The National Federation of Municipal Analysts (NFMA), founded in 1983, is a not-for-profit association with over 1,300 members throughout the U.S.  The professional focus of our members is on the creditworthiness of municipal bonds.  Since NFMA’s inception, our goals have been:

  • To promote professionalism in municipal credit analysis,

  • Through our educational programs, to further the skill level of our members and to provide a platform by which analysts can exchange ideas,    

  • To advocate, when appropriate, issues of importance to the municipal finance industry, and

  • To facilitate the flow of information among market participants, especially in terms of better issuer disclosure.

New & Noteworthy

The NFMA's Municipal Analysts Bulletin, Vol. 24, No. 3 is posted. Click here, or go to Publications/Newsletters.

The NFMA's Education Committee is pleased to add the Hon. Chuck Reed, Mayor of San Jose, and William Fulton, a nationally recognized urban-planning expert and Director of Rice University's Kinder Institute for Urban Research to its January Advanced Seminar, entitled America’s Urban Agenda and Its Impact Upon The Municipal Bond Market.  The seminar will take place on January 22 & 23 in Houston, Texas at the Four Seasons Houston. To view the program, click here: January Advanced Seminar
To register online, click here: Online Registration

The NFMA is pleased to announce the first recipients of the scholarship honoring Peter Fugiel, past chair of the NFMA, who passed away earlier this year. Based on the high caliber of applications received, the NFMA has awarded two Fugiel Scholarships. The recipients are Eric Reese from the University of North Carolina MPA program and Scarlett Swerdlow from the University of Chicago's Harris School of Public Policy. Please click here to view the press release for the scholarship:  Press Release.  The educational program to which the scholarship applies  - the NFMA Introduction to Municipal Bond Credit Analysis - takes place on Thursday and Friday this week in Philadelphia.  In 1987, Peter Fugiel conceptualized and executed this program for the NFMA, and it has been offered annually since that time. 

The NFMA has released the draft Recommended Best Practices in Disclosure for State Government General Obligation and Appropriation Debt (State GO RBP).  This paper is the first of a two-part update of the NFMA’s December 2001 Recommended Best Practices in General Obligation and Tax-Supported Debt (2001 RBP), which addressed all general obligation and tax-exempt debt. Comments on the draft paper will be accepted through March 5, 2015. To view the paper, click here:  State GO RBP.  To view the press release, click here:  Press Release.

NABL has released a paper, General Obligation Bonds:State Law, Bankruptcy and Disclosure Considerations. According to NABL, at the 2013 Bond Attorneys’ Workshop, Allen K. Robertson, President of NABL, announced that the organization would "undertake a project regarding general obligation bonds as a result of the recent bankruptcy filings by local governments which have raised questions about the security of general obligation bonds." Click here to read the paper.

At the 2013 Bond Attorneys’ Workshop, Allen K. Robertson, President of the National Association of Bond Lawyers (“NABL”), announced that NABL would undertake a project regarding general obligation bonds as a result of the recent bankruptcy filings by local governments which have raised questions about the security of general obligation bonds.

The NFMA is pleased to release the final version of the White Paper on Best Municipal Bond Issuance Practices.  The paper incorporated feedback from a survey of NFMA members on new issue practices undertaken in the Spring of 2013, and was released for public comment in January 2014. 

The June 2014 issue of the Municipal Analysts Bulletin is available. Learn about upcoming society events, committee activities and see photos from this year's Annual Conference.  Click here to view the newsletter. 


Our Tweets

Upcoming Municipal Industry Events

  • NFMA Members are invited by Fitch to join them on December 4th at 1:00pm EST for a webinar focused on Public-Private Partnerships (PPP) and Availability-based projects. This is their second webinar in a series focused on Global Infrastructure and Project Finance. To view the program and registration instructions, click here.
  • NFMA Members Only Teleconference on Hot Legal Topics in Restructuring and Chapter 9 Bankruptcy:  The Lessons from Detroit’s Now Approved Plan of Adjustment. December 10 at 3pm Eastern. Members can register here:  Online Registration
  • NFMA Advanced Seminar on America's Urban Agenda, January 22 & 23, 2015, Four Seasons, Houston, TX.  Program.  Click here to register:  Online registration
  • NFMA 32nd Annual Conference, May 12-15, 2015, Four Seasons Las Vegas, NV. Watch here for program and registration information in January.
  • For other municipal industry events, click here to go to MuniNetGuide.

Submit your event here.

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