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

SEC Testimony on Municipal Swaps

Birmingham, Alabama, July 29, 2011

Wall Street’s $20 billion hidden tax on municipalities

Call to Issuers: You Pay for Your Options; Why Not Use Them Wisely?

GFOA TODAY, May 2011

Municipal bonds have traditionally been callable after ten years. Alternatives are seldom considered. This "NC-10 structure" is so entrenched that 'scales' showing new issue yields provided by Municipal Market Data and Municipal Market Advisors are for NC-10 bonds, rather than bullet maturities, as would be the norm in the taxable world.

Refunding by Rule-of-Thumb: A County Finance Fable

The Bond Buyer (March 25, 2011)

A tongue-in-cheek look at refunding practices

What Makes Muni Swaps So Special?

The Bond Buyer (February 4, 2011)

Municipalities are always overcharged

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