In creating fixed-income analytic models, Andrew Kalotay Associates draws upon pioneering research published by Dr. Kalotay and his associates over more than three decades. A member of the Fixed Income Analysts Society’s Hall of Fame, Dr. Kalotay’s innovations include the ratchet bond and ratchet mortgage; the Volatility Reduction Measure (for hedge effectiveness testing under FAS 133); and the concepts of refunding efficiency as applied to both corporate and municipal bonds and mortgages. He has authored or co-authored more than 50 journal articles on a wide range of topics. 


Bond Valuation and Structuring

Debt Management

Municipal Finance

Trade Press

Wealth Management

Consumer Finance



Recent Research

Tax-Offset Municipal Securities

The Bond Buyer (July 9, 2012)

A superior alternative to insured municipal bonds

Rethinking TIC Calculation - Introducing TIC+

IPREO Newsletter June 2012

The Bonds That Keep on Saving

Public Utilities Fortnightly

TVA's ratchet bonds are reset lower again.

The Allure of 5% Bonds: Coupon Levitation Creates Magical Savings

The Bond Buyer (January 27, 2012)

Investors love them, but do 5% bonds make sense for the issuer?

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