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Treasury proposes broader corporate credit and longer maturities; board delays vote
Summary
Treasury staff proposed revisions to the investment policy to allow full investment-grade corporate purchases to the 10-year limit and to extend weighted-average maturity to 10 years and securitized obligations to 15 years; board members asked for more review and no vote was taken.
Treasury staff presented proposed revisions to the State Treasury Investment Policy intended to give the office greater flexibility in a changing market and to align policy language with recently enacted state rulemaking standards. Grant Wallace introduced the changes as part of a broader effort to make the portfolio more nimble while complying with statutory limits.
Robert Romanek described two principal revisions: broaden…
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