The Treasury Department yesterday auctioned $14 billion of four-week bills at a 1.250% high yield, a price of 99.902778.
The coupon equivalent was 1.269%. The bid-to-cover ratio was 3.56. Tenders at the high rate were allotted 40.42%. The median yield was 1.180%. The low yield was 1.000%.
Tenders totaled $49,783,497,600 and the Treasury accepted $14,000,017,600, including $313,697,600 of noncompetitive.
Moody's Ratings on Monday revised Illinois' outlook to positive from stable and affirmed the state's A3 issuer rating and the A3 rating on its GO debt.
"Bifurcated demand reflects the persistent bid strength from [separately managed accounts] and retail investors, not to mention more accounts marshaling cash and liquidity up front while the Fed perspective evolves," said MMA's Matt Fabian.
In a move that kicks the can down the road at the very least, the Commission has begun a process that often results in outright rejection.
The 2022 law, which has so far banned three major investment banks from underwriting municipal bonds in Oklahoma, could be amended to limit its reach to state agencies.
The SEC has won a partial victory against Choice Advisors and its principal Matthias O'Meara for their role in acting as unregistered brokers and for engaging in a fee-splitting arrangement.
The trio have decades of experience in high yield and investment grade portfolios and will launch new high-yield investment strategies and vehicles for Rockefeller.
