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VOL. 3, NO. 4

Published April 13, 2017

IN THIS EDITION:

State Treasurer’s Office Fights Climate Change on Many Fronts

State Treasurer John Chiang is committed to protecting the environment and fending off the disastrous effects of climate change through green bonds. Read more

Job Tracker: California Retains Its Momentum

California’s job engine remained in gear in February with gains widespread across industries and regions. The state’s jobless rate fell to its lowest level in a decade. At 5.0%, it is just barely above the national 4.7% average. Read more

P3s and Transportation Infrastructure: Challenges and Opportunities

Each of California’s 58 counties and 482 incorporated cities has a backlog of transportation infrastructure projects with limited General Fund revenue or municipal bonding capacity to meet them. Read more

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

State Treasurer’s Office Fights Climate Change on Many Fronts

State Treasurer John Chiang is committed to protecting the environment and fending off the disastrous effects of climate change through green bonds. Read more right arrow to read more

Head to Head: Autonomous Vehicles

In the latest installment of Head to Head, Mitch Bainwol, President and CEO, Alliance of Automobile Manufacters and Rosemary Shahan, President, Consumers for Auto-Reliability and Safety, discuss the future of driverless cars and its impact on consumers and safety standards. Read more right arrow to read more

WHAT DOES IT COST FOR
CALIFORNIA TO BORROW?

Benchmark

2.98%

Representative yield for 20-year, AAA-rated general obligation bonds, according to a major national market benchmark. (as of 3/22/17)

Current

3.28%

Representative yield for 20-year, CA general obligation bonds, according to a major CA market benchmark. (as of 3/22/17)

One Year Ago

2.77%

Representative yield for 20-year, CA general obligation bonds, according to a major CA market benchmark. (as of 3/22/16)

For every $1 billion in bonds issued, CA will pay $28.1 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

 

FEBRUARY 2017

FEBRUARY 2016

Statewide

up arrow to indicate a increase $4.607 billion

down arrow to indicate a decrease $2.423 billion

State of CA

up arrow to indicate a increase $1.862 billion

up arrow to indicate an increase $0.509 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

$5.3 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 2/28/17

AS OF 2/29/16

Ending Portfolio

up arrow to indicate an increase $69.5 billion

$64.2 billion

Average Effective Yield

up arrow to indicate an increase 0.78 percent

0.47 percent

Average Investment Life

down arrow to indicate a decrease 186 days

159 days

LOCAL AGENCY INVESTMENT FUND (LAIF)
 

AS OF 2/28/17

AS OF 2/29/16

Ending Portfolio

up arrow to indicate an increase $22.2 billion

$21.3 billion

Participating Agencies

down arrow to indicate a decrease 2,451

2,467

AVERAGE MONTHLY YIELD COMPARISON-FEBRUARY


PMIA

0.777%

S&P GOV'T INVESTMENT POOLS

0.870%

FEDERAL FUNDS
RATE

0.657%

Source: State Treasurer’s Office

Read More About PMIA right arrow to read more

Read More About LAIF right arrow to read more