Citigroup was dropped from plans to underwrite Texas’ largest ever municipal bond—a $3.4 billion plan to raise investment in the state’s natural gas industry—over its oppositional stance to the firearms industry.
Citigroup was initially included among the list of firms that could underwrite the $3.4 billion bond. On Thursday, the board of the Texas Natural Gas Securitization Finance Corp. met to “reconstitute” the underwriting structure for the bond, Bloomberg reported. Citigroup no longer appeared among the list of bond underwriters after that meeting.
The Texas legislature passed a law in 2021, Texas Senate Bill 19, prohibiting public contracts with public companies deemed to be discriminating against the firearms industry.
On Jan. 18, Texas Attorney General Ken Paxton’s office announc …