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:

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:

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:

Download or read book Debt Management and Advance Refunding written by and published by . This book was released on 1960 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

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:

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.

Download or read book Advance Refunding and Debt Management written by U.S. Senate, 87. Congr., 2. sess 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.

Download or read book Debt Management written by John D. Finnerty and published by Oxford University Press, USA. This book was released on 2001 with total page 468 pages. Available in PDF, EPUB and Kindle. Book excerpt: When companies need fuel to grow, bonds may be the way to go. Traditional blue-chip firms and dot-com startups alike can use debt strategically as a key financial instrument. The critical challenge, however, is integrating corporate debt into core business strategies and established financial policies. This practical book provides practitioners in every industry with a comprehensive, prudent approach to managing corporate debt obligations. Written by leading experts in the field and drawing from case studies of real companies, Debt Management walks financial professional through the entire decision-making process--from designing debt issues to retiring debt through bond redemptions and bond repurchases, all to meet corporate financial objectives. Unique in its presentation of the issuer's perspective--that is, it looks at debt from the company's viewpoint, and not just the buyer's or underwriter's--this work will be the industry reference on debt management and the corporate financier's desktop consultant for years to come. With insights into how factors such as bond valuation methodologies, derivatives, and tax and regulatory restrictions affect the process, the authors provide practitioners in both the U.S. and international debt markets with the information and tools needed to make smart debt-management decisions. With first-rate thinking in finance, while keeping the complex mathematics to a minimum, this volume will prove as handy as it is indispensable--the essential reference for planning, implementing, and managing corporate debt with discretion and confidence.

Download or read book Debt issuance and management written by James C. Joseph and published by . This book was released on 1994 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt:

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:

Download or read book A Handbook on Debt Management for Colleges and Universities written by Robert T. Forrester and published by . This book was released on 1988 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt: Between 1983 and 1986, colleges and universities issued about $20 billion of debt for facilities and student financing, and it is predicted that billions of dollars of new debt will be needed for building renovation. Debt capacity, management, and accounting are now major issues, and the purpose of this book is to provide a handy reference manual for treasury and controllership personnel. Information includes a history of college debt; the need for new debt; common concerns with debt (funded depreciation and debt capacity); choosing a source of funds (debt policy, controlling the financing process, and blended pool of funds); credit support; the effect of the Tax Reform Act; accounting issues over the life cycle of debt; and federal recovery. Ten appendices offer the following examples of debt accounting (bank financing and tax-exempt financing); questions and interpretations regarding debt accounting; an annotated subject bibliography; criteria by various credit rating agencies; hospital and university credit ratings; features of tax-exempt financing alternatives; significant features of the Tax Reform Act of 1986; and three examples (choosing a source of funds, capitalization of interest, and gain on "low to high" refunding). Tables are included. (SM)

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:

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:

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.

Download or read book A guide for preparing a debt policy written by Patricia Tigue and published by . This book was released on 1998 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:

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:

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 0 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.