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VOL. 2, NO. 12
Published December 15, 2016
IN THIS EDITION:
ScholarShare Launches First-in-Nation College Savings Gift Cards At Toys "R" Us Stores
California Job Tracker: Recovery Welcomes Ventura County
California and the U.S. Election Implications for a "Blue" State
California and the U.S. Election: Implications for a "Blue" State
What policies are the new President and Congress likely to enact, how will financial markets respond, and what will be the implications for California? Read more 
ScholarShare Launches First-in-Nation College Savings Gift Cards At Toys "R" Us Stores
Saving now is easier than ever, thanks to a new product being launched by ScholarShare � college savings gift cards. Read more
Head to Head on CalExit
Should California exit the Union after the election of Donald J. Trump? Louis J. Marinelli, president of the Yes California Campaign, and UC Hastings Law Professor Emeritus David Levine discuss in our latest installment of Head to Head. Read more
| WHAT DOES IT COST FOR CALIFORNIA TO BORROW? | ||
|---|---|---|
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Benchmark 2.93%Representative yield for 20-year, AAA-rated general obligation bonds, according to a major national market benchmark. (as of 11/22/16) |
Current 3.28%Representative yield for 20-year, CA general obligation bonds, according to a major CA market benchmark. (as of 11/22/16) |
One Year Ago 3.05%Representative yield for 20-year, CA general obligation bonds, according to a major CA market benchmark. (as of 11/22/15) |
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For every $1 billion in bonds issued, CA will pay $30.3 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. |
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| CALIFORNIA'S CURRENT GENERAL OBLIGATION CREDIT RATINGS | ||
|---|---|---|
|
FITCH AA- |
MOODY'S Aa3 |
S&P AA- |
| DEBT ISSUANCE | ||
|---|---|---|
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OCTOBER 2016 |
OCTOBER 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 |
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$7.675 billion
$5.327 billion| TREASURER'S OFFICE HIGHLIGHTS |
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$4.8 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 10/31/16 |
AS OF 10/31/15 |
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Ending Portfolio |
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$64 billion |
Average Effective Yield |
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0.36 percent |
Average Investment Life |
|
200 days |
LOCAL AGENCY INVESTMENT FUND (LAIF) |
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AS OF 10/31/16 |
AS OF 10/31/15 |
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Ending Portfolio |
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$19.7 billion |
Participating Agencies |
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2,470 |
AVERAGE MONTHLY YIELD COMPARISON-OCTOBER |
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0.654% |
S&P GOV'T INVESTMENT POOLS 0.680% |
FEDERAL FUNDS 0.395% |
Source: State Treasurer�s Office |
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