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New Issuance

Max Flötotto is a senior partner at McKinsey & Company.

Max Flötotto is a senior partner at McKinsey & Company.

Anatomy of a Deal
MuniThink

Many analysts expect school districts over the next two years to lose $200 billion in revenue, driving roughly 300,000 teacher layoffs.

Andrew Kalotay says taxpayers would have come out half a billion ahead had the issuer waited out the call date instead of refunding their exempt bonds with taxable paper for 14 transactions between 2018 and 2020.
MuniThink

Issuers routinely refund 5% bonds in year 10, and the resulting savings can be significant. It is notable that although refunding is typically associated with declining interest rates, 5% bonds are refunded even if rates rise.

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