Debt Management

Refunding Efficiency: A Generalized Approach

Applied Financial Economics Letters (Vol. 3, 2007)

This paper sets out an improved method for determining when it’s efficient to call and refinance a bond, by correctly accounting for the call option value of both the new bond and the outstanding bond.

A Framework for Corporate Treasury Performance Measurement

Journal of Applied Corporate Finance (Winter 2005)

The innovative method detailed in this paper allows for meaningful periodic reporting of a debt manager’s performance relative to a custom benchmark portfolio.

Taking the Friction out of Saving Interest

BondWeek (July 14 2003)

The ratchet bond (an Andrew Kalotay Associates innovation) is a convenient, cost-effective surrogate for a callable bond, which achieves interest savings from declining interest rates without ongoing transaction cost.
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