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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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Daniel Berger, Senior Market Strategist at Municipal Market Data, talks about the recent rally in municipal bonds which has brought long-term yields down to record lows. He talks about continuing demand from retail investors in light of the upcoming Summer redemption season and he discusses the allure that the American tax-exempt market has for overseas buyers. He outlines the recent spread compression in quality credits and also looks at some of the market's outliers -- Puerto Rico and Chicago.

Our legislation would preserve money market funds as a source of liquidity and capital for public the infrastructure needs of our citizens.

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