Texas Energy Boom Fuels Best Performance Since ’09: Muni Credit
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An oil and natural-gas boom in Texas is helping the largest U.S. energy producer pile up a record $11.8 billion in reserves, sustaining the best performance in its debt since 2009.
Municipal securities of Texas issuers earned about 7.9 percent in 2012, eclipsing the 7.4 percent gain for the broader $3.7 trillion local-bond market, which it beat for the first time in three years, Standard & Poor’s total-return data show.