Texas

Despite two COVID-19 waves and a crippling winter freeze, Texas general revenue was up 6.2% for the year that ended Aug. 31.

Some issuers may have taken their eyes off of arbitrage risk, but advisors are still taking that tax-exempt compliance job seriously.

The fast-growing Texas capital was downgraded by Fitch Ratings ahead of a $328 million bond sale that is expected to price in September.

Municipal issuers with the biggest threats from physical climate risk also have the largest liabilities for carbon transition.

Municipal bond volume in the Southwest region increased in the first half of 2021 as its seven other states more than made up for a decline in Texas.

Municipals are tethered to Treasuries, more so in recent sessions, and have cheapened, but strong technicals — $18.5 billion of net negative supply and large reinvestment needs — still hang overhead.

The forthcoming Texas law bans businesses from state contracts if their policies are said to discriminate against the firearms industry.

The city sees room for a new convention hotel, despite nearby competition and pandemic-related setbacks.

July volume was $31.9 billion keeping the annual pace ahead of last year's record-breaking total. Issuance still lags demand by a large amount — $60 billion by many accounts for August alone — as redemptions coupon payments pile up.

The two issuances under IRS scrutiny join an earlier debt issuance the county disclosed publicly late last year.