RBC Dropped From Texas City’s Muni Deal Amid Paxton Energy Probe

RBC Capital Markets has been removed from leading a bond deal for the Texas city of Del Rio, making it at least the second bank to lose underwriting business since state Attorney General Ken Paxton launched a review last week of certain banks’ policies around climate change.

BOK Financial has replaced RBC as lead manager for the deal, according to a person familiar with the matter who requested not to be identified because they aren’t authorized to speak about the discussions.

“We have a standing letter on file with the AG that certifies our compliance with SB 13 and the ...