NEW YORK - The Treasury Department today sold $25 billion 300-day cash management bills, dated Oct. 30, due Aug. 26, 2010, at a 0.315% high tender rate.
The bid to cover ratio was 3.85.
The coupon equivalent was 0.320%. The price was 99.737500.
The low bid was 0.270%. The median bid was 0.310%. Tenders at the high were allotted 99.89%.
Tenders totaled $96,196,325,000 and the Treasury accepted $25,000,489,500, including $2,925,000 non-competitive.
While the state is most concerned about stopping the fires, credit rating agencies are monitoring the situation.
"What the market's really trying to figure out is what that Warsh regime is going to mean," said Tom Kozlik of HilltopSecurities. "Folks are really trying to position their mindsets, position their portfolios."
The Wall Street banks targeted in the rate-rigging lawsuit wanted the top court to overturn class certification.
The U.S. Department of Transportation is looking for proposals that leverage public private partnerships to solve traffic bottlenecks through the use of tolled express lanes .
"Investors typically start positioning for heavy summer redemptions in summer, so the market typically performs well enough through the first half of June and we do not believe that this year will be any different," Barclays strategists said.
The state's expectation of a deficit in the coming biennium budget was cited in the outlook revision.
