The Treasury Department auctioned $39 billion of 26-week bills at a high yield of 1.460% on Monday.
The coupon equivalent was 1.491%, and the price was 99.261889.
The median bid was 1.430%. The low bid was 1.400%. Tenders at the high rate were allotted 14.27%. The bid-to-cover ratio was 3.26.
Tenders totaled $127,210,419,900 and the Treasury accepted $39,000,297,400, including $483,000,900 of non-competitive.
The Fed banks bought nothing for themselves.
Brodie Killian has moved to PFM from Stifel Nicholas & Co., joining its Ann Arbor office as a director.
April continues to be "harsh" for munis as the asset class has given up roughly 72 basis points in the first two weeks of the month, said Jason Wong, vice president of municipals at AmeriVet Securities.
The city may have to make deeper cuts next year if voters don't approve two tax increases headed for the November ballot, if the City Council approves.
The most recent open solicitation period, last October, yielded three proposals.
Treasury representatives said Friday that they will be issuing further guidance to help counties deal with the upcoming reporting and compliance deadlines.
"We were originally thinking that we would offer five-, seven- and 10-year maturities, with $500 million in each tranche. But we decided today to just offer 5s and 10s — $500 million of five-year bonds and $1 billion of 10-year bonds," said Ben Watkins, Director of Florida's Bond Division.
