The Treasury Department yesterday sold $18 billion of 30-day cash management bills, dated May 20 and due June 19, at a 1.990% high tender rate.
The bid to cover ratio was 3.31. The coupon equivalent was 2.021%. The price was 99.834167.
The low bid was 1.890%. The median bid was 1.950%. Tenders at 1.990% were allotted 8.73%.
Tenders totaled $59,592,046,000 and the Treasury accepted $18,000,211,000, including $27,046919,000 of noncompetitive.
The extension of the current solar net metering system could lower revenue for the utility.
The finance team is "marketing slices of risk" to raise money to refinance its debt, investors said.
Treasurer John Fleming is pushing back against a proposal in the state Legislature that would make changes to the way the state Bond Commission oversees the issuance of debt by cities, counties and local governments and entities.
Despite higher yields, muni to UST ratios remain rich. Ratios look "progressively richer" moving into the five- to 10-year part on the curve, with the 10-year spot "still far more attractive in taxables versus tax-exempts," J.P. Morgan said.
The growing federal debt level may pressure lawmakers to retract or reduce the tax-exemption for munis to generate revenue, some market participants argue.
It's a time of change, challenge and opportunity in the infrastructure and P3 space, Patrick Harder said.
