The Vault

Calendar of recent and upcoming public finance activities and bond sales

July 9

The Regents of the University of California General Revenue Bonds, 2020 Series BE, BF (Taxable) and BG (Taxable) ($2.65 billion)

Proceeds of the $2,650,000,000 sale will finance working capital purposes, finance various capital projects, refinance outstanding commercial paper and refinance previously issued bonds for debt service savings. The tax-exempt series BE bonds consist of maturities from 2021 to 2050, with yields ranging from 0.15 percent to 2.50 percent. The taxable series’ BF and BG bonds consist of maturities from 2021 to 2040 with yields ranging from 0.33 percent to 2.50 percent. The combined all-in true interest cost was 2.15 percent.

July 29

Department of Water Resources Central Valley Project Water System Revenue Bonds, Series BB, BC (Taxable) ($1.059 billion)

Proceeds of the $1,059,000,000 sale will finance and refinance certain State Water Project capital improvements and refund certain of DWR’s outstanding Water System Revenue Bonds. The refunding bonds are expected to save $55.6 million in debt service costs over the next 15 years, or $47.3 million on a present value basis. The tax-exempt Series BB bonds consist of maturities from 2022 to 2035, with yields ranging from 0.12 percent to 1.00 percent. The federally taxable Series BC bonds consist of maturities from 2020 to 2035, with yields ranging from 0.13 percent to 1.789 percent. The all-in true interest cost is 1.27 percent.

Week of August 24

Trustees of the California State University Systemwide Revenue Bonds, Series 2020 C, D (Taxable), E (Taxable) (Approximately $800 million)

Proceeds of the upcoming sale are expected to finance and refinance the acquisition, construction, renovation and improvement of certain facilities of the CSU.

September 10

State of California Department of Veterans Affairs Home Purchase Revenue Bonds Series 2020 A (Approximately $97 million)

Proceeds of the upcoming sale will provide funding for the California Department of Veterans Affairs Farm and Home Purchase Program.

September 22

State of California Department of Veterans Affairs General Obligation Bonds Series CT (Approximately $100 million)

Proceeds of the upcoming sale will provide funding for the California Department of Veterans Affairs Farm and Home Purchase Program.

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More information about the upcoming fall bond sales can be found at: https://www.buycaliforniabonds.com. The bond issuances described above (including the amounts and timing thereof) are preliminary and subject to change or cancellation based on market conditions or other factors as determined by the State Treasurer.