A school district wound up reselling the bonds last week, hiring RBC Capital Markets as underwriter instead, at a time when yields were broadly higher than...
A school district wound up reselling the bonds last week, hiring RBC Capital Markets as underwriter instead, at a time when yields were broadly higher than levels that prevailed for the first borrowing.
But two weeks later, state Comptroller Glenn Hegar, a Republican, included UBS Group on a list of 10 companies that his office considers boycott the energy business. There’s typically a weeks-long gap between when a muni deal prices and when it closes. The state comptroller published his list on Aug. 24. His probe was triggered by a GOP-backed state law that took effect in September 2021, and which limits Texas governments from entering into certain contracts with firms that have curbed ties with carbon-emitting energy companies.A UBS spokesperson said in an emailed statement that the bank has asked the comptroller to remove the company from the list.
The outcome of this deal suggests UBS may face difficulty working in the Texas municipal-bond market, one of the nation’s most lucrative, after the parent was named an energy boycotter. “We told Normangee that OAG agreed with the comptroller’s analysis and conclusions set forth in the list and, as a result, could not approve the bonds with UBS as a purchaser,” Reitz said. “Normangee then decided not to move forward with the UBS-backed bond sale.”Higher yields
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