德州市政债利差扩大：气候政策与ESG之争的代价
Texas Is Tip Of A Melting Muni Iceberg: Winkler
Tell us about the specific policies that Texas has in place that you suggest may be resulting in higher interest rates relative to California. Great to be with you. 2021 The governor of Texas and the legislature in Texas passed what was known as SB 13, legislation that prohibited any financial institution from underwriting, insuring participating in state and local government debt for Texas if they were a part of this commitment to have zero emissions by 2050, known as the Net Zero Bank Alliance, and every bank you've heard of that's a major bank was part of this.
请告诉我们，您认为德克萨斯州实施了哪些具体政策，可能导致其利率高于加利福尼亚州。很高兴能与您交流。2021年，德克萨斯州州长和州立法机构通过了所谓的SB 13法案，该法案禁止任何金融机构承销、保险或参与德克萨斯州及地方政府债务，如果这些机构承诺到2050年实现零排放，即所谓的“净零银行联盟”，而您听说过的每一家主要银行都是该联盟的成员。
And suddenly they were told, uh, time's up in Texas because we don't agree with you. Now, what this is really about is known as ESG. Okay. What is ESG? It is obviously dealing with climate change. It's dealing with governance, transparency, pretty much good things that people believe in. Okay. Right down the line. But Texas said no, none of that. So what happened suddenly? According to data compiled by Bloomberg. Uh, the spread, the difference in yield that Texas was borrowing compared to California expanded increased dramatically.
突然间，他们被告知，呃，在德克萨斯州时间到了，因为我们不同意你们的做法。现在，这实际上涉及的是所谓的ESG。好的。什么是ESG？它显然涉及气候变化问题，涉及治理、透明度，基本上是人们相信的好事。好的。完全正确。但德克萨斯州说不，这些都不行。那么突然发生了什么？根据彭博社汇编的数据，呃，德克萨斯州借款与加利福尼亚州相比的收益率差，即利差，大幅扩大并急剧增加。
As you said, it's about 30, uh, basis points, which would be point zero percentage point, which would be, as you said, 3 million for every billion borrowed. The Texas, uh, people in government said to Wall Street, if you abandoned all of that, will forgive you and let you continue underwriting. And they did. Everybody left the net zero banking alliance. It's gone away. They stopped using ESG in their vocabulary, but the spread remains.
正如您所说，大约是30个基点，也就是0.30个百分点，正如您所说，每借10亿美元就是300万。德克萨斯州政府人员对华尔街说，如果你们放弃所有这些，我们会原谅你们，并允许你们继续承销。他们照做了。所有人都离开了净零银行联盟。它已经消失了。他们不再使用ESG这个词，但利差仍然存在。
And why is that? Well, one place in Texas where Elon Musk has his lithium refinery is burning up, literally, to the extent that it's now borrowing at rates of interest that it's never had before relative to Texas. Very, very expensive. And Corpus Christi is not, you know, a little town. It's more than 300,000. It's on the Gulf of Mexico. So it is a proxy for Texas dealing with climate. So Corpus Christi recently got downgraded by Moody's.
这是为什么呢？嗯，在德克萨斯州的一个地方，埃隆·马斯克的锂精炼厂正在燃烧，字面意义上的燃烧，以至于现在它相对于德克萨斯州其他地区，以从未有过的利率借款。非常非常昂贵。而且科珀斯克里斯蒂不是一个小镇。它有超过30万人口，位于墨西哥湾沿岸。因此，它是德克萨斯州应对气候问题的一个代表。最近，穆迪下调了科珀斯克里斯蒂的评级。
Did Moody's make a direct link between extreme weather the legislation higher bar. Did they draw that connection? Pretty much yes. Because they said the way things are going, Corpus Christi is going to have a water shortage by 2027. And that is not a good sign for anyone with a factory like Elon Musk and his lithium refinery. So that Corpus Christi, if you like, is that example that says climate change is real and that the Texas policy of antipathy to science, saying we don't believe in any of that is going to be hazardous for investors.
穆迪是否直接将极端天气与立法门槛提高联系起来？他们是否建立了这种关联？基本可以这么说。因为他们指出，按照目前的发展趋势，科珀斯克里斯蒂到2027年将面临水资源短缺。这对任何拥有像埃隆·马斯克锂精炼厂那样工厂的人来说都不是好兆头。因此，科珀斯克里斯蒂，如果你愿意这样理解，就是一个例子，表明气候变化是真实存在的，而德克萨斯州那种对科学持敌视态度、声称我们不相信任何这类事情的政策，将对投资者构成风险。
And that's why California, which is the opposite of Texas, California embraces ESG, is dealing with climate. And the demand for securities was always high.
这就是为什么加利福尼亚州，与德克萨斯州相反，拥抱ESG（环境、社会和治理）理念，应对气候变化，其证券需求一直很高。
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