The Treasury Department Wednesday sold $15 billion 11-day cash management bills, dated Sept. 4, due Sept. 159, at a 0.025% high tender rate.
The bid to cover ratio was 4.54.
The coupon equivalent was 0.025%. The price was 99.999236.
The low bid was 0.010%. The median bid was 0.020%. Tenders at the high were allotted 18.58%.
Tenders totaled $68,040,000,000 and the Treasury accepted $15,000,450,000, including no non-competitive.
Munis are entering a negative feedback loop, according to J.P. Morgan analysts led by Peter DeGroot.
Credit ratings for California utilities could face downward pressure as recurring wildfire risks test safety funds and strain balance sheets.
"In a few years, Brightline may have to consider going through something like this again," warned one investor.
Bondholders and Assured Guaranty are providing substantial funding in post-petition and post-bankruptcy packages to keep the project operating.
GASB has issued updated questions and answers designed to clarify how subsidies relate to operating revenue, an important distinction affecting higher education, and transportation entities.
Ahead of a refinancing next week and a new money deal next month, Chicago's spreads have widened, suggesting the market may be pricing in a downgrade, analysts said.
