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

Slightly Firmer Tone
(INSIGHT: pub. July 21, 2014; 4:00p)

Municipal bonds were generally little changed to slightly firmer in spots on light activity:

There was a slightly firmer tone for tax-exempts today following Friday’s outperformance of Treasuries. Today was a typically slow summer Monday for the municipal market, but trading activity was indicative of a slightly firmer bid even after Treasuries faded somewhat after a much stronger overnight session. Of note, the New York City Transitional Finance Authority future tax bonds from last week’s deal traded 15 basis points firmer than ...continued (Clients - See Full Report) FREE TRIAL

Firmer Yet Again, MD ROP
(INSIGHT: pub. July 18, 2014; 11:00a)

Municipal bonds continued to improve this morning, outperforming a weaker taxable market:

After yesterday’s modest underperformance to the safety bid in Treasuries, tax-exempts continued with momentum this morning. While world-wide events clearly had an effect, this week the municipal bond mutual fund complex largely weathered the Puerto Rico storm allowing for somewhat of a collective sigh of relief in the Street. Furthering a strong backdrop was the drop in dealer offerings, implying less ...continued (Clients - See Full Report) FREE TRIAL

Safety Bid
(INSIGHT: pub. July 17, 2014; 4:00p)

Municipal bonds firmed across the curve as the Treasury market rallied on international news.

Tax-exempts started strong and continued to improve throughout the day as investors were roiled by the military and political events abroad. Treasuries rallied hard after news broke of the Malaysian airplane crash in the Ukraine and then further after news of the Israeli military’s ground invasion of Gaza. The 30-year yield fell in the afternoon to year-lows at 3.27% and the 10-year at 2.45%, nearing ...continued (Clients - See Full Report) FREE TRIAL

Firmer Tone; New Deals Well Received
(INSIGHT: pub. July 16, 2014; 4:00p)

Municipal bonds were still trading on the lighter side in the secondary but as new-deals continue to see strong reception a better tone developed:

Secondary activity picked up as the day progressed and a better tone developed in the high-grade space. The 10-year part of the curve saw more activity than recent trading sessions and it was in this range that the gains were the largest. The long-end was also firmer but not as consistently. Various Puerto Rico markets also continued to ...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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