Office of the Governor Rick Perry

Gov. Perry: High Demand for Texas Short-Term Notes Due to State’s Fiscal Strength

Tuesday, August 23, 2011  •  Austin, Texas  •  Press Release

Gov. Rick Perry credited the strength of Texas' economy with high demand for the state's sale of $9.8 billion in Tax and Revenue Anticipation Notes (TRANs), which drew approximately $31.6 billion in bids, more than three times the amount Texas was offering.

"The high demand for Texas notes is a reflection of the financial community's confidence in our responsible, conservative fiscal management," Gov. Perry said. "Whether bidding for TRANs or by expanding or relocating their businesses to the Lone Star State, people know that Texas is a sound and smart investment."

Texas earned the highest possible ratings from Wall Street in anticipation of this offering, receiving a rating of SP-1+ by Standard & Poor's, MIG 1 by Moody's Investors Service and F1+ by Fitch Inc.

Texas' net interest rate of .27 percent is down from last year's rate of .34 percent, representing the state's lowest net rate ever for these notes.

The short-term notes are sold every fiscal year to manage cash flow and to provide up-front payments to public schools. They are repaid within the fiscal year.

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