A recent study of the economics of advance refundings asserts the provocative conclusion that "[t]he widespread practice of advance refundings of municipal bonds is, at best, zero net present value, though wasteful of fees." This study may well compel a counter-study from the many proponents of advance refundings.
Commentary: Valuing Advance Refundings
October 21-23, 2015San Francisco Marriott Marquis, San Francisco, CA
Omni Providence Hotel, Providence, RI
November 18-20, 2015Westin Denver Downtown, Denver, CO