Community Standouts
New Issuance
Anatomy of a Deal
Paul Brandley, CFO and Treasurer of the MBTA and John Markowitz, Director of Treasury Services
MuniThink

As the oldest mass transit authority in the country, the Massachusetts Bay Transportation Authority (MBTA) has a history of innovation.

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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