Advance Refunding Calculator

The Bond Buyer and Andrew Kalotay Associates jointly offer online subscribers a refunding calculator designed to help issuers make decisions related to advance refunding deals by factoring in the value of the call option embedded in their existing deals. Based on Kalotay's proprietary valuation algorithms and supported by data from Mergent Technologies and Municipal Market Advisors, the calculator allows issuers or their professional advisors to retrieve real bonds, and evaluate the attractiveness of various refunding scenarios.

The Advance Refunding Calculator is available only to subscribers and users with active trials. Log in or sign up for a trial below to access the calculator.

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New York State Assemblyman Phillip Goldfeder, D-Queens, examines outer-borough growth and transit needs in New York City, as well as efforts to harden its water-exposed neighborhoods.

The notion of option-adjusted spread (OAS) is the standard analytical tool for taxable fixed income securities. It is also making inroads into the muni market. Unfortunately the usual implementation for munis is flawed, rendering the results virtually meaningless. So it is understandable that many muni professionals shy away from OAS in favor of the archaic ‘yield-to-worst’ approach. Correct implementation would undoubtedly attract converts.

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