Patrick Early, chief municipal analyst with Wells Fargo Advisors, points out that a triple-A rated kicker bond with a 5% coupon would yield about 1.75% if it was called at its first possible chance in six years almost double that of a current market muni that matures over that period.
While at first blush that was a lackluster offering when initially released, several months later Passbook has become a compelling coupon and ticketing platform.