The Power
 of Independence
Thomas Doe
Municipal Market Advisors ( MMA ) is an independent research firm based in Concord, Massachusetts, founded in 1995. MMA’s core business is to provide strategic analysis and commentary on historical and quantitative conditions of the US municipal market, as well as leading issues confronting the industry.

In 2013, MMA has introduced two new services: the Portfolio Credit Benchmark (PCB), an enterprise risk solution for bank portfolios; and MMA Consulting, a professional consulting division in response to requests from a diverse representation of market participants for independent analysis on important concerns and projects. (see below left for more)

MMA’s clients include leading investment firms, banks, security dealers, financial advisors, issuers and regulators who value the firm’s insightful and timely perspective on key industry issues and unbiased market analysis. (read more) (read more)

Portfolio Credit Benchmark ( PCB )
Municipal Market Advisors (MMA) has developed the PORTFOLIO CREDIT BENCHMARK (PCB), a cost-effective solution to help banks navigate their new responsibilities related to the credit risk in their municipal bond portfolios. PCB is consistent with the recent regulatory guidance for ongoing due diligence of investment portfolios. It is an enterprise risk-management tool that will educate a bank on the types and potencies of credit risks in its current municipal holdings.

PCB uses security attribute analysis to consistently and objectively review all municipal holdings and identify those that have characteristics that correlate with a higher degree of default risk. MMA’s PCB clients represent banking institutions who are pursuing best practice solutions and developing a sound investment policy. click here.

MMA Consulting
MMA has extended its professional services beyond its array of reports and publications covering aspects of the municipal market and industry. In 2011, MMA began its consulting practices in response to requests from leading participants in the financial markets for independent analysis. MMA has been engaged in projects to assess a variety of risks – business, credit and liquidity - for a diverse clientele.

Contracts with clients are bound by confidentiality but have addressed issues as wide ranging as due diligence of a private-equity funding and the assessment of municipal default risk associated with bankruptcy. In addition, MMA has been contracted to produce white-papers on a variety of topics in order to better inform investors as to risks and opportunities of products in the municipal market. Finally, MMA has been engaged by foundations and hedge funds to serve as an advisor on municipal related issues as far ranging as issuers “willingness” to honor bond contracts, climate change’s potential impact on municipal credit and issuance and the dynamics surrounding specific credits.

Client contracts are defined by either project or hourly fee structures. click here.

Whitney's Call on Muni Bonds Matt Fabian

Can Muni's Lose Tax Exempt Status?

Meredith's Made-Up Muni Crisis Matt Fabian

National Governors Association: Testimony Thomas Doe

S&P, Moody's downgrade Puerto Rico to junk status
Municipal Market Advisors managing director Robert Donahue on Puerto Rico’s debt and financial turmoil. Bob Donahue

Navigating Your Municipal Portfolio Through Regulatory Guidance

  • How the rules and guidance impact your bank’s municipal bond portfolios
  • Flexibility in implementing the new rules and guidance
  • Recent trends in the municipal bond market, particularly regarding bank ownership
  • MMA’s Portfolio Credit Benchmark (PCB) solution for ongoing portfolio reviews and how it may serve as a framework for pre-purchase screening
  • Sample analysis of banks that have used the MMA solution
  • Examination experience from banks that have used MMA’s PCB
Gottlieb, Fabian, Cochran Discuss Muni Defaults Matt Fabian

2013 National Governors Association:
Economic Development and Commerce Committee Meeting
Thomas Doe

Detroit’s in Great Financial Shape… Compared to Puerto Rico Bob Donahue

Is Puerto Rico the Greece of the Caribbean?

Puerto Rico Webinar Transcript:
Nov. 16, 2012 - Upon Request

Puerto Rico Call - May 18, 2012 - Audio

Financing 21st Century Infrastructure Thomas Doe

(INSIGHT: pub. October 23, 2014; 4:00p)

Municipal bonds cheapened as the day progressed:

While the tone was cheaper again today the secondary market did not see a lot of activity as we did on Monday and Tuesday of this week. This likely allowed tax-exempts to outperform a Treasury market that extended losses as they day progressed but not by much. Many dealer inventories that were resisting cutting offerings in the morning capitulated to a ...continued (Clients - See Full Report) FREE TRIAL

Several Deals Bumped
(INSIGHT: pub. October 22, 2014; 4:00p)

Municipal bonds were slightly weaker but there are signs the market is ready to turn a corner as the bulk of the week’s new-issues priced:

Trading activity was light as market participants focused on the new issue market and the secondary took the back seat. There were not many commonly traded prints to point to but there was a slightly weaker tone for tax-exempts in sympathy with modest Treasury losses. Selling pressure remained a factor following ...continued (Clients - See Full Report) FREE TRIAL

Cheaper As Dynamics Change From Last Week
(INSIGHT: pub. October 21, 2014; 4:00p)

Municipal bonds lost ground today and again underperformed the Treasury market:

This is now day 2 of rather large losses as Treasuries remain generally flat to slightly cheaper. This is of particular interest as throughout last week’s big rally and subsequent decline, tax-exempts largely kept pace. In fact, both the 10- and 30-year ratios remained largely intact throughout the move (see Figure 1, below) although intra-day ratios on ...continued (Clients - See Full Report) FREE TRIAL

Underperformance Ahead of Larger Calendar
(INSIGHT: pub. October 20, 2014; 4:00p)

Municipal bonds were weaker despite a firmer Treasury market:

Tax-exempts were unable to gain much positive momentum today as secondary market activity was light throughout the entire session. Municipals unperformed Treasury market gains despite more attractive ratios after Friday’s close. Last week’s high volatility has left a degree of ...continued (Clients - See Full Report) FREE TRIAL

SEC: State of Municipal Securities Markets Thomas Doe

Enhancing Investor Protection and the Regulation of Securities Markets Banking, Housing and Urban Affairs

© 2014 Municipal Market Advisors