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

Treasurer Chiang Announces Scholar Dollars Winners

To compete in today’s highly competitive global economy, our young students require a well-rounded education that combines reading, writing and arithmetic with coding, athletics and the fine arts. Read more right arrow to read more - Lead Article

Head to Head: Banning the Builders of ‘The Wall’

In this month’s installment of Head to Head, Todd Bloomstine, a lobbyist for the Southern California Contractors Association, and Kim Delfino of Defenders of Wildlife, discuss SB 30, legislation that would prevent companies that participate in constructing “The Wall” on the U.S.-Mexico border from future California contracts. Read more right arrow to read more - Head to Head Article

WHAT DOES IT COST FOR
CALIFORNIA TO BORROW?

Benchmark

2.76%

Representative yield for 20-year, AAA-rated general obligation bonds, according to a major national market benchmark. (as of 4/21/17)

Current

3.04%

Representative yield for 20-year, CA general obligation bonds, according to a major CA market benchmark. (as of 4/21/17)

One Year Ago

2.49%

Representative yield for 20-year, CA general obligation bonds, according to a major CA market benchmark. (as of 4/21/16)

For every $1 billion in bonds issued, CA will pay $23.8 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

 

MARCH 2017

MARCH 2016

Statewide

down arrow to indicate a decrease $6.992 billion

down arrow to indicate a decrease $10.195 billion

State of CA

down arrow to indicate a decrease $3.117 billion

down arrow to indicate a decrease $4.856 billion

Source: CA Debt and Investment Advisory Commission

Read More About Debt Issued So Far This Year right arrow - Read More About Debt Issued So Far This Year

DebtWatch: A Powerful Way of Exploring Debt in CA right arrow - Read More - DebtWatch: A Powerful Way of Exploring Debt in CA

See The Calendar of Issues right arrow to read more

TREASURER'S OFFICE HIGHLIGHTS

$5.5 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 3/31/17

AS OF 3/31/16

Ending Portfolio

up arrow to indicate an increase $71.9 billion

$67.7 billion

Average Effective Yield

up arrow to indicate an increase 0.82 percent

0.51 percent

Average Investment Life

down arrow to indicate a decrease 180 days

146 days

LOCAL AGENCY INVESTMENT FUND (LAIF)

 

AS OF 3/31/17

AS OF 3/31/16

Ending Portfolio

up arrow to indicate an increase $21.4 billion

$21.1 billion

Participating Agencies

down arrow to indicate a decrease 2,450

2,469

AVERAGE MONTHLY YIELD COMPARISON-FEBRUARY


PMIA

0.821%

S&P GOV'T INVESTMENT POOLS

0.900%

FEDERAL FUNDS
RATE

0.783%

Source: State Treasurer’s Office

Read More About PMIA right arrow - Read More - PMIA homepage

Read More About LAIF right arrow - Read More - LAIF homepage