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

Treasurer’s Office Firsts in 2016: A Year of Accomplishments

The State Treasurer’s Office racked up a number of remarkable firsts in 2016. Read more right arrow to read more

Head to Head: Sanctuary Cities

In the latest installment of Head to Head, Assembly Speaker Anthony Rendon and Ben Boychuk, managing editor of American Greatness, discuss the protection of "sanctuary cities" in California. Read more right arrow to read more

WHAT DOES IT COST FOR
CALIFORNIA TO BORROW?

Benchmark

2.99%

Representative yield for 20-year, AAA-rated general obligation bonds, according to a major national market benchmark. (as of 12/22/16)

Current

3.30%

Representative yield for 20-year, CA general obligation bonds, according to a major CA market benchmark. (as of 12/22/16)

One Year Ago

2.79%

Representative yield for 20-year, CA general obligation bonds, according to a major CA market benchmark. (as of 12/22/15)

For every $1 billion in bonds issued, CA will pay $27.1 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

 

NOVEMBER 2016

NOVEMBER 2015

Statewide

up arrow to indicate a decrease $4.821 billion

down arrow to indicate a increase $4.888 billion

State of CA

up arrow to indicate a decrease $1.148 billion

up arrow to indicate an decrease $1.464 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 11/30/16

AS OF 11/30/15

Ending Portfolio

up arrow to indicate an increase $70.4 billion

$64.8 billion

Average Effective Yield

up arrow to indicate an increase 0.68 percent

0.37 percent

Average Investment Life

down arrow to indicate a decrease 167 days

183 days

LOCAL AGENCY INVESTMENT FUND (LAIF)

 

AS OF 11/30/16

AS OF 11/30/15

Ending Portfolio

up arrow to indicate an increase $20.7 billion

$19.4 billion

Participating Agencies

down arrow to indicate a decrease 2,459

2,474

AVERAGE MONTHLY YIELD COMPARISON-NOVEMBER


PMIA

0.678%

S&P GOV'T INVESTMENT POOLS

0.710%

FEDERAL FUNDS
RATE

0.402%

Source: State Treasurerís Office

Read More About PMIA right arrow to read more

Read More About LAIF right arrow to read more