Texas Comptroller of Public Accounts
FOR IMMEDIATE RELEASE
August 21, 2019
(AUSTIN) — Texas Comptroller Glenn Hegar announced today's sale of $8 billion in Texas Tax and Revenue Anticipation Notes (TRAN) received a net interest rate of 1.34 percent.
"Texas remains a very solid investment, and we are pleased with the market's reaction to this sale," Hegar said. "A net interest rate of 1.34 percent on what is essentially a 1-year note, while 1-year Treasury notes are yielding about 1.7 percent, is indicative of Texas' strong credit and track record of responsible fiscal management. That's clearly very appealing to market participants in the current interest-rate environment."
The Comptroller's office received 67 bids worth $22.77 billion, 2.85 times the amount offered for sale. Money from the sale of the 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 $8 billion in notes from today's sale will be repaid on Aug. 27, 2020.
In 2015, the Texas Legislature passed House Bill 855, which requires state agencies to publish a list of the three most commonly used Web browsers on their websites. The Texas Comptroller’s most commonly used Web browsers are Google Chrome, Microsoft Internet Explorer and Apple Safari.