News & Events

November 15, 2018: Challenges of Risk Management Post Advance Refunding in the Muni Bond Market

Event Date: 
November 15, 2018

Dr. Andrew Kalotay will be presenting at GARP Chicago Chapter Meeting on Thursday, Nov. 15, 2018.  He will be discussing: Challenges of Risk Management Post Advance Refunding in the Muni Bond Market: New Structures, New Yield Curves, Return of Discounts

Slide Deck: GARP Chicago - Challenges of Risk Management Post Advance Refunding

Kalotay Cites Higher Muni Costs Due to Advance Refunding Halt

July 16, 2018

The Bond Buyer covered Andy Kalotay's presentation at Brookings Muni Finance Conference on the impact of the elimination of advance refunding and the importance of OAS analytics. See the article: Kalotay Cites Higher Muni Costs Due to Advance Refunding Halt.

Download his paper and presentation here.

July 14-16, 2018: Brookings Municipal Finance Conference 2018

Event Date: 
July 14, 2018

Dr. Andrew Kalotay's discussion and paper on 'Life without advance refunding' and recent changes in the municipal market in Washington D.C at the Brookings Institute conference.

White Paper: Life With Out Advance Refunding

Yield shocks underestimate the interest rate risk of callable bonds

July 3, 2018

Andy Kalotay provides commentary in The Bond Buyer on why interest rates and yields are not interchangeable: Yield shocks underestimate the interest rate risk of callable bonds. He explains that shocking the yields of callable bonds, instead of shocking interest rates, can lead to wildly misleading results and to inefficient hedges.

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