Webinar - Recent Developments in Municipal Bond Data & Analytics

Event Date: 
May 21, 2020

Kalotay Analytics participated in a Voltaire Advisors webinar on the latest issues and challenges in the muni markets. Andy Kalotay presented on Callable Taxable Munis Provide Hidden Value for Investors.

Advance refunding of tax-exempt munis with taxables accounted for about 25% of issuance in the first quarter of 2020. The call provision enables issuers to eventually replace taxable bonds with tax-exempts. We show that the ‘tax-exempt’ refunding feature can generate a surprising windfall for investors.

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