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

Cheaper After FOMC
(INSIGHT: pub. August 20, 2014; 4:00p)

Municipal bonds were cheaper today as Treasuries extended losses, especially on the short end, following the FOMC release:

Minutes from the Fed’s July meeting showed participants debating whether to move sooner than expected to raise interest rates, which cheapened Treasuries, especially the 5-year. Municipals were mixed and a disconnect between secondary volume and trading of recent ...continued (Clients - See Full Report) FREE TRIAL

BAML High Bid for Wake County
(INSIGHT: pub. August 19, 2014; 1:30p)

Municipal bonds were generally little changed in secondary action while the first of the larger scheduled new deals of the week were well received.

As Treasuries moved softer into the late morning/early afternoon the bid for tax-exempts remains generally the same. The primary got off to a fairly successful start with Bank of America Merrill Lynch as high-bid for $345 million general obligation bonds for ...continued (Clients - See Full Report) FREE TRIAL

Slow Day
(INSIGHT: pub. August 18, 2014; 4:00p)

Municipals saw light secondary activity today but were modestly cheaper as Treasury bonds sold off:

Tax-exempts did outperform the Treasury market this afternoon in very light secondary activity. On Friday the market was unable to completely keep up with large gains in the Government market so underperformance today is not a surprise.

High-grades were cheaper by 2 to 4 basis points, traders said. ...continued (Clients - See Full Report) FREE TRIAL

Big Friday Move
(INSIGHT: pub. August 15, 2014; 1:00p)

Municipal bonds saw a flurry of activity into the early afternoon in response to the swing in Treasuries:

The secondary market has remained quite active for a Friday as tax-exempt market participants embraced the rally in Treasuries. In the wake of the Treasury move at least $50 million Maryland GO in 2023 traded 5 basis points through yesterday’s levels. It was on this part of the curve that we’ve noted some hesitancy with float from other recently issued competitive high-grades. The typical names are also moving into lower yield ranges such as California GO ...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

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