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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

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

Better Tone As Day Progresses
(INSIGHT: pub. April 15, 2014; 4:00p)

Municipal bonds saw an uptick in activity this afternoon and a firmer tone developed:

A firmer bid in Treasuries and stronger bidding on the day’s high-grade competitive loans helped erase a more mixed tone to start the trading session. A few larger customers that had not been so active this week began to get more involved in the market in the early afternoon as the pendulum shifted as a result of Ukraine concerns. There were a few dealers as well that put a large amount of ...continued (Clients - See Full Report) FREE TRIAL

Quiet Monday
(INSIGHT: pub. April 14, 2014; 4:00p)

Municipal bonds were lightly traded with a softer tone in spots out long:

Overall the market was fairly quiet today but markets on New York, California and some of New Jersey’s more liquid credits did imply minor weakness on the long-end; 15-years and in the market was generally little changed. Activity was slow today with the volume of secondary transactions crossing the $3 billion mark after 3:00 pm eastern. To compare, by 11:00 am on Thursday last week and by noon on Friday this threshold had been breached. Insured Illinois GOs in 2035 traded significantly ...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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