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
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
WHAT DOES IT COST FOR CALIFORNIA TO BORROW? | ||
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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. |
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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 | ||
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FITCH AA- |
MOODY'S Aa3 |
S&P AA- |
DEBT ISSUANCE | ||
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AUGUST 2016 |
AUGUST 2015 |
Statewide |
$7.091 billion |
$5.729 billion |
State of CA |
$4.220 billion |
$2.165 billion |
Source: CA Debt and Investment Advisory Commission |
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Read More About Debt Issued So Far This Year |
TREASURER'S OFFICE HIGHLIGHTS |
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$4.3 BillionIn Savings From Bond Refinancings Conducted by Treasurer Chiang Since January 2015 |
INVESTMENTS | ||
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POOLED MONEY INVESTMENT ACCOUNT (PMIA) |
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AS OF 8/31/16 |
AS OF 8/31/15 |
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Ending Portfolio |
$70 billion |
$67 billion |
Average Effective Yield |
0.61 percent |
0.33 percent |
Average Investment Life |
162 days |
216 days |
LOCAL AGENCY INVESTMENT FUND (LAIF) |
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AS OF 8/31/16 |
AS OF 8/31/15 |
|
Ending Portfolio |
$21.3 billion |
$20 billion |
Participating Agencies |
2,461 |
2,476 |
AVERAGE MONTHLY YIELD COMPARISON-AUGUST |
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0.614% |
S&P GOV'T INVESTMENT POOLS 0.610% |
FEDERAL FUNDS 0.401% |
Source: State Treasurer�s Office |
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