News & Events

What's a Muni Portfolio Manager To Do?

Event Date: 
November 18, 2020

Tax-Affected Price Movements of Bonds Near Par

Muni portfolio managers recognize that the de minimis tax effect depresses the prices of discount munis. In fact, the effect kicks in even before the price falls below par. But the practical implications often go unheeded. So what’s a portfolio manager to do? Our panel of experts will take you through the theory behind the price movement of munis near par. They will discuss how systematically implemented tax-aware analytics can provide the portfolio manager with the tools to cope with this challenge.

Webinar - Recent Developments in Municipal Bond Data & Analytics

Event Date: 
May 21, 2020

Kalotay Analytics participated in a Voltaire Advisors webinar on the latest issues and challenges in the muni markets. Andy Kalotay presented on Callable Taxable Munis Provide Hidden Value for Investors.

Advance refunding of tax-exempt munis with taxables accounted for about 25% of issuance in the first quarter of 2020. The call provision enables issuers to eventually replace taxable bonds with tax-exempts. We show that the ‘tax-exempt’ refunding feature can generate a surprising windfall for investors.

Webinar - Municipal Bond Market Innovation

Event Date: 
May 22, 2019

Trending Topics for Portfolio & Risk Managers and Traders

Watch Recording: click here

Download Slide Deck: click here

Andy Kalotay presentation at New York City QWAFAFEW Society

Event Date: 
April 23, 2019

Dr. Kalotay discussed the ramifications of the SEC N-Port regulation and the challenges for municipal bond managers in measuring the impact of a 100 bps increase in interest rates.

Tuesday, April 23, 2019

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