NEW YORK - The Treasury Department Wednesday sold $5 billion 56-day cash management bills, dated May 19, due July 14, at a 0.029% high tender rate.
The bid to cover ratio was 6.85.
The coupon equivalent was 0.020%. The price was 99.996889.
The low bid was zero. The median bid was 0.010%. Tenders at the high were allotted 48.39%.
Tenders totaled $34,275,000,000 and the Treasury accepted $5,000,112,500, including no non-competitive.
Market support for taxables, particularly those from active issuers, remains firm. Taxables are seeing gains of 1.08% year-to-date, or 50 basis points above a UST index gain, said Kim Olsan, senior fixed income portfolio manager at NewSquare Capital.
The market is experiencing a "calm before a potential storm," said Chris Brigati, managing director and CIO at SWBC.
Megan Kilgore is leaving the Columbus, Ohio, city auditor post to launch a technology consulting firm, BKC Group, with Gregg Bienstock.
Two rating agencies dropped their Los Angeles Unified School District outlook to negative from stable.
Lincoln Center's expansion project shows its confidence in its fundraising abilities and future demand but analysts worry about the debt burden.
The former Fed governor's upcoming confirmation hearing will test whether he can satisfy both a president demanding lower rates and a Congress demanding independence.
