Independent & Data Driven

MMA’s analytical publications are targeted to cover specific aspects of the municipal market. The publications are led by different members of the MMA professional team but often involve collaboration so that MMA’s clients derive the full benefit of the firm’s expertise. Subscriptions to MMA’s publications are tailored to the specific needs of each client. Publications frequency is daily, weekly and monthly. Examples of recent publications are available upon request.

MMA services more than 150 best practice banks to enable them to understand and manage their municipal credit risk. As an independent provider of credit surveillance, MMA has facilitated a thorough review of banks’ municipal bond portfolio credit exposure. MMA’s solution has become a key enterprise risk-management tool that, not only has educated banks on the types and potencies of credit risks in its current municipal holdings, but also has resulted in banks’ successful reviews by all three bank regulators: Federal Reserve, Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation.

PCB differentiates itself from securities and firms providing comparable services by its independence from the transactions between institutional salespeople and bank personnel. Furthermore, MMA’s outstanding professional credit team combines its experience from dealer, mutual fund and rating agency perspectives in order to articulate relevant and data driven analysis to its clients to ensure successful interaction with regulators, banks’ management and their boards. MMA’s proprietary impairment database uniquely positions the firm to identify risks in a powerful and concise manner that is easily understood by its clients.

In addition, MMA’s bank clients regularly interact with MMA professionals regarding issues in the municipal market and those that impact their portfolio.

MMA’s consulting division provides clients with critical insight and solutions to complex issues associated with the municipal market’s idiosyncratic characteristics. Led by Lisa Washburn, MMA has drawn upon the firm’s broad and in-depth expertise in municipal market function, credit analysis, market history, default trends and legislative issues to solve an eclectic array of issues associated with specialized projects.

As an independent research and analytics firm, MMA is uniquely positioned to offer comprehensive and unbiased actionable insights and creative solutions for clients. Recent MMA’s consulting engagements have included:

  • Analysis of municipal market conditions and business prospects for the bond insurance industry for potential investors
  • Default and loss analysis on portfolios of municipal bonds
  • Risk management analysis to guide policy on capital requirements related to municipal securities
  • Liquidity analysis of municipal holdings
  • Development of methodology to prioritize municipal holdings for surveillance purposes
  • Historical analysis of various states’ budget practices and trends

In addition, MMA has been retained to produce white-papers for clients on a variety of topics for the purpose of educating and enhancing market participants’ understanding of risks and opportunities in the municipal market.

MMA has been regularly engaged by foundations, unions, think tanks and hedge funds to serve as a resource on a variety municipal credit and market issues as far ranging as: issuers “willingness” to honor bond contracts, climate change’s potential impact on municipal credit and issuance and finally, the dynamics surrounding specific headline credits such as Detroit, Michigan, Stockton, California, 38 Studios in Providence, Rhode Island, Jefferson Co, Alabama and Puerto Rico.


OUTLOOK (weekly)
  • The leading independent review of events that transpired and those we expect to come.
  • Analysis of recent credit events and headlines affecting the market.
  • Recommendations for portfolio tactics – risks and opportunities for current conditions.
  • Comprehensive, quantitative assessments of liquidity risks and opportunities on the yield curve.
  • A review of public and tax policy out of Washington, D.C. as it pertains to the industry.

  • Update and commentary on MMA’s Credit Impairment Database – the leader in the field.
  • Excellent resource when fielding client inquiries regarding municipal creditworthiness.
  • Comprehensive weekly default and impairment notice activity.

ADVISOR (monthly)
  • A comprehensive look at the prior month’s major trends as well as expectations of what is to come within a historical context.
  • A compilation of the fundamental and technical factors that influence market direction.
  • A review of monthly, quarterly and YTD municipal performance.
  • Primary market activity – coverage of the key new issues sold during the month.

INSIGHT (intraday)
  • Monitors the daily municipal new-issue pricing/sales and secondary market trading activity.
  • Provides forward-looking observations on the day’s activity and participant tactics through direct communication with industry professionals.
  • Breaks down daily secondary activity to provide information on where on the curve and credit spectrum liquidity was observed.

  • MMA provides a AAA 5% and a AAA par coupon curve on a daily basis to help market participants discern risk and value for both issuers and investors.
  • Since 2010, seven of the largest municipal underwriters have been polled to create the 5% benchmark.
  • Since 1999, between 20 and 30 participants have been polled to create the par coupon curve.
  • All curves are available on Bloomberg at command prompt CMMA .

  • Provides a day-end summary of key statistics to identify value and opportunity.
  • Places current conditions in a critical historical context for portfolio strategy.
  • Provides both a fundamental and technical snapshot for quantitative traders and investors.

© 2017 Municipal Market Analytics, Inc.