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

Treasurer John Chiang Sanctions Wells Fargo, Others Follow

California State Treasurer John Chiang is leading a growing movement of state and local governments outraged over fraudulent marketing practices of Wells Fargo Bank. He and his new allies are backing up that anger with tough economic sanctions. Read more right arrow to read more

Head to Head on California Ballot Initiative Process

Joel Fox, founder and editor of Fox & Hounds Daily website, and Joe Mathews, author and editor of Zocalo Public Square, discuss California's ballot initiative process in the latest edition of Head to Head. Read more right arrow to read more

WHAT DOES IT COST FOR
CALIFORNIA TO BORROW?

Benchmark

2.39%

Representative yield for 20-year, AAA-rated general obligation bonds, according to a major national market benchmark. (as of 10/21/16)

Current

2.64%

Representative yield for 20-year, CA general obligation bonds, according to a major CA market benchmark. (as of 10/21/16)

One Year Ago

3.11%

Representative yield for 20-year, CA general obligation bonds, according to a major CA market benchmark. (as of 10/21/15)

For every $1 billion in bonds issued, CA will pay $23.4 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

AA-

MOODY'S

Aa3

S&P

AA-

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

DEBT ISSUANCE

 

SEPTEMBER 2016

SEPTEMBER 2015

Statewide

down arrow to indicate a increase $5.041 billion

down arrow to indicate a increase $4.028 billion

State of CA

down arrow to indicate a increase $1.215 billion

up arrow to indicate an increase $0.772 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

$4.8 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 9/30/16

AS OF 9/30/15

Ending Portfolio

up arrow to indicate an increase $68.3 billion

$66.5 billion

Average Effective Yield

up arrow to indicate an increase 0.63 percent

0.34 percent

Average Investment Life

down arrow to indicate a decrease 165 days

210 days

LOCAL AGENCY INVESTMENT FUND (LAIF)

 

AS OF 9/30/16

AS OF 9/30/15

Ending Portfolio

up arrow to indicate an increase $21.2 billion

$20 billion

Participating Agencies

down arrow to indicate a decrease 2,463

2,476

AVERAGE MONTHLY YIELD COMPARISON-SEPTEMBER


PMIA

0.634%

S&P GOV'T INVESTMENT POOLS

0.640%

FEDERAL FUNDS
RATE

0.393%

Source: State Treasurerís Office

Read More About PMIA right arrow to read more

Read More About LAIF right arrow to read more