Advance refundings may be an appropriate target for the semi-jocund question, "sure it works in practice... but does it work in theory?" A recent study of approximately 150,000 transactions which concluded that advance refundings "destroy value" is reviewed and critiqued in the following commentary featured in The Bond Buyer.
Leonard Weiser-Varon is a Mintz Member who handles municipal and corporate debt transactions. Len represents state sponsors and private program managers of Section 529 and 529A savings programs. He often speaks on securities and constitutional law matters.