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Valuing Advance Refundings

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

http://www.bondbuyer.com/issues/122_155/commentary-valuing-advance-refundings-1054558-1.html

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Author

Leonard Weiser-Varon serves as bond counsel, purchasers’ counsel, bondholders’ counsel and trustee’s counsel on municipal bond issues, workouts and restructurings. Len also represents state sponsors and private program managers of Section 529 and 529A savings programs.