MuniMarket Pulse http://podcast.derivactiv.com 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. © 2009 DerivActiv PodTractor by OneUpWeb Wed, 12 May 2010 12:27:00 -0400 Fri, 30 Jul 2010 01:24:29 -0400 en-us info@derivactiv.com info@derivactiv.com http://www.derivactiv.com/images/dmmp.jpg MuniMarket Pulse Podcast Logo http://podcast.derivactiv.com Municipal Market News 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. DerivActiv municipal, muni, bond, public, finance, research, advisory, fixed, income, tax, exempt, business, news, bonds DerivActiv info@derivactiv.com no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Cohen04-20-2010/mp3/Cohen04-20-2010.mp3 Tue, 20 Apr 2010 16:26:00 -0400 http://podgarden.podtractor.com/106/379/12126 BJ Rosenberg 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. 21:25 State of the municipal bond market, risk management, Financial Security Assurance, FSA, Assured Guaranty, quality of investments imbedded in municipalities, accounting rule changes, Bookstaber, land development deals, Mello Roos, Community Development Districts, Municipal Utility Districts, different profiles of credit, different rules of governing, very difficult to generalize that there’s a systemic collapse, Las Vegas monorail, Harrisburg incinerator, economic recession, high costs of employee contracts, high yield, taxpayer revolts, Colorado TABOR, California Proposition 13, groundswell, bankruptcy court, Chapter 9 bankruptcy, involuntary bankruptcy, Vallejo, LADWP, shorter calendars for school districts, recalibrating ratings, EMMA, timeliness of financial information needs to be addressed, Natalie Cohen, National Municipal Research, Inc. The Public Purse, BJ Rosenberg, DerivActiv, MuniMarket Pulse podcast no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/FabianDoe04-12-2010/mp3/FabianDoe04-12-2010.mp3 Mon, 12 Apr 2010 17:38:00 -0400 http://podgarden.podtractor.com/106/379/12090 BJ Rosenberg 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. 16:49 March municipal bond market, higher yields at month end, significant migration of assets from tax-exempt money market funds to municipal bond funds, investors liquidated, fund redemptions, April 15th filing date, history is just repeating itself once again, BAB program, municipalities borrowing aggressively, era of leverage, tax-exempt, new leverage being adopted by state and local governments, rating agencies, safe sector municipals, far more issuers who can be categorized as high grade, institutional investors, hedge, eligible for individual investors, more liquid in the secondary market, GO credits, trend towards commoditization, more uniformly rated, Build America Bond program, will be extended, subsidy payments, IRS political battle, deficit problem not a debt funding problem, sovereigns, default activity, very low, Tom Doe, Matt Fabian, Municipal Market Advisors, Jim Towne, DerivActiv, MMA MuniCast podcast no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Marta04-09-2010/mp3/Marta04-09-2010.mp3 Fri, 09 Apr 2010 14:26:00 -0400 http://podgarden.podtractor.com/106/379/12070 BJ Rosenberg 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. 19:03 Overlapping waves of deleveraging, internet bubble, housing bubble, securitization and derivatives bubbles, countervailing wave, Sovereign finances, economy is broadening out, auto sales are recovering, commercial real estate, budget balancing requirements, hike taxes, US Treasury, stock market, Asia, China, Japan, European Union, National Association for Business Economics, NABE, fiscal stimulus, unfettered access to credit, Greek, social contracts, Europeans can’t really let Greece go down, backstop California, ending of fiscal stimulus, tax hikes, census hiring, TJ Marta, Marta on the Markets, Cynthia Heneage, MuniMarket Pulse podcast no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Quast03-26-2010/mp3/Quast03-26-2010.mp3 Fri, 26 Mar 2010 12:25:00 -0400 http://podgarden.podtractor.com/106/379/12000 BJ Rosenberg 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. 8:23 FASB Topic 820, Accounting Standards Codification, GAAP, applied to non-governmental entities, entities that use derivatives, Emerging Issues Task Force, EITF, Derivative Implementation Group, DIG, uniform definition of fair value, exit price, Level One inputs, Level Two inputs, Level Three inputs, observable, unobservable, credit risk, asset or liability, assumptions, non-performance risk, discount rate adjustment technique, market approach, maximum exposure curves, valuing estimated future cash flows, counterparty’s credit, credit enhancement, debt obligations, disclosure requirements, Travis Quast, DerivActiv, LLP, Cynthia Heneage MuniMarket Pulse podcast no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Kone03-25-2010/mp3/Kone03-25-2010.mp3 Thu, 25 Mar 2010 11:55:00 -0400 http://podgarden.podtractor.com/106/379/11986 BJ Rosenberg 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. 16:19 San Francisco International Airport, SFO, fixed rate debt, variable rate demand bonds, commercial paper, auction rate market, natural hedge for rising interest rates, swaps to hedge, Lehman Brother’s bankruptcy, swaps have been performing well, forward starting swaps, LIBOR based swaps, credit rating of counterparties, American Recovery and Reinvestment Act, ARRA, reprieve on alternative minimum tax on bonds, refund AMT to non-AMT, retaining liquidity providers and bond insurance, wider investor base, tender the bonds, able to tender about $130 million in bonds, Kevin Kone, B.J. Rosenberg, President, DerivActiv, MMA MuniCast podcast no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Kone03-23-2010/mp3/Kone03-23-2010.mp3 Tue, 23 Mar 2010 12:20:00 -0400 http://podgarden.podtractor.com/106/379/11859 BJ Rosenberg 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. 12:56 San Francisco International Airport, SFO, dot com boom, concession revenues, airlines, cost per emplaned passenger, CPE, tickets, events of 911, debt portfolio, covert a portion of our fixed rate portfolio to variable rate, restructuring, reduce capital budgets, increase non-airline revenues, locally based restaurants, parking facilities, on-airport parking, upgrade from Fitch in October, low cost carriers, prudent management, Kevin Kone, SFO, San Francisco International Airport, B.J. Rosenberg, President, DerivActiv, MMA MuniCast podcast no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Doe03-11-10/mp3/Doe03-11-10.mp3 Thu, 11 Mar 2010 17:49:00 -0500 http://podgarden.podtractor.com/106/379/11783 BJ Rosenberg 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. 17:03 February Municipal Market, trend of low volatility, relative dearth of tax-exempt product, secondary selling, positive cash flows in funds, Build America Bonds, refunded issues, continuing to reduce the amount of tax-exempt issuance, Haitian and Chilean earthquakes, property and casualty sector, insured losses, trend of being at least stable, BAB subsidy payments, Harrisburg, Pennsylvania, incinerator, political willingness, municipal credits are far superior to anything available in the corporate bond world, negative headlines, credit spreads, bond insurer, tender option bond programs, TOB, value at risk, VAR, need strong dealer interference, Tom Doe, Matt Fabian, Municipal Market Advisors, Jim Towne, DerivActiv, MMA MuniCast podcast no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Savader03-08-2010/mp3/Savader03-08-2010.mp3 Mon, 08 Mar 2010 17:09:00 -0500 http://podgarden.podtractor.com/106/379/11727 B.J. Rosenberg 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. 17:23 Institutional investors, municipal bond, credit risk in a bond, municipal sector, strong general obligation rating, credit quality, security pledges, financial flexibility, municipal rating reform, muni markets are going through a period of tremendous stress, a different scale might add to that confusion, rising interest rates, natural lag between economic stress and stress that’s realized in municipal finances, credit is going to be an issue, liquidity, credit type, revenue stream, widespread deterioration, more defaults in certain types of very specific credit sectors, CCRC, continuing care retirement communities, mello roos, bondholders, BABs, Build America Bonds, EMMA system, bond insurance, Assured Guaranty, monolines, belts and suspenders approach doesn’t turn out to be valid, investment grade, Mitchell Savader, Savader Asset Advisors LLC, Jim Towne, MuniMarket Pulse podcast no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/SFeldman02-16-10/mp3/SFeldman02-16-10.mp3 Tue, 16 Feb 2010 13:03:00 -0500 http://podgarden.podtractor.com/106/379/11412 Jim Towne Dr. Stanley Feldman, Chairman of Axiom Valuation Solutions, talks about the potential for misreporting alternative investment values by hedge funds and equity funds. 16:28 Hedge funds, Private equity funds, misreport performance, Bollen and Pool, Phalippou and Gottschalg performance of private equity funds, valuation , Madoff scandal, conflicts exist, oversight problems for pension plans, AICPA Guidelines, Topic 820, fiduciaries responsible for those asset values, The Replicating Portfolio Method, can replicate the structure of the portfolio, investment manager, customized index mimics the risk-return characteristics, forensic accounting, transparent, transparency, replicate returns, Stanley Feldman, Axiom Valuation, Jim Towne, CapitalMarket Pulse podcast no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Mier02-12-2010/mp3/Mier02-12-2010.mp3 Fri, 12 Feb 2010 14:56:00 -0500 http://podgarden.podtractor.com/106/379/11334 B.J. Rosenberg 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. 15:07 State Unemployment Compensation Funds-The Fourth Leg of a Wobbly Stool, another source of burden for state governments, Roosevelt, Social Security Act of 1935, flexibility to establish payment levels, taxes applied to businesses, Carter administration facilitated borrowing, programs have tended to be under-funded, wages are being capped, Congress allowed states borrowing for their unemployment compensation to borrow interest-free through the end of the year, tax credits, borrow in the public markets, replenish the fund, bailout, another recession related concern, Chris Mier, Loop Capital Markets, B.J. Rosenberg, MuniMarket Pulse podcast no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/DoeFabian02-10-10/mp3/DoeFabian02-10-10.mp3 Wed, 10 Feb 2010 16:38:00 -0500 http://podgarden.podtractor.com/106/379/11292 B.J. Rosenberg 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. 11:33 January Municipal Market, absolute yields remain pretty low, investment flows into mutual funds, price volatility extraordinary low, negative price bias, lower yields, supply-demand imbalance, February 15th and April 15th negative price bias, BABs, Build America Bonds, a permanent extension of the BAB program will greatly increase demand, prospects for issuance will increase, 30-day supply number, light calendar, subsidy, payment default, few in that traditional muni safe sector area, improving the money fund industry, post-Lehman collapse in money funds everywhere, Tom Doe, Matt Fabian, Municipal Market Advisors, Jim Towne, DerivActiv, MuniMarket Pulse podcast no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Towne01-18-10/mp3/Towne01-18-10.mp3 Mon, 18 Jan 2010 14:51:00 -0500 http://podgarden.podtractor.com/106/379/11020 Johan Rosenberg 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. 18:24 GASB 53, Governmental Accounting Standards Board, statement for accounting and financial reporting of derivative instruments, adoption for this standard is not optional, effective June 15, 2010, LIBOR, SIFMA, MMD, interest rate derivative, hedge, commodity, termination, definition of a derivative, hedge a variety of risks, heating oil, borrowing transaction, hedge effectiveness, effective hedges, testing methods, synthetic rate, hedge a floating rate bond, regression analysis, synthetic instrument, dollar offset, interest rate swap, quantitative methods, auditors, hybrid instruments, disclosure on financial footnotes, risks, Jim Towne, DerivActiv, Cynthia Heneage MuniMarket Pulse podcast no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/FabianDoe01-13-10/mp3/FabianDoe01-13-10.mp3 Wed, 13 Jan 2010 18:59:00 -0500 http://podgarden.podtractor.com/106/379/10837 Johan Rosenberg 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. 16:02 December Municipal Market, Treasury yields rose dramatically, January 2010 still a little bit of weakness, BABs, Build America Bonds, reauthorization is almost guaranteed, refund tax-exempt bonds, CREBs, QZABs, QECBs, foreign ownership of BABs, regulatory reform, credit is continuing to get worse, payment defaults, general obligation, more downgrades coming this spring, a very real hope for rating reform, disclosure reform for municipals, state and local governments borrowing an awful lot more money, Tom Doe, Matt Fabian, Municipal Market Advisors, Jim Towne, DerivActiv, MuniMarket Pulse podcast no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Marta12-11-09/mp3/Marta12-11-09.mp3 Fri, 11 Dec 2009 17:38:00 -0500 http://podgarden.podtractor.com/106/379/10488 B.J. Rosenberg 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. 18:37 Great Deleveraging, governments beginning to default, Dubai as the canary in the coal mine, commercial real estate delinquencies, deposit insurance, deposit insurance fund of the FDIC has fallen to zero, more banks fail in 2010, tax revenue problems at the state level can be tied to unemployment, record rates of unemployment, cutting back on the school week, Douglas Holtz-Eakin, CBO, Congressional Budget Office, accounting gimmicks, accounting trickery, adding more entitlements without offering a realistic way for our future generations to be able to live with any modicum of income or fiscal security, international banking, Bundesbank, China’s economy, Chancellor Merkel, Geithner, Obama, Bernanke, TJ Marta, Marta on the Markets, B.J. Rosenberg, MuniMarket Pulse podcast no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Doe12-07-2009/mp3/Doe12-07-2009.mp3 Mon, 07 Dec 2009 16:39:00 -0500 http://podgarden.podtractor.com/106/379/10418 B.J. Rosenberg 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. 16:55 Municipal market, rally, followed by correction, followed by rally, mutual funds and separate managed accounts, extending out the yield curve, positive momentum, Build America Bond Program, Barron’s, investment community, Weeden Group, NAV, economic realities states were facing in their budgets, opportunity in December, December 1 reinvestment, higher taxes, year-end rally, BAB market, taxable munis for pension liabilities, tax reform, increase taxes, communicating to investors, get money into the tax-exempt sector, better disclosure, EMMA, MSRB, regulation of derivatives, development deals in Florida, Tom Doe, Founder and CEO, Municipal Market Advisors, Jim Towne, MuniMarket Pulse podcast no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Fabian11-18-09/mp3/Fabian11-18-09.mp3 Wed, 18 Nov 2009 18:18:00 -0500 http://podgarden.podtractor.com/106/379/10215 Johan Rosenberg 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. 8:10 Municipal market, Weeden Press, stock shorting, for governmental issuers to default, they would have to choose to do so, OPEBs and debt funding, unfunded liabilities, pension system, tax revenues, diverted from infrastructure spending, stock market, soft liability, a rebound from the extreme spread compression, institutional mutual funds, California paper, spreads are widening, MBIA, AMBAC, Assured Guaranty, MSRB, municipal scale ratings, global corporate scale ratings, Matt Fabian, Municipal Market Advisors, Jim Towne MuniMarket Pulse podcast no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Treick11-12-2009/mp3/Treick11-12-2009.mp3 Thu, 12 Nov 2009 12:17:00 -0500 http://podgarden.podtractor.com/106/379/10152 Johan Rosenberg 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. 20:59 Global economic collapse of 2008, mutual funds, Transamerica, Cyprus Funds, tangible assets relative to financial assets, collapse of credit, credit bubble, decoupled, emerging markets, US economy, Chinese managing the upward revaluations of the yuan, weakness in the dollar, gradual revaluation, currency, BRIC economies, Treasury paper, Agency paper, low cost currency, carry trade, selling yuan and buying dollars, pegging to the dollar, currency trader, oil, gold, copper, leverage, commodities, all commodities are priced to the US dollar, manipulate their currency downward, victim of volatility, countertrend rally, global reserve currency, Philip Treick, Thermopolis Partners, Fortuno Capital Fund, Johan Rosenberg, CapitalMarket Pulse podcast no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Doe11-09-09/mp3/Doe11-09-09.mp3 Mon, 09 Nov 2009 19:04:00 -0500 http://podgarden.podtractor.com/106/379/10137 Johan Rosenberg 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. 16:21 Municipal secondary market, losses were 30% to 60% of all the gains, Treasury prices rose sharply, divergence between the Treasury and municipal markets, imbalance between supply and demand, no liquidity, fear of higher income taxes, underfunded pension obligations, financial disclosure among municipal issuers, SEC, Mary Shapiro, secondary trading, signs of weakness, demand component not up to supply, CBO, JCT, eliminating tax-exemption, FOMC, dealer inventories are not moving, property taxes, tax collection significantly off, Tom Doe, Founder and CEO, Municipal Market Advisors, Jim Towne, MuniMarket Pulse podcast no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Fabian11-02-09/mp3/Fabian11-02-09.mp3 Mon, 02 Nov 2009 15:19:00 -0500 http://podgarden.podtractor.com/106/379/10095 Johan Rosenberg Matt Fabian, Managing Director of Municipal Market Advisors, discusses market tone and potential legislative changes including ratings reform and a more balanced MSRB. 11:59 Municipal market supply, yields, October, lower rated, demand has stabilized, plain vanilla, healthcare, governmental, acceptable short-term product for money funds, LOC, SBPA, MSRB, industry participant-focused, SEC, municipal industry in the context of consumer protection, BAB renewal, reauthorization, 35% subsidy, unsophisticated issuers, retail investment, Matt Fabian, Municipal Market Advisors, Johan Rosenberg, MuniMarket Pulse podcast no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Fabian10-26-09/mp3/Fabian10-26-09.mp3 Mon, 26 Oct 2009 13:30:00 -0400 http://podgarden.podtractor.com/106/379/10047 Johan Rosenberg 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. 11:34 Yields have been rising, correction, credit spreads, institutional, mutual fund investors, risky type, high grade, credit situation keeps getting worse, California, budget, Puerto Rico, budget gap, defaults, municipal defaults, multi-family housing, land speculation, Jefferson County Alabama, Florida dirt deals, BAB issuance, Build America Bonds, tax-exempt debt, BAB reauthorization, Matt Fabian, Municipal Market Advisors, Cynthia Heneage, MuniMarket Pulse podcast no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Feldman10-23-2009/mp3/Feldman10-23-2009.mp3 Fri, 23 Oct 2009 14:27:00 -0400 http://podgarden.podtractor.com/106/379/10039 Johan Rosenberg 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. 11:07 Five myths, post Madoff era, FAS 157, the fair value standard, fiduciaries, investment managers, traditional asset classes, commodities, real estate, alternative investments, private equity, hedge funds, CMOs, all of those assets that are in those plans have to be marked to fair value, illiquid, thinly traded, AICPA, portfolio, endowment funds, ERISA, they could lose their wealth, Stanley Feldman, Axiom Valuation, Jim Towne, CapitalMarket Pulse podcast no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Doe10-09-09/mp3/Doe10-09-09.mp3 Fri, 09 Oct 2009 18:01:00 -0400 http://podgarden.podtractor.com/106/379/9878 Johan Rosenberg 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. 16:21 Municipal bond performance, September, inflows into mutual funds, tax-exempt money funds, bond funds, pursuit of yields by individual investors, Massachusetts, California, Build America Bonds, municipal ETFs, troubled credit, equity gains, MSRB, testified before Congress, self-regulatory, FINRA, ratings reform, Tom Doe, Municipal Market Advisors, Jim Towne, MuniMarket Pulse podcast no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Rupley10-07-09/mp3/Rupley10-07-09.mp3 Wed, 07 Oct 2009 15:43:00 -0400 http://podgarden.podtractor.com/106/379/9857 Johan Rosenberg 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. 19:43 Build America Bonds, EMMA, bonds trading at premiums on the same day of sale, markup will occur when being sold to smaller retail customers, remarkets, IRS has sited EMMA with respect to issue price questions, BAB’ pricing concerns, BABs program, municipal issuers, allowable premium, traditional tax-exempt transactions, substantial amount, oversubscription, higher subsidy, discount, tax risk, losing all or part of the subsidy, participants in the transaction, Jerry Rupley, Miller Canfield, Johan Rosenberg, MuniMarket Pulse podcast no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Feldman10-05-09/mp3/Feldman10-05-09.mp3 Mon, 05 Oct 2009 17:46:00 -0400 http://podgarden.podtractor.com/106/379/9843 Johan Rosenberg 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. 14:19 Fiduciary Responsibility in the Post-Madoff Era, fair value standard, FAS 157, ERISA, alternative investments, financial accounting standard 157, fair value of an asset or liability, movement in the accounting world to fair value accounting, private equity investments, hedge funds, private equity funds, endowment, retirement plan, transparency risk, audited financial statements, independent valuations of asset values, finance theory, replicating portfolio, Stanley Feldman, Axiom Valuation, Jim Towne, CapitalMarket Pulse podcast no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Fabian10-02-2009/mp3/Fabian10-02-2009.mp3 Fri, 02 Oct 2009 17:22:00 -0400 http://podgarden.podtractor.com/106/379/9822 Johan Rosenberg 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. 7:47 Muni Funds representing seven of the top ten performers in the quarter, performance, tremendous amount of interest from mutual fund investors, safer investments, state and local credit quality, fourth quarter performance, budgets, safe-sector municipal issuers, Build America Bonds, scarcity situation in the market, concentration of Build America Bond issuance in Texas and California, Matt Fabian, Municipal Market Advisors, Jim Towne, MuniMarket Pulse podcast no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Edwards10-02-09/mp3/Edwards10-02-09.mp3 Fri, 02 Oct 2009 11:28:00 -0400 http://podgarden.podtractor.com/106/379/9808 Johan Rosenberg 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. 18:00 EMMA website, disclosure, municipal securities, bond insurance and credit enhancement, municipal bonds, defaults, SEC Rule 15c2-12, MSRB, EDGAR system, variable rate debt, NRMSIR, SID, Texas Municipal Advisory Council, bond community, transparency, Kimberly Edwards, Vice President Municipal Finance, Fidelity Capital Markets, Johan Rosenberg, MuniMarket Pulse podcast no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/LeBas09-29-09/mp3/LeBas09-29-09.mp3 Tue, 29 Sep 2009 13:49:00 -0400 http://podgarden.podtractor.com/106/379/9794 Johan Rosenberg 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. 18:26 Fannie Mae and Freddie Mac, brokerage industry replaced with the banking industry, liquidity fears, elimination of confidence, excess lending practices, decline in consumer spending, Treasuries remain the place to go for safety, inflation, anemic level of demand, corporate spending is improving, cultural factors encouraging saving, Build America Bonds, When Genius Failed, correlation, diversification, uncorrelated investments, uncorrelated risks, Guy LeBas, Janney Montgomery Scott, Johan Rosenberg, MuniMarket Pulse podcast no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Fabian09-22-09/mp3/Fabian09-22-09.mp3 Tue, 22 Sep 2009 14:10:00 -0400 http://podgarden.podtractor.com/106/379/9710 Johan Rosenberg 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. 6:46 Giant surge of supply , confidence in the money market funds, tax-exempt money funds, corporate tax prepayments, Treasury guarantee program, implicit guarantee, Treasury, Lehman crisis, retail market is a direct consequence of the Lehman collapse, California RANs, long-term rating, Matt Fabian, Municipal Market Advisors, Jim Towne, MuniMarket Pulse podcast no 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.” http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Fabian09-15-09/mp3/Fabian09-15-09.mp3 Tue, 15 Sep 2009 15:14:00 -0400 http://podgarden.podtractor.com/106/379/9640 Johan Rosenberg 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.” 8:17 Tax-exempt bonds at incredibly low yields, recovery of the market, lower yields, Treasuries, fixed income, mutual fund inflows, unprecedented levels, high yield municipal bonds, Build America Bonds, rally in Treasuries, municipal defaults, industrial development bonds, Matt Fabian, Municipal Market Advisors, Jim Towne, MuniMarket Pulse podcast no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Doe09-02-09/mp3/Doe09-02-09.mp3 Wed, 02 Sep 2009 17:34:00 -0400 http://podgarden.podtractor.com/106/379/9570 Johan Rosenberg 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. 14:18 Municipal bond performance, August, strong performance, investors, longer maturities, TOB, California, credit is important, foreign investment, Treasuries, Build America Bonds, municipal reinvestment, Tom Doe, Municipal Market Advisors, Jim Towne, MuniMarket Pulse podcast no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Fabian08-28-09/mp3/Fabian08-28-09.mp3 Fri, 28 Aug 2009 17:15:00 -0400 http://podgarden.podtractor.com/106/379/9550 Johan Rosenberg 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. 10:25 Munis, backbond of demand, individual investors, mutual funds, high grade bonds, tax-exempt, Build America Bonds, short-term markets, floating rate, bonds, California, RAN, defaults, safe sector paper, Treasuries, Matt Fabian, Municipal Market Advisors, Jim Towne, MuniMarket Pulse podcast no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Marta08-20-09/mp3/Marta08-20-09.mp3 Thu, 20 Aug 2009 16:54:00 -0400 http://podgarden.podtractor.com/106/379/9424 Johan Rosenberg 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. 12:33 The Fourth Turning, cyclical nature of human experience, American history, booms and busts, Obama, FDR, New Deal, Great Society, Medicare, Medicaid, flat market, benign superpower, US dollar, political uncertainty, equities, private wealth investment, Laffer Curve, TJ Marta, Marta on the Markets, Johan Rosenberg, MuniMarket Pulse podcast no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Marta08-19-09/mp3/Marta08-19-09.mp3 Wed, 19 Aug 2009 17:03:00 -0400 http://podgarden.podtractor.com/106/379/9417 Johan Rosenberg 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. 12:43 Economists, fixed income, equities, Brian Wesbury, Larry Kudlow, banks securitizing, leverage, new money supply, inject liquidity, deflationary collapse, monetary policy, deleveraging, stock market speculation, Depression, green energy, TJ Marta, Marta on the Markets, Johan Rosenberg, MuniMarket Pulse podcast no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Mousseau08-10-09/mp3/Mousseau08-10-09.mp3 Mon, 10 Aug 2009 13:17:00 -0400 http://podgarden.podtractor.com/106/379/9368 Johan Rosenberg 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. 15:33 California IOUs, budget, California paper, state general obligation debt, tax-free bonds, BABs, Build America Bonds, property values, taxable bond market, Treasury rates, bank qualifited, asset allocation, TARP, John Mousseau, Cumberland Advisors, Jim Towne, MuniMarket Pulse podcast, 08-10-09 no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Doe08-05-09/mp3/Doe08-05-09.mp3 Wed, 05 Aug 2009 17:58:00 -0400 http://podgarden.podtractor.com/106/379/9333 Johan Rosenberg 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. 16:57 July Muni Market in Review, summer markets, traditional investors, retail, Treasury, steepening curve, historic relationiship, municipal curve, California, budget, Nouriel Roubini, recession ending, Tom Doe, Municipal Market Advisors, Jim Towne, MuniMarket Pulse podcast 08-05-09 no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Mier8-4-09/mp3/Mier8-4-09.mp3 Tue, 04 Aug 2009 11:26:00 -0400 http://podgarden.podtractor.com/106/379/9325 Johan Rosenberg 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. 18:20 Steepness, shape, yield curve, spread between 20-year and 30-year bond yields, current trade, duration loss, Build America Bonds, BABs, minimum volatility, institutional investors, extension of BABs program, Treasure, California, Chris Mier, Loop Capital Markets, Johan Rosenberg, MuniMarket Pulse podcast, 08-04-2009 no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Fabian07-28-09/mp3/Fabian07-28-09.mp3 Mon, 27 Jul 2009 12:11:00 -0400 http://podgarden.podtractor.com/106/379/8633 Johan Rosenberg 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. 9:11 California budget agreement, municipal bond prices, Moody's, Fitch, borrowing against future revenues, IOUs, safe sectors, default, risky sector credits, Matt Fabian, Municipal Market Advisors, Jim Towne, MuniMarket Pulse podcast no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Miziolek07-13-09/mp3/Miziolek07-13-09.mp3 Mon, 13 Jul 2009 14:05:00 -0400 http://podgarden.podtractor.com/106/379/8444 Johan Rosenberg 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. 20:21 Public Private Partnerships, P3s, construction, infrastructure, Chicago Skyway, Indiana Toll Road, Midway Airport, federal government, infrastructure investing, Aleksandra Miziolek, Dykema, Johan Rosenberg, MuniMarket Pulse podcast no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Doe7-9-09/mp3/Doe7-9-09.mp3 Thu, 09 Jul 2009 13:03:00 -0400 http://podgarden.podtractor.com/106/379/8423 Johan Rosenberg 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. 16:18 June Municipal Market Performance, Build America Bonds, California, Downgrade, Revenue crunch, states, Alabama, pricing dynamics, Tom Doe, Municipal Market Advisors, Cynthia Heneage, MuniMarket Pulse podcast no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Phillips7-01-09/mp3/Phillips7-01-09.mp3 Wed, 01 Jul 2009 17:25:00 -0400 http://podgarden.podtractor.com/106/379/8409 Johan Rosenberg 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. 11:55 CLO, Collateralized Loan Obligations, undelying loans, securitization, amendments, amend-to-extend, amend-to-survive, lenders, liquidity, Gene Phillips, PF2 Securities Evaluations, Inc., Jim Towne, CapitalMarket Pulse podcast no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/OConnor6-26-09/mp3/OConnor6-26-09.mp3 Fri, 26 Jun 2009 17:16:00 -0400 http://podgarden.podtractor.com/106/379/8338 Johan Rosenberg 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. 13:16 Auction Rate Securities, Secondary Market for illiquid assets, investor, hedge funds, student loans, municipals, monoline insurance, liquidation,structured assets, Kevin O'Connor, SecondMarket, Inc., Johan Rosenberg, Derivactiv, MuniMarket Pulse podcast no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Burleyson6-25-09/mp3/Burleyson6-25-09.mp3 Thu, 25 Jun 2009 17:05:00 -0400 http://podgarden.podtractor.com/106/379/8332 DerivActiv 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. 17:56 Build America Bonds, BABs, taxable bonds, competitiv, negotiated, make-whole, bank qualified, stimulus act, call, traditional agency, corporate, serials, maturities, Randy Burleyson, Jonathan Allen, BMO Capital Markets, Johan Rosenberg, DerivActiv, MuniMarket Pulse podcast no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Fabian6-19-09/mp3/Fabian6-19-09.mp3 Fri, 19 Jun 2009 13:21:00 -0400 http://podgarden.podtractor.com/106/379/8353 Johan Rosenberg 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. 10:48 Municipal bond yields, momentum, VDRO backstop, Fed's discount window, swap yields, short-term market, LIBOR, Matt Fabian, Municipal Market Advisors, Jim Towne, DerivActiv, MuniMarket Pulse podcast no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Doe6-10-09/mp3/Doe6-10-09.mp3 Wed, 10 Jun 2009 13:25:00 -0400 http://podgarden.podtractor.com/106/379/8360 Johan Rosenberg 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. 14:56 Municipal market, volatility, May performance, investment grade bonds, individual investor, tax-exempt issue, Build America Bonds program, spreads, Tom Doe, Municipal Market Advisors, Jim Towne, MuniMarket Pulse podcast no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Marta6-5-09/mp3/Marta6-5-09.mp3 Fri, 05 Jun 2009 10:50:00 -0400 http://podgarden.podtractor.com/106/379/8192 DerivActiv 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. 19:51 S&P 500, Stock Market, Bond, Recession, Hyper-inflation, Recovery, UK downgraded, Economy, Hyperinflation, Unemployment, US Treasury, Bond Market, TJ Marta, Marta on the Markets, Johan Rosenberg, MuniMarket Pulse podcast no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Colyer06-02-09/mp3/Colyer06-02-09.mp3 Tue, 02 Jun 2009 17:19:00 -0400 http://podgarden.podtractor.com/106/379/8199 DerivActiv 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. 15:31 Unit Investment Trust, UIT, Investment Company Act of 1940, supervised offering, long-term performance, diversification, credit quality, Build America Bonds, Scott Colyer, Advisors Asset Management, Johan Rosenberg, MuniMarket Pulse podcast no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Fabian6-21-09/mp3/Fabian6-21-09.mp3 Thu, 21 May 2009 13:30:00 -0400 http://podgarden.podtractor.com/106/379/8367 Johan Rosenberg 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. 11:29 Municipal bonds, Build America Bond Program, high-grade yields, credit spreads, tax-exempt, stimulus, variable rate bonds, Federal Reserve, Matt Fabian, Municipal Market Advisors, Jim Towne, MuniMarket Pulse podcast no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Doe5-14-09/mp3/Doe5-14-09.mp3 Thu, 14 May 2009 13:33:00 -0400 http://podgarden.podtractor.com/106/379/8374 Johan Rosenberg 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. 18:50 April, Build America Bonds, California, mutual funds, non-callable, tax-exempt market, Lipper, price momentum, supply, Matt Fabian, Tom Doe, Municipal Market Advisors, Jim Towne, MuniMarket Pulse podcast no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Yosca5-8-09/mp3/Yosca5-8-09.mp3 Fri, 08 May 2009 15:10:00 -0400 http://podgarden.podtractor.com/106/379/7457 DerivActiv 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. 13:56 municipal bonds, muni bonds, BOBs, Build America Bonds, New York bonds, New York MTA, California bonds, New Jersey Turnpike bonds, New Jersey bonds, BONY, Bank of New York, BABs, Build America Bonds, Fred Yosca, BNY Mellon Capital Markets, MuniMarket Pulse, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Doty5-5-09-2/mp3/Doty5-5-09-2.mp3 Wed, 06 May 2009 15:47:00 -0400 http://podgarden.podtractor.com/106/379/7471 DerivActiv 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. 12:35 municipal bonds, muni market, barney frank, mary schaprio, SEC, conduit borrowers, SIFMA, Robert Doty, American Governmental Financial Services, AGFS, MuniMarket Pulse podcast, Johan Roseberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Doty5-5-09-1/mp3/Doty5-5-09-1.mp3 Tue, 05 May 2009 15:32:00 -0400 http://podgarden.podtractor.com/106/379/7464 DerivActiv 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. 15:57 municipal bonds, muni market, barney frank, mary schaprio, SEC, conduit borrowers, SIFMA, Robert Doty, American Governmental Financial Services, AGFS, MuniMarket Pulse podcast, Johan Roseberg no 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 http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Lockyer4-29-09/mp3/Lockyer4-29-09.mp3 Wed, 29 Apr 2009 15:53:00 -0400 http://podgarden.podtractor.com/106/379/7478 DerivActiv California State Treasurer Bill Lockyer talks about bringing $5.2 billion of California Build America Bonds to market 8:31 municipal bonds, muni bonds, California bonds, BABs, Build America Bonds, Bill Lockyer, State of California, MuniMarket Pulse, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Fichera4-23-09-2/mp3/Fichera4-23-09-2.mp3 Thu, 23 Apr 2009 16:54:00 -0400 http://podgarden.podtractor.com/106/379/7485 DerivActiv 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. 9:40 municipal bonds, muni market, VRDN market, MSRB, Saber Partners, Joseph Fichera, MuniMarket Pulse, Johan Rosenberg no 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 http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Fichera4-22-09-1/mp3/Fichera4-22-09-1.mp3 Wed, 22 Apr 2009 16:57:00 -0400 http://podgarden.podtractor.com/106/379/7492 DerivActiv 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 15:30 municipal bonds, muni market, VRDN market, MSRB, Saber Partners, Joseph Fichera, MuniMarket Pulse, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/LeBas4-21-09/mp3/LeBas4-21-09.mp3 Tue, 21 Apr 2009 17:22:00 -0400 http://podgarden.podtractor.com/106/379/7499 DerivActiv 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. 18:24 municipal bonds, muni bonds, economic forecast, Rockefeller Institute of Government, Build America Bonds, BABs, Illinois bonds, Guy LeBas, Janney Montgomery Scott, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Doe4-20-09/mp3/Doe4-20-09.mp3 Mon, 20 Apr 2009 14:03:00 -0400 http://podgarden.podtractor.com/106/379/8380 Johan Rosenberg 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. 13:35 municipal issuance, California, Wisconsin, individual investors, UITs, mutual funds, MSRB, ETFs, Senate Banking, disclosure, Variable Rate Demand Note market, interest rate swaps, Tom Doe, Municipal Market Advisors, Jim Towne, MuniMarket Pulse podcast no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Polsky4-3-09/mp3/Polsky4-3-09.mp3 Fri, 03 Apr 2009 12:32:00 -0400 http://podgarden.podtractor.com/106/379/7506 DerivActiv 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. 12:20 municipal bonds, muni market, California bonds, American Reinvestment Recovery Act, Build American Bonds, BABs, hopital bonds, Alan Polsky, Dougherty & Company, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Kantrowitz4-1-09/mp3/Kantrowitz4-1-09.mp3 Wed, 01 Apr 2009 12:38:00 -0400 http://podgarden.podtractor.com/106/379/7513 DerivActiv 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. 20:00 municipal bonds, muni market, Stimulus Act, student loan lending, FFEL program, American Recovery and Reinvestment Act, Sallie Mae, Mark Kantrowitz, FinAid.org, MuniMarket Pulse, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Fabian3-30-09/mp3/Fabian3-30-09.mp3 Mon, 30 Mar 2009 14:08:00 -0400 http://podgarden.podtractor.com/106/379/8381 Johan Rosenberg 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. 7:45 $6.5 billion bond sale, California, retail demand, well subscribed, muni market, Federal Reserve, Treasury, floating rate bonds, credit, taxable municipal bonds, Build America Bond, Matt Fabian, Municipal Market Advisors, Jim Towne, MuniMarket Pulse podcast no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Mier3-27-09/mp3/Mier3-27-09.mp3 Fri, 27 Mar 2009 12:42:00 -0400 http://podgarden.podtractor.com/106/379/7520 DerivActiv 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. 13:15 muni market, municipal bonds, American Recovery and Reinvestment Act of 2009, BABs, Build America Bonds, Chris Mier, Loop Capital, MuniMarket Pulse, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Decker3-25-09/mp3/Decker3-25-09.mp3 Wed, 25 Mar 2009 12:44:00 -0400 http://podgarden.podtractor.com/106/379/7527 DerivActiv 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. 18:24 municipal bonds, muni market, stimulus package, BABs, Build America Bonds, Recovery and Reinvestment Tax Act of 2009, AMT bonds, Michael Decker, Regional Bond Dealers Association, MuniMarket Pulse, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Fabian3-20-09/mp3/Fabian3-20-09.mp3 Fri, 20 Mar 2009 14:13:00 -0400 http://podgarden.podtractor.com/106/379/8388 Johan Rosenberg 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. 7:40 Muni Market, Municipal bond, underwriters, new issuance, Puerto Rico, bond insurer, artificial market, legislation, capital gains, total return, Matt Fabian, Municipal Market Adivosrs, Cynthia Heneage, MuniMarket Pulse podcast no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Colvin3-17-09/mp3/Colvin3-17-09.mp3 Tue, 17 Mar 2009 12:53:00 -0400 http://podgarden.podtractor.com/106/379/7534 DerivActiv 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. 13:25 municipal bond market, muni bonds, california bonds, general obligation bonds, GO bonds, EMMA, Tom Doe, Municipal Market Advisors, Parker Colvin, Stone & Younberg, MuniMarket Pulse, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Spiotto3-6-09-2/mp3/Spiotto3-6-09-2.mp3 Fri, 06 Mar 2009 12:56:00 -0500 http://podgarden.podtractor.com/106/379/7541 DerivActiv 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. 12:35 muni bond market, municipal bonds, chapter 9, bondholders, chapter 9 bankruptcy, chapter 9 reorganization, Jim Spiotto, Chapman & Cutler, MuniMarket Pulse, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Spiotto5-4-09-1/mp3/Spiotto5-4-09-1.mp3 Wed, 04 Mar 2009 13:23:00 -0500 http://podgarden.podtractor.com/106/379/7548 DerivActiv 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. 11:35 municipal bonds, muni bonds, municipal defaults, chapter 9, nebraska bankruptcy, texas bankruptcy, Jim Spiotto, Chapman & Culter, MuniMarket Pulse, Johan Rosenberg no 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." http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Mason2-24-09/mp3/Mason2-24-09.mp3 Tue, 24 Feb 2009 13:28:00 -0500 http://podgarden.podtractor.com/106/379/7555 DerivActiv 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." 12:20 municipal bonds, muni bonds, New York bonds, TARP, bond insurance, Bill Mason, David Lerner, MuniMarket Pulse, Johan Rosenberg no 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 http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Enright2-17-09/mp3/Enright2-17-09.mp3 Tue, 17 Feb 2009 13:32:00 -0500 http://podgarden.podtractor.com/106/379/7562 DerivActiv 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 12:15 muni bonds, municipal bonds, credit rating, Indiana bonds, FSA, Assured Guaranty, Berkshire Hathaway, MuniMarket Pulse, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Marta1-30-09-2/mp3/Marta1-30-09-2.mp3 Fri, 30 Jan 2009 13:45:00 -0500 http://podgarden.podtractor.com/106/379/7569 DerivActiv 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. 9:45 municipal bonds, muni bonds, global economic outlook, stimulus package, Bernie Madoff, Madoff, Ponzi scheme, TJ Marta, Marta on the Markets, MuniMarket Pulse, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Marta1-29-09-1/mp3/Marta1-29-09-1.mp3 Thu, 29 Jan 2009 13:49:00 -0500 http://podgarden.podtractor.com/106/379/7576 DerivActiv 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. 15:15 municipal bonds, muni bonds, global economic outlook, stimulus package, Bernie Madoff, Madoff, Ponzi scheme, TJ Marta, Marta on the Markets, MuniMarket Pulse, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Profita1-27-09/mp3/Profita1-27-09.mp3 Tue, 27 Jan 2009 13:52:00 -0500 http://podgarden.podtractor.com/106/379/7583 DerivActiv 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. 12:55 muni bonds, municipal bonds, TARP funds, TARP, California bonds, fairfax county, Illinois bonds, bond insurance, FSA, Assured Guaranty, Rick Profita, Wells Fargo, MuniMarket Pulse, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Wiessmann1-23-09/mp3/Wiessmann1-23-09.mp3 Fri, 23 Jan 2009 13:56:00 -0500 http://podgarden.podtractor.com/106/379/7590 DerivActiv 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. 13:45 muni bonds, municipal bonds, pennsylvania bonds, stimulus funds, Robin Wiessmann, State of Pennyslvania, Pennsylvania treasurer, MuniMarket Pulse, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Schwartz12-23-08/mp3/Schwartz12-23-08.mp3 Tue, 23 Dec 2008 13:33:00 -0500 http://podgarden.podtractor.com/106/379/7597 DerivActiv 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. 16:50 municipal bonds, muni bonds, tax-exempt bonds, tax exempt bonds, Ron Schwartz, Stable River Capital, MuniCast podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/LaBas12-19-08/mp3/LaBas12-19-08.mp3 Fri, 19 Dec 2008 13:37:00 -0500 http://podgarden.podtractor.com/106/379/7604 DerivActiv 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. 13:25 municipal bonds, muni bonds, FOMC, municipal bond rates, Gy LeBas, Janney Montgomery Scott, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Yosca12-2-08/mp3/Yosca12-2-08.mp3 Tue, 02 Dec 2008 14:35:00 -0500 http://podgarden.podtractor.com/106/379/7611 DerivActiv 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. 15:20 municipal bonds, muni market, bond insurers, TARP, Assured Guaranty, AMBAC, Fred Yosca, BNY Mellon Capital Markets, MuniMarket Pulse, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Mousseau11-21-08/mp3/Mousseau11-21-08.mp3 Fri, 21 Nov 2008 14:39:00 -0500 http://podgarden.podtractor.com/106/379/7618 DerivActiv 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. 14:46 muni bonds, municipal bond market, treasury ETFs, John Mousseau, Cumberland Advisors, MuniMarket Pulse, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Mackin11-19-08/mp3/Mackin11-19-08.mp3 Wed, 19 Nov 2008 14:52:00 -0500 http://podgarden.podtractor.com/106/379/7625 DerivActiv 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. 11:21 municipal bonds, muni market, assured guaranty, bond insurers, bond insurance, Tim Mackin, NatCity Investments, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Mier11-10-08/mp3/Mier11-10-08.mp3 Mon, 10 Nov 2008 14:58:00 -0500 http://podgarden.podtractor.com/106/379/7632 DerivActiv 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. 11:37 muni market, municipal market, buyer of last resort, retail bond buyer, Chris Mier, Loop Capital, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Meaney11-7-08/mp3/Meaney11-7-08.mp3 Fri, 07 Nov 2008 15:02:00 -0500 http://podgarden.podtractor.com/106/379/7639 DerivActiv 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. 11:28 muni market, municipal market, liquidity crisis, municipal GIC, Repo market, Matt Meaney, Aegon Institution Markets, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Hall10-30-08/mp3/Hall10-30-08.mp3 Thu, 30 Oct 2008 15:05:00 -0400 http://podgarden.podtractor.com/106/379/7646 DerivActiv 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. 9:56 muni market, municipal market, Municipal Market Data, New Mexico bonds, Chris Hall, BMO Capital Markets, MuniMarket Pulse, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Polsky10-24-08/mp3/Polsky10-24-08.mp3 Fri, 24 Oct 2008 15:15:00 -0400 http://podgarden.podtractor.com/106/379/7660 DerivActiv 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. 11:00 muni market, municipal market, Merrill Lynch, Phillip Fisher, Municipal Market Data, Alan Polsky, Dougherty & Company, MuniMarket Pulse, Johan Rosenberg no 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 http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Caprera10-24-08/mp3/Caprera10-24-08.mp3 Fri, 24 Oct 2008 15:11:00 -0400 http://podgarden.podtractor.com/106/379/7653 DerivActiv 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 22:52 municipal market, muni market, muni bonds, National Association of Bond Lawyers, NABL, IRS, Internal Revenue Service, David Caprera, Kutak Rock, MuniMarket Pulse, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Mason10-17-08/mp3/Mason10-17-08.mp3 Fri, 17 Oct 2008 15:24:00 -0400 http://podgarden.podtractor.com/106/379/7667 DerivActiv 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. 12:31 muni bonds, muni market, muni bond yields, New York bonds, Bill Mason, David Lerner Associates, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Delahunt10-16-08/mp3/Delahunt10-16-08.mp3 Thu, 16 Oct 2008 15:42:00 -0400 http://podgarden.podtractor.com/106/379/7674 DerivActiv 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. 13:23 muni bonds, municipal market, California bonds, Peter Delahunt, Raymond James, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Colvin10-6-08/mp3/Colvin10-6-08.mp3 Mon, 06 Oct 2008 15:49:00 -0400 http://podgarden.podtractor.com/106/379/7688 DerivActiv 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. 11:10 muni market, muni bonds, California bonds, secondary bond market, VRDNs, Parker Colvin, Stone & Youngberg, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Profita10-6-08/mp3/Profita10-6-08.mp3 Mon, 06 Oct 2008 15:45:00 -0400 http://podgarden.podtractor.com/106/379/7681 DerivActiv 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. 12:51 muni market, muni bonds, municipal market bond supply, TOBs, Rick Profita, Wells Fargo, MuniMarket Pulse podcast, Johan Rosenberg no 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 http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/LeBas10-1-08/mp3/LeBas10-1-08.mp3 Wed, 01 Oct 2008 15:51:00 -0400 http://podgarden.podtractor.com/106/379/7695 DerivActiv 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 13:25 muni bonds, municipal bonds, variable rate demand bonds, VRDBs, VRDNs, Wachovia, Guy LeBas, Janney Montgomery Scott, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Marta9-16-08/mp3/Marta9-16-08.mp3 Tue, 16 Sep 2008 16:42:00 -0400 http://podgarden.podtractor.com/106/379/7702 DerivActiv 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. 21:41 muni market, municipal bonds, consumer price index, CPI, OPEC, federal deficit, TJ Marta, RBC Capital, MuniMarket Pulse, Johan Rosenberg no 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 http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Solender9-12-08/mp3/Solender9-12-08.mp3 Fri, 12 Sep 2008 16:53:00 -0400 http://podgarden.podtractor.com/106/379/7709 DerivActiv 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 13:35 muni bonds, municipal bonds, muni housing bonds, bond insurers, AMBAC, Dan Solener, Lord Abbett, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Mier8-27-08/mp3/Mier8-27-08.mp3 Wed, 27 Aug 2008 16:56:00 -0400 http://podgarden.podtractor.com/106/379/7716 DerivActiv 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. 14:10 muni market, muni bonds, subprime mortgage market, muni yields, National Bureau of Economic Research, NBER, PIP Fannie Moe, Freddie Mac, Chapter 9, Jefferson County, Vallejo California, Chris Mier, Loop Capital, MuniMarket Pulse, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Ciccarone8-15-08/mp3/Ciccarone8-15-08.mp3 Fri, 15 Aug 2008 17:08:00 -0400 http://podgarden.podtractor.com/106/379/7737 DerivActiv 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. 13:38 muni bonds, municipal bonds, municipal bond fairness act, housing financial services committee, muni ratings reform, Richard Ciccarone, McDonnell Investment Management, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Imhoff8-15-08/mp3/Imhoff8-15-08.mp3 Fri, 15 Aug 2008 17:04:00 -0400 http://podgarden.podtractor.com/106/379/7730 DerivActiv 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. 11:18 muni market, muni bonds, variable rate market, credit spreads, BHAC, Assured Guaranty, FSA, MBIA, bond insurance, Washington bonds, Mike Imhoff, Stifel Nicolaus, AMT housing paper, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Stearns8-14-08/mp3/Stearns8-14-08.mp3 Thu, 14 Aug 2008 17:12:00 -0400 http://podgarden.podtractor.com/106/379/7744 DerivActiv 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. 13:04 muni bonds, municipal market, auction rate securities, VRDN, City of Lakeland, Florida bonds, JEffrey Stearns, MuniMarket Pulse podcast, Johan Rosenberg no Michael Decker of the RBDA Endorses Muni Ratings Legis 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Decker8-8-08/mp3/Decker8-8-08.mp3 Fri, 08 Aug 2008 17:18:00 -0400 http://podgarden.podtractor.com/106/379/7751 DerivActiv 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. 12:30 muni bonds, municipal bonds, Municipal Bond Fairness Act, Michael Decker, Regional Bond Dealers Association, RBDA, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/MacIntosh8-4-08/mp3/MacIntosh8-4-08.mp3 Mon, 04 Aug 2008 17:21:00 -0400 http://podgarden.podtractor.com/106/379/7758 DerivActiv 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. 12:36 muni bonds, municipal bonds, muni ratings, municipal bonds, bond insurance, FSA, Assured Guaranty, Bob MacIntosh, Eaton Vance, MuniMarket Pulse podcast, Johan Rosenberg no 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 http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Williams7-30-08/mp3/Williams7-30-08.mp3 Wed, 30 Jul 2008 17:24:00 -0400 http://podgarden.podtractor.com/106/379/7765 DerivActiv 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 12:59 muni bonds, municipal bonds, municipal arbitrage, bond fund managers, municipal ETF, Rockwater Municipal Advisors, Rockwater Hedge, Bryan Williams, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Silva7-24-08/mp3/Silva7-24-08.mp3 Thu, 24 Jul 2008 13:31:00 -0400 http://podgarden.podtractor.com/106/379/7779 DerivActiv 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. 13:50 muni market, municipal bonds, municipal bond EFTs, Barclays Muni EFT, Joel Silva, Barclays Global Investors iShares, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/LeBas7-15-08/mp3/LeBas7-15-08.mp3 Tue, 15 Jul 2008 13:40:00 -0400 http://podgarden.podtractor.com/106/379/7786 DerivActiv 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. 11:57 muni market, muni bonds, Fannie Mae, Freddie Mac, credit spreads, pre-refunded bonds, Guy LeBas, Janney Montgomery Scott, MuniMarket Pulse podcast, Johan Rosenberg no 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 http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Schwantes7-3-08/mp3/Schwantes7-3-08.mp3 Thu, 03 Jul 2008 13:44:00 -0400 http://podgarden.podtractor.com/106/379/7793 DerivActiv 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 14:25 muni bonds, municipal bonds, FAS157, FAS 157, FASB 157, FASB 133, FAS133, FAS 133, hedge accounting, Brett Schwantes, Wipfli, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Mousseau7-1-08/mp3/Mousseau7-1-08.mp3 Tue, 01 Jul 2008 13:49:00 -0400 http://podgarden.podtractor.com/106/379/7800 DerivActiv 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. 13:29 muni market, municipal bonds, muni bond spreads, bond insurance, bond insurers, MBIA, AMBAC, John Mousseau, Cumberland Advisors, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Haines6-27-08/mp3/Haines6-27-08.mp3 Fri, 27 Jun 2008 13:52:00 -0400 http://podgarden.podtractor.com/106/379/7807 DerivActiv 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. 9:17 bond market, muni bonds, municipal bonds, bond insurers, bond insurance, Fitch Ratings, MBIA, CDS, Rob Haines, CreditSights, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Woods6-24-08/mp3/Woods6-24-08.mp3 Tue, 24 Jun 2008 14:11:00 -0400 http://podgarden.podtractor.com/106/379/7814 DerivAcitv 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. 12:40 muni bonds, municipal bonds, bond credit research, Michigan Bonds, Alaska bonds, Texas bonds, PSF bonds, permanent school fund bonds, Alaska Permanent Fund, Washington bonds, Ken Woods, Asset Preservation Advisors, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Delahunt6-20-08/mp3/Delahunt6-20-08.mp3 Fri, 20 Jun 2008 14:22:00 -0400 http://podgarden.podtractor.com/106/379/7828 DerivActiv 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. 11:45 muni bonds, municipal bonds, bond insurance, bond insurers, MBIA, OPEB, Other Post Employment Benefit funding, Peter Delahunt, Raymond James, MuniMarket Pulse podcast, Johan Rosenberg no 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 http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Lockyer6-20-08/mp3/Lockyer6-20-08.mp3 Fri, 20 Jun 2008 14:18:00 -0400 http://podgarden.podtractor.com/106/379/7821 DerivActiv 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 9:39 muni bonds, municipal bonds, unified ratings scale, rating agencies, Moody's ratings, California bonds, Bill Lockyer, State of California, California bonds, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Larkin6-13-08/mp3/Larkin6-13-08.mp3 Fri, 13 Jun 2008 14:27:00 -0400 http://podgarden.podtractor.com/106/379/7835 DerivActiv 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. 11:44 muni bonds, municipal bonds, bond insurers, bond insurers, AMBAC, MBIA, Channel Re, rating agencies, Dick Larkin, Herbert J. Sims, bond insurer downgrades, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Crescenzi6-12-08/mp3/Crescenzi6-12-08.mp3 Thu, 12 Jun 2008 14:40:00 -0400 http://podgarden.podtractor.com/106/379/7856 DerivActiv 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. 11:13 muni bond market, municipal bonds, bond yield curve, bond credit spreads, commercial paper market, Tony Crescenzi, Miller Tabak, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Profita6-12-08/mp3/Profita6-12-08.mp3 Thu, 12 Jun 2008 14:34:00 -0400 http://podgarden.podtractor.com/106/379/7849 DerivActiv 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. 11:30 muni bonds, municipal bonds, bond insurance, bond insurer downgrades, MBIA, AMBAC, Wells Fargo, Rick Profita, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Marta6-5-08/mp3/Marta6-5-08.mp3 Thu, 05 Jun 2008 14:46:00 -0400 http://podgarden.podtractor.com/106/379/7863 DerivActiv 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. 16:23 muni market, muni bonds, MBIA, AMBAC, bond insurers, CDS contracts, banking system, TJ Marta, RBC Capital, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Yang6-4-08/mp3/Yang6-4-08.mp3 Wed, 04 Jun 2008 14:50:00 -0400 http://podgarden.podtractor.com/106/379/7870 DerivActiv 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. 12:01 muni bonds, municipal bonds, municipal ETFs, intraday pricing system, LIBOR curve, BMA Swap Curve, muni ETFs, Deane Yang, Andrew Kalotay Associates, MuniMarket Pulse, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Warren6-2-08/mp3/Warren6-2-08.mp3 Mon, 02 Jun 2008 14:53:00 -0400 http://podgarden.podtractor.com/106/379/7877 DerivActiv 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. 13:53 muni Bond market, muni bonds, student loan stabilization program, DOE, Department of Education, FFELP, Colelge Cost Reduction and Access Act, CCRAA, Peter Warren, Education Finance Council, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Evans5-29-08/mp3/Evans5-29-08.mp3 Wed, 28 May 2008 13:49:00 -0400 http://podgarden.podtractor.com/106/379/7890 DerivActiv 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. 12:56 muni bonds, muni market, municipal bonds, minicipal arbitrage strategies, bond insurers, Jim Evans, MD Sass, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Savader5-23-08/mp3/Savader5-23-08.mp3 Fri, 23 May 2008 13:52:00 -0400 http://podgarden.podtractor.com/106/379/7897 DerivActiv 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. 14:15 muni bonds, municipal bonds, municipal ratings, National Federation of Municipal Analysts, NFMA, bond ratings, Mitchell Savader, The Savader Group, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Ryan5-21-08/mp3/Ryan5-21-08.mp3 Wed, 21 May 2008 13:59:00 -0400 http://podgarden.podtractor.com/106/379/7911 DerivActiv 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. 12:27 municipal bond market, muni bonds, municipal ETFs, Tim Ryan, State Street Global Advisors, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Meehan5-21-08/mp3/Meehan5-21-08.mp3 Wed, 21 May 2008 13:55:00 -0400 http://podgarden.podtractor.com/106/379/7904 DerivActiv 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. 13:10 muni bonds, municipal bonds, Kentucky vs. Davis, mutual funds, mutual fund investors, hedge fund strategies, Kentucky bonds, Interstate Commerce Clause, Thalia Meehan, Putnam Investments, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Hall5-15-08/mp3/Hall5-15-08.mp3 Thu, 15 May 2008 14:03:00 -0400 http://podgarden.podtractor.com/106/379/7918 DerivActiv 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. 13:16 public finance, muni hedge funds, Vallejo City, California bonds, California bankruptcy, FGIC, PICK, bond insurance, Harris NA, Chris Hall, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Pan5-13-08/mp3/Pan5-13-08.mp3 Tue, 13 May 2008 14:37:00 -0400 http://podgarden.podtractor.com/106/379/7925 DerivActiv 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. 14:16 muni bonds, municipal bonds, auction rate securities market, Lance Pan, Capital Advisor Group, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Oswald5-9-08/mp3/Oswald5-9-08.mp3 Fri, 09 May 2008 14:40:00 -0400 http://podgarden.podtractor.com/106/379/7932 DerivActiv 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. 14:15 muni bonds, municipal bonds, non-profit tax exempts, tax compliance reporting, IRS, Internal Revenue Service reporting, Schedule K, Ed Oswald, Herrington & Sutcliff, Herrington and Sutcliff, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Stienstra5-8-08/mp3/Stienstra5-8-08.mp3 Thu, 08 May 2008 14:47:00 -0400 http://podgarden.podtractor.com/106/379/7939 DerivActiv 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. 11:29 muni bonds, municipal bonds, credit spreads, derivatives, tax-exempt mutual funds, tax exempt mutual funds, Kentucky vs. Davis, muni rating reform, Catherine Stienstra, RiverSource Investments, MuniMarket Pulse, John Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Wolfe5-6-08/mp3/Wolfe5-6-08.mp3 Tue, 06 May 2008 14:50:00 -0400 http://podgarden.podtractor.com/106/379/7946 DerivActiv 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. 15:16 muni bonds, municipal bonds, student loan bonds, State of Minnesota bonds, THE loan program, Minnesota bonds, FFEL proram, Jamie Wolfe, Northstar Education Finance, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Enright5-5-08/mp3/Enright5-5-08.mp3 Mon, 05 May 2008 14:57:00 -0400 http://podgarden.podtractor.com/106/379/7960 DerivActiv 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. 9:56 municipal bonds, muni bonds, muni bond ratings, credit spreads, auction rate securities, Tom Enright, City Securities, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Flanagan5-5-08/mp3/Flanagan5-5-08.mp3 Mon, 05 May 2008 14:54:00 -0400 http://podgarden.podtractor.com/106/379/7953 DerivActiv 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. 11:39 muni bonds, student loan bonds, NAICU, Sarah Flanagan, higher education bonds, NAICU, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Kantrowitz5-1-08/mp3/Kantrowitz5-1-08.mp3 Thu, 01 May 2008 15:24:00 -0400 http://podgarden.podtractor.com/106/379/7967 DerivActiv 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. 17:21 student loan market, educational financing, PLUS loan, PAYGO rules, Grad PLUS loan, Mark Kantrowitz, FinAid.org, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Sheldon4-28-08/mp3/Sheldon4-28-08.mp3 Mon, 28 Apr 2008 15:28:00 -0400 http://podgarden.podtractor.com/106/379/7974 DerivActiv 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. 18:11 student loans, student loan crisis, credit crunch, FFELP loan, Student Loan Capital Strategies, Paul Sheldon, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Mitchell4-24-08/mp3/Mitchell4-24-08.mp3 Thu, 24 Apr 2008 15:31:00 -0400 http://podgarden.podtractor.com/106/379/7981 DerivActiv 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. 13:44 municipal bonds, muni bonds, municipal credit research, New York bonds, Mitchell Savader, The Savader Group, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Stamper4-15-08/mp3/Stamper4-15-08.mp3 Tue, 15 Apr 2008 15:36:00 -0400 http://podgarden.podtractor.com/106/379/7988 DerivActiv 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. 12:34 muni market, muni bonds, municipal bonds, muni fund managers, credit spreads, California bonds, Kentucky vs Davis, B. Clark Stamper, Stamper Capital & Investments, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Hoadley4-11-08/mp3/Hoadley4-11-08.mp3 Fri, 11 Apr 2008 15:47:00 -0400 http://podgarden.podtractor.com/106/379/8002 DerivActiv 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. 13:07 muni bonds, municipal market, unified ratings system, bond rating agencies, insured papers, Wisconsin bonds, California bonds, Frank Hoadley, State of Wisconsin, MuniMarket Pulse podcast, Johan Rosenberg no 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 http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Ciccarone4-11-08/mp3/Ciccarone4-11-08.mp3 Fri, 11 Apr 2008 15:42:00 -0400 http://podgarden.podtractor.com/106/379/7995 DerivActiv 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 13:19 muni bonds, municipal bonds, municipal ratings, Puerto Rico bonds, Kentucky vs. Davis, Richard Ciccarone, McDonnell Investment Management, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/LeBas4-4-08/mp3/LeBas4-4-08.mp3 Fri, 04 Apr 2008 15:50:00 -0400 http://podgarden.podtractor.com/106/379/8009 DerivActiv 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. 19:15 muni bonds, municipal bonds, auction rate securities market, muni yield curve, Guy LeBas, Janney Montgomery Scott, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Solender3-20-08/mp3/Solender3-20-08.mp3 Thu, 20 Mar 2008 13:15:00 -0400 http://podgarden.podtractor.com/106/379/8030 DerivActiv 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. 16:27 muni bonds, municipal market, auction rate paper, credit spreads, premium coupon bonds, Dan Solender, Lord Abbett, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Marta3-19-08/mp3/Marta3-19-08.mp3 Wed, 19 Mar 2008 14:06:00 -0400 http://podgarden.podtractor.com/106/379/8037 DerivActiv 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. 20:04 muni bonds, municipal market, global financial system, tax-exempt, T.J. Marta, TJ Marta, RBC Capital Markets, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Wiessmann3-18-08/mp3/Wiessmann3-18-08.mp3 Tue, 18 Mar 2008 14:09:00 -0400 http://podgarden.podtractor.com/106/379/8038 DerivActiv 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. 14:30 municipal market, muni bonds, variable-rate borrowing, liquidity crisis, State of Pennyslvania, Pennsylvania bonds, Robin Wiessmann, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Kautz3-14-08/mp3/Kautz3-14-08.mp3 Fri, 14 Mar 2008 14:12:00 -0400 http://podgarden.podtractor.com/106/379/8045 DerivActiv 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. 13:49 muni bonds, muni fixed-rate bonds, swap options, SIFMA based swap, LIBOR, Ziegler Capital Markets, John Kautz, MuniMarket Pulse podcast, Johan Rosenberg no 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 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Mier-3-12-08/mp3/Mier-3-12-08.mp3 Wed, 12 Mar 2008 14:15:00 -0400 http://podgarden.podtractor.com/106/379/8051 DerivActiv 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. 14:12 muni bonds, municipal market, Treasury Inflation Protected Securities, TIPS, Chris, Loop Capital, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Haines3-7-08/mp3/Haines3-7-08.mp3 Fri, 07 Mar 2008 14:17:00 -0500 http://podgarden.podtractor.com/106/379/8058 DerivActiv 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. 11:27 muni bonds, muni insurance, bond insurers, bond insurance, AMBAC, Rob Haines, CreditSights, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Delahunt2-28-08/mp3/Delahunt2-28-08.mp3 Thu, 28 Feb 2008 14:24:00 -0500 http://podgarden.podtractor.com/106/379/8059 DerivActiv 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. 13:22 muni bonds, bonds insurers, bond insurance, CDO contracts, bond rating agencies, VRDB, Moody's ratings, Raymond James, Peter Delahunt, MuniMarket Pulse podcast, Johan Rosenberg no 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’ http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Sher2-26-08/mp3/Sher2-26-08.mp3 Tue, 26 Feb 2008 14:27:00 -0500 http://podgarden.podtractor.com/106/379/8065 DerivActiv 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’ 10:25 muni bonds, municipal market, VRDBs, auction rate securities, LOCs, Letters of credit, Ned Sher, Fifth Third Bank, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Ackman2-22-08/mp3/Ackman2-22-08.mp3 Fri, 22 Feb 2008 14:30:00 -0500 http://podgarden.podtractor.com/106/379/8072 DerivActiv 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. 20:15 bond market, muni bonds, bond insurers, bond insurance, MBIA, AFGI, association of financial guaranty insurers, credit ratings, Bill Ackman, Pershing Square Capital Management, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/MacIntosh2-21-08/mp3/MacIntosh2-21-08.mp3 Thu, 21 Feb 2008 14:32:00 -0500 http://podgarden.podtractor.com/106/379/8079 DerivActiv 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. 10:06 bond industry, muni bonds, bond insurers, bond insurer downgrades, auction rate securities, muni yields, Bob MacIntosh, Eaton Vance, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Mackey2-11-08/mp3/Mackey2-11-08.mp3 Mon, 11 Feb 2008 14:35:00 -0500 http://podgarden.podtractor.com/106/379/8086 DerivActiv 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. 11:56 muni bonds, municipal market, ratings agencies, municipal credit ratings, VRDB, auction rate securities, Howard Mackey, Rice Financial Products Company, MuniMarket Pulse podcast, Johan Rosenberg no http://podcast.derivactiv.com/Podcasts/Howard_Mackey_Rice_Financial2.mp3 John Mousseau, Senior Portfolio Manager at Cumberland Advisors, says the market has overreacted to the current insurer situation, and explains his optimism for the near future after "one more scare," with a AAA insurer downgrade. Also, a deadline extension for the bond insurers by the ratings agencies, the current state of the auction rate market, and municipal hedge funds and their impact on the current market. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Mouseeau2-7-08/mp3/Mouseeau2-7-08.mp3 Thu, 07 Feb 2008 14:37:00 -0500 http://podgarden.podtractor.com/106/379/8093 DerivActiv John Mousseau, Senior Portfolio Manager at Cumberland Advisors, says the market has overreacted to the current insurer situation, and explains his optimism for the near future after "one more scare," with a AAA insurer downgrade. Also, a deadline extension for the bond insurers by the ratings agencies, the current state of the auction rate market, and municipal hedge funds and their impact on the current market. 15:02 bond industry, bond insurer, ratings agencies, auction rate market, municipal hedge funds, John Mousseau, Cumberland Advisors, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Mackin2-4-08/mp3/Mackin2-4-08.mp3 Mon, 04 Feb 2008 14:39:00 -0500 http://podgarden.podtractor.com/106/379/8100 DerivActiv 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. 11:42 muni bonds, municipal market, fixed-rate primary market, TOBs, VRDBs, Tim Mackin, NatCity, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Larkin2-1-08/mp3/Larkin2-1-08.mp3 Fri, 01 Feb 2008 14:42:00 -0500 http://podgarden.podtractor.com/106/379/8101 DerivActiv 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. 17:44 muni bonds, municipal bonds, ratings agencies, bond insurers, CDOs, Dick Larkin, J.B. Hanauer, JB Hanauer, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/LeBas1-29-08/mp3/LeBas1-29-08.mp3 Tue, 29 Jan 2008 14:47:00 -0500 http://podgarden.podtractor.com/106/379/8107 DerivActiv 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. 16:06 bond industry, bond insurers, monoline insurers, XLCA, Society Generale, AMBAC, MBIA, Guy LeBas, Janney Montgomery Scott, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Hall1-28-08/mp3/Hall1-28-08.mp3 Mon, 28 Jan 2008 14:50:00 -0500 http://podgarden.podtractor.com/106/379/8114 DerivActiv 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. 12:53 muni bonds, municipal bonds, Fitch ratings, XL Capital downgrade, bond insurance, muni yields, XLCA, Chris Hall, Harris NA, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Mason1-23-08/mp3/Mason1-23-08.mp3 Wed, 23 Jan 2008 14:53:00 -0500 http://podgarden.podtractor.com/106/379/8121 DerivActiv 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. 13:38 municipal market, muni bonds, bond insurance, bond insurers, New York bonds, AMBAC, Bill Mason, Lerner & Associates, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Swanson1-21-08/mp3/Swanson1-21-08.mp3 Mon, 21 Jan 2008 14:56:00 -0500 http://podgarden.podtractor.com/106/379/8128 DerivActiv 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. 12:01 muni bonds, bond insurers, bond insurance, AMBAC, Berkshire Hathaway bonds insurance, Sherman Swanson, Siebert Brandford Shank, MuniMarket Pulse podcast, Johan Rosenberg no Polsky of Dougherty & Co. 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 http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Polsky1-14-08/mp3/Polsky1-14-08.mp3 Mon, 14 Jan 2008 14:59:00 -0500 http://podgarden.podtractor.com/106/379/8135 DerivActiv 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 14:03 muni bonds, municipal market, bond insurers, ACA, Alan Polsky, Dougherty & Company, Dougherty and Company, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Rourke1-9-08/mp3/Rourke1-9-08.mp3 Wed, 09 Jan 2008 16:23:00 -0500 http://podgarden.podtractor.com/106/379/8142 DerivActiv 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. 11:35 muni bonds, municipal bonds, bond market, bond insurer downgrades, Huckabee's Fair Tax, credit cycle, Evan Rourke, MD Sass, MuniMarket Pulse podcast, Johan Rosenberg no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/McDaniel1-7-08/mp3/McDaniel1-7-08.mp3 Mon, 07 Jan 2008 16:40:00 -0500 http://podgarden.podtractor.com/106/379/8149 DerivActiv 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. 15:35 Variable rate demand bond, auction rate securities, bond insurer, converstion, monoline insurers, investment grade munis, municipal bonds, LOC, VRDN, ARS, healthcare, Mike McDaniel, Ziegler Capital Markets, Johan Rosenberg, MuniMarket Pulse podcast, Derivactiv no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Imhoff12-26-07/mp3/Imhoff12-26-07.mp3 Wed, 26 Dec 2007 16:55:00 -0500 http://podgarden.podtractor.com/106/379/8156 DerivActiv 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. 13:33 MBIA, Negative watch, ACA, ratings decline, Fitch, downgrade, AAA rating, FSA, bond insurance, stable ratings, guarantee, liqudity, LIBOR swaps, municipal bonds, Mike Imhoff, Stifel, Nicolaus & Company, Johan Rosenberg, MuniMarket Pulse podcast, DerivActiv no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Colvin12-17-07/mp3/Colvin12-17-07.mp3 Mon, 17 Dec 2007 17:02:00 -0500 http://podgarden.podtractor.com/106/379/8163 DerivActiv 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. 12:22 Municipal bonds, California, public entities, underwriters, issuer calendar, investors, price levels, year end volume, Parker Colvin, Stone & Youngberg, Johan Rosenberg, MuniMarket Pulse podcast no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Elliott12-12-07/mp3/Elliott12-12-07.mp3 Wed, 12 Dec 2007 17:08:00 -0500 http://podgarden.podtractor.com/106/379/8170 DerivActiv 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. 13:30 Higher education financing options, municipal bonds, market turmoil, Letter of Credit, credit spreads, capital market, fixed rate bonds, credit enhancement, bond insurance, terms, LOC, Bill Elliott, PNC Capital Markets, Johan Rosenberg, MuniMarket Pulse podcast no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Enright12-10-07/mp3/Enright12-10-07.mp3 Mon, 10 Dec 2007 17:12:00 -0500 http://podgarden.podtractor.com/106/379/8177 DerivActiv 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 AAA Insurers, bond insurers, downgrade, underwriter, credit, unprecedented situation, rating agencies, LIBOR, SIFMA, municipal calendar, market volume, Tom Enright, City Securities, Johan Rosenberg, MuniMarket Pulse podcast no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/Hill11-27-07/mp3/Hill11-27-07.mp3 Tue, 27 Nov 2007 17:36:00 -0500 http://podgarden.podtractor.com/106/379/8184 DerivActiv 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. 10:58 ACA, negative watch, ratings, bond insurer downgrade, collateral threshold, hedges, municipal obligations, credit swaps, counterparties, write-down, public finance, Peter Hill, ACA Financial Guaranty, Johan Rosenberg, MuniMarket Pulse podcast no 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. http://podgarden.podtractor.com/podcasts/derivactiv/munimarket/McGough11-19-07/mp3/McGough11-19-07.mp3 Mon, 19 Nov 2007 17:42:00 -0500 http://podgarden.podtractor.com/106/379/8191 DerivActiv 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. 16:46 VRDNs, treasuries, LIBOR curves, credit spreads, fixed rate bonds, flight to quality, auction rates market, liquidity facilities, SIFMA, collateralized debt obligations, negative news, Brian McGough, Fifth Third, Johan Rosenberg, MuniMarket Pulse podcast no