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

Mixed Today
(INSIGHT: pub. April 22, 2014; 4:00p)

Municipal bonds traded in mixed fashion today:

There was no discernable price trend for the ‘general market’ of municipals today. Trading was more robust than yesterday while secondary selling pressure remains a non-issue save for one asset manager that has had a larger list out for the past few sessions. The pressure from Thursday’s outperformance to Treasuries has forced some to cut their scales on ...continued (Clients - See Full Report) FREE TRIAL

Extremely Light
(INSIGHT: pub. April 21, 2014; 4:00p)

Municipal bonds were very lightly traded today and little changed as a result.

Street activity never really picked up today with less than $3 billion of secondary volume of fixed-coupon bonds near 4:00 pm eastern (per Bloomberg, which counts $5 million or more as just $5 million). This is just more than half the daily average for last week. This is in part due to last Thursday’s massive ...continued (Clients - See Full Report) FREE TRIAL

10-Year Strength
(INSIGHT: pub. April 17, 2014; 4:00p)

Municipal bonds continued to outperform Treasuries today on light trading:

Tax-exempts were firmer in the intermediate and shorter portions of the curve today in a continuation of outperformance to taxables. Elsewhere the market is generally little changed. Secondary activity is on the lighter side with an early close scheduled shortly. In that 10-year range specifically we point to: New York Thruway Authority in 2019, Maryland GO in 2019, North Carolina in 2021 and Washington GO in 2024, among others. ...continued (Clients - See Full Report) FREE TRIAL

Tax-Exempts Outperform Taxables
(INSIGHT: pub. April 16, 2014; 4:00p)

Municipal bonds improved modestly today as the last large scheduled deals closed accounts:

Activity slowed considerably by the mid-afternoon but municipals clearly outperformed a slightly weaker Treasury market today by posting modest gains. Today and yesterday both started out on somewhat tenuous ground as many market participants looked at year-to-date yield lows across the curve with skepticism. In each of the past two trading sessions we’ve seen aggressive 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

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