The Treasury Department Wednesday sold $25 billion 14-day cash management bills, dated June 1, due June 15, at a 0.735% high tender rate.
The bid to cover ratio was 3.14.
The coupon equivalent was 0.745%. The price was 99.971417.
The low bid was 0.650%. The median bid was 0.700%. Tenders at the high were allotted 47.35%.
Tenders totaled $78,505,550,000 and the Treasury accepted $25,000,075,000, including $550,000 non-competitive.
July will see $35.2 billion of redemptions, down 13% month-over-month but still 35% higher than 2024's monthly average of $27 billion, said Pat Luby, head of municipal strategy at CreditSights.
After the west abutment on the Rapidan Dam partially failed last week, it's up to the Blue Earth County board of commissioners to pursue repair or removal.
The Contra Costa County Office of Education gave West Contra Costa Unified School District until July 17 to pass a budget, or have the county office step in.
"With a nonexistent new-issue calendar and heavy dealer balance sheets, we expect the muni market to get a bit 'grabby' over the next few weeks," AllianceBernstein strategists said.
The rating agency's new local government rating criteria led to the higher rating.
Another round of grants authorized in the 2021 Infrastructure Investment and Jobs Act is going out to 129 airports in 40 states.
