Cutting-edge Structuring and Refunding Analysis

MuniCycle enables issuers, advisors, and underwriters to analyze contemplated transactions. This powerful tool offers option-based analysis for new issue structuring with different coupons and call protection periods, and for calling / refunding.



  • Conventional bond calculations:
    • Price/yield (YTM, YTC, YTP, YTW, CFY) conversion for standard daycounts
    • Accrued interest for standard daycounts
    • Modified duration/convexity/DV01
    • Cashflows
  • Valuation:
    • Option adjusted spread (OAS) corresponding to a price
    • Fair value given issuer's yield curve
    • Effective duration/convexity/DV01
    • Implied volatility given bond's price
    • Fair coupon given a specified structure
  • Refunding analysis:
    • For call or market purchase
    • Reports cashflow savings and refunding efficiency
    • Includes wait-until-call analysis
    • Municipal bond current and advance refunding analysis
  • New issue structuring:
    • Solves for fair coupon for multiple structures
    • Measures mispricing given market coupons
    • Compares after-tax expected cost across maturity spectrum (including structures with embedded options)
  • Portfolio analysis:
    • Valuation (including effective duration)
    • Current and advance refunding analysis
    • Portfolio-based statistics
    • Scheduled cashflows
  • Portfolio-based scenario analysis and stress testing:
    • Total return over specified holding period and interest rate scenario
    • Scenario-dependent calls and puts
  • Yield curve analysis:
    • Discount factors, zero-coupon rates and forward rates corresponding to a par yield curve
    • Volatility term structure

MINER™ - Municipal Insurance Evaluator

MINER provides analytics to compare different insurance-premium structures, including the traditional method of paying the entire premium up-front or paying a smaller up-front premium followed by annual payments commencing on the first call date. It can also value a credit offered if the bonds are refunded prior to their final maturity. The new pricing options generally benefit issuers whose bonds are refunded prior to maturity, but quantifying the benefit requires the use of sophisticated models that incorporate the probability that a bond will be refinanced.