PRESS RELEASE: Texas Comptroller Glenn Hegar Announces Low Interest Rate, High Demand for Texas Short-Term Notes
Texas Comptroller of Public Accounts sent this bulletin at 08/19/2020 02:37 PM CDT
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August 19, 2020 Texas Comptroller Glenn Hegar Announces Low Interest Rate, High Demand for Texas Short-Term Notes (AUSTIN) — Texas Comptroller Glenn Hegar announced today's sale of $7.2 billion in Texas Tax and Revenue Anticipation Notes (TRAN) received a net interest rate of 0.248 percent. “The tremendous demand for these notes is directly related to Texas’ conservative cash management and solid fiscal policies, which allowed the state to earn the highest possible short-term ratings ahead of this sale,” Hegar said. “With bids totaling nearly 3.5 times the amount offered, it’s clear the market is confident that Texas remains a solid investment during these unprecedented times amidst the COVID-19 pandemic.” The Comptroller's office received 66 bids worth $25.05 billion, 3.48 times the amount offered for sale. Money from the sale of 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 $7.2 billion in notes from today's sale will be repaid on Aug. 26, 2021. |
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