Investors piled into the bond sale despite the university's recent controversies.
Population growth in the state has driven the need for new infrastructure.
The banks are major underwriters in the $4 trillion state and local debt market.
Texas is at the forefront of a national movement in GOP-led states to banish what's known as ESG investing.
But pushback from pension officials and banking associations is growing.
Florida is planning broader steps to fight asset managers offering ESG investments.
The loss of the deal is a blow for the Zurich-based bank's U.S. municipal-bond business.
The bank was rejected after submitting the best bid.
The state comptroller didn't include the bank among the 10 finance firms he deems boycott the oil and gas industry.
A study says the conflict is forcing the state's municipalities to take on extra debt costs.
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