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

Little Changed To End September
(INSIGHT: pub. September 30, 2014; 4:00p)

Municipal bonds were little changed to slightly weaker in spots to end September:

Secondary market activity was on the lighter side and levels were generally little changed as participants once again turned their focus on the primary market. There was no discernable price trend among commonly traded names. Some made the case for a weaker tone in spots in sympathy with taxable weakness, which fluctuated ...continued (Clients - See Full Report) FREE TRIAL

Firmer Tone To Start Week
(INSIGHT: pub. September 29, 2014; 4:00p)

Municipal bonds firmed in sympathy with Treasury gains:

Secondary market activity was light to kick off the week but a firmer tone was evident. Overnight Treasury gains resulting from elevated geopolitical concerns provided direction to tax-exempts. The success of last week’s primary market deals carried over into today’s trading session. California various purpose GO bonds traded slightly ...continued (Clients - See Full Report) FREE TRIAL

Mixed Open; PR TRANs Bil
(INSIGHT: pub. September 26, 2014; 11:00a)

Municipal bonds saw modest activity for a Friday morning and for now are outperforming the weaker Treasury market:

Bonds from the largest two deals this week were again moving into modestly lower yield ranges (see tables below) but beyond that trading has seen a more mixed tone today. Treasuries began to weaken in the wake of the shake-up at PIMCO and expected outflows from its assets under management. Tax-exempts did not ...continued (Clients - See Full Report) FREE TRIAL

Gains But Activity Slows
(INSIGHT: pub. September 25, 2014; 4:00p)

Municipal bonds improved today although secondary activity began to slow as the day wore on:

Tax-exempts posted modest gains today but were unable to keep pace with Treasury gains into the afternoon. The morning started out with significant movement on the New York’s STAR issue to much stronger levels and California GO that broke the previous day tightened modestly once again. Outside of the movement on these two issues though there was not as much ...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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