In the most recent blow, UBS withdrew from a $3.4 billion Texas Muni deal

The underwriting division of UBS Group AG has been excluded from the team that will handle the largest-ever municipal-bond transaction

Texas after the state designated the bank as one of the companies it believes should "boycott" the fossil-fuel sector.

According to Lee Deviney, executive director of the Texas Public Finance Authority.

the state agency in charge of the sale, board members of the issuer, the Texas Natural Gas Securitization Finance Corp., announced a new underwriting syndicate

UBS was one of the underwriters on the deal that the issuer initially approved in May. 

However, on August 24, Republican Texas Comptroller Glenn Hegar produced a list that featured UBS Group and nine other businesses that he believed to be unfriendly to the energy sector.


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