Debt Management

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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Municipal bond insurance: identifying the best payment plan

emeraldinsight.com

http://www.emeraldinsight.com/doi/full/10.1108/JRF-06-2016-0082

Don’t Waste a Free Lunch: Managing the Advance Refunding Option

Journal of Applied Corporate Finance

Making Bond Insurance Pay

The Bond Buyer, June 30, 2016

Optional redemption features are standard in municipal bond issues, so even a seemingly simple decision — selecting the best insurance plan — requires modern option-based analytics

The Pros and Cons of Premium Bonds

National Assoc. of Municipal Advisors, February 2015

The Bonds That Keep on Saving

Public Utilities Fortnightly

TVA's ratchet bonds are reset lower again.

Callable Bonds: Better Value Than Advertised?

Journal of Applied Corporate Finance (Summer 2008)

A Framework for Corporate Treasury Performance Measurement

Journal of Applied Corporate Finance (Winter 2005)

The innovative method detailed in this paper allows for meaningful periodic reporting of a debt manager’s performance relative to a custom benchmark portfolio.

Taking the Friction out of Saving Interest

BondWeek (July 14 2003)

The ratchet bond (an Andrew Kalotay Associates innovation) is a convenient, cost-effective surrogate for a callable bond, which achieves interest savings from declining interest rates without ongoing transaction cost.
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