Tender rates for the Treasury Department’s latest 91-day and 182-day discount bills were mixed yesterday, as the three-months incurred a 0.155% high rate, down from 0.165% the previous week, and the six-months incurred a 0.240% high, unchanged from 0.240%.
Coupon equivalents were 0.157% and 0.244%, respectively. The price for the 91s was 99.960819 and that for the 182s was 99.878667.
"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.
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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.
