Capital Markets Still Functioning

September 12, 2001

texasThe State of Texas conducted a successful auction today using its investment website, www.BidTX.com, to purchase $70 million of 6-month certificates of deposit. The bidders–41 Texas banks–submitted 143 bids totaling $110 million, which compares favorably with results of similar auctions conducted by the State in recent months. “We are pleasantly surprised by the large number of bidders and the bidding volume. In light of yesterday’s tragedy, we expected the capital markets to be paralyzed today,” said Myles Harrington, President and Co-Founder of Grant Street Group, the Internet auction firm that created and administers the BidTX website, as well as a dozen other institutional fixed-income trading sites, including MuniAuction.