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

New Programs to Improve Lives in Californiaís Disability Community

State Treasurer John Chiang is introducing two new programs that will provide benefits to Californians living with disabilities Read more right arrow to read more

Head to Head on Repealing the Death Penalty in California

In the latest installment of Head to Head, Stanford law professor John J. Donohue III and Sacramento County District Attorney Anne Marie Schubert go head to head on the issue of repealing the death penalty 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 8/22/16)

2.2%

Representative yield for 20-year, CA general obligation bonds, according to a major CA market benchmark. (as of 8/22/16)

3.1%

Representative yield for 20-year, CA general obligation bonds, according to a major CA market benchmark. (as of 8/21/15)

For every $1 billion in bonds issued, CA will pay $13.7 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

AA-

MOODY'S

Aa3

S&P

AA-

Read More About California’s Credit Ratings right arrow to read more

DEBT ISSUANCE

 

JULY 2016

JULY 2015

Statewide

down arrow to indicate a decrease $2.747 billion

down arrow to indicate a decrease $5.628 billion

State of CA

down arrow to indicate a decrease $0.301 billion

up arrow to indicate an increase $1.585 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

$4.2 Billion

In Savings From Bond 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 7/31/16

AS OF 7/31/15

Ending Portfolio

up arrow to indicate an increase $70 billion

up arrow to indicate an increase $65 billion

Average Effective Yield

up arrow to indicate an increase 0.59 percent

up arrow to indicate an increase 0.32 percent

Average Investment Life

down arrow to indicate a decrease 169 days

down arrow to indicate a decrease 240 days

LOCAL AGENCY INVESTMENT FUND (LAIF)

 

AS OF 731/16

AS OF 7/31/15

Ending Portfolio

up arrow to indicate an increase $21.7 billion

down arrow to indicate an decrease $20.3 billion

Participating Agencies

down arrow to indicate a decrease 2,460

down arrow to indicate a decrease 2,477

AVERAGE MONTHLY YIELD COMPARISON-JULY


PMIA

0.588%

S&P GOV'T INVESTMENT POOLS

0.590%

FEDERAL FUNDS
RATE

0.401%

Source: State Treasurerís Office

Read More About PMIA right arrow to read more

Read More About LAIF right arrow to read more