Texas gun law has big banks backing away from Texas bond deals - Bond Buyer

Top bond underwriters are backing away from Texas after they were targeted by a law to protect the firearms industry.

Three of the state's top five underwriters in the first half of 2021 — JPMorgan, Citi, and Bank of America — accounted for $6.4 billion of deals, according to Refinitiv. Those firms and Wells Fargo were identified as targets of the legislation in state House debates in May.

JPMorgan, which ranked first with $2.5 billion, said it would halt underwriting duties after the law took effect.

source: https://www.bondbuyer.com/news/texas-gun-law-has-big-banks-backing-away-from-texas-bond-deals

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