State Treasurer Ma announces results of $706.6M bond sale for University of California

SACRAMENTO – California State Treasurer Fiona Ma announced the results of $706.6 million in revenue bonds for the Regents of the University of California (Regents). Proceeds of the $586.5 million 2023 Series BQ tax-exempt bonds and the $120.1 million 2023 Series BR taxable bonds will finance various capital projects overseen by the Regents including, but not limited to, student housing, academic buildings, and deferred maintenance.

The University of California (University) operates ten statewide campuses, six academic medical centers, and three national laboratories. Since its charter is 1868, the University has conferred approximately 2.8 million educational degrees. During the year ended June 30, 2022, the University provided instruction to approximately 290,000 full-time equivalent undergraduate and graduate students. The University has a reputation as a leading research institution, with affiliated researchers having been awarded 71 Nobel Prizes.

The bonds were rated Aa2 by Moody’s Investors Service, AA by S&P Global Ratings, and AA by Fitch Ratings. The all-in true interest cost was 3.39 percent. The 2023 Series BQ bonds range from a yield of 2.67 percent to 2.94 percent and mature from 2029 to 2035. The 2023 Series BR bonds mature in 2033 and yield 5.10 percent.

The joint senior managers for the bonds were Siebert Williams Shank & Co. and RBC Capital Markets. The co-senior manager was TD Securities, with an additional 18 firms participating as co-managers.

The calendar of all upcoming state bond sales is available at

(CA State Treasurer’s Office Release)


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