Webinar | Latest Developments in Municipal Bond Pricing & Benchmarks

Thursday 25th May


The acquisition of Barclays index group (BRAIS) by Bloomberg, the purchase of Standard & Poor’s Securities Evaluations by ICE (also owners of Interactive Data) in 2016 and the recent sale of Mergent to FTSE Russell has raised a number of mission critical issues for municipal bond mutual fund managers and administrators.

Operational practices of many years standing in the fund pricing, data and benchmarking process were called into question, and firms were forced to consider changes and alternatives.

We covered this issue extensively in our 2016 User Survey & Special Report and subsequent Breakfast Briefing. You can see the details of these below:

Breakfast Briefing | Municipal Bond Pricing & Benchmarks

During April 2017 we updated the User Survey, looking specifically at the decisions that mutual funds had made in relation to their choice of pricing vendor, their use of municipal bond benchmarks and how they were viewing trading transparency and liquidity in the context of upcoming new SEC Rules. This updated report was released on May 30.

This webinar presented the headline results of our survey, and, with the aid of an expert panel, looked at some of the outstanding issues in the muni pricing, benchmarks and data segment and some new developments of importance for our clients. Moderated by Ian Blance, Managing Director of Voltaire Advisors, the panel consisted of:


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2017 Special Report & User Survey

During April 2017 we updated our Municipal Bond Pricing & Benchmarks User Survey, looking specifically at the decisions that mutual funds had made in relation to their choice of pricing vendor and their use of benchmarks. This updated report costs $299 and can be purchased using the link below. The report package also contains a copy of the initial 2016 Survey and our municipal bond market Service Provider Directory.

Purchase 2017 Special Report & User Survey Package


James 'J.R.' Rieger | Global Head of Fixed Income, S&P Dow Jones Indices

James “J.R.” Rieger is Managing Director and Global Head of Fixed Income, at S&P Dow Jones Indices (S&P DJI). With over 30 years of fixed income experience, J.R. leads S&P DJI’s global fixed income efforts, overseeing a team of subject matter specialists tasked with the creation and management of fixed income indices around the globe. Under J.R.’s management, S&P Dow Jones Indices has launched a global suite of fixed income indices, which includes a focus on transparency for municipal, corporate, and high-yield bonds, senior loans, commercial paper, sovereign debt, credit default swaps, Sukuk securities, and the Australian bond market. Recent innovations include the S&P 500® Bond Index covering corporate bonds issued by the companies in the S&P 500, the S&P U.S. Aggregate Bond Index, as well as indices that track the global developed sovereign, China onshore, Pan Asia, ESG, Indian, and African bond markets. J.R. serves as the firm’s voice to media outlets on the bond markets, in addition to performance and attribution topics. His research and unique metric innovations are frequently cited in national publications, and he has contributed as a guest on CNBC’s Squawk Box and Bloomberg News. He frequently speaks to industry leaders at conferences around the world on the current state of the global debt markets. Previously, J.R. was vice president, global evaluations at Standard & Poor’s Securities Evaluations, Inc. Active in the financial community, J.R. is a member of the Municipal Bond Club of New York, New York Society of Security Analysts, Municipal Analysts Group of New York, and the National Federation of Municipal Analysts. In 2012, J.R. served as Adjunct Professor at Adelphi University’s Robert B. Willumstad School of Business, teaching Investments for the graduate school program. J.R. holds a B.S. from Widener University and an MBA from Adelphi University.


Thomas M. Metzold, CFA | Senior Managing Director, Best Credit Data

Tom Metzold leads the quality assessment process of the Company's pricing platform, as it pertains to municipal bonds. Metzold has extensive experience in the Municipal bond market with 28 years at Eaton Vance, where he served as co-director of Municipal Investments and portfolio manager on Eaton Vance’s municipal bond team until July 2015. Most recently, Metzold was Head of Capital Markets at National Public Finance Guarantee Corp. Metzold earned a B.S. in finance from Siena College in 1980 and an M.B.A. with a concentration in finance from the State University of New York at Albany in 1987. He is a CFA charterholder and is a member of the Municipal Analysts Group of New York (MAGNY) and the National Federation of Municipal Analysts. Tom's commentary has appeared in Barron’s, Bloomberg, The Bond Buyer, The Boston Globe, The New York Times, Reuters Financial Report, and The Wall Street Journal, among other publications.


Daniel J. DiBono | Manager of High Yield Municipal Evaluations, Thomson Reuters

As Manager of High Yield Municipal Evaluations for Thomson Reuters Pricing Service (TRPS), Dan oversees a team of municipal bond evaluators and credit analysts. Dan is a seasoned investment analyst and portfolio manager who has spent his career focused on high yield municipal bonds. Most recently, Dan was a senior evaluator at Bloomberg Valuation Services, where he was responsible for a variety of sectors including tobacco, multifamily housing, and charter schools. Previously, he was a Vice President at several firms and helped to manage nearly $700MM of high yield bonds consisting mostly of private placements in the healthcare, higher education, and project finance sectors. Dan’s experience also includes managing workouts for distressed and defaulted credits. He was part of the team to complete Non-Profit Preferred Funding Trust I, a municipal bond CDO that was awarded the “2007 Deal of the Year Award” by Total Securitization magazine. Dan holds a BS in Business Administration from the University at Albany, SUNY. He is a member of the National Federation of Municipal Analysts (NFMA) and the Municipal Analysts Group of New York (MAGNY).


Matthew Fiordaliso | Head of Securitized Products & Municipal Bond Pricing, IHS Markit

Matthew Fiordaliso heads securitized products and municipal bond pricing for IHS Markit. Previous to his current role he held various trading positions at buy and sell side institutions focusing on MBS. He holds a master’s degree from the College of William and Mary.

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