The Federal Reserve yesterday announced the results of its term auction facility, selling $50 billion of 28-day credits at a 2.800% 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 1.85. Bids at the stop-out rate were prorated at 15.88%.
Total propositions submitted were $92.595 billion, and the Fed accepted $50.000 billion. There were 82 bidders.
"Folloing recent yield moves, a generic muni index is now down 1% on the month with no real sub-sector showing much deviation from that result," said Kim Olsan, senior vice president of trading at FHN Financial.
The law firm revealed 2024 promotions.
As the nation's fourth largest city faces a growing structural budget deficit, it is also expecting to issue more than $3 billion of debt for its airport, water and sewer system, convention center, as well as to fund a settlement with firefighters and for cash-flow purposes.
The extension of the current solar net metering system could lower revenue for the utility.
The finance team is "marketing slices of risk" to raise money to refinance its debt, investors said.
John Fleming is pushing back against a proposal in the state Legislature to change the way the state Bond Commission oversees the issuance of debt by cities, counties and local governments and entities.
