Texas' $2.9 Billion Muni Issue Draws Record Number of Bids
May 10, 2011
The notes were awarded to 16 syndicate groups -- a record for the Texas notes -- at an aggregate net-interest cost of 3.996%. There was a total of 72 separate bids from various underwriters, according to the treasurer's office. Smith Barney Inc. won $700 million of notes -- the largest portion -- at a net-interest cost of 4%. Other big winners included Lehman Brothers ($350 million), BT Securities ($325 million) and PaineWebber ($320 million). The notes mature May 10, 2012 and have a 4 3/4 % coupon. They have been rated MIG-1 by Moody's Investors Service Inc. and SP-1-Plus by Standard & Poor's Ratings Group. While slightly more than $900 million of the Texas TRANs were priced to yield 3.88%, more than $1 billion of the securities weren't formally reoffered.
VastPress 2011 Vastopolis
