Community Standouts
New Issuance
Leigh Coney

Leigh Coney, Ph.D., is founder of WorkWise Solutions, which advises, enables and builds custom AI systems for wealth and investment firms. He has authored working papers on AI adoption and analytical-skill preservation, available on SSRN.

Leigh Coney

Leigh Coney, Ph.D., is founder of WorkWise Solutions, which advises, enables and builds custom AI systems for wealth and investment firms. He has authored working papers on AI adoption and analytical-skill preservation, available on SSRN.

Anatomy of a Deal
Andrew Kalotay
MuniThink

Muni professionals’ knee-jerk response is that the phrase is clear, until they attempt to explain it. And then they realize that it is nonsensical.

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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