Kelly M. Combs

Kelly M. Combs is a Senior Verification Analyst in the Montgomery, Texas office of The Arbitrage Group, Inc. Kelly has extensive experience in the tax exempt bond industry. Kelly’s primary responsibility in the Verification Practice has been the verification of compliance with Treasury regulations for bond obligation financing structures including:

  • Advance and current refundings;
  • Escrow restructurings;
  • Defeasances; and,
  • Other cash flow and yield structures.

Prior to joining The Group, Kelly was a Senior Analyst at TPR Investments, L.P.  Her experience was concentrated in detailed analysis of escrow portfolios for tax exempt bond issuers, choosing the most cost effective portfolio of U.S. Government Securities, calculating sufficiency of those receipts to pay debt service requirements, performing needed yield calculations, as well as pricing and trading securities in the market.  She served in this capacity for over six years.

Prior to joining TPR Investments, L.P., Kelly was a quantitative analyst at George K. Baum & Company, in their municipal finance practice, for a period of five years, concentrating on escrow restructurings and forward float agreements.

Kelly was also a member of the KPMG Peat Marwick, LLP National Arbitrage Practice.  Her experience was concentrated in the preparation of rebate and yield restriction computations.