(AUSTIN) Texas Comptroller Glenn Hegar announced todays sale of $5.4 billion in Texas Tax and Revenue Anticipation Notes (TRANs) received a net interest rate of 0.96 percent. 

 

We received the highest possible short-term credit ratings from Wall Street, which helped drive down the cost of borrowing, Hegar said. Im proud to say Texas is a solid investment.

 

The Comptrollers office received 66 bids worth $20.5 billion, 3.8 times the amount offered for sale. It is the first time Texas has had to issue TRANs since 2014. Prior to that, Texas had sold TRANs annually since fiscal 1987. 

 

Money from TRANs sales is used to help fund expenditures such as public-school payments madeearly in the fiscal year,beforethe arrival of tax revenues later in the year.

 

The $5.4 billion in notes from todays sale will be repaid on Aug. 30, 2018.