The Treasury Department yesterday sold $32 billion of 126-day cash management bills, dated May 15 and due Sept. 18, at a 1.865% high tender rate.
The bid to cover ratio was 3.26. The coupon equivalent was 1.903%. The price was 99.347250. The low bid was 1.800%. The median bid was 1.840%. Tenders at 1.865% were allotted 24.53%. Tenders totaled $104,421,919,000 and the Treasury accepted $32,000,479,000, including $6,919,000 of noncompetitive.
A combination of a "stronger-than-expected economy, higher Treasury rates, robust supply, and rich valuations resulting in choppy markets" have made the trading environment in H124 "quite difficult," according to Barclays.
Two rating agencies upgraded Los Angeles Unified School District's bond ahead of multi-billion dollar refunding.
The Basel III Endgame proposal to restructure capital holding levels comes under fire.
Friday price talk for the unrated tax-exempt paper was between 11% and 15%.
The board approved that step at its second quarter board meeting held this week.
The Inflation Reduction Act, affordable housing and clean energy were among the topics discussed at Baker Tilly's DevelUP conference in Chicago this week.
