SACRAMENTO — California State Treasurer Fiona Ma announced the results of Tuesday’s competitive bid for $150 million in veterans general obligation bonds for the California Department of Veterans Affairs or CalVet.

Proceeds from the sale will be used by CalVet to provide home loans to veterans in California.

CalVet was established in 1921 and began making low-interest rate home financing available to veterans after World War I.

Since its inception, the CalVet Home Loan program has funded more than $8.5 billion of home loans to over 425,000 California veterans.

The program’s guiding principle is to provide the best product for the lowest possible cost, without costing California taxpayers a penny.

A total of 11 bids were received from broker-dealers, with Barclays Capital Inc. submitting the winning bid with a true interest cost of 4.41 percent.

The bonds will mature on dates ranging from 2026 to 2055 with initial yields ranging from 3.00 percent to 4.65 percent.

The bonds are rated Aa2 by Moody’s Investors Service, AA+ by S&P Global Ratings, and AA by Fitch Ratings. The bonds are scheduled to close on April 10, 2025.

For more information about the CalVet Home Loans, call 1-916-503-8318 or visit www.calvet.ca.gov/HomeLoans. 

The calendar of all upcoming state bond sales is available at the Treasurer’s investor relations website at https://www.buycaliforniabonds.com/state-of-california-ca/i27.