The Treasury Department today sold $29 billion of 31-day cash management bills, dated Aug. 15 and due Sept. 15, at a 1.940% high tender rate.
The bid to cover ratio was 2.37.
The coupon equivalent was 1.970%. The price was 99.832944. The low bid was 1.750%. The median bid was 1.850%. Tenders at 1.940% were allotted 2.75%.
Tenders totaled $68,776,000,000 and the Treasury accepted $29,000,450,000, including $1,000,000 non-competitive.
"Bifurcated demand reflects the persistent bid strength from [separately managed accounts] and retail investors, not to mention more accounts marshaling cash and liquidity up front while the Fed perspective evolves," said MMA's Matt Fabian.
In a move that kicks the can down the road at the very least, the Commission has begun a process that often results in outright rejection.
The 2022 law, which has so far banned three major investment banks from underwriting municipal bonds in Oklahoma, could be amended to limit its reach to state agencies.
The SEC has won a partial victory against Choice Advisors and its principal Matthias O'Meara for their role in acting as unregistered brokers and for engaging in a fee-splitting arrangement.
The trio have decades of experience in high yield and investment grade portfolios and will launch new high-yield investment strategies and vehicles for Rockefeller.
"The rating action reflects our view of MIA's substantial demand, which surpasses pre-pandemic activity, and its leadership in enplanement growth for large hub airports since the fiscal 2019 peak," said S&P's Nora Wittstruck.
