NEW YORK - The Treasury Department today sold $25 billion 56-day cash management bills, dated July 01, due Aug. 26, at a 0.180% high tender rate.
The bid to cover ratio was 4.50.
The coupon equivalent was 0.183%. The price was 99.972000.
The low bid was 0.010%. The median bid was 0.165%. Tenders at the high were allotted 13.22%.
Tenders totaled $112,524,280,000 and the Treasury accepted $25,000,615,000, including $9,280,000 non-competitive.
The muni market continued to shrug off volatility in Treasuries, but NewSquare Capital's Kim Olsan said a reaction is building up.
The Supreme Court decision that changes the provisions in the Voting Rights Act adds legal risk for state and local governments.
The local government is seeking to replace LUMA Energy as the island's transmission and distribution company.
"I don't mind owning a railroad for $2.4 billion," said Assured CEO Dominic Frederico.
Northwest Nazarene University, an Idaho private Christian college, had its ratings outlook revised to positive.
Munis should do "relatively well" this month, as investors will "focus on heavy summer redemptions; tax-exempt supply should remain healthy but is unlikely to overwhelm," said Barclays strategists.
