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

California Must Invest in Watersheds, Just Like Dams

To support our prosperity and growth, California needs to expand its investments in our physical and natural infrastructure Read more right arrow to read more

Head to Head on Taxpayer Subsidies for Arenas

In the latest installment of Head to Head, Stanford University Professor Emeritus of Economics Roger Noll and Barry Broome, President & CEO of the Greater Sacramento Area Economic Council, discuss the use of subsides for financing sports arenas and stadiums. Read more right arrow to read more

WHAT DOES IT COST FOR
CALIFORNIA TO BORROW?

2.16%

Representative yield for 20-year, AAA-rated general obligation bonds, according to a major national market benchmark. (as of 9/22/16)

2.34%

Representative yield for 20-year, CA general obligation bonds, according to a major CA market benchmark. (as of 9/22/16)

3.19%

Representative yield for 20-year, CA general obligation bonds, according to a major CA market benchmark. (as of 9/22/15)

For every $1 billion in bonds issued, CA will pay $19.2 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

 

AUGUST 2016

AUGUST 2015

Statewide

down arrow to indicate a increase $7.091 billion

down arrow to indicate a increase $5.729 billion

State of CA

down arrow to indicate a increase $4.220 billion

up arrow to indicate an increase $2.165 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

$4.3 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 8/31/16

AS OF 8/31/15

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 0.61 percent

up arrow to indicate an increase 0.33 percent

Average Investment Life

down arrow to indicate a decrease 162 days

down arrow to indicate a decrease 216 days

LOCAL AGENCY INVESTMENT FUND (LAIF)

 

AS OF 8/31/16

AS OF 8/31/15

Ending Portfolio

up arrow to indicate an increase $21.3 billion

down arrow to indicate an increase $20 billion

Participating Agencies

down arrow to indicate a decrease 2,461

down arrow to indicate a decrease 2,476

AVERAGE MONTHLY YIELD COMPARISON-AUGUST


PMIA

0.614%

S&P GOV'T INVESTMENT POOLS

0.610%

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