NEW YORK: The US Treasury Department's latest one-month bill sale on Tuesday received a record level of bids relative to the amount offered as cash investors scrambled for a shrinking supply of ultra short-dated debt.
The ratio of bids submitted to the $15 billion of the one-month or four week bills offered was 9.47, more than double the 4.07 at the previous auction held a week earlier.
The Treasury has been paring the sizes of one-month, three-month and six-month bill auctions in anticipation of the federal government hitting its statutory borrowing cap later this year.
Tuesday's one-month bill size was the smallest since February 2014.
The Treasury paid no interest to investors on the latest one-month issue for a second straight week.
Comments
Comments are closed.