Bond Valuation and Structuring

Life Without Advance Refunding

Municipal Finance Journal, Vol Volume 39 Number 03, Fall 2018

The elimination of advance refunding following the signing of the Tax Cuts and Jobs Act in December 2017 will have significant effects on the municipal market. In recent years, most municipal bonds aimed at institutional investors carried an above-market 5% coupon and had a 10-year call. The 5% NC-10 structure had wide appeal for a variety of reasons, a primary one being the bonds' eligibility for advance refunding. In the absence of advance refunding, the 5% NC-10 structure will lose much of its appeal.

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Creating a Live Yield Curve in the Illiquid Muni Market

Journal of Fixed Income (Summer 2017)

After-Tax Portfolio Value: The Missing Tax Option

Journal Of Investment Management, Vol. 14, No. 4, (2016), pp. 1–10

After-tax performance measurement requires a rigorous definition of after-tax portfolio value, which is also a prerequisite for effective portfolio management.

Optimal Municipal Bond Portfolios For Dynamic Tax Management

Journal Of Investment Management, Vol. 14, No. 1, (2016), pp. 81-99

Tax-Efficient Trading of Municipal Bonds

Financial Analysts Journal Volume 72 · Number 1 ©2016 CFA Institute

Optimal Tax Management of Municipal Bonds

Journal of Portfolio Management, Winter 2015

Pricing 5% Bonds with Shorter Calls

The Bond Buyer - April 21, 2014

The Tax Option in Municipal Bonds

THE JOURNAL OF PORTFOLIO MANAGEMENT, WINTER 2014

Bond Analysis in Tax Denial

March 28, 2014 - Quant Forum

Interest Rate Sensitivity of Tax-Exempt Bonds Under Tax-Neutral Valuation

Journal Of Investment Management, Vol. 12, No. 1, (2014), pp. 62–68

Rising rates could cause more damage than you think. Read research article here. See also article in The Bond Buyer.

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