Municipal Finance

You haven't heard of ratchet bonds?

The Bond Buyer - June 8, 2020

Ratchet bonds are the best debt structure for issuers that you probably never heard of. TVA issued over $1 billion of these in the late 1990s and is still reaping the savings. Read more in Andy Kalotay's Bond Buyer commentary.

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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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