The Treasury Department Friday sold $20 billion 7-day cash management bills, dated Sept. 8, due Sept. 15, at a 1.010% high tender rate.
The bid to cover ratio was 4.28.
The coupon equivalent was 1.024%. The price was 99.980361.
The low bid was 0.900%. The median bid was 0.980%. Tenders at the high were allotted 76.47%.
Tenders totaled $85,545,000,000 and the Treasury accepted $20,000,250,000, including no non-competitive.
The MSRB is warning investors that the redemption of Build America Bonds under an extraordinary redemption provision could result in losses, especially for those purchased at a premium.
With billions of federal funding available from the Infrastructure Investment and Jobs Act, one observer says it could be limiting the amount of municipal bonds issued by the sector.
Teague, most recently an executive director of the municipal securities department at Morgan Stanley, will focus on surface transportation.
Steven Mahr moved to Chicago two years ago, and in March, he moved from Stifel to the city's finance department, where he's now happily tackling tough problems.
S&P Global Ratings joined Moody's in assigning a negative outlook to its triple-A rating, but a criteria change pushed Fitch's rating of the city up to AAA.
Inflows returned to muni mutual funds as investors added $200.3 million for the week ending Wednesday after $1.474 billion of outflows, according to LSEG Lipper.
