![Intersections: A monthly go-to for reliable facts and analysis about California's debt, investments and economy](/images/mastheads/intersections.jpg)
California and Brexit: Assessing the Damage
The decision of British voters to leave the European Union caught markets widely off guard throughout the world as the final votes came in on June 23. Read more
How to Address California�s Housing Affordability Crisis
Today California is short 1.5 million affordable homes for families struggling to make ends meet, and the hole is growing bigger each year. Read more
Head to Head on Gun Control in California
In the latest installment of Head to Head, Griffin Dix of the Oakland/Alameda County chapter of the Brady Campaign and Sam Paredes of Gun Owners of California discuss gun control reform in the state. Read more
WHAT DOES IT COST FOR CALIFORNIA TO BORROW? | ||
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2.0%Representative yield for 20-year, AAA-rated general obligation bonds, according to a major national market benchmark. (as of 6/22/16) |
2.2%Representative yield for 20-year, CA general obligation bonds, according to a major CA market benchmark. (as of 6/22/16) |
3.3%Representative yield for 20-year, CA general obligation bonds, according to a major CA market benchmark. (as of 6/22/15) |
For every $1 billion in bonds issued, CA will pay $17.1 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 A+ |
MOODY'S Aa3 |
S&P AA- |
DEBT ISSUANCE | ||
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MAY 2016 |
MAY 2015 |
Statewide |
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State of CA |
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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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$3.3 BillionIn Public Benefits From Refinancings Conducted by Treasurer Chiang Since January 2015 |
INVESTMENTS | ||
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POOLED MONEY INVESTMENT ACCOUNT (PMIA) |
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AS OF 5/31/16 |
AS OF 5/31/15 |
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Ending Portfolio |
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Average Effective Yield |
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Average Investment Life |
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LOCAL AGENCY INVESTMENT FUND (LAIF) |
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AS OF 5/31/16 |
AS OF 5/31/15 |
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Ending Portfolio |
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Participating Agencies |
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AVERAGE MONTHLY YIELD COMPARISON-MAY |
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0.552% |
S&P GOV'T INVESTMENT POOLS 0.550% |
FEDERAL FUNDS 0.373% |
Source: State Treasurer�s Office |
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