BEGIN:VCALENDAR
VERSION:2.0
PRODID:-//Memento EPFL//
BEGIN:VEVENT
SUMMARY:The Advance Refundings of Municipal Bonds
DTSTART:20150522T103000
DTEND:20150522T120000
DTSTAMP:20260916T224300Z
UID:e2c89799aae26e571de0c3b251b6e88f7777ca61488811072a4f00be
CATEGORIES:Conferences - Seminars
DESCRIPTION:Richard GREEN (Carnegie Mellon)\nIn “advance refundings\,”
  a widespread practice where existing callable debt is defeased by issuing
  new bonds\, issuers lose by pre-committing to call. The average option va
 lue lost is 1% of par value\, not including fees. This translates to an ag
 gregate value lost of over$7 billion from 1995 to 2013 for the bonds in ou
 r sample\, which are roughly two-thirds of all advance refunded bonds. A m
 otivation for the transaction is that it enables issuers to borrow\, in a 
 non-transparent way\, to fund current operating activities in exchange for
  future higher interest payments. Municipalities in states with more corru
 ption destroy more option value.
LOCATION:UNIL\, Extranef\, room 126 https://planete.unil.ch/plan/?local=EX
 T-126
STATUS:CONFIRMED
END:VEVENT
END:VCALENDAR