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

Underperformance Ahead of Larger Calendar
(INSIGHT: pub. October 20, 2014; 4:00p)

Municipal bonds were weaker despite a firmer Treasury market:

Tax-exempts were unable to gain much positive momentum today as secondary market activity was light throughout the entire session. Municipals unperformed Treasury market gains despite more attractive ratios after Friday’s close. Last week’s high volatility has left a degree of ...continued (Clients - See Full Report) FREE TRIAL

Modest Weakness
(INSIGHT: pub. October 17, 2014; 1:00p)

Municipal bonds posted modest losses in a quite Friday compared to the previous few mornings:

It is a bit cheaper in secondary trading this morning. The week’s volatility has left the Treasury market largely where it left off last Friday and municipals have followed the ride as closely as it could. In fact, our 10-year ratio to Treasuries has remained in the 88%-89% throughout the last 4 days. The performance on Wednesday can be largely attributed to ...continued (Clients - See Full Report) FREE TRIAL

Dislocated Market
(INSIGHT: pub. October 16, 2014; 4:00p)

Municipal bonds weakened under selling pressure and a cheaper Treasury market but secondary illiquidity became the strongest theme as the day progressed:

There was a better tone to start the day but it did not last. Secondary selling pressure was at its highest in some time as customers looked to sell into the giant move over the last few sessions. As the day progressed, and Treasuries began to decline, bid lists were seeing less and less ...continued (Clients - See Full Report) FREE TRIAL

By Day's End Outperformance To Taxables
(INSIGHT: pub. October 15, 2014; 4:00p)

Municipal bonds rallied today and the primary market saw the largest scheduled deals come and go with strong interest:

The gains posted were large today with a fair amount of trading right off the bat. As noted in our midday post, the massive move in Treasuries as U.S. stock markets opened forced some dealers to remove secondary offerings as hedges went severely the wrong way for a period of time. As a result, secondary activity slowed midday and the Street became somewhat ...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