Rates & Yields

Indicative Financing Rates

Updated monthly. Last update: April 2018

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.  The tax-exempt rates shown do not include applicable fees or costs of issuance.

VML/VACo Finance’s Commercial Paper Program provides access to short-term interest rates for local governments seeking interim financing, revenue anticipation loans, and longer-term floating rate loans. In addition, VML/VACo Finance assists local governments as an MSRB-registered Municipal Advisor in obtaining long-term financing through municipal bonds, state loan programs, bank loans, equipment leases, and its in-house, no closing cost Fixed Rate Loan Program.

This Month

Commercial Paper Rate                          Bond Buyer Index*

1.57%                3.90%

One Year Ago

Commercial Paper Rate                          Bond Buyer Index*

0.75%                3.77%

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

 

25-Year Historical Rates
March 2018
[Click on chart to enlarge.]

Investment Yields & Rates of Return

VML/VACo Finance offers two investment programs:

  • VACo/VML Virginia Investment Pool (VIP), includes two portfolios:
    • VIP Stable NAV Liquidity Pool for funds that may be needed immediately or for which maintaining a stable net asset value is important.
    • VIP 1-3 Year High-Quality Bond Fund for funds that are normally expected to be invested one year or longer.
  • 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)

Yields for the two Virginia Investment Pool portfolios are available at virginiainvestmentpool.org.

VACo/VML Pooled OPEB Trust
5-year annualized return for the period ending:

June 30, 2017 7.51%
June 30, 2016 4.69%
June 30, 2015
 8.76%
June 30, 2014 10.80%