MuniMarket Pulse
By DerivActiv
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Podcast Description
MuniMarket Pulse, a podcast project of DerivActiv, serves as a platform for top municipal bond professionals to speak directly to the issuers, advisors, investors, and other professionals in the broad public finance marketplace. Interviewees include municipal underwriters, mutual fund and hedge fund portfolio managers, fixed income strategists, head muni analysts, state and local government officials, economists, and other market participants. Tune in several times a week as Johan Rosenberg, CEO of DerivActiv, asks the pertinent questions in exclusive interviews with different prominent professionals within the tax-exempt industry.
| Name | Description | Released | Price | ||
|---|---|---|---|---|---|
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1 |
Tom Doe of MMA Says Tax-Exempt Issuance “Is Just Extraordinarily Light” | Tom Doe, Founder and CEO of Municipal Market Advisors discusses municipal market performance in July, continuing low issuance in the primary market, and the dwindling support in Congress for extending the Build America Bond program. | 8/10/10 | Free | View In iTunes |
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2 |
Fabian of MMA Says “The Story in the Muni Market Remains Scarcity” | Matt Fabian, Managing Director at Municipal Market Advisors gives an update on municipal market performance: scarcity in supply, headline induced fear, and record low yields prevail. | 7/22/10 | Free | View In iTunes |
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3 |
Tom Doe of MMA Says “We Haven’t Seen the Retail Investor Flee the Market Just Yet” | Tom Doe, Founder and CEO of Municipal Market Advisors discusses municipal market performance in June, the impact of Warren Buffet’s negative remarks, and retail investors are still creating a steady demand for light supply. | 7/8/10 | Free | View In iTunes |
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4 |
Matt Fabian of MMA Says “BAB Issuance Was Enormous in June” | Matt Fabian, Managing Director at Municipal Market Advisors discusses how lack of tax-exempt supply is keeping yields low and credit spreads tight. Also; BABs were big again in June and will likely be renewed before the end of the year. | 7/5/10 | Free | View In iTunes |
|
5 |
Fabian of MMA Says That Negative Headlines Have Caused “A Sense of Fatigue” in the Muni Market | Matt Fabian, Managing Director at Municipal Market Advisors talks about how the negative headlines have begun to have an adverse affect on the Municipal Market by chasing away unsophisticated investors, undermining liquidity, and reducing the potential buyers of troubled bonds. | 6/24/10 | Free | View In iTunes |
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6 |
Tom Doe of MMA says “Municipals Were in Their Own World Once Again” | Tom Doe of MMA says “Municipals Were in Their Own World Once Again” | 6/6/10 | Free | View In iTunes |
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7 |
Guy LeBas of Janney Montgomery Discusses His Views on Economic Growth in China | Guy LeBas, Chief Economist and Fixed Income Strategist at Janney Montgomery Scott, discusses how the Chinese entrepreneurial culture has influenced rising capitalism. Also, the yuan will appreciate slowly, and massive industrial and commercial development will continue to power the economy. | 6/3/10 | Free | View In iTunes |
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8 |
Fabian of MMA Discusses the IRS Announcement to Audit BABs | Matt Fabian, Managing Director at Municipal Market Advisors talks about the recent announcement by the IRS that they will audit about 50% of the BABs that have been issued. Also; the California budget debate and what could be in store with regulatory reform. | 6/1/10 | Free | View In iTunes |
|
9 |
Matt Fabian says “The Market Has Been Largely Stable” | Matt Fabian, Managing Director at Municipal Market Advisors where he talks about the stability in the municipal market compared to the volatility in US Treasuries and the Euro. Also; a big week for proposed legislation in Washington and the forward calendar is building. | 5/23/10 | Free | View In iTunes |
|
10 |
Tom Doe of MMA says “Investors in BABs Continue to be Rewarded with Higher Yields” | Tom Doe Founder and CEO of Municipal Market Advisors discusses municipal market performance in April, BABs continue to be a major market force, and California ETFs perform very well. | 5/11/10 | Free | View In iTunes |
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11 |
Natalie Cohen of National Municipal Says “Be Wary of Generalizations” about the Municipal Market | Natalie Cohen, Founder of National Municipal Research, Inc. talks about changes in analyzing municipal credits, constraints on municipal bankruptcy, and dramatic headlines shouldn’t deter a well educated investor from the muni market. | 4/20/10 | Free | View In iTunes |
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12 |
Fabian of MMA Says the Ratings Recalibration Will Result in an “Increasing Trend Towards Commoditization” | Tom Doe Founder and CEO and Matt Fabian Managing Director and Lead Analyst of Municipal Market Advisors discuss municipal market performance in March, the recalibration of municipal ratings to the global scale, and the likelihood of a permanent extension of BABs. | 4/12/10 | Free | View In iTunes |
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13 |
TJ Marta of Marta on the Markets Says “The US Can Be Likened to a Fading Empire” | TJ Marta, Market Strategist and Founder of Marta on the Markets talks about both positive and negative aspects of the US economy, sovereign finances are showing stress and why he thinks there will be a W-shaped recovery. | 4/9/10 | Free | View In iTunes |
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14 |
Travis Quast of DerivActiv Says FASB Topic 820 is “Relevant for Entities that Use Derivatives” | Travis Quast, Vice President of DerivActiv, covers FASB Topic 820 including the new definition of fair value, the three-tier hierarchy of inputs used to determine fair value, and how to measure non-performance risk. | 3/26/10 | Free | View In iTunes |
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15 |
Kevin Kone of SFO Talks about Taking Advantage of the ARRA and Other Financing Alternatives in the Municipal Market | This is Part II of a two part series with Kevin Kone, Assistant Deputy Director of San Francisco International Airport, where he discusses how management’s business oriented philosophy has translated into successful results in the capital markets. | 3/25/10 | Free | View In iTunes |
|
16 |
Kevin Kone of SFO Talks about Steps the Airport Has Taken to Manage Costs and Increase Revenues Despite the Recession | This is Part I of a two part series with Kevin Kone, Assistant Deputy Director of San Francisco International Airport, where he discusses how the airport has incorporated a business-oriented approach within a government sector paradigm to stay financially viable even during a recession. | 3/23/10 | Free | View In iTunes |
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17 |
Tom Doe of MMA Says “There’s This Relative Dearth of Tax-Exempt Product” In the Municipal Market | Tom Doe Founder and CEO and Matt Fabian Managing Director and Lead Analyst of Municipal Market Advisors discuss municipal market performance in February, liquidity is still an issue, and negative headlines about the imminent collapse of the municipal market are greatly exaggerated. | 3/11/10 | Free | View In iTunes |
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18 |
Mitchell Savader of Savader Asset Advisors Says the Municipal Market Will See “A Widespread Deterioration in Credit Quality | Mitchell Savader, Chief Executive Officer at Savader Asset Advisors discusses municipal credit issues—certain sectors might be in more trouble than others, and whether a global credit scale would be good for the municipal market. | 3/8/10 | Free | View In iTunes |
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19 |
Feldman of Axiom says “It’s Pretty Clear That a Fairly Large Number of Private Equity Funds Do Misreport” | Dr. Stanley Feldman, Chairman of Axiom Valuation Solutions, talks about the potential for misreporting alternative investment values by hedge funds and equity funds. | 2/16/10 | Free | View In iTunes |
|
20 |
Mier of Loop Capital Says Unemployment Compensation Fund Deficits are “Yet Another Source of Burden for State Governments” | Chris Mier, Managing Director and Municipal Strategist at Loop Capital Markets talks about another fiscal crisis facing states: the depletion of unemployment compensation funds; over half the states are facing deficits, and borrowing in the public markets is one option for replenishment. | 2/12/10 | Free | View In iTunes |
|
21 |
Fabian of MMA Says “A Permanent Extension of the BAB Program Will Greatly Increase Demand” | Tom Doe Founder and CEO and Matt Fabian Managing Director and Lead Analyst of Municipal Market Advisors discuss municipal market performance in January, the potential permanent extension of the Build America Bond program, and changes in the regulation of money funds. | 2/10/10 | Free | View In iTunes |
|
22 |
Towne of DerivActiv Explains GASB 53 and How it Applies to Governmental Entities | Jim Towne, Senior Vice President of DerivActiv covers the nuts and bolts of GASB 53, including which governmental entities will need to comply, the four methods used for hedge effectiveness testing, and new disclosure requirements. | 1/18/10 | Free | View In iTunes |
|
23 |
Tom Doe of MMA Says December Muni Market Performance “Ended on a Whimper” | Tom Doe Founder and CEO of MMA and Matt Fabian Managing Director and Lead Analyst of MMA discuss municipal market performance in December, the outlook for Build America Bond reauthorization, and supply and demand expectations for 2010. | 1/13/10 | Free | View In iTunes |
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24 |
TJ Marta Says “It’s Going to Be Cataclysmic If We Do Not Get Our Fiscal House in Order” | TJ Marta, Market Strategist and Founder of Marta on the Markets talks about four fundamental concerns for the US economy, the pros the cons of extending the Stimulus Package, and the continuing bleak outlook globally. | 12/11/09 | Free | View In iTunes |
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25 |
Doe of MMA Says “We Came Into the Month with the Municipal Market Clearly Showing Value” | Tom Doe Founder and CEO of Municipal Market Advisors, discusses November’s positive momentum and high volume of municipal issuance. Also; negative headlines made it tough for the high yield sector. | 12/7/09 | Free | View In iTunes |
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26 |
Fabian of MMA Says “For Governmental Issuers to Default, They Would Have to Choose to Do So” | Matt Fabian, Managing Director of Municipal Market Advisors, discusses the reasons he doesn’t believe there is a “looming collapse of the municipal market.” Also; recent earnings statements show that bond insurers are still in trouble. | 11/18/09 | Free | View In iTunes |
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27 |
Philip Trieck of Thermopolis Partners Says “The US Dollar has Turned into a Funding Currency for Carry Trades” | Philip Treick, Founder and Managing Partner of Thermopolis Partners and Portfolio Manager of The Fortuno Capital Fund, discusses his take on China’s role in precipitating the 2008 global economic crisis, the gigantic carry trade at the root of it, and how it became an opportunity for China to buy commodities on the cheap. | 11/12/09 | Free | View In iTunes |
|
28 |
Tom Doe of MMA Says “Illiquidity is Still a Major Issue in the Municipal Market” | Tom Doe Founder and CEO of Municipal Market Advisors talks about the mid-October market correction, underfunded pension obligations of states, and the SEC’s push for better financial disclosure by municipal issuers. | 11/9/09 | Free | View In iTunes |
|
29 |
Fabian of MMA Says “Demand Has Stabilized and Prices Have Stabilized” in the Muni Market | Matt Fabian, Managing Director of Municipal Market Advisors, discusses market tone and potential legislative changes including ratings reform and a more balanced MSRB. | 11/2/09 | Free | View In iTunes |
|
30 |
Fabian of MMA Says “California and its Issuers Have Accounted for 27%” of All BAB Issuance | Matt Fabian, Managing Director of Municipal Market Advisors, discusses the correction in the municipal market, the worsening credit situation for state and local governments, and the high concentration of Build America Bond issuance by the State of California. | 10/26/09 | Free | View In iTunes |
|
31 |
Stan Feldman of Axiom Valuation Discusses Five Myths about the Fair Value of Alternative Investments | Dr. Stanley Feldman, Chairman of Axiom Valuation Solutions, talks about several myths that have developed around the application of the fair value standard, or FAS 157, to alternative investments. | 10/23/09 | Free | View In iTunes |
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32 |
Doe of MMA Says There’s “This Incredible Demand Component” in the Municipal Market | Tom Doe Founder and CEO of Municipal Market Advisors, discusses the continuing strong performance of municipals in September. Also, municipal ETFs are growing and ratings reform has resurfaced. | 10/9/09 | Free | View In iTunes |
|
33 |
Rupley of Miller Canfield Says “The IRS has the Capability and Inclination to Use EMMA” to Track BAB Trading | Jerry Rupley, a Principal with Miller Canfield discusses the use of EMMA to track the trading of Build America Bonds and possible emerging trends that could negatively impact BAB issuers. | 10/7/09 | Free | View In iTunes |
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34 |
Stan Feldman of Axiom Says “What has Changed is the Level of Due Diligence that Fiduciaries Have to Do” | Dr. Stanley Feldman, Chairman of Axiom Valuation Solutions, talks about how the Madoff scandal and implementation of FAS 157 have increased the level of responsibility for a fiduciary, particularly in relation to valuing alternative investments. | 10/5/09 | Free | View In iTunes |
|
35 |
Fabian of MMA Says “Most People Want More Yield than is Available in the Market Right Now” | Matt Fabian, Managing Director of Municipal Market Advisors, discusses why muni funds represent seven of the top ten performers in the quarter. Also; BABs are contributing to a scarcity situation in the traditional tax-exempt market. | 10/2/09 | Free | View In iTunes |
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36 |
Kim Edwards of Fidelity Capital Markets Says EMMA is “Pretty User Friendly” | Kim Edwards, Vice President of Municipal Finance at Fidelity Capital Markets, discusses the evolution of disclosure in the municipal bond market, including the MSRB’s recent introduction of the EMMA system. | 10/2/09 | Free | View In iTunes |
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37 |
Guy LeBas of Janney Montgomery Says “We’re Not Too Excited About the Path of Consumer Spending” | Guy LeBas, Chief Economist and Fixed Income Strategist at Janney Montgomery Scott, discusses economic lessons that can be learned by looking back at the past 12 months of the financial crisis. | 9/29/09 | Free | View In iTunes |
|
38 |
Fabian of MMA Says Since the Lehman Crisis, “Households have Consumed 91% of the Net New Municipal Bonds” | Matt Fabian, Managing Director of Municipal Market Advisors, discusses the surge in supply and strong performance in the muni market. Also; the strong retail market is a direct consequence of the Lehman collapse. | 9/22/09 | Free | View In iTunes |
|
39 |
Fabian of MMA Says “There’s a Good Feeling About Fixed Income” | Matt Fabian, Managing Director of Municipal Market Advisors, discusses the tremendous demand in the muni market from mutual funds, new buyers of Build America Bonds, and individual investors. Also; high yield funds offer “tremendous returns.” | 9/15/09 | Free | View In iTunes |
|
40 |
Doe of MMA Says There is Still “A Pretty Compelling Argument for Build America Bonds” | Tom Doe Founder and CEO of Municipal Market Advisors, says the municipal market had its best August performance in five years. Also, the industry is in a pretty healthy position heading into the end of the year. | 9/2/09 | Free | View In iTunes |
|
41 |
Fabian of MMA Says “People are Becoming More Adventurous for Municipal Risk” | Matt Fabian Managing Director of Municipal Market Advisors discusses the relative lack of volatility in the municipal market this summer. Also; the BAB market thrives while short-term debt markets continue to decline. | 8/28/09 | Free | View In iTunes |
|
42 |
TJ Marta Says We Are “Experiencing the Loss of American Supremacy” | Part II of a two part series with TJ Marta, Market Strategist and Founder of Marta on the Markets where he talks about how this economic downturn could have broad-ranging geopolitical ramifications including loss of global supremacy by the US. | 8/20/09 | Free | View In iTunes |
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43 |
TJ Marta Says “I’m Not Particularly Bullish on Stocks” | Part I of a two part series with TJ Marta, Market Strategist and Founder of Marta on the Markets where he talks about why he’s bucking the trend and not jumping on the “recovery is here” bandwagon. | 8/19/09 | Free | View In iTunes |
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44 |
Mousseau of Cumberland Advisors Says Muni Bond Funds Have “Returned to the Forefront” of Net Buyers | John Mousseau, Vice President and Portfolio Manager at Cumberland Advisors, talks about California IOUs, the increased buying activity by municipal bond funds, and where to find good values in the muni market. | 8/10/09 | Free | View In iTunes |
|
45 |
Doe of MMA Says Summer Markets “Are Dominated by Traditional Investors” | Tom Doe Founder and CEO of Municipal Market Advisors talks about how the decline in municipal issuance contributed to July’s strong performance. Also, the yield curve continues to steepen as investors flock to the front end. | 8/5/09 | Free | View In iTunes |
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46 |
Mier of Loop Capital Says That 30-Year Municipal Bonds are “Begging to Be Bought” | Chris Mier, Managing Director and Municipal Strategist at Loop Capital Markets talks about the unusually wide spread in yields between 20-year and 30-year tax-exempt bonds and how to best take advantage of it. | 8/4/09 | Free | View In iTunes |
|
47 |
Fabian of MMA Says “This Budget Will Just Perpetuate the Situation in California That Much Longer” | Matt Fabian Managing Director of Municipal Market Advisors discusses the California budget situation and what it means for the municipal market. Also; what to expect as state and local revenues decline. | 7/27/09 | Free | View In iTunes |
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48 |
Aleks Miziolek of Dykema Says P3s Are “A Means of Upgrading Our Infrastructure” | Aleks Miziolek, Director of Business Services Department and Co-Leader of the Infrastructure and Project Finance Team at Dykema discusses public private partnerships or P3s—their slow growth in the US compared to Europe, their political and economic ramifications, and their potential use for all types of infrastructure projects. | 7/13/09 | Free | View In iTunes |
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49 |
Doe of MMA Says July is “Skewed Positively for the Municipal Market” | Tom Doe Founder and CEO of Municipal Market Advisors discusses June’s municipal market performance and why he has positive expectations for July. Also, municipals have been solid year-to-date. | 7/9/09 | Free | View In iTunes |
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50 |
Phillips of PF2 Says CLOs "Have Been Harshly Tarnished" By Poor Performance of Other Asset Classes | Gene Phillips Director at PF2 Securities Evaluations, talks about the collateralized loan obligation or CLO market and the important role of amendments in preventing defaults and maintaining credit availability. | 7/1/09 | Free | View In iTunes |
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51 |
O’Connor of SecondMarket Says "We are Truly a Secondary Market For Illiquid Assets of Any Kind" | Kevin O’Connor Managing Director of Auction Rate Securities at SecondMarket, Inc. talks about how his firm has developed a robust secondary market for auction rate securities and other illiquid asset classes. | 6/26/09 | Free | View In iTunes |
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52 |
Randy Burleyson of BMO Says BABs Still Offer "A Huge Benefit to the Issuers" | Randy Burleyson, Director of Municipal Underwriting and Jon Allen, Director of Taxable Trading at BMO Capital Markets in Chicago speak about Build America Bonds—how they are structured, how they are trading, how issuers and investors alike are reaping the benefits of this new program. | 6/25/09 | Free | View In iTunes |
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53 |
Fabian of MMA Says a VRDO Backstop Seems "Increasingly Unlikely" | Matt Fabian Managing Director of Municipal Market Advisors, talks about banks using the Fed’s discount window and how it’s helping the muni market. Also, a recent rise in swap yields should motivate even more issuers to exit the short-term market. | 6/19/09 | Free | View In iTunes |
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54 |
Doe of MMA Says May Experienced "A Fairly Sharp Correction" Toward Month End | Tom Doe Founder and CEO of Municipal Market Advisors reviews May’s municipal market performance and its similarities to April. Also, Build America Bond issuance might be slowing down. | 6/10/09 | Free | View In iTunes |
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55 |
TJ Marta Says The Market Isn’t In "The Same Psychological Mind Set" As Last Fall | TJ Marta, Market Strategist and Founder of Marta on the Markets talks about how the equity market is "full of hope" but the bond market is much more "skeptical." Also; after a long period of domination by the US, there may be a rebalancing of the global financial system. | 6/5/09 | Free | View In iTunes |
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56 |
Scott Colyer of AAM says the Muni Market Has Seen a "Tectonic Change" Since 2008 | Scott Colyer, CEO of Advisors Asset Management discusses fixed-income Unit Investment Trusts, how they are different from mutual funds, and why they are viable investment options. | 6/2/09 | Free | View In iTunes |
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57 |
Fabian of MMA says Proposed Legislation for Muni Market "Is a Disappointment" | Matt Fabian Managing Director of Municipal Market Advisors, talks about proposed legislation to help municipal issuers and the likelihood of it getting passed. Also, California won’t default but additional downgrades may be coming. | 5/21/09 | Free | View In iTunes |
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58 |
Doe of MMA says "The First Part of April Was Incredibly Strong" for the Muni Market | Tom Doe and Matt Fabian of Municipal Market Advisors, talk about how the Build America Bond momentum drove April’s municipal market performance. Also, states are still facing budget woes and rating pressures. | 5/14/09 | Free | View In iTunes |
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59 |
Yosca of BNY Mellon Capital Markets says BABs Provide "Attractive Yields with Very Little Credit Risk" | Fred Yosca, Manager of Underwriting and Trading at BNY Mellon Capital Markets, talks about why Build America Bonds have been so well received and their effects on supply and demand. | 5/8/09 | Free | View In iTunes |
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60 |
Doty of AGFS says, "The Financial Advisory Function is Different from the Broker-Dealer Function" - Part 2 | This is Part II of a two-part interview with Robert Doty, President of American Governmental Financial Services, where he discusses his letter to Congress and the SEC supporting the regulation of municipal financial advisors. | 5/6/09 | Free | View In iTunes |
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61 |
Robert Doty of AGFS Says "Smaller Issuers Are Heavily Reliant Upon Us" - Part 1 | This is Part I of a two-part interview with Robert Doty, President of American Governmental Financial Services, where he discusses his letter to Congress and the SEC supporting the regulation of municipal financial advisors. | 5/5/09 | Free | View In iTunes |
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62 |
CA Treasurer Bill Lockyer Says "Taxpayers Did Well" With Build America Bonds | California State Treasurer Bill Lockyer talks about bringing $5.2 billion of California Build America Bonds to market | 4/29/09 | Free | View In iTunes |
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63 |
Fichera of Saber Partners Suggests Creating a National "Municipal Exchange" to Increase Liquidity in Market - Part 2 | Part II of a two-part interview with Joseph Fichera, CEO and Senior Managing Director of Saber Partners, where he discusses short-term market issues, the proposed Federal backstop for short-term securities and his preference for private sector solutions. | 4/23/09 | Free | View In iTunes |
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64 |
Fichera of Saber Partners Says Perhaps the Variable Rate Market "Should Shrink on the Municipal Finance Side" - Part 1 | This is Part I of a two-part interview with Joseph Fichera, CEO and Senior Managing Director of Saber Partners, where he discusses liquidity issues in the short-term municipal market, comparisons to the corporate market and the role of swaps | 4/22/09 | Free | View In iTunes |
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65 |
LeBas of Janney Montgomery Discusses First Quarter Performance and Long Term Economic Forecasts | Guy LeBas, Chief Economist and Fixed Income Strategist at Janney Montgomery Scott, discusses economic conditions for the first quarter of 2009. Also; commodities demand from Asia could pose an inflationary threat. | 4/21/09 | Free | View In iTunes |
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66 |
Tom Doe of MMA says “It Was Nice to See Municipal Issuance Pick Up Again” | Tom Doe, Founder and CEO of Municipal Market Advisors reviews March’s muni market performance. Also, traditional investors dominated as the primary market picked-up with large issues from California and Wisconsin. | 4/20/09 | Free | View In iTunes |
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67 |
Polsky of Dougherty & Company Talks About the New Approach to Marketing and Selling Bonds in Muni Market | Alan Polsky, Senior Vice President at Dougherty & Company discusses changing market dynamics for both issuers and buyers of municipal bonds. Also Stimulus Plan needs more detail before muni market sees positive effects. | 4/3/09 | Free | View In iTunes |
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68 |
Mark Kantrowitz Discusses Student Loan Market and Stimulus Act | Mark Kantrowitz, Publisher of FinAid.org talks about the status of student loan lending, the positive changes for financial aid in the Stimulus Act, and what to expect from Obama’s proposed budget. | 4/1/09 | Free | View In iTunes |
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69 |
Fabian of MMA Says $6.5 Billion California Bond Sale "Was a Success" | Matt Fabian, Managing Director of Municipal Market Advisors talks about market reaction to the 4th Largest Bond Issue ever from State of California. Also; the first Build America Bond comes to market. | 3/30/09 | Free | View In iTunes |
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70 |
Mier of Loop Capital Says an Issuer "Can Get Access to All These New Buyers by Going Taxable" | Chris Mier, Managing Director and Municipal Strategist at Loop Capital Markets talks about the Build America Bond program and how these new taxable bonds will benefit both investors and issuers. | 3/27/09 | Free | View In iTunes |
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71 |
Decker of the RBDA Explains the Provisions of the Stimulus Package that Affect the Muni Market | Michael Decker, Co-CEO of the Regional Bond Dealers Association gives an overview of the provisions in the stimulus package that affect the municipal bond market. He explains the new bank qualified and 2% de minimis provisions, changes in AMT, and the Build America Bonds. | 3/25/09 | Free | View In iTunes |
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72 |
Fabian of MMA Says the Muni Market is "A More Difficult Place for Issuers" | Matt Fabian, Managing Director of Municipal Market Advisors, talks about how the muni market will handle the anticipated supply of large issues. Also; Federal intervention is not necessarily a good thing for the market. | 3/20/09 | Free | View In iTunes |
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73 |
Parker Colvin says "Our Trading Volume Was Up About 50 Percent 2008 Over 2007" | Parker Colvin, Managing Director at Stone & Youngberg talks about the California bond market where spreads have widened but not dramatically. Also; equities have bounced but high quality municipals continue to be very competitive. | 3/17/09 | Free | View In iTunes |
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74 |
Spiotto of Chapman & Cutler Says "There are a lot of Protections for Bondholders in Chapter 9" - Part 2 | This is Part II of a two part interview with Jim Spiotto, a Partner at Chapman & Cutler where he talks about the original purpose for Chapter 9 and protections for bondholders. | 3/6/09 | Free | View In iTunes |
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75 |
Jim Spiotto of Chapman & Cutler Says "Bankruptcy is the Last Resort" for Troubled Municipalities - Part 1 | This is Part I of a two part interview with Jim Spiotto, a Partner at Chapman & Cutler where he talks about the history and traditional causes of municipal defaults and their relative rarity. | 3/4/09 | Free | View In iTunes |
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76 |
Bill Mason of David Lerner Says that Without Insurance Clients get "More Bang for the Buck" | Bill Mason, Senior Vice President of Retail Trading at David Lerner & Associates speaks about trading in the New York metropolitan market, retail investors are still very active, and the lack of insurance has made trading "a lot more fun." | 2/24/09 | Free | View In iTunes |
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77 |
Tom Enright of City Securities Says the Muni Market has "A Whole lot of Volatility" | Tom Enright, Head of Underwriting at City Securities in Indianapolis describes municipal market conditions as volatile and difficult to predict. He talks about February supply, where institutional and retail buyers are finding value, and his initial reaction to the stimulus package | 2/17/09 | Free | View In iTunes |
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78 |
TJ Marta of Marta on the Markets Says "States are Going to Run into Increasing Finance Problems" - Part 2 | This is Part II of a two part interview with TJ Marta, Market Strategist and Founder of Marta on the Markets where he talks about the global economic outlook for 2009, the stimulus package for states, and the potential demise of capitalism. | 1/30/09 | Free | View In iTunes |
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79 |
TJ Marta of Marta on the Markets Says that Obama is "Sounding a Lot Like FDR" - Part 1 | This is Part I of a two-part interview with TJ Marta, Market Strategist and Founder of Marta on the Markets where he talks about the global economic outlook for 2009, the boom/bust cycle of capitalism, and how today’s economy parallels with the Great Depression. | 1/29/09 | Free | View In iTunes |
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80 |
Profita of Wells Fargo says "There are Still Great Credits Around" | Rick Profita, Municipal Trading Manager for Wells Fargo Institutional Brokerage and Sales talks about the strong rally and then sell-off in the muni market. Also; the diminished role of bond insurance and his view of certain market sectors. | 1/27/09 | Free | View In iTunes |
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81 |
Former PA Treasurer Wiessmann says, "We’re Managing the Cash Flow Very Carefully" | Robin Wiessmann, former Pennsylvania Treasurer, discusses how the federal stimulus package could help states. Also; the role of the Treasury in managing and safeguarding Pennsylvania’s public funds. | 1/23/09 | Free | View In iTunes |
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82 |
Ron Schwartz of StableRiver Says "Go Into 2009 with Good Quality Bonds" | Ron Schwartz, Director of Tax-Exempts at StableRiver Capital Management, talks about the changing cast of buyers in the municipal market and what to expect in a recessionary environment. | 12/23/08 | Free | View In iTunes |
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83 |
Guy LeBas of Janney Predicts Many Deferred Muni Deals Will "Die on the Vine" | Guy LeBas, Chief Economist and Fixed Income Strategist at Janney Montgomery Scott talks about the recent fed funds rate cut. Also; the impact of pension fund losses on states and potential defaults looming in the healthcare sector. | 12/19/08 | Free | View In iTunes |
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84 |
Yosca of BNY Mellon Capital Markets Says Demand from High Net Worth Investors has Been "Astounding" | Fred Yosca, Manager of Underwriting and Trading at BNY Mellon Capital Markets, talks about the shrinking number of bidders in the muni market. Also; Moody’s changing outlook on bond insurers and the extraordinary demand for munis from the high net worth investor. | 12/2/08 | Free | View In iTunes |
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85 |
Mousseau of Cumberland Advisors Says Municipal Bonds "Still Represent an Incredible Value" | John Mousseau, Vice President and Portfolio Manager at Cumberland Advisors, talks about events this fall that caused a total lack of liquidity in the bond market. Also: The new definition of "normal" in the muni market will include a lot more volatility. | 11/21/08 | Free | View In iTunes |
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86 |
Mackin of NatCity says Assured Guaranty’s Purchase of FSA is "A Good Thing for the Market" | Tim Mackin, Head of Trading and Underwriting at NatCity Investments, talks about recent trends in the muni market: yields are heading down, ratios are tightening, and the retail investor is still king. | 11/19/08 | Free | View In iTunes |
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87 |
Mier of Loop Capital Says Muni Market is Relying "A Little Too Much on the Retail Customer" | Chris Mier, Managing Director and Municipal Strategist at Loop Capital Markets talks about the importance of having "a buyer of last resort" to support the municipal market in difficult times. | 11/10/08 | Free | View In iTunes |
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88 |
Matt Meaney of Aegon Says "Market Conditions are Very, Very Bad" for GICs and Repos | Matt Meaney, Director of Business Development at Aegon Institution Markets speaks about how the liquidity crisis has negatively affected the municipal GIC and Repo market. He says GICs are still a viable investment option but downgrades and decisions to exit the market have resulted in an increasingly smaller pool of qualified providers. | 11/7/08 | Free | View In iTunes |
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89 |
Chris Hall Says Munis "Went Pretty Quickly From Hate to Love" | Chris Hall, Head of Underwriting at BMO Capital Markets speaks on the recent rally in the municipal market after a protracted sell-off. Also, municipal issuers are finally taking their deals off the shelf and retail sales continue to be the biggest market-driver. | 10/30/08 | Free | View In iTunes |
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90 |
Polsky of Dougherty & Company Says "This is a Really Exciting Turn in the Market" | Alan Polsky, Senior Vice President at Dougherty & Company speaks about this week’s huge rally in municipal bonds. The market finally saw cross-over buying with a focus in on higher grade credits and retail trading remains strong. | 10/24/08 | Free | View In iTunes |
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91 |
David Caprera on Changing Tax Rules in a Changing Municipal Market | David Caprera, Tax Partner in Kutak Rock’s Denver office, discusses how the Treasury and IRS have been both responsive and creative in issuing guidance on tax rules for tax-exempt bonds | 10/24/08 | Free | View In iTunes |
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92 |
Bill Mason Describes the Municipal Market in Two Words: "Higher Yields" | Bill Mason SVP of Retail Trading at David Lerner Associates says it’s an incredible time for retail investors to capture high muni bond yields. | 10/17/08 | Free | View In iTunes |
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93 |
Delahunt Says Munis are Attractive "But No Need to Jump into the Deep End" | Peter Delahunt, National Institutional Sales Manager at Raymond James predicts that current de-levering will cause market contraction, deflationary environment is already here, and higher unemployment and inflation to come. | 10/16/08 | Free | View In iTunes |
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94 |
Parker Colvin says There is "Very Significant Retail Investor Demand" in Secondary Market | Parker Colvin, Managing Director at Stone & Youngberg talks about the tremendous volume of trading in the California secondary market. Also; how the backlog in primary supply might prevent a swift recovery of the muni market, and institutional buying at a standstill. | 10/6/08 | Free | View In iTunes |
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95 |
Profita of Wells Fargo says "Short Rates Have Clogged-Up the Entire Marketplace" | Rick Profita, Municipal Trading Manager for Wells Fargo Institutional Brokerage and Sales describes buying and selling in the currently dysfunctional municipal bond market. Also; the influence of TOBs on municipal market supply, the importance of the bailout plan, and great opportunities for retail investors. | 10/6/08 | Free | View In iTunes |
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96 |
Guy LeBas Says Investors Should "Proceed With a Lot of Caution in Every Market" | MuniMarket Pulse) Guy LeBas, Chief Economist and Fixed Income Strategist at Janney Montgomery Scott remarks on recent market events and how the flight from money market funds and general lack of investors has adversely affected Variable Rate Demand Bonds in the municipal markets | 10/1/08 | Free | View In iTunes |
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97 |
TJ Marta of RBC Predicts Continued Contraction in Banking System | TJ Marta, Economic and Fixed Income Strategist at RBC Capital comments on the major economic themes of 2008: The Good—inflation is peaking, The Bad—economic growth is declining, and The Ugly—market dislocation is ongoing. Also, what to expect from the economy in early 2009. | 9/16/08 | Free | View In iTunes |
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98 |
Dan Solender of Lord Abbett Says There Are "No Credit Issues with Housing Bonds" | Dan Solender, Director of Municipal Bond Management at Lord Abbett discusses the safety and security of muni housing bonds. Also: the appeal of bonds for individual investors and the future of bond insurers | 9/12/08 | Free | View In iTunes |
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99 |
Chris Mier of Loop Capital Says Economy is "Not Out of the Woods Yet" | Chris Mier, Managing Director and Municipal Strategist at Loop Capital Markets, comments on the continuing problems with subprime mortgages and the weakening economy. Also, the effects of inflationary pressures on muni yields and the moral hazard issue related to government bailouts. | 8/27/08 | Free | View In iTunes |
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100 |
Ciccarone Says "Strange and Odd Time" for Muni Ratings Reform | Richard Ciccarone, Chief Research Officer at McDonnell Investment Management talks about the pros and cons of the Municipal Bond Fairness Act, and the weakness of backward looking ratings. Also, ratings upgrade trends and the future of the bond insurers. | 8/15/08 | Free | View In iTunes |
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101 |
Imhoff of Stifel, Nicolaus Sees Value in Non-AMT Housing Paper | Mike Imhoff, Head of Institutional Trading and Underwriting at Stifel, Nicolaus & Co expects lower yields in the variable rate market and widening credit spreads. Also: the relative value of FSA, Assured, and BHAC; the auction rate market status; and concerns over ratings reform. | 8/15/08 | Free | View In iTunes |
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102 |
Treasury Manager Explains Lakeland’s Two-Pronged Solution to ARS Exposure | Jeffrey Stearns, Treasury Manager for the City of Lakeland, Florida discusses the creative approach used to reduce exposure to the high interest rate resets of Auction Rate Securities. He also says, "Necessity is the mother of invention, " when trying to avoid significant financial harm. | 8/14/08 | Free | View In iTunes |
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103 |
Michael Decker of the RBDA Endorses Muni Ratings Legislation | Michael Decker, Co-CEO of the Regional Bond Dealers Association, voices his endorsement of the Municipal Bond Fairness Act and says pressure from Congress led the ratings agencies to re-evaluate their standards. Also, the call for less reliance on muni ratings; and the role of the RBDA. | 8/8/08 | Free | View In iTunes |
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104 |
MacIntosh of Eaton Vance Says Federal Government Should Stay Out of Muni Ratings | Bob MacIntosh, Co-Director of the Municipal Group and Portfolio Manager at Eaton Vance says we are in a mild recession, but the worst of the housing slump is over. Also, the muni bond insurer model is "absolutely viable," reaction to FSA and Assured’s negative watch, and Greenspan’s continued market influence. | 8/4/08 | Free | View In iTunes |
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105 |
Bryan Williams Says "Recovery Has Been Dramatic" Since February Meltdown | Bryan Williams, Founder and Managing Partner at Rockwater Municipal Advisors speaks about the various strategies used in the municipal arbitrage space. Also, the media’s exaggeration of collapsing hedge funds, how the current yield curve affects performance, and the changing character of investors | 7/30/08 | Free | View In iTunes |
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106 |
Joel Silva Speaks on the Role of Muni ETFs in the Marketplace | Joel Silva, Portfolio Manager at Barclays Global Investors iShares talks about the growth of national and single-state municipal ETFs. He also discusses fund holdings, the creation and redemption process, and the possibility that the groundwork is being laid for shorting munis. | 7/24/08 | Free | View In iTunes |
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107 |
LeBas Says Fannie, Freddie "Technically Solvent," but "Can’t Be Allowed to Fail" | Guy LeBas, Chief Economist and Fixed Income Strategist at Janney Montgomery Scott says a rescue of Fannie Mae and Freddie Mac is, "not absolutely needed." He points out the "improved" credit spreads on their debt, and describes the impact on the muni market and the credit quality of pre-refunded bonds backed by agencies. | 7/15/08 | Free | View In iTunes |
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108 |
Brett Schwantes Identifies Key Points of FAS 157, Discusses "Unintended Consequences" | Brett Schwantes, CPA at Wipfli talks about the new Federal Accounting Standards Statement 157 as it relates to the accounting for financial instruments for public, private, and non-profit entities. He talks about the key points of the new standard, the higher perceived volatility, and the implications of using the exit price for fair value | 7/3/08 | Free | View In iTunes |
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109 |
John Mousseau Says "The Municipal Market is as Cheap as It’s Been" Since 2000 | John Mousseau, Senior Portfolio Manager at Cumberland Advisors speaks about the dysfunctional muni market and how it’s completely unrelated to the issuers themselves. Also, buying opportunities on both the long- and short-end of the curve, how a universal rating system might affect spreads, and the emergence of non-traditional muni investors. | 7/1/08 | Free | View In iTunes |
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110 |
Rob Haines Says Insurers are Trying to Silence the Critics, Discusses Fitch Withdrawal | Rob Haines, Senior Analyst at CreditSights, says several insurers are "dangerously close" to tripping regulatory minimum capital requirements. Also, FSA’s large unrealized losses, the validity of Ackman’s claims, and simplification as the resolution in the broad financial markets. | 6/27/08 | Free | View In iTunes |
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111 |
Ken Woods Recommends Alaska, Food Belt, and Texas PSF Bonds | Ken Woods, Chairman and CEO of Asset Preservation Advisors speaks about recession-proof bond opportunities. Also, buying in states rich in natural resources, the importance of careful credit research, and trouble ahead for Michigan bonds. | 6/24/08 | Free | View In iTunes |
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112 |
Delahunt Says "It Would Be Unwise Not To Listen" to Ackman; MBIA, Ambac Downgrades | Peter Delahunt, National Institutional Sales Manager at Raymond James says the ratings agencies are "way behind the curve," and that the recent downgrades were largely expected. Also, Bill Ackman’s new pursuit of FSA, muni’s recent outperformance, and ample supply with limited demand. | 6/20/08 | Free | View In iTunes |
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113 |
Bill Lockyer On Moody’s Move Towards Unified Ratings Scale | Treasurer of California Bill Lockyer speaks about Moody’s proposal to move to a single unified ratings scale and their extended comment period. He identifies supporters and opponents of ratings reform, and addresses the self-interest of banks in supporting his agenda | 6/20/08 | Free | View In iTunes |
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114 |
Dick Larkin Fears That Downgrade Slide May Become "Self-Fulfilling Prophecy" | Dick Larkin, Senior Vice President and Director of Research at Herbert J. Sims discusses the connection between the Channel Re downgrade and subsequent MBIA downgrade by S&P. Also; the future viability for Ambac and MBIA still in question and ACA forbearance agreements. | 6/13/08 | Free | View In iTunes |
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115 |
Crescenzi Describes Muni Outlook Within Current Interest Rate Environment | Tony Crescenzi, author and Chief Bond Market Strategist at Miller Tabak, speaks on the predictive nature of the yield curve and explains the curve flattening. Also, a rally in credit spreads, the resiliency of the commercial paper market, and Miller Tabak’s new Asset Management subsidiary. | 6/12/08 | Free | View In iTunes |
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116 |
Rick Profita of Wells Fargo Says MBIA, Ambac Downgrades "Not Exactly Fresh News" | Rick Profita, Municipal Trading Manager for Wells Fargo Institutional Brokerage and Sales, talks about the muted market reaction to S&P’s downgrade of MBIA and Ambac. Also, the weekly supply, best values for bonds, and Wells Fargo as an attractive alternative to UBS. | 6/12/08 | Free | View In iTunes |
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117 |
TJ Marta of RBC Says Bond Insurer Downgrades Will Put "Extraordinary Stress" on Banks | TJ Marta, Economic and Fixed Income Strategist at RBC Capital talks about the bond insurers and the impact of an MBIA and Ambac downgrade. He also speaks on the implications for banks from exposed CDS contracts, the state of the banking system, and the likelihood of another federal bailout. | 6/5/08 | Free | View In iTunes |
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118 |
Deane Yang Discusses the Pricing System Behind Muni ETFs | Deane Yang, Director of Research at Andrew Kalotay Associates, talks about the municipal ETF industry and its reliance on the intraday pricing system that he helped develop. He explains the system’s reliance on the Libor curve, and the potential expansion into intraday municipal indices. | 6/4/08 | Free | View In iTunes |
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119 |
Peter Warren Says "Serious Questions" Still Remain on Student Loan Stabilization Program | Peter Warren, Senior Vice President of Government Relations at the Education Finance Council says that the Department of Education’s student loan stabilization program was greeted with “cautious optimism” by lenders. Also: details not final and delays by DOE could be detrimental, loan portfolio servicing, and the long-term viability of the FFELP. | 6/2/08 | Free | View In iTunes |
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120 |
Jim Evans Predicts Higher Volatility in the Near-Term, Explains Municipal Arbitrage | Jim Evans, Senior Vice President and Portfolio Manager at MD Sass predicts higher volatility in the muni market and higher Muni - Treasury ratios in the near term. Also, municipal arbitrage strategies, the sources of greater secondary supply, and Moody’s recent blunder. | 5/28/08 | Free | View In iTunes |
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121 |
Mitchell Savader Discusses Both Sides of the Ratings Reform Debate | Mitchell Savader, CEO of The Savader Group, speaks on the developing battle over municipal ratings reform and the push for corporate-equivalent ratings. He covers why the scales are different, the need for distinctions in the scales, and merits to both sides of this issue. | 5/23/08 | Free | View In iTunes |
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122 |
Tim Ryan Describes the Rise of Municipal ETFs as a Viable Investment Alternative | Tim Ryan, Portfolio Manager at State Street Global Advisors explains how the recent development of municipal ETFs is creating new options for investing in the municipal bond market. He also covers portfolio holdings and investor demand. | 5/21/08 | Free | View In iTunes |
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123 |
Meehan Describes Impact of Kentucky vs Davis Decision on Funds, Investors | Thalia Meehan, Managing Director and team leader of the tax-exempt group at Putnam Investments talks about the US Supreme Court decision on Kentucky versus Davis and what it means for mutual funds and investors. Also, the market environment for hedge fund strategies and the advantages of an open-end muni mutual fund. | 5/21/08 | Free | View In iTunes |
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124 |
Chris Hall of Harris NA Says UBS Exit is, "Double-Edged Sword | Chris Hall, Head of Underwriting at Harris NA says UBS’s exit from public finance is both good and bad for his business. He speaks on the de-leveraging of the muni hedge funds in February, the impact of the Vallejo City, California bankruptcy on investor sentiment, and macro effects on munis as baby boomers retire. | 5/15/08 | Free | View In iTunes |
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125 |
Lance Pan Explains the Investors’ Perspective on the Auction Rate Securities Market | Lance Pan, Director of Investment Research at Capital Advisor Group, speaks about the investors’ perspective on the auction rate securities market. He talks about the existence of a sporadic secondary market, how liquidity is coming back for munis but not for student loans, and regulator’s disregard for investors’ interests. | 5/13/08 | Free | View In iTunes |
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126 |
Ed Oswald Explains New Tax Reporting Requirements for Muni Issuers; IRS’s Push for Transparency | Ed Oswald, Partner at Orrick, Herrington & Sutcliffe speaks on the new post-issuance tax compliance reporting requirements for non-profit organizations as the IRS pushes for increased transparency in the tax-exempt sector. Oswald speaks on which entities are subject to the new standards and when, and the complexity of Schedule K. | 5/9/08 | Free | View In iTunes |
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127 |
Stienstra Says Ratings Reform is "Probably Inevitable," Explains Fund’s Use of Derivatives | Catherine Stienstra, Portfolio Manager and sector leader of the tax exempt team at RiverSource Investments, says certain credit spreads are at all time wides and describes trends in muni/treasury ratios. She also explains the use of derivatives in tax- exempt mutual funds and gives her opinion on the Kentucky versus Davis case and muni ratings reform. | 5/8/08 | Free | View In iTunes |
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128 |
Wolfe Warns of a "Half-Baked Solution" to Student Loans, Predicts Inefficiencies | Jamie Wolfe, CFO of Northstar, the provider of the T.H.E. loan programs in Minnesota, speaks on the difficulties that lenders are facing and Congress’ failure come up with a long-term solution. He speaks on the worst case scenario for students and schools and the financial condition and future of Northstar Education Finance. | 5/6/08 | Free | View In iTunes |
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129 |
Enright Says Auction Rate Conversions are at "Incredibly Attractive Levels" for Investors | Tom Enright, Head of Underwriting at City Securities in Indianapolis describes the market conditions, volume trends, ratios, and gives his perspective on the recent volatility in rates, the ‘onslaught’ of volume in early March, and the push for global scale ratings for municipals. | 5/5/08 | Free | View In iTunes |
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130 |
Flanagan Says, "We Do Not Have A Crisis" in Student Loans, Compares with Subprime | Sarah Flanagan, Vice President of Government Relations and Policy with the National Association of Independent Colleges and Universities gives us the schools’ perspective on the pressures they are facing as student loan availability has diminished, and discusses the results of the recent NAICU survey. Also, the significance of the pending legislation. | 5/5/08 | Free | View In iTunes |
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131 |
Kantrowitz Discusses Legislation to Aid Student Loan Credit Crunch, Describes His Solutions | Mark Kantrowitz, Publisher of FinAid.org speaks on the student loan credit crunch, the potential impact on students and schools, and the momentum for legislation in the US Congress. He discusses his proposed solutions and advises schools to have a fallback plan. | 5/1/08 | Free | View In iTunes |
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132 |
Paul Sheldon Says Student Loan Problems Will Persist Into 2009; Identifies Resources | Paul Sheldon of Student Loan Capital Strategies speaks on the current student loan market crisis and all of the constituents involved, including the students, schools, lenders, investors, and investment bankers. Sheldon provides insight on how all of these entities are being affected by the credit crunch. | 4/28/08 | Free | View In iTunes |
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133 |
Mitchell Savader Says Wall Street Woes May Negatively Impact New York Muni Credits | Mitchell Savader, CEO of The Savader Group, speaks on the growing demand for independent municipal credit research in the midst of the insurer crisis. Also, auction rate restructuring, the strength of revenue bonds in an economic downturn, and the impact of Wall Street woes on New York government revenues. | 4/24/08 | Free | View In iTunes |
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134 |
Stamper Focuses on Capturing "Upside Potential and Downside Protection" | B Clark Stamper, Chief Investment Officer and President of Stamper Capital & Investments describes why history repeats itself with failing hedge ratios for muni fund managers. Stamper also describes declining new issuance and predicts widening credit spreads. | 4/15/08 | Free | View In iTunes |
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135 |
Hoadley of Wisconsin Says Merging Scales Would Be "Very Disruptive" | Frank Hoadley, Capital Finance Director for the State of Wisconsin speaks on the recent push for a unified ratings system and voices his opinion on the ratings agencies’ initiative. Hoadley blames the insurers, the commoditization of munis, and the market’s misunderstanding of insured paper. Also, international buyers for Wisconsin’s refundings and the State’s Auction Rate disclosure system. | 4/11/08 | Free | View In iTunes |
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136 |
Ciccarone of McDonnell has "Strong Reservations" on Ratings Reform, Points To History | Richard Ciccarone, Managing Director and Chief Research Officer at McDonnell Investment Management speaks on the untimely push for municipal ratings reform as the housing crisis will soon have an impact on government revenues. Also, the history of municipal ratings, and thoughts on the Supreme Court’s pending decision on individual state tax exemption | 4/11/08 | Free | View In iTunes |
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137 |
Guy LeBas of Janney Says Auction Rate Failures Dependant on Max Rates; Predicts Recession | Guy LeBas, Chief Economist and Fixed Income Strategist at Janney Montgomery Scott describes the state of the $165 billion-dollar auction rate securities market, the 70-percent failure rate, and the trends in the auctions that are clearing. Also, refinancing options for issuers and a projected steepening in the muni yield curve. | 4/4/08 | Free | View In iTunes |
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138 |
Dan Solender of Lord Abbett Says Underlying Credit Quality of Munis is "Staying Strong" | Dan Solender, Director of Municipal Bond Management at Lord Abbett talks about the value found in municipals in the midst of the market uncertainty. Also, the attractiveness of auction rate paper for a high-yield fund, advice for borrowers converting out of auction rate, and widening credit spreads. | 3/20/08 | Free | View In iTunes |
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139 |
T.J. Marta Of RBC Describes The "Implosion of the Financial System" Applauds Fed Actions | TJ Marta, Economic and Fixed Income Strategist with RBC Capital Markets gives us a global perspective and comments on the "complete breach of trust in the global financial system" and the implications for the municipal market. Also, the current value found in municipals, advice for tax-exempt borrowers, and an applause for the Fed’s decisive actions. | 3/19/08 | Free | View In iTunes |
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140 |
Pennsylvania’s Wiessmann Speaks on Solutions for the Municipal Short-Term Market Turmoil | Treasurer of the State of Pennsylvania Robin Wiessmann reacts to the Fed action over the weekend and comments on the state of the municipal market. Wiessmann discusses her own solutions to stem the crisis resulting in high variable-rate borrowing costs for thousands of tax-exempt issuers across the nation. | 3/18/08 | Free | View In iTunes |
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141 |
John Kautz of Ziegler Describes The "Unprecedented Volatility" In Muni Swap Spreads | John Kautz, Managing Director and Head of the Risk and Advisory Group at Ziegler Capital Markets describes the swap options for borrowers in a fluctuating market and the recent divergence between LIBOR, SIFMA, and MMD swaps rates. Also, swap volatility driven by an oversupply in muni fixed-rate bonds. | 3/14/08 | Free | View In iTunes |
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142 |
Chris Mier of Loop Capital Says Fed Is “Throwing Gas on the Fire” In Terms of Stagflation | Chris Mier, Managing Director and Chief Strategist at Loop Capital Markets talks about the Fed’s latest move to aid the credit markets with $200 billion available through weekly auctions, and the implications for municipals. Also, the attractiveness of municipals and all fixed income securities in the midst of high inflation. | 3/12/08 | Free | View In iTunes |
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143 |
Rob Haines Says the Fundamentals of the Bond Insurers Are "Horrible" | Rob Haines, Senior Analyst at CreditSights, an independent research firm in New York, describes the market’s "crisis of confidence." Haines speaks on Ambac’s successful sale of $1.5Bn of equity, the short-term and long-term implications for the company, and the necessary measures before the credit markets move back to normalcy. | 3/7/08 | Free | View In iTunes |
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144 |
Delahunt of Raymond James Offers Bond Insurer Solution, Discusses Ratings "Forbearance" | Peter Delahunt, Senior Vice President and National Sales Manager of Municipals at Raymond James, shares an innovative and simple solution to the current bond insurer crisis relating to the accounting of CDO contracts. Also, "forbearance" granted to the bond insurers by the ratings agencies, and auction rate conversions pouring into the VRDB and fixed rate market. | 2/28/08 | Free | View In iTunes |
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145 |
Ned Sher of Fifth Third Speaks On The "Tsunami" of LOC Requests From ARS Conversions | Ned Sher, Vice President at Fifth Third Bank speaks on the volume of requests for Letter of Credits as borrowers are moving out of auction rate securities and into VRDBs. He explains the banks’ capacity to respond to these LOCs, the heightening cost of LOCs in the midst of the market turmoil, and the use of the banks’ balance sheet as a ‘scarce resource’ | 2/26/08 | Free | View In iTunes |
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146 |
Bill Ackman Says, "We Want the Bond Insurers to Succeed;" Explains Insurer Restructuring | Bill Ackman, managing partner and hedge fund manager at Pershing Square Capital Management LP explains his recent proposal to split the bond insurers and MBIA’s recent withdrawal from the Association of Financial Guaranty Insurers (AFGI). Ackman also discusses the implications of applying corporate credit ratings to municipals, and the future and ultimate need for the bond insurance industry. | 2/22/08 | Free | View In iTunes |
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147 |
Bob MacIntosh of Eaton Vance is Looking for "Good Value" In The Wake of Downgrades | Bob MacIntosh, Co-Director of the Municipal Group and Portfolio Manager at Eaton Vance, speaks on the value that investors are finding in the midst of bond insurer downgrades and the auction rate turmoil. MacIntosh also explains the insurer impact on Eaton Vance’s Closed-End Municipal Funds and where muni yields are expected to move relative to Treasuries in the month ahead. | 2/21/08 | Free | View In iTunes |
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148 |
Mackey of Rice Financial Says there is a "Tremendous Cloud" Over the Ratings Agencies | Howard Mackey, President of the Broker-Dealer Division of Rice Financial Products Company, speaks on the "dislocation" of the current municipal market and the criticism of the ratings agencies. Also, comparing the standard between municipal credit ratings and corporate credit ratings, and the implications of current market turmoil on the VRDB and auction rate markets. | 2/11/08 | Free | View In iTunes |
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149 |
Mousseau of Cumberland Advisors Says Muni Market Turmoil Is In The “7th Inning Stretch” | John Mousseau, Senior Portfolio Manager at Cumberland Advisors, a high net worth money manager, speaks on the auction rate market and his optimism in the near future. Also, the bond insurer situation and S&P and Moody’s upcoming deadline, and municipal hedge funds and their impact in the current market. | 2/7/08 | Free | View In iTunes |
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150 |
Tim Mackin of NatCity Says The Muni Market is Facing "A Perfect Storm" | Tim Mackin, Head of Trading and Underwriting at NatCity speaks on the fixed rate primary market being in a crunch and the unfavorable current options for issuers. Also, reaction to a 125 basis point Fed rate cut over nine days, and volume into 2008. | 2/4/08 | Free | View In iTunes |
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151 |
Dick Larkin, Muni Veteran, Points His Finger At The Ratings Agencies; Insurer "Arrogance" | Dick Larkin, Head of Municipal Research at J.B. Hanauer & Co. talks about the rating agencies and their injured reputation and the arrogance of bond insurers that led to their current situation. Also, discussions on S&P’s recent negative credit watch placement on over $500 Billion of CDOs and the potential wide-ranging, "mind-numbing" effects. | 2/1/08 | Free | View In iTunes |
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152 |
Guy LeBas, Economist at JMS Says the Fed Acted Unknowingly; US Slowing, No Recession | Guy LeBas, Chief Economist and Fixed Income Strategist at Janney Montgomery Scott speaks on the Fed cut last week and implications of a ‘reactionary Fed.’ Also, the tiered state of the monoline insurers, the state of XLCA, and the future of the insurers. | 1/29/08 | Free | View In iTunes |
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153 |
Hall, Head of Underwriting at Harris NA Says "Bond Insurance is Not Needed" | Chris Hall, Head of Municipal Underwriting at Harris NA talks about Fitch’s downgrade of XL Capital, and Moody’s and S&P’s waiting game. Also, the value of bond insurance, the lack of direction by the Fed, and falling muni yields. | 1/28/08 | Free | View In iTunes |
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154 |
Mason of Lerner & Associates Says the Fed’s 75 Basis Point Cut "A Panic Move" | Bill Mason, Executive Vice President of Fixed Income Trading at David Lerner & Associates talks about the Fed’s recent cut in interest rates, and the implications for the municipal market. Also, discussion on municipal bonds at higher yields than Treasuries, the aging baby boomers and the effect on munis, and what the insurer crisis means for the individual investor. | 1/23/08 | Free | View In iTunes |
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155 |
Swanson of Siebert Brandford Shank on Fitch’s Downgrade of Ambac; Implications | Sherman Swanson, Head Underwriter at Siebert Brandford Shank & Co talks about Fitch’s recent downgrade of Ambac from AAA to AA and the credit quality of all insurers. Also, discussions on Berkshire Hathaway’s wrapping of bonds in the secondary market, and options for borrowers switching out of floating rate debt. | 1/21/08 | Free | View In iTunes |
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156 |
Polsky of Dougherty Says Municipal Credit Spreads have "Over-Corrected" | Alan Polsky, Head of Negotiated Underwriting and Institutional Sales at Dougherty & Company speaks on the insurer situation and their current value, the dire situation at ACA, and Volume for the month ahead, and opportunities within the current muni ‘over-correction’ of credit spreads relative to historical levels | 1/14/08 | Free | View In iTunes |
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157 |
Evan Rourke of MD Sass on Insurer Meltdown; Speculation of a Downgrade | Evan Rourke, portfolio manager at MD Sass offers his perspective on the insurer meltdown and the speculation of a AAA insurer downgrade. We will also discuss inflationary pressures, Huckabee’s “Fair Tax”, and the credit cycle of municipals. | 1/9/08 | Free | View In iTunes |
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158 |
Mike McDaniel of Ziegler on a "Divergence in the Marketplace," and Insurer Effects on Auction Rates | Mike McDaniel, Managing Director of Tax-Exempt Sales and Trading at Ziegler Capital Markets talks about the implications of the insurer downfall on auction rate securities and the options for borrowers including VRDNs and fixed rate bonds. Also, a divergence of credit spreads and volume in the primary and secondary markets. | 1/7/08 | Free | View In iTunes |
|
159 |
Mike Imhoff of Stifel, Nicolaus & Co Talks About MBIA’s Negative Credit Watch | Mike Imhoff, Head of Institutional Trading and Underwriting at Stifel, Nicolaus & Company talks about MBIA’s recent $1.8Bn exposure to CDOs and their negative ratings outlook by S&P and Fitch. Mike Imhoff also speaks to ACA’s dramatic ratings decline, the cloud surrounding all bond insurers, and liquidity into 2008. | 12/26/07 | Free | View In iTunes |
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160 |
Parker Colvin of Stone & Youngberg on Year End Volume, Explains Cali Paper | Parker Colvin, Head of Trading and Underwriting at Stone & Youngberg talks about year end volume, underwriters over-reporting investor demand, and the specialty state of California: the inside on why Cali paper trades more expensive. | 12/17/07 | Free | View In iTunes |
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161 |
Bill Elliott of PNC Capital Markets talks about Higher Ed Financing Options in Today’s Market | Bill Elliott, Managing Director at PNC Capital Markets, talks about Higher Education financing options within today’s current market turmoil. Fixed versus floating, Letter of Credit pricing factors, today’s credit spreads, Bill Elliot explains it all. | 12/12/07 | Free | View In iTunes |
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162 |
Tom Enright of City Securities on Insurer Speculation, Widening Credit Spreads | Tom Enright, Head of Underwriting at City Securities discusses bond insurers and speculation of a possible AAA downgrade. Also, credit spreads are widening toward "normalcy," and discussion on volume for the rest of the year and into 2008. | 12/10/07 | Free | View In iTunes |
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163 |
Peter Hill of ACA Talks About ACA's Negative Credit Watch; $1.7Bn Write-Down | Peter Hill, Head of Public Finance at ACA Financial Guaranty talks about the hurdles facing ACA Financial Guaranty: $1.7Bn write-down, negative credit watch, possible downgrade, and collateral posting requirements. Hill explains ACA's business, situation, and financial position. | 11/27/07 | Free | View In iTunes |
|
164 |
Brian McGough of Fifth Third says Short-Term Rates are "Stifling" | Brian McGough of Fifth Third talks about the short term market, effects of the sub-prime mortgage crisis on insurers, and compares fixed rate debt versus variable rate debt with the current market conditions. | 11/19/07 | Free | View In iTunes |
| Total: 164 Episodes |
Customer Reviews
Excellent info on the municipal markets
Have listened for a long time and found that this podcast has a lot of really good info about the muni market. Frequently have prominent guests, good topics and indepth coverage. I'd recommend it if you your work in the industry or are a retail investor.
Great update
This podcast is excellent.
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