The Federal Reserve yesterday announced the results of its term auction facility, selling $75 billion of 28-day credits at a 2.100% 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 1.13. Bids at the stop-out rate were prorated at 71.65%. Total propositions submitted were $84.438 billion, and the Fed accepted $75.000 billion. There were 75 bidders.
A state ban on bond underwriters that "boycott" or "discriminate" against the fossil fuel or firearms industries has resulted in fewer banks providing municipal financial products and services.
The company expects construction to take four years, with operations beginning in summer of 2028 ahead of the Los Angeles Olympics.
Los Angeles Mayor Bass' proposed $12.8 billion spending plan aims to close a $467 million deficit.
Fitch Ratings said the negative outlook on the BB-plus rating reflects Miami Jewish's thin operating profile.
The new-issue calendar will be a "good test to see if the higher absolute yields can pull buyers off the sidelines or if underwriters need to widen spreads significantly enough to reprice the entire market to clear the deals," according to Birch Creek strategists.
The state of emergency will let the governor use the central government's rainy-day fund to provide money to WAPA that semi-autonomous agencies of his government owe the authority. WAPA will use the money to make payments to bondholders and other creditors starting Tuesday.
