PRESS RELEASE: Texas Comptroller Glenn Hegar Announces High Demand for Texas Short-Term Notes
Texas Comptroller of Public Accounts sent this bulletin at 08/21/2019 03:06 PM CDT
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August 21, 2019 Texas Comptroller Glenn Hegar Announces High Demand for Texas Short-Term Notes(AUSTIN) — Texas Comptroller Glenn Hegar announced today's sale of $8 billion in Texas Tax and Revenue Anticipation Notes (TRAN) received a net interest rate of 1.34 percent. “Texas remains a very solid investment, and we are pleased with the market’s reaction to this sale,” Hegar said. “A net interest rate of 1.34 percent on what is essentially a 1-year note, while 1-year Treasury notes are yielding about 1.7 percent, is indicative of Texas’ strong credit and track record of responsible fiscal management. That's clearly very appealing to market participants in the current interest-rate environment.” The Comptroller's office received 67 bids worth $22.77 billion, 2.85 times the amount offered for sale. Money from the sale of the TRAN is used to help fund expenditures such as public-school payments made early in the fiscal year, before the arrival of tax revenues later in the year. The $8 billion in notes from today's sale will be repaid on Aug. 27, 2020. |
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