October 2024 - Monthly Review

Markups Are Getting Marked Down

No, Kmart is not making a comeback, but lower profitability in public finance is. In our January monthly review “Going, Going, Citi Gone”, MainLine reviewed the evolving nature of muni underwriting and broker/dealer participants. There has been a change in the big players and in the flow of muni bonds over the years. This month, with the help of a study from the University of Georgia that reviews the trend in underwriting markups and big bank profitability, MainLine will turn the blue light on as to why some think Citi is gone.

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Expert Insight About The Municipal Bond Market

Our team of investment professionals are active in the market daily. Our blog includes posts with valuable insight and commentary about critical municipal finance topics and expert interpretation of how current economic factors may affect the municipal bond market.

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About The Author

Mike Maciolek, CFA, is a Senior Vice President at MainLine West and a member of the investment team for individually managed client accounts and our family of Tax Advantaged Opportunity Funds. Prior to his current role, he was a portfolio manager for First Data Corporation. Mike directed a set of municipal bond portfolios approaching $12 billion in market value, and $7 billion in interest rate derivatives, applying his expertise to meet the various objectives of the portfolios. He began his 30 year career in New York City as an analyst with management responsibilities for $2 billion in tax-exempt money market funds for Oppenheimer Funds.

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