The Treasury Department Wednesday sold $25 billion of 56-day cash-management bills, dated July 07 and due Sept. 2, at a 0.165% high tender rate.
The bid-to-cover ratio was 4.40. The coupon equivalent was 0.167%. The price was 99.974333. The low bid was 0.010%. The median bid was 0.150%. Tenders at the high were allotted 24.41%.
Tenders totaled $109,881,000,000 and the Treasury accepted $25,000,570,000, with no noncompetitives.
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.
The meeting was attended by trade organizations, MSRB board leadership, Finance Committee members and MSRB senior staff.
The Federal Emergency Management Agency is asking for an additional $9 billion for this year in hopes they don't run out of funds in August as they're currently slated to.
