News & Events

Brookings Institute Muni Conference: Par Munis — Sub-Par Performance

Event Date: 
July 13, 2021

Guy Davidson and Andy Kalotay present their paper, Par Munis - Sub-Par Performance, at the Brookings Institute 10th annual Municipal Finance Conference. Stephen Winterstein, MarketAxess, moderated discussion afterwards.

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

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