Research

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. 

MBS

Bond Valuation and Structuring

Debt Management

Municipal Finance

Trade Press

Wealth Management

Consumer Finance

Innovations

 

Recent Research

What Makes Muni Swaps So Special?

The Bond Buyer (February 4, 2011)

Municipalities are always overcharged

Making the Right Call

Credit (October 2010)

The tendency among municipal issuers to call their bonds early in the belief they are refunding on better terms often results in the loss of future value, to the detriment of the taxpayer.

Making Sense of the Make-Whole Call, From its Origins to BABs

The Bond Buyer (July 26, 2010)

Why investors don’t charge for make-whole calls

With Estate Puts, Beauty Is in the Eye of the Beholder

CFA Institute: Private Wealth Management Newsletter (August 2009)

A bond with an estate put (or survivor’s option) can be redeemed at face value by the holder’s heirs if the holder dies — an attractive feature to investors with a short life expectancy. How should an investor value such options?

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