State of Texas

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

Federal aid and budget cuts could erase Texas's nearly $1 billion revenue shortfall, state Comptroller Glenn Hegar says.

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.

They cite coalition building, learning from past mistakes, project planning and effective outreach during the pandemic.

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

Although November posted the lowest monthly volume total this year, issuance has already exceeded 2019's total and is on track to set a new yearly record in 2020.

Long-term municipal bond volume is on pace to set a new record of yearly issuance, thanks in part to issuers rushing to market before the election and a continued taxable boom.

Vice President/Senior Analyst, Moody’s Investors Service

The numbers were not as bad as first forecast, with sales tax revenues, which account for 59% of the budget, inching up.

As the long Labor Day holiday beckoned, munis remained mostly steady in quiet trading. Cal trades up.

Municipal bond volume kept rolling in August, producing the second-highest volume for the month in the past decade, marking the third consecutive month this year of greater-than $40 billion.

Municipal bonds ended unchanged on Monday ahead of this week $8 billion of new issuance.

The muni market steadied Wednesday as a strong dose of supply hit the screens.

Municipals were slightly weaker on Tuesday as investors take stock of inventories and exceedingly low yields for a market that might be ripe for a correction.

Municipal investors are somewhat tepid on current low rates Monday ahead of the week's $`11.5 billion of new supply.

Municipals continued to correct, with yields on the AAA scales rising by as much as three basis points as signs point to investor pullback from current low yields.

The competitive sale is scheduled for Aug. 19 with Stifel Nicolaus as financial advisor.

With help from federal stimulus funding and online sales, Texas sales tax revenues turned positive in July. However, other tax revenues have fallen significantly.

Municipal bonds were little changed on Monday ahead of this week's new-issue calendar.

Municipal bonds finished out the month on a strong note, with yields dropping by as much as two basis points on Friday.