The Phaserl


The Muni Market’s Shifting Sands

from Zero Hedge:

Submitted by Mark J. Grant, author of Out of the Box,

I began my career in this space. Fresh off my internship I was assigned to cover small banks in Missouri and Kansas and sell them Municipal Bonds. My fondest recollection was of a small bank in western Kansas that said he couldn’t buy bonds now because, “There are green bugs in the milo.” I had no idea what green bugs were then and wasn’t too sure about milo.

Almost forty years later and having supervised the municipal trading/sales and banking areas at four different investment banks I still am on the watch for the green bugs in the milo. Munis are the most decentralized and still the most “good old boy” part of the Capital Markets. Relationships are paramount in the municipal markets, and in non-competitive situations, who you know often trumps what you know in doing business. Municipals are a unique space.

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