As the only national bond analyst based in Texas, Don Karlberg of the Kemper Securities Group offers a unique perspective on the nation's second largest tax-exempt market.

During a recent interview in his downtown Houston office, Mr. Karlberg said the future is mostly good for Texas credits; surpassed only by California issuers, they have sold more than $12 billion this year. Already, he noted, the state is well into a recovery from the mid-1980s oil bust that triggered downgrades and worried some bond buyers.

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