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Jefferies Emerges as Winner as Texas Gun Law Rattles the Muni Market

  • Firm leads Texas underwriting ranks since law took effect
  • Standing since Sept. 1 compares with 12th place a year earlier

Jefferies Financial Group is emerging as a clear winner of a faltering effort by Texas Republicans to punish Wall Street banks for their restrictive gun policies.

The lucrative Texas municipal-bond market, second only to California in terms of issuance, has been turned on its head since a law took effect Sept. 1 that bars state entities and local governments from working with firms if they “discriminate” against firearms companies.