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Munifacts

Munifacts
InvestingBondsMunicipal Bonds

What Is Munifacts?

Munifacts was a private newswire communication service for municipal bonds which gave data on new municipal bond issues in the primary market and secondary market. In 1996, it was renamed Thomson Municipal News, afterward collapsed into The Municipal Market Monitor (TM3), a subscription service accessible from Refinitiv.

Figuring out Munifacts

However Munifacts does not exist anymore, it's replacement service is of interest to municipal bond traders. It is a reporting service traders use to examine bond issues, incorporating the terms remembered for the bond's indenture and financial data used to survey the quality of an issue. A 14-day free trial is accessible for TM3, and subscriptions are accessible for municipal market participants, who must initially be checked by TM3 Client Services faculty in a telephone interview.

Components of TM3

The news is given by Refintiv formerly Thomson Municipal News (or, Munifacts) and The Bond Buyer popular narratives. Instruments incorporate an analyst catalog and a glossary. Valuable instruments for traders, for example, deal and Committee on Uniform Securities Identification Procedures search capabilities and a bond calculator.

The dashboard shows the Top 5 Competitive Issues, Top 5 Negotiated issues, and 5 Most Active Trades at Volume. Different services accessible from the dashboard are connections to MuniStatements, the Securities Industry and Financial Markets Association, Swap Index, and Exchange Traded Funds Index.

The fundamental highlights of The Municipal Market Monitor are:

Tables on the dashboard incorporate MIG1 and MMD Scales. MIG is a Moody's rating scale to measure municipal bond risk and issuer creditworthiness. The Moody's ratings are one through four, with a one (MIG 1) addressing the highest quality and a four (MIG 4) addressing the least quality.

A restrictive yield curve Municipal Market Data (MMD) AAA Curve gives the deal side of AAA-rated state general obligation bonds (GO). The MMD analyst team decides the inclusion of bonds. The MMD AAA curve addresses the MMD analyst team's assessment of AAA valuation, in view of an institutional block size of $2 million or more market activity in both the primary and secondary municipal bond market.

The AAA scale is distributed by Municipal Market Data consistently at 3:00 p.m. Eastern Standard Time with prior indications of market movement gave all through the trading day.

In the interest of transparency, MMD distributes broad yield curve presumptions connecting with different structural criteria, which are utilized in sifting market data with the end goal of benchmark yield curve creation.