NEW YORK - The Treasury Department today sold $25 billion 56-day cash management bills, dated Aug. 26, due Oct. 21, at a 0.140% high tender rate.
The bid to cover ratio was 4.65.
The coupon equivalent was 0.142%. The price was 99.978222.
The low bid was 0.100%. The median bid was 0.125%. Tenders at the high were allotted 49.09%.
Tenders totaled $116,225,500,000 and the Treasury accepted $25,000,855,000, including $500,000 non-competitive.
It was another "topsy-turvy day" for munis, said Kim Olsan, senior fixed income portfolio manager at NewSquare Capital. Munis have been weaker on the front end for a few days, leading to a slight inversion of the curve, starting around the 2028 maturities, Olsan said.
The state Supreme Court's ruling comes in a case that targeted the 2022 issuance of nearly $687 million of ratepayer-backed bonds for a utility company.
The Arlington City Council approved a master agreement to fund ongoing maintenance, operation, and improvements at the city-owned NFL stadium.
From Jan. 1, 2020 through mid April of this year, borrowers using conduit issuers accounted 87% of payment defaults by number in the muni market, Municipal Market Analytics' Matt Fabian said.
Moody's Ratings announced a stable rating outlook for Washington, D.C., good news for a city reeling from federal job cuts and gearing up for a mayoral race.
High-yield bond trading is "very bursty," with a lot of information at once and then nothing, said Matt Smith, founder and CEO of Spline Data.
