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

State Treasurerís Office Boards, Commissions and Authorities Foster California Economic Development

Treasurer John Chiang chairs more than a dozen boards, commissions and authorities in the State Treasurerís Office that provide billions of dollars in annual funding to small and large business, hospitals, schools, universities and other public and private sector entities. Read more right arrow to read more

Head to Head on Legalization of Marijuana in California

In the latest installment of Head to Head, Nate Bradley, executive director of the California Cannabis Industry Association, and John Lovell, of the Coalition for Responsible Drug Policies, debate the legalization of marijuana in California. Read more right arrow to read more

WHAT DOES IT COST FOR
CALIFORNIA TO BORROW?

2.4%

Representative yield for 20-year, AAA-rated general obligation bonds, according to a major national market benchmark. (as of 4/22/16)

2.5%

Representative yield for 20-year, CA general obligation bonds, according to a major CA market benchmark. (as of 4/22/16)

3.1%

Representative yield for 20-year, CA general obligation bonds, according to a major CA market benchmark. (as of 4/22/15)

For every $1 billion in bonds issued, CA will pay $15.7 million more in debt service over a 20-year period than a AAA-rated borrower.

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

 

MARCH 2016

MARCH 2015

Statewide

down arrow to indicate a decrease $8.002 billion

up arrow to indicate an increase $10.373 billion

State of CA

down arrow to indicate a decrease $4.856 billion

up arrow to indicate an increase $6.577 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

$3.3 Billion

In Public Benefits From Refinancings Conducted by Treasurer Chiang Since January 2015

Upcoming Bond Sales Calendar right arrow to read more

INVESTMENTS

POOLED MONEY INVESTMENT ACCOUNT (PMIA)

 

AS OF 3/31/16

AS OF 3/31/15

Ending Portfolio

up arrow to indicate an increase $68 billion

up arrow to indicate an increase $64 billion

Average Effective Yield

up arrow to indicate an increase 0.51 percent

up arrow to indicate an increase 0.28 percent

Average Investment Life

down arrow to indicate a decrease 146 days

up arrow to indicate an increase 191 days

LOCAL AGENCY INVESTMENT FUND (LAIF)

 

AS OF 3/31/16

AS OF 3/31/15

Ending Portfolio

down arrow to indicate a decrease $21.1 billion

up arrow to indicate an increase $21.3 billion

Participating Agencies

down arrow to indicate a decrease 2,469

down arrow to indicate a decrease 2,507

AVERAGE MONTHLY YIELD COMPARISON-MARCH


PMIA

0.506%

S&P GOV'T INVESTMENT POOLS

0.500%

FEDERAL FUNDS
RATE

0.380%

Source: State Treasurerís Office

Read More About PMIA right arrow to read more

Read More About LAIF right arrow to read more