The Treasury Department yesterday auctioned $31 billion of four-week bills at a 0.030% high yield, a price of 99.997667.
The coupon equivalent was 0.030%. The bid-to-cover ratio was 4.36.
Tenders at the high rate were allotted 47.96%. The median yield was 0.010%. The low yield was zero.
The bills have an issue date of June 17 and are due July 15.
Tenders totaled $135,097,918,600 and the Treasury accepted $31,000,138,600, including $234,221,300 of noncompetitive.
Fitch Ratings said the negative outlook on the BB-plus rating reflects Miami Jewish's thin operating profile.
The new-issue calendar will be a "good test to see if the higher absolute yields can pull buyers off the sidelines or if underwriters need to widen spreads significantly enough to reprice the entire market to clear the deals," according to Birch Creek strategists.
The state of emergency will let the governor use the central government's rainy-day fund to provide money to WAPA that semi-autonomous agencies of his government owe the authority. WAPA will use the money to make payments to bondholders and other creditors starting Tuesday.
"The upgrade is supported by strengthened debt service coverage ratios due to better than expected recovery from the pandemic," Fitch said.
S&P affirmed the state's AA issuer credit rating, citing healthy reserves and plans to increase permanent fund totals to mitigate revenue fluctuations.
The top five bond financings have an average dollar volume of more than $1.9 billion.
