NEW YORK - The Treasury Department Wednesday sold $20 billion 10-day cash management bills, dated Aug. 5, due Aug. 15, at a zero high tender rate.
The bid to cover ratio was 5.07.
The coupon equivalent was zero. The price was par.
The low bid was zero. The median bid was zero. Tenders at the high were allotted 37.81%.
Tenders totaled $101,500,000,000 and the Treasury accepted $20,001,490,000, including no non-competitive.
Northwest Nazarene University, an Idaho private Christian college, had its ratings outlook revised to positive.
Munis should do "relatively well" this month, as investors will "focus on heavy summer redemptions; tax-exempt supply should remain healthy but is unlikely to overwhelm," said Barclays strategists.
The Manhattan-based Ivy League university reached a settlement with the federal government last year. It is selling $487 million of bonds this month.
"The rates market has started to turn from the upper end of the trading range this week," Barclays strategists wrote, but with the war with Iran still driving the market, nothing is certain.
Changes in federal funding are sharpening the focus on how the states will be responding to disaster relief, running social programs and budget planning.
The defendants include many of the largest municipal bond underwriters.
