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

California’s Time Deposit Program Provides ‘Competitive Advantage’

The State Treasurer’s Time Deposit Program provides direct deposits to eligible financial institutions, which can be used to make loans contributing to growth in small business loans, home mortgages, auto loans, personal loans and other lending through the state. Read more right arrow to read more

Head to Head on Improving Police-Community Relations

In the latest installment of Head to Head, Chief Ken Corney of the California Police Chiefs Association and Donielle Prince, chapter lead of Black Lives Matter Sacramento, give ideas on how to best improve police-community relations in California. 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 7/22/16)

2.2%

Representative yield for 20-year, CA general obligation bonds, according to a major CA market benchmark. (as of 7/22/16)

3.2%

Representative yield for 20-year, CA general obligation bonds, according to a major CA market benchmark. (as of 7/22/15)

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

 

JUNE 2016

JUNE 2015

Statewide

down arrow to indicate a decrease $7.401 billion

up arrow to indicate an increase $10.65 billion

State of CA

up arrow to indicate an increase $1.186 billion

up arrow to indicate an increase $0.53 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 6/30/16

AS OF 6/30/15

Ending Portfolio

up arrow to indicate an increase $75 billion

up arrow to indicate an increase $70 billion

Average Effective Yield

up arrow to indicate an increase 0.58 percent

up arrow to indicate an increase 0.30 percent

Average Investment Life

down arrow to indicate a decrease 167 days

up arrow to indicate an increase 239 days

LOCAL AGENCY INVESTMENT FUND (LAIF)

 

AS OF 6/30/16

AS OF 6/30/15

Ending Portfolio

up arrow to indicate an increase $22.7 billion

up arrow to indicate an increase $21.5 billion

Participating Agencies

down arrow to indicate a decrease 2,464

down arrow to indicate a decrease 2,488

AVERAGE MONTHLY YIELD COMPARISON-JUNE


PMIA

0.576%

S&P GOV'T INVESTMENT POOLS

0.560%

FEDERAL FUNDS
RATE

0.397%

Source: State Treasurer’s Office

Read More About PMIA right arrow to read more

Read More About LAIF right arrow to read more