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 30, 2014; 4:00p)

Municipal bonds were mixed today:

In the early going today there were some firmer prints and a sense that after Wednesday’s underperformance to Treasuries the tax-exempt space was poised to be more constructive. Even as Treasuries extended gains in the late morning though the bid-side began to back off. This afternoon the lack of a large volume of going-away trades plus a round of a few larger ...continued (Clients - See Full Report) FREE TRIAL

Several New Deals See Heavy Subscription
(INSIGHT: pub. October 28, 2014; 4:00p)

Municipal bonds were little changed today outperforming a weaker Treasury market:

The Street played second fiddle to the primary today as the $1 billion-plus non-rated World Trade Center issue came to market, was quickly oversubscribed for and bumped levels significantly before closing the account within a few hours. This deal is not an indicator for the broader municipal market but other negotiated deals we tracked today found solid traction – a good sign going forward. In the limited secondary activity, we continue ...continued (Clients - See Full Report) FREE TRIAL

Slightly Firmer In Spots
(INSIGHT: pub. October 27, 2014; 4:00p)

Municipal bonds improved modestly as recently issued deals generally traded firmer than originals:

There was a firmer tone for tax-exempts in spots as slight Treasury market gains provided direction to municipals. A firmer bid side was evident as selling pressure continued to taper and new issue supply volume is lighter than recent weeks. A strong technical backdrop remains in place despite recent bouts of high volatility. Deals for the ...continued (Clients - See Full Report) FREE TRIAL

A Better Start To End Rough Week
(INSIGHT: pub. October 24, 2014; 1:00p)

Municipal bonds were firmer as recently issued bonds generally traded better in the Street after Treasuries opened strong on international headlines:

Municipals opened firmer this morning on the first day without the week’s large primary market to contend with and a strong Treasury market. Secondary market activity was light but a firmer bid was evident as several recently issued deals were trading at considerably stronger levels including Wednesday’s competitive ...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