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RESEARCH

ADVISOR (monthly)

MMA AAA (daily)
  * Firms Involved *

INSIGHT (intraday)

OUTLOOK (weekly)

STRATEGIST (daily)


REPORTS

Municipal ADVISOR (monthly)
  • A monthly comprehensive report on the dynamics of the municipal market.
  • Looking ahead for the coming month / summary of past month.
  • Secondary trading activity with reference to market’s conditions of liquidity.
  • Review of areas of monthly, quarterly and YTD municipal performance.
  • Primary market activity - coverage of the key new issues sold during the month.
  • Credit commentary of leading issues confronting the municipal market.
  • Fundamental and economic context as it impacts municipals as well as legislative coverage.

MMA AAA Median Municipal Benchmark (Daily)
  • Aaa G.O. Credit: Levels are based on a “Natural ‘Aaa’ G.O. credit” (i.e. not pre-refunded or in-sured) with Maryland G.O. used as a guide. Yields are derived from polling market leaders.
  • A Mid-Market Yield: A transparent and objective assessment of market levels for benchmark use and identification of value of specific bonds evaluated in a portfolio. (A “mid market” yield repre-sents the mid-point between the “bid” and “offered” side of the market.)
  • Current Coupon Rate: A near-par coupon assumption allows for historical comparison over time. Assumes a 10-year par call.

Municipal INSIGHT (3 x Daily)
  • Monitors the daily municipal new issue pricing/sales and secondary markets trading activity.
  • Provides forward-looking observations on the day’s activity, and participant tactics through di-rect quotes by industry professionals.
  • Explains the latest economic data and arbitrage derivative market activity as it relates to munici-pals, as well updates on breaking events in DC directly impacting tax-exempt investments.

Municipal OUTLOOK (Weekly)
  • Suggestions for the week ahead and review of past week.
  • Recommendations for portfolio tactics—risks and opportunities for current conditions.
  • Focus on major headline issues and their impact and relevance to municipal investors’ holdings.
  • Comprehensive quantitative assessment of liquidity risks and opportunities on the yield curve.
  • Update & commentary on MMA’s Credit Impairment Database - review of credit default trends.

Municipal STRATEGIST (Daily)
  • Provides a day-end summary of key statistics to identify value and opportunity.
  • Places current conditions in a critical historical context for portfolio strategy.
  • Highlights leading market influences to define objectively the market context of risk and liquidity.
  • Technical snapshot for quantitative traders and investors pertaining specifically to municipals.
© 2012 Municipal Market Advisors: 978-287-0139