Interest Rate Risk Management of Municipal Bonds

It is an oft-repeated mantra that "munis are different" and that standard analytical tools are irrelevant to...
Dhs. 419.12 AED
Dhs. 419.12 AED
SKU: 9781736594704
Product Type: Books
Please hurry! Only 411 left in stock
Author: Andrew J. Kalotay
Format: Hardcover
Language: English
Subtotal: Dhs. 419.12
10 customers are viewing this product
Interest Rate Risk Management of Municipal Bonds by Kalotay, Andrew J.

Interest Rate Risk Management of Municipal Bonds

Dhs. 419.12

Interest Rate Risk Management of Municipal Bonds

Dhs. 419.12
Author: Andrew J. Kalotay
Format: Hardcover
Language: English

It is an oft-repeated mantra that "munis are different" and that standard analytical tools are irrelevant to managing them. Andrew Kalotay certainly agrees that munis are different. In fact, they are more complex than just about any other bond category. Munis are rich in options, their pricing is tax-dependent, the benchmark curves are comprised of callable bond yields ... and the list goes on.

Dr. Kalotay argues that the complexities of munis actually mandate the use of modern fixed income analytics. He demonstrates the necessity for option-adjusted spread (OAS) technology, and exposes the potential pitfalls of risk management by "yield-to-worst." And he offers an in-depth discussion of the de minimis tax effect, which depresses the prices of discount munis. The breakthrough concept of tax-neutral OAS analysis accurately captures this effect. Without tax-neutral OAS, discount munis look deceptively cheap, and their durations are grossly underestimated. Risk managers should sit up and take notice.



Author: Andrew J. Kalotay
Publisher: Andrew Kalotay Associates
Published: 03/05/2021
Pages: 186
Binding Type: Hardcover
Weight: 0.92lbs
Size: 9.00h x 6.00w x 0.50d
ISBN: 9781736594704

About the Author
Kalotay, Andrew J.: - Dr. Andrew Kalotay began his career at the famed Bell Laboratories before moving to Salomon Brothers, Wall Street's leading bond house at the time. He started his own fixed income analytics firm in 1990 and also directed the first graduate financial engineering program in the United States, at Polytechnic University. He is a member of the Fixed Income Analysts Society Hall of Fame.

Returns Policy

You may return most new, unopened items within 30 days of delivery for a full refund. We'll also pay the return shipping costs if the return is a result of our error (you received an incorrect or defective item, etc.).

You should expect to receive your refund within four weeks of giving your package to the return shipper, however, in many cases you will receive a refund more quickly. This time period includes the transit time for us to receive your return from the shipper (5 to 10 business days), the time it takes us to process your return once we receive it (3 to 5 business days), and the time it takes your bank to process our refund request (5 to 10 business days).

If you need to return an item, simply login to your account, view the order using the "Complete Orders" link under the My Account menu and click the Return Item(s) button. We'll notify you via e-mail of your refund once we've received and processed the returned item.

Shipping

We can ship to virtually any address in the world. Note that there are restrictions on some products, and some products cannot be shipped to international destinations.

When you place an order, we will estimate shipping and delivery dates for you based on the availability of your items and the shipping options you choose. Depending on the shipping provider you choose, shipping date estimates may appear on the shipping quotes page.

Please also note that the shipping rates for many items we sell are weight-based. The weight of any such item can be found on its detail page. To reflect the policies of the shipping companies we use, all weights will be rounded up to the next full pound.

Related Products

Recently Viewed Products