News & Events

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

Jan. 17, 2019: Municipal Finance Webinar

Event Date: 
January 17, 2019

Pricing New Issues with Non-Standard Call Features

Presented by Leslie Abreo

The elimination of advance refunding in 2018 disrupted the municipal landscape. Structures beyond the standard 5% non-call 10, such as 4.50% non-call 8, are emerging. How do we determine fair prices of these new structures? In light of the recognized illiquidity of munis, secondary market trades of similar bonds are unlikely to be informative.

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