The Treasury Department Wednesday sold $24 billion 25-day cash management bills, dated Oct. 8, due Nov. 2, at a 0.000% high tender rate.
The bid to cover ratio was 7.93.
The coupon equivalent was 0.000%. The price was 100.000000.
The low bid was zero. The median bid was 0.000%. Tenders at the high were allotted 14.85%.
Tenders totaled $119,056,977,000 and the Treasury accepted $15,006,961,100, including no non-competitive.
The private-activity bonds funding LAX's automated people mover project have been downgraded to junk by Fitch amid delays and disagreements with the private developer. But Fitch affirmed the airport's AA rating.
The Illinois state comptroller reported a 55% year-over-year increase in the general revenue fund cash balance as her office closed fiscal 2024.
Some PREPA bond parties suggest the bonds should paid in full, while the board is offering around 4% to those who haven't accepted a settlement.
The issuance is expected to generate strong interest in D.C., Virginia, and Maryland.
Between two state measures and one regional, California starts with $40 billion of GO bonds on the November ballot, before any other local measures are tallied.
"The forces of municipal fundamental and technical measures are setting up a reconciliation against higher UST yields," said Kim Olsan, senior vice president of municipal bond trading at FHN Financial.
