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Texas to price largest TRANs deal in five years

The Bond Buyer - 8/13/2018
DALLAS – Texas will price its largest issue of tax and revenue anticipation notes in five years with an Aug. 22 sale of $7.2 billion. The amount matches the issuance of 2013 but is $2.2 billion below the record $9.8 billion issued in 2011 and 2012. Flush with cash in 2015 and 2016, the Lone Star State did not need to issue the short-term notes in those years. Before that, Texas had sold TRANs every year since 1987.
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Texas Comptroller Hegar announces highest ratings for Texas short-term notes

Katy Times - 8/13/2018
AUSTIN — Texas has once again received the highest credit ratings for this year’s Texas Tax and Revenue Anticipation Notes (TRAN), which will allow the state to manage cash-flow needs for fiscal 2019. “I am proud that once again Texas has received the highest short-term credit ratings on these notes,” Texas Comptroller Glenn Hegar said. “Additionally, the ratings agencies maintain Texas’ AAA long-term credit ratings, reflecting the highest possible level of creditworthiness. Our diversified economy, rising employment and solid revenue growth, coupled with Texas’ history of sound fiscal management and responsible cash-flow projections, contribute to these ratings, which are crucial tools to reduce borrowing costs and save taxpayer dollars. These are the result of conservative economic leadership and sound policies.”
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What, WeWorry?

CoStar - 8/10/2018
Co-working space is growing rapidly, expanding beyond small business owners and startup users to mid-sized firms, and even major companies such as GE Capital, KPMG and Microsoft. Between 2010 and 2017, co-working spaces across the U.S. have grown from 8.1 million to 51.2 million square feet, according to Jones Lang LaSalle (JLL). This growth accounted for over a quarter of all U.S. office absorption during the 24-month period ending December 2017.

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Willis Lease adds frames to mix in next aircraft engine ABS

Asset Securitization Report - 8/9/2018
Willis Lease Financing’s next lease securitization offers exposure to a new type of asset: aircraft frames. The initial portfolio for the $373.4 million transaction consists primarily of 55 engines; there is a single mechanical structure, the fuselage, wings and undercarriage for an 18-year old Boeing 737-800 , which represents 0.3% of the pool. However, exposure to airframes could rise to as much as 15% of the portfolio during the transaction’s reinvestment period, according to Kroll Bond Rating Agency.
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