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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

Mixed; PR, DC Updates
(INSIGHT: pub. December 19, 2014; 4:00p)

Municipal bonds saw mixed trading this morning as Treasuries improved for the first time since Tuesday:

With some footing in the taxable markets, tax-exempts saw a fair amount of secondary activity this morning but a discernable tone was not evident. Granted, a few larger accounts do continue to be active on the long-end of the curve that has some bumping their scale but outside of these buyers, in the wake of yesterday’s losses, many are content to end the week sooner ...continued (FREE TRIAL)

Tax-Exempts Decline Substantially
(INSIGHT: pub. December 18, 2014; 4:00p)

Municipal bonds were much weaker in sympathy with a sell-off in the Treasury market:

Early morning taxable losses that exacerbated throughout the day set the tone for tax-exempts. The secondary markets were relatively quiet and we understand that buyer interest was particularly light. There were a fair amount of bids-wanted lists in circulation today, but a large portion of the items did not trade. A larger list containing California pieces reportedly received strong bids. ...continued (FREE TRIAL)

Weaker But Fed Statement Alters Ratio Picture
(INSIGHT: pub. December 17, 2014; 4:00p)

Municipal bonds declined today but outperformed a sell-off in Treasuries:

Tax-exempts had a weaker tone throughout the trading day with taxable markets but did not largely participate in the post-FOMC sell-off this afternoon. Secondary bids-wanteds that were elevated yesterday carried into today’s session and the trading out of the lists indicated a weaker bid-side. Additionally, several dealers did begin to cut inventory as the session progressed. We did ...continued (FREE TRIAL)

Constructive Day
(INSIGHT: pub. December 16, 2014; 4:00p)

Municipal bonds firmed today following a much stronger Treasury market while new-issues also continued to see solid investor interest.

The tax-exempt space fared well today with primary and secondary markets seeing a constructive tone. Treasuries pared back some of the strongest gains from earlier in the day, but were still up considerably near publication on news out of Russia and oil prices. Municipals benefited from the taxable strength and the relatively large new-issue slate pricing bonds today. Almost every ...continued (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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