NEW YORK - The Treasury Department today sold $25 billion 56-day cash management bills, dated July 22, due Sept. 16, at a 0.160% high tender rate.
The bid to cover ratio was 4.63.
The coupon equivalent was 0.162%. The price was 99.975111.
The low bid was 0.010%. The median bid was 0.150%. Tenders at the high were allotted 17.02%.
Tenders totaled $115,758,015,000 and the Treasury accepted $25,000,725,000, including $1,015,000 non-competitive.
Researchers examined more than 580,000 municipal bond issues and say the data shows communities with higher wildfire risk pay higher interest rates.
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.
