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

California and Brexit: Assessing the Damage

The decision of British voters to leave the European Union caught markets widely off guard throughout the world as the final votes came in on June 23. Read more right arrow to read more

How to Address Californiaís Housing Affordability Crisis

Today California is short 1.5 million affordable homes for families struggling to make ends meet, and the hole is growing bigger each year. Read more right arrow to read more

Head to Head on Gun Control in California

In the latest installment of Head to Head, Griffin Dix of the Oakland/Alameda County chapter of the Brady Campaign and Sam Paredes of Gun Owners of California discuss gun control reform in the state. Read more right arrow to read more

WHAT DOES IT COST FOR
CALIFORNIA TO BORROW?

2.0%

Representative yield for 20-year, AAA-rated general obligation bonds, according to a major national market benchmark. (as of 6/22/16)

2.2%

Representative yield for 20-year, CA general obligation bonds, according to a major CA market benchmark. (as of 6/22/16)

3.3%

Representative yield for 20-year, CA general obligation bonds, according to a major CA market benchmark. (as of 6/22/15)

For every $1 billion in bonds issued, CA will pay $17.1 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

 

MAY 2016

MAY 2015

Statewide

down arrow to indicate a decrease $4.374 billion

up arrow to indicate an increase $4.787 billion

State of CA

up arrow to indicate an increase $0.377 billion

up arrow to indicate an increase $0.264 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 5/31/16

AS OF 5/31/15

Ending Portfolio

up arrow to indicate an increase $70 billion

up arrow to indicate an increase $67 billion

Average Effective Yield

up arrow to indicate an increase 0.55 percent

up arrow to indicate an increase 0.29 percent

Average Investment Life

down arrow to indicate a decrease 167 days

up arrow to indicate an increase 222 days

LOCAL AGENCY INVESTMENT FUND (LAIF)

 

AS OF 5/31/16

AS OF 5/31/15

Ending Portfolio

up arrow to indicate an increase $22.5 billion

up arrow to indicate an increase $21.6 billion

Participating Agencies

down arrow to indicate a decrease 2,466

down arrow to indicate a decrease 2,494

AVERAGE MONTHLY YIELD COMPARISON-MAY


PMIA

0.552%

S&P GOV'T INVESTMENT POOLS

0.550%

FEDERAL FUNDS
RATE

0.373%

Source: State Treasurerís Office

Read More About PMIA right arrow to read more

Read More About LAIF right arrow to read more