NEW YORK - The Treasury Department Wednesday sold $5 billion 56-day cash management bills, dated March 24, due May 19, at a 0.055% high tender rate.
The bid to cover ratio was 6.79.
The coupon equivalent was 0.056%. The price was 99.991444.
The low bid was 0.020%. The median bid was 0.045%. Tenders at the high were allotted 18.12%.
Tenders totaled $33,932,840,000 and the Treasury accepted $5,000,110,000, including $7,840,000 non-competitive.
The Middle East conflict sent oil prices higher, potentially benefitting energy producing states, although heightened inflation risks could hit budgets.
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.
