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UBS Loses Texas Muni Deal After It’s Named an Energy-Industry Boycotter

  • Texas school district planned to work with UBS unit on bond
  • State AG’s office told district it wouldn’t approve the sale
Comptroller Glenn Hegar

Comptroller Glenn Hegar

Photographer: Eric Gay/AP Photo
Updated on

UBS Group AG’s municipal-underwriting subsidiary lost out on a Texas bond deal after the state comptroller included the parent company on a list of firms he deems “boycott” the fossil fuels industry.

Normangee Independent School District, about 140 miles (225 kilometers) south of Dallas, had accepted a bid by UBS Financial Services Inc. to underwrite a bond deal sold via auction Aug. 8, according to bond documents.