Texas

With a traffic rebound in the offing, the Austin-based Central Texas Regional Mobility Authority's $510 million of bonds and notes were 20 times oversubscribed.

CPS Energy will issue $367 million of bonds to retire commercial paper, after absorbing a pair of downgrades following the Texas power distribution crisis.

S&P Global Ratings cut CPS Energy to AA-minus from AA, as it faces $1 billion in unbudgeted costs for buying expensive power through the state grid operator.

The Electric Reliability Council of Texas and CPS Energy, the public utility of the city of San Antonio, were downgraded after the cold weather power crisis.

Municipal bond issuers in the Southwest, despite the pandemic — or perhaps in part because of the conditions it created — set a record for annual issuance.

Brazos Electric Power Cooperative filed for bankruptcy saying it can't pay the electric bills foisted on it by the state's grid operator, ERCOT.

Municipal issuers in the Southwest sold $93.5 billion of debt in 2020, a year in which the coronavirus upended the way bond business is done.

Texas' failure to supply the power needed to save lives in a deep freeze is seen as threat to the state's recruitment of new business investment.

The deep freeze, and Texas power market structure, left the state's public utilities with sky-high wholesale power bills and a trail of burst water pipes.

The firm's leaders say Hilltop Securities sees growth opportunity in municipal bond underwriting, while financial advisory services will "grow selectively."

The January sales tax report shows that Texas is recovering but still hurting on some revenue streams, Comptroller Glenn Hegar said.

Returns of all the investment grade options "pale in comparison to those for municipal high-yield," which should bolster Texas gas and Chicago public schools deals.

A 'perpetual calm' continues to fall over the municipal market as inflows into municipal funds, combined with the shortage of traditional tax-exempt supply, is directing most aspects of daily market activity.

In a year in which 16 states lost population, Texas' growth is expected to stand out in the belated 2020 Census.

While there are no major sales on the calendar for this week, some larger deals from and Texas, California, New Jersey and Colorado issuers are on tap for the first few weeks of 2021.

With its population continuing to grow, the nation's second-largest state expects a 10.5% bump in debt financing, according to its annual report.

The entire municipal exempt yield curve is seeing consolidation with a 125 basis point spread between one and 30 years, and sub-1% yields are holding firm inside of 15 years.

The state of Illinois sold $2 billion of three-year notes to the Federal Reserve's Municipal Liquidity Facility at 3.42%.

For the seventh time in 2020, monthly sales tax revenues in November were below the same month in 2019.

“This is a preliminary determination, not a proposed adverse determination or a final determination,” the county said.