Tender rates for the Treasury Department's latest 91-day and 182-day discount bills were mixed, as the three-months incurred a 0.030% high rate, up from 0.025% the prior week, and the six-months incurred a 0.050% high rate, unchanged from 0.050% the week before.Coupon equivalents were 0.030% and 0.051%, respectively.The price for the 91s was 99.992417 and that for the 182s was 99.974722.The median bid on the 91s was 0.020%. The low bid was 0.005%.Tenders at the high rate were allotted 14.42%. The bid-to-cover ratio was 4.47.Tenders totaled $129,541,111,300 and the Treasury accepted $29,001,286,300 including $448,656,400 of non-competitive.The Fed banks bought nothing for themselves.The median bid for the 182s was 0.045%. The low bid was 0.025%.Tenders at the high rate were allotted 26.16%. The bid-to-cover ratio was 4.72.Tenders totaled $118,066,927,700 and the Treasury accepted $25,001,347,700, including $392,977,700 of non-competitive.The Fed banks bought nothing for themselves.
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Munis are entering a negative feedback loop, according to J.P. Morgan analysts led by Peter DeGroot.
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Credit ratings for California utilities could face downward pressure as recurring wildfire risks test safety funds and strain balance sheets.
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"In a few years, Brightline may have to consider going through something like this again," warned one investor.
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Bondholders and Assured Guaranty are providing substantial funding in post-petition and post-bankruptcy packages to keep the project operating.
September 25 -
GASB has issued updated questions and answers designed to clarify how subsidies relate to operating revenue, an important distinction affecting higher education, and transportation entities.
September 25 -
Ahead of a refinancing next week and a new money deal next month, Chicago's spreads have widened, suggesting the market may be pricing in a downgrade, analysts said.
September 25









