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

Primary Takes Control; PR TRAN-Related Bill
(INSIGHT: pub. September 16, 2014; 4:00p)

Municipal bonds were slightly firmer in spots as the primary took the focus ahead of tomorrow’s FOMC minutes:

The secondary market took the backseat to the primary today as several of the week’s largest deals priced – to a generally eager investor-base. There was a constructive tone for tax-exempts this morning in sympathy with overnight Treasury gains and many of the more ...continued (Clients - See Full Report) FREE TRIAL

Quiet Day Ahead of FOMC
(INSIGHT: pub. September 15, 2014; 4:00p)

Municipal bonds were generally little changed on light trading:

The secondary market was particularly light today with just under $2.2 billion in transactions as of 3:00 pm eastern (per Bloomberg). Market participants remained sidelined ahead of Wednesday’s FOMC release. The Treasury market opened slightly stronger but did not seem to influence municipals. In the primary market, the ...continued (Clients - See Full Report) FREE TRIAL

Weaker Tone
(INSIGHT: pub. September 12, 2014; 4:00p)

Municipal bonds saw a decent amount of trading activity this morning with a cheaper tone:

Again cheaper Treasuries has put pressure on tax-exempts this morning. Unlike yesterday though, there is more trading activity and elevated secondary selling pressure. Still, many of the lower-rated deals of the week, Chicago water and Minneapolis airport to name two (details in Secondary Markets section below) traded to lower yields. We also continue to see other ...continued (Clients - See Full Report) FREE TRIAL

Slow Day
(INSIGHT: pub. September 11, 2014; 4:00p)

Municipal bonds were generally little changed as Treasuries posted slight gains:

There was little discernable price trend for tax-exempts as trading activity got off to a slow start and remained light throughout the day. The Treasury market opened stronger but pared back gains and municipals were largely unaffected. The high-yield space has outperformed high-grades this week with some notable block trades today supporting this including ...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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