Municipal Finance

There is hidden value for investors in callable taxables

The Bond Buyer - March 4, 2020

Commentary by Andy Kalotay in The Bond Buyer uncovers the hidden value in callable taxable munis. The calls are triggered by tax-exempt rates, while the bonds' worth depends on taxable rates.

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Are taxable advance refundings leaving money on the table?

The Bond Buyer - Nov 8, 2019

Andy Kalotay's commentary in The Bond Buyer exposes inefficiencies of taxable advance refundings. By refunding too soon issuers receive considerably less than what they give up. 
 
But who benefits from the waste?

The Key Rate Durations of Municipal Bonds

The Journal of Fixed Income (Fall 2019)

By Andy Kalotay and Joel Buursma

Abstract

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Muni OS Boilerplate Headscratcher: Price is ‘Priced to the Call Date’?

The Bond Buyer - Aug 26, 2019

Andy Kalotay's commentary in The Bond Buyer exposes inaccurracy and inconsistecy in muni bond official statements.

Muni OS Boilerplate Headscratcher: Price is ‘Priced to the Call Date’?

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