Debt Management

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.

Ratcheting the Goose That Lays Golden Eggs

The Bond Buyer (May 22, 2009)

Ratchet bonds would eliminate inefficient refundings

Build America Bonds: Seeking the Missing Option

The Bond Buyer (May 11, 2009)

Taxable bonds awaken municipalities to the cost and value of the call option

Callable Bonds: Better Value Than Advertised?

Journal of Applied Corporate Finance (Summer 2008)

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