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Gary Hall discusses municipal bond impact in the state of Texas

Texas Ban on ‘Woke’ Banks Opens Door for Smaller Firms

Megabanks are in retreat in the $4 trillion municipal-bond market

The political conflict over socially conscious finance is a boon for smaller investment banks in one contentious market: Texas.


Texas was the highest-grossing region for municipal bonds last year at Siebert Williams Shank, said president of infrastructure and public finance Gary Hall. The New York firm now has offices in Austin, Houston, Dallas and San Antonio.

“You have firms like ours that are filling the void of some of the firms that are making the decision to leave this business, or for whatever reason can’t compete in this business,” Hall said. 


Executives at banks gaining market share in Texas said public officials are choosing them because of their strong performance and attractive pricing. Hall, of Siebert Williams Shank, said a 2022 partnership with Apollo Global Management offers access to a line of credit that allows it to underwrite bigger deals. Siebert, the nation’s largest minority-owned muni underwriter, was the third-biggest underwriter of state and local debt in Texas in 2023, up from No. 6 in 2020. Last summer the firm served as lead underwriter on a $756 million deal for the city of Houston. 


Read the full article here.

By Heather Gillers

The Wall Street Journal

May 4, 2024


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