Rates & Yields

Udated monthly. Last update: October 2017

The following interest rates are indicative of short-term floating and long-term fixed rates applicable to local government tax-exempt financing.  The Commercial Paper rate is reset approximately every 30 days.  The Bond Buyer Index represents a 20-year fixed rate.  VML/VACo Finance provides floating rate financing through its Commercial Paper program and fixed-rate financing through the Fixed Rate Loan Program.  VML/VACo Finance also offers Equipment Leasing.  The rates shown do not include applicable fees or costs of issuance.

This Month

Commercial Paper Rate                          Bond Buyer Index*

0.84%                3.63%

One Year Ago

Commercial Paper Rate                          Bond Buyer Index*

0.80%                3.20%

 * The 20-year Bond Buyer Index assumes a AA-rated, General Obligation pledge.


25-Year Historical Rates


[Click on chart to enlarge.]


Investment Yields & Rates of Return

VML/VACo Finance offers two investment programs:

  • VACo/VML Virginia Investment Pool (VIP), offers two portfolios: VIP Stable NAV Liquidity Pool and VIP 1-3 Year High Quality Bond Fund. The daily yield for the Liquidity Pool is available at virginiainvestmentpool.org. The book yield for the 1-3 Year Fund is shown below (updated monthly).
  • VACo/VML Pooled OPEB Trust, an investment pool designed specifically for post-employment health insurance and other benefits.  Below is the five-year annualized return for Portfolio I.

    VACo/VML Virginia Investment Pool (VIP)

Market Yield (September 2017)

VACo/VML Pooled OPEB Trust
5-Year Annualized Return

Fiscal year ending June 30, 2017 7.51%
Fiscal year ending June 30, 2016 4.69%
Fiscal year ending June 30, 2015
Fiscal year ending June 30, 2014 10.80%
Fiscal year ending June 30, 2013 4.80%