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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

Strong to Finish Week
(INSIGHT: pub. August 29, 2014; 11:00a)

Municipal bonds improved again headed into the long weekend:

Rate direction continues to be positive. A few large customers were actively making markets on recently issued deals that printed out stronger than previous levels. The lower-rated sector is leading the slate. This is a large amount of trading considering the time of year.

High-grades were better by 1 to 2 basis points, traders said. ...continued (Clients - See Full Report) FREE TRIAL

Firmer On Above Average Trading
(INSIGHT: pub. August 28, 2014; 4:00p)

Municipal bonds improved in a robust secondary environment:

The Street saw a lot of activity today considering the time of year. Recently issued new-deals improved and the most liquid names out of California, New Jersey, New York and Texas all made gains. The best performance was out long. The Detroit sewer bonds rallied in the secondary break this afternoon with the AMT bonds in ...continued (Clients - See Full Report) FREE TRIAL

Modest Gains
(INSIGHT: pub. August 27, 2014; 4:00p)

Municipal bonds firmed following the strength of the Treasury market:

Tax-exempts improved today as the secondary markets were more active than recent trading sessions. As of 3:00 pm eastern there were 890 block trades compared to just 605 yesterday (per TMC). Taxables rallied in the afternoon after opening strong, which provided direction to municipals. The low supply dynamic and success of primary market deals also contributed to a constructive tone. ...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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