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[MUNI LOWDOWN PODCAST] Triet Nguyen talks muni market disclosure

DPC's Nguyen talks with Muni Lowdown hosts about disclosure in the muni market and the evolution towards better transparency.

DPC’s VP of Strategic Data Operations Triet Nguyen was featured in Debtwire Radio’s latest Muni Lowdown podcast. He talked with show hosts about disclosure in the muni market and how it has evolved towards better transparency.

Among the key takeaways from the discussion:

  • Disclosure has come a long way over the years. In the 1980s, for instance, institutional investors had privileged access to information not available to the individual investor. As Triet pointed out, this isn’t acceptable in today’s capital markets.
  • Although there have been great leaps in accounting standards since the 80s, there continues to be a bit of a tug-of-war between what investors would like to receive and what issuers are willing to disclose.
  • By now, most of the larger issuers believe that because they need constant access to the market, they have to cater to the market’s needs for disclosure transparency. It’s harder to convince smaller and infrequent issuers to do the same.
  • The MSRB’s EMMA is an imperfect solution, though it was meant to put everybody on a level playing field. The market remains complex, with confusion about who is the issuer and who is the obligor.
  • DPC DATA expanded into financial data collection because we received requests from many client who were dissatisfied with what is currently available in the marketplace, particularly for smaller issuers and high yield sectors.
  • DPC’s new obligor and sector mapping product will go a long way in helping investors find their way through the complexities of the market and therefore is a big step towards better transparency.

About the Muni Lowdown

The Muni Lowdown is a weekly podcast recapping the previous week’s significant news developments in the municipal bond market. Yong Lim, the Debtwire Municipals desk editor, is podcast moderator. Debtwire Municipals Caitlin Devitt and Greg Clark round out the discussion group.

Listen to “The Muni Lowdown: Disclosure Divulgence”

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