To begin underwriting muni deals in Texas, JPMorgan first has to file a letter verifying its compliance with the firearms and energy laws with the Texas attorney general’s office.JPMorgan Chase & Co., which has mostly been absent from the business of underwriting Texas municipal bonds for the past year, plans to revive its work with the state and its local governments soon.
With that cloud lifted, JPMorgan intends to begin bidding on public contracts again, including municipal underwriting, according to a person familiar with the matter. To begin underwriting muni deals in Texas, the bank first has to file a letter verifying its compliance with the firearms and energy laws with the Texas attorney general’s office, the person said. The exact timing of that filing is to be determined.
The absence of large banks from the Texas underwriting market because of the two new laws has resulted in “large adverse effects for borrowers,” according to a study by a University of Pennsylvania professor and an economist at the Federal Reserve. Citigroup Inc. also suspended muni-bond work after the law took effect in 2021, but it was able to revive its underwriting work in November. The bank continues to underwrite bond deals and is the seventh-biggest underwriter of Texas muni deals this year, after ranking first in 2020, data compiled by Bloomberg show.
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