DALLAS — Texas issuers will start slowly in the first full week of the new year, still saddled with baggage from one of the worst years in muni market history.

First Southwest Co., the state’s top financial adviser and a leading broker-dealer, starts 2009 under new ownership after its acquisition by PlainsCapital Corp. was completed last week. Working under Texas’ second-largest privately held commercial bank allows First Southwest access to federal funds designed to improve liquidity to the banking system.

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