The Federal Reserve yesterday announced the results of its term-auction facility, selling $55.763 billion of 28-day credits at a 0.250% stop-out rate, the lowest rate at which the offering amount clears, which is the sole rate awarded to all the successful bids. The bid-to-cover ratio was 0.74. The average bid of the 83 bidders was $672 million.
Massachusetts voters may cap its revenue in November. The commonwealth's strong financial position is likely to insulate bondholders from any resulting turmoil.
The city remains triple-A across the board despite's S&P's negative outlook as it prepares to sell $269 million of general obligation bonds.
August may have one of the highest tax-exempt volume totals on record, according to J.P. Morgan analysts — don't expect it to let up.
The announcement — which affects the 10- to 30-year part of the curve — sent longer-term UST yields falling up to 10 basis points on Wednesday.
Brightline West bondholders agreed to give Brightline more time to secure a $400 million equity contribution that was originally due on March 31.
Law firms, think tanks and advocacy groups are digesting the ROAD to Housing bill and offering strategies to municipalities about how to maximize the public finance benefits.
