.3 billion

up arrow indicating an increase $20.9 billion

Participating Agencies

down arrow indicating a decrease 2,470

down arrow indicating a decrease 2,507

AVERAGE MONTHLY YIELD COMPARISON-JANUARY


PMIA

0.446%

S&P GOV'T INVESTMENT POOLS

0.400%

FEDERAL FUNDS
RATE

0.339%

Source: State Treasurer’s Office

Read More About PMIA right arrow to read more

Read More About LAIF right arrow to read more