Citigroup Wins First Texas Muni-Bond Deal Since Gun Law Spat
- Bank wins auction for a $27 million sale by a school district
- Company hasn’t participated in Texas muni market since August
Photographer: Erich Schlegel/Getty Images
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Citigroup Inc. won a municipal-bond deal in Texas on Wednesday, marking its potential re-entry into a booming corner of the municipal-debt market after a new Republican state law sought to punish Wall Street banks for their gun policies.
The bank won an auction for a $27 million bond offering sold by the Alamo Heights Independent School District, data compiled by Bloomberg show. It stands to be the firm’s first muni deal in Texas since late August. The pause in underwriting there came after the law went into effect on Sept. 1, barring governments in the state from working with companies that “discriminate” against firearm businesses or trade groups.