The National Association of Bond Lawyers (NABL) held a conference this month where a panel entitled “Tax Hot Topics” inspired a discussion on taxable advance refundings. Specifically, there was debate about whether an escrow established with the proceeds of a taxable advance refunding of tax-exempt bonds was yield restricted to

No doubt many of you are contemplating or exploring the feasibility of a taxable advance refunding for your borrower clients.  Given the elimination of tax-exempt advance refundings as a result of the 2017 tax reform act and the precipitous decline in interest rates over the past few months, many borrowers

We recently completed a reinvest transaction for a Blue Rose client who had a rather short-dated project fund, with a final draw date approximately seven months after the settlement of the bonds. Given the current inversion of the yield curve at the very front end, we were delighted that we