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Advance Refunding
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Book Synopsis Debt Management and Advance Refunding by : United States. Department of the Treasury
Download or read book Debt Management and Advance Refunding written by United States. Department of the Treasury and published by . This book was released on 1960 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Advance Refunding and Debt Management by : United States. Congress. Senate. Committee on Finance
Download or read book Advance Refunding and Debt Management written by United States. Congress. Senate. Committee on Finance and published by . This book was released on 1962 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Advance Refunding and Debt Management [1962]. by :
Download or read book Advance Refunding and Debt Management [1962]. written by and published by . This book was released on 1962 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis U.S. Treasury Advance Refunding by : Thomas R. Beard
Download or read book U.S. Treasury Advance Refunding written by Thomas R. Beard and published by . This book was released on 1964 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Don't Waste a Free Lunch by : Andrew Kalotay
Download or read book Don't Waste a Free Lunch written by Andrew Kalotay and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: A callable municipal bond ...
Book Synopsis Advance Refundings of Municipal Bonds by : Andrew Ang
Download or read book Advance Refundings of Municipal Bonds written by Andrew Ang and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Municipal bonds are often "advance refunded." Bonds that are not yet callable are defeased by creating a trust that pays the interest up to the call date, and pays the call price. New debt, generally at lower interest rates, is issued to fund the trust. Issuing new securities generally has zero net present value. In this case, however, value is destroyed for the issuer through the pre-commitment to call. We estimate that for the typical bond in an advance refunding, the option value lost to the municipality is approximately 1% of the par value not including fees. This translates to an aggregate value lost of over $4 billion from 1996 to 2009 for the bonds in our sample, which are roughly half of the universe of advance refunded bonds that traded during the period. The worst 5% of the transactions represent a destruction of $2.9 billion for taxpayers. We discuss various motives for the transaction, and argue that a major one is the need for short-term budget relief. Advance refunding enables the issuer to borrow for current operating activities in exchange for higher interest payments after the call date. We find that municipalities in states with poor governance generally destroy the most value by advance refunding.
Book Synopsis Advance Refunding and Debt Management by : United States. Congress. Senate. Committee on Finance
Download or read book Advance Refunding and Debt Management written by United States. Congress. Senate. Committee on Finance and published by . This book was released on 1962 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt: Reviews Treasury Dept policies for managing Federal debt.
Book Synopsis An Evaluation of Advance Refunding as a Technique of Debit Management by : John Francis Bermingham
Download or read book An Evaluation of Advance Refunding as a Technique of Debit Management written by John Francis Bermingham and published by . This book was released on 1964 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Life Without Advance Refunding by : Andrew Kalotay
Download or read book Life Without Advance Refunding written by Andrew Kalotay and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The elimination of advance refunding following the passage of the new tax law will have staggering effects on the municipal market. In recent years most municipal bonds aimed at institutional investors carried an above-market 5% coupon and had a 10-year call. Due to the overwhelming popularity of this structure, municipal benchmark curves represent the yields of AAA 5% NC-10 bonds. The 5% NC-10 structure had wide appeal for a variety of reasons, a primary one being their eligibility for advance refunding. Below, we will discuss in detail the appeal of this feature. For now, we simply observe that 5% bonds used to be routinely advance-refunded well before the initial call date in Year 10, to the benefit of issuers, investors, and the various intermediaries who facilitated such transactions. In the absence of advance refunding, the 5% NC-10 structure will lose much of its appeal. As a consequence, we expect structural changes in the municipal market. In particular, bonds callable in less than 10 years, with coupons below 5%, are likely to emerge. Because such bonds cannot be priced using 5% NC-10 yield curves, there will be demand for new benchmark curves. Issuers and their financial advisors will have to identify the most cost-effective funding alternative from among issues with different coupons and call provisions. A rigorous approach to determining the optimal time to call and refund will be another unfamiliar task. Meeting these challenges will require training in contemporary fixed income analysis, replacing the current ad hoc approaches to debt management.
Book Synopsis Advance Refunding of Tax-exempt Debt by : Philip B. Scheps
Download or read book Advance Refunding of Tax-exempt Debt written by Philip B. Scheps and published by . This book was released on 1984 with total page 348 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Advance Refunding and Debt Management by : United States. Congress. Senate. Committee on Finance
Download or read book Advance Refunding and Debt Management written by United States. Congress. Senate. Committee on Finance and published by . This book was released on 1962 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :Arkansas. General Assembly. Legislative Council. Research Department Publisher : ISBN 13 : Total Pages :16 pages Book Rating :4.:/5 (181 download)
Book Synopsis Advance Refunding by : Arkansas. General Assembly. Legislative Council. Research Department
Download or read book Advance Refunding written by Arkansas. General Assembly. Legislative Council. Research Department and published by . This book was released on 1976 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis ABCs of Arbitrage by : Frederic L. Ballard
Download or read book ABCs of Arbitrage written by Frederic L. Ballard and published by American Bar Association. This book was released on 2007 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :American Bar Association. House of Delegates Publisher :American Bar Association ISBN 13 :9781590318737 Total Pages :216 pages Book Rating :4.3/5 (187 download)
Book Synopsis Model Rules of Professional Conduct by : American Bar Association. House of Delegates
Download or read book Model Rules of Professional Conduct written by American Bar Association. House of Delegates and published by American Bar Association. This book was released on 2007 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Model Rules of Professional Conduct provides an up-to-date resource for information on legal ethics. Federal, state and local courts in all jurisdictions look to the Rules for guidance in solving lawyer malpractice cases, disciplinary actions, disqualification issues, sanctions questions and much more. In this volume, black-letter Rules of Professional Conduct are followed by numbered Comments that explain each Rule's purpose and provide suggestions for its practical application. The Rules will help you identify proper conduct in a variety of given situations, review those instances where discretionary action is possible, and define the nature of the relationship between you and your clients, colleagues and the courts.
Book Synopsis Advance Refunding by : Philip John Fischer
Download or read book Advance Refunding written by Philip John Fischer and published by . This book was released on 1979 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Advance Refunding by : Craig D. Norris
Download or read book Advance Refunding written by Craig D. Norris and published by . This book was released on 1969 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Financial Manager's Guide to Evaluating Bond Refunding Opportunities by : John D. Finnerty
Download or read book The Financial Manager's Guide to Evaluating Bond Refunding Opportunities written by John D. Finnerty and published by . This book was released on 1988 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt: