January 2024 - Monthly Review

Going, Going...Citi Gone

Just like that, from third top underwriter over the last 11 years, representing $50 billion a year (10% market share) to zero. Why? How does this affect the muni market? What does it mean going forward? How does it affect muni investors? How does it affect MainLine West? This month, we review muni underwriting over the years and what it means to have Citi departed from the market - like homerun ball over the left field fence.


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Expert Insight About 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 24 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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