WASHINGTON — The Treasury Department announced yesterday it will raise $5.007 billion in new cash at its weekly auction of 13- and 26-week bills Monday by selling $46 billion to refund $40.993 billion of maturing securities.
To be sold are $24 billion of 91-day bills, dated Feb. 28 and due May 29, and $22 billion of 182-day bills, dated Feb. 28 and due Aug. 28.
The Federal Reserve holds $14.735 billion of securities, which may be refunded.
A combination of a "stronger-than-expected economy, higher Treasury rates, robust supply, and rich valuations resulting in choppy markets" have made the trading environment in H124 "quite difficult," according to Barclays.
Two rating agencies upgraded Los Angeles Unified School District's bond ahead of multi-billion dollar refunding.
The Basel III Endgame proposal to restructure capital holding levels comes under fire.
Friday price talk for the unrated tax-exempt paper was between 11% and 15%.
The board approved that step at its second quarter board meeting held this week.
The Inflation Reduction Act, affordable housing and clean energy were among the topics discussed at Baker Tilly's DevelUP conference in Chicago this week.
