FYI: Everything is bigger in Texas—including a school endowment.
The Texas Permanent School Fund, a 165-year-old state agency, is one of the jewels of the $3.9 trillion municipal bond market. The fund backs $79.1 billion of debt from more than 800 school districts statewide, making it a sizable presence in the muni market.
With triple-A ratings from Moody’s Investors Service and Standard & Poor’s, the school fund is one the most secure credits in munis—or in any debt market—thanks to a large asset base that totaled $44 billion in August 2018.
Regards,
Ted
https://www.barrons.com/articles/municipal-bonds-texas-permanent-school-fund-51558670493?mod=past_editions
