By: Ben Levisohn | July 19, 2018

By: Ben Levisohn | July 2, 2018

Stocks fall as US-China trade tensions escalate

State Street Active Quant Equity CIO Olivia Engel and NatAlliance Global fixed income head Andy Brenner on where investors can find value in the stock market.

By: CNBC | May 23, 2018

By: Sean Vesey | May 15, 2018

Hudson Yards is the largest development project in New York City since Rockefeller Center rose from the streets in the 1930’s.  It has forever changed the New York City skyline and it is a shining example of what can be accomplished when public and private entities work together towards a common goal.  It was also financed, in part, with municipal bonds. READ MORE

By: Dean Myerow | May 16, 2018

As of May 14th, 2018, FINRA Rule 2232 went into effect which requires broker dealers to disclose on customer confirmations their markup for principal trades executed within the same day. Previously, these markups were not disclosed and were rarely discussed. Since bonds are bought and sold on a yield basis, if an investor was looking for a certain yield, maturity, and credit quality, brokers would make sure they achieved these goals while still making a mark-up for themselves. Sometimes this markup was minuscule as is the case with high quality, very short-term bonds. Sometimes it was as much as 3% as it would be on a highly speculative, long dated bond. Dealers would buy bonds in the open market and mark the price up to their clients to cover their expenses and earn a living. READ MORE

By: Ben Levisohn | May 15, 2018

Since bond prices and yields move in opposite directions, the yield on the 10-year Treasury rose to 3.043% at 9:00 a.m. today, though it appears to have traded as high as 3.0669%, according to NatAlliance Securities’ Andrew Brenner. “[A] new trend is starting,” he writes. “Last time we were at these levels was in the summer of 2011.” READ MORE

By: Nora Colomer | April 24, 2018

“I am surprised at how quickly the Ad Hoc group of bondholders and FES came to an agreement,” said Dean Myerow, Portfolio Manager at Las Olas Wealth Management of NatAlliance Securities LLC. “This bodes well for creditors since complex cases like this have the potential to be litigated for years.” READ MORE

By: Ben Levisohn | April 12, 2018

The market even survived a brief dip when reports broke that the Trump administration was actively considering sites to bomb in Syria. At this point, though, it might just be noise to tune out. “[Expect] the market to chop around for the rest of the day and tomorrow as well, unless there is a bombing,” writes Andrew Brenner at NatAlliance Securities. “Then markets will drop, and if there is the view that it is one and done, it will come back.” READ MORE

By: Fred Imbert and Alexandra Gibbs | April 9, 2018

“It’s certainly sending it down into the close,” said Andrew Brenner of National Alliance Securities, about the report, which was later confirmed by NBC News. “I think the equities market was having its own negative momentum.” READ MORE

By: Nora Colomer | April 05, 2018

“The debt restructuring process for First Energy Solutions bondholders will be messy,” said Dean Myerow, municipal bond portfolio manager at NatAlliance Securities LLC. “FES’ assets may be difficult to sell as the company seeks to shed its debt. The coal and nuclear power plant assets suffer from stiff competition especially from other energy generating plants around the country that use cheaper forms of fuel such as natural gas.” READ MORE

By: Pan Kwan Yuk, Joe Rennison and Peter Wells | April 2, 2018

“There is a risk-off mentality and it has really kicked in in the last hour and a half,” said Andrew Brenner, a partner at National Alliance Securities, a brokerage. “The president’s continued attack against one of the best performing stocks – Amazon – is definitely causing nervousness. It gives the Fed cause to slow down their hawkish talk. I think you are going to see some backtracking.” READ MORE

By: Alex Nussbaum, Bloomberg | March 28, 2018

The move comes as oil majors and independents both focus spending in the region. It “has the potential” to boost shares for small-cap drillers operating there, and may trigger a run on them by bigger producers, said Leo Mariani, an Austin-based analyst for NatAlliance Securities. READ MORE

By: Ben Levisohn | March 27, 2018

Why did the market drop? No headlines this time, but it could be the drop in the 10-year Treasury yield, which closed at 2.79%, its lowest since Feb. 6 based on 3:00 p.m. yields. “We think 10 years move through 2.80 and then get an acceleration through to 2.65 ish,” writes NatAlliance Securities’ Andrew Brenner. “3% is still in the cards, we just think 2.65 comes first.” READ MORE

It’s Not Just Tech. Credit Markets Give Fuel to Equity Rout

By: Dani Burger and Sid Verma | March 19, 2018

“Credit leads equities and will underperform,” said Andrew Brenner, the head of international fixed-income at Natalliance Securities in New York, citing Federal Reserve hikes, signs of softer U.S. output and corporate sales of short-term U.S. debt. “We expect equities to catch up on the downside.” READ MORE.

HE’S BRINGING THE MOJO TO BIG CITY PLANNING

By: Zara Stone | March 9, 2018

Dean Myerow, portfolio manager at Las Olas Wealth Management of NatAlliance Securities, agrees. “Wall Street public finance underwriting is a capital-intensive niche ruled by the likes of Morgan Stanley [et al.], and upending their firm grip on the marketplace will be the challenge,” he says. Myerow also has concerns about whether the platform is robust enough to handle billion-dollar deals. READ MORE

Stocks rattled after Trump economic adviser Gary Cohn quits

By: Nicole Bullock and Joe Rennison | March 7, 2018

“There is really no great markets person left in the administration,” said Andrew Brenner at NatAlliance Securities. “I would like to have seen him stay and so would the markets.” READ MORE.

CVS Supersize $44B Bond for Aetna Deal Gets Triple Orders

By: Randall Forsyth | March 6, 2018

Like Treasury auctions, CVS’ deal is drawing a similar multiple of bids for the new issues—some $120 billion, according to Andrew Brenner of Natalliance Securities.. READ MORE

Pioneer Natural Resources (PXD) Upgraded to “Buy” by NatAlliance Securities

By: Anthony Sawyer | February 12, 2018

Pioneer Natural Resources (NYSE:PXD) was upgraded by investment analysts at NatAlliance Securities from a “hold” rating to a “buy” rating in a report released on Monday. READ MORE.

Here’s why the stock market is in turmoil and why it’s not likely to end anytime soon

By: Patti Domm | February 08, 2018

“I think 2.90 could be broken at any point in the next 36 hours,” said Andrew Brenner of National Alliance. That would make 3 percent the next stop. Brenner said the U.S. yield was tethered to the German bund yield early Thursday, and both moved up together. That could be another influence overnight. READ MORE

Big Oil Stocks Fail to Attract Buyers as Selloff Persists

By: Michael Bellusci | February 05, 2018

“It is pretty clear that there are no buyers willing and ready to step-in on weakness in a group that has underperformed for 12 months and is undervalued on both a relative and absolute basis,” Leo Mariani, an energy specialist at NatAlliance Securities, said in a note to clients Friday. READ MORE

Hartford Municipal Bonds Rebound

By: Dean Myerow | February 06, 2018

In the summer of 2017, Hartford CT Mayor, Luke Bronin declared that without help from the State of Connecticut, the capital city would need to file bankruptcy. READ MORE

Dow, S&P have first back-to-back losses of 2018

Virtu floor trader Matt Cheslock, Price Futures Group’s Phil Flynn, National Securities fixed income head Andy Brenner and B. Riley FBR’s Art Hogan discuss the market sell off on Wall Street.

First Energy Solutions Edges Closer to Defaulting

By: Dean Myerow | January 29, 2018

On Tuesday January 23^rd 2018, Moody’s downgraded the debt of First Energy Solutions (FES) a subsidiary of First Energy (NYSE: FE) to Ca from Caa1.  This downgrade further highlights the well-publicized financial problems facing FES and other regulated power generation companies in the United States. READ MORE

U.S. Government Bonds Fall, With 10-Year Yield Rising Above 2.7%

By: Daniel Kruger | January 29, 2018

“The Treasury market’s going to be taking it on the chin,” said Andrew Brenner, head of global fixed income at NatAlliance Securities. “You’ve set yourself into a bear market.” READ MORE

Guyana got “low” royalty, signing bonus from ExxonMobil – US energy analyst. Trotman: “best arrangement” in the circumstances

By: Denis Chabrol | January 28, 2018

“The thing to focus is the royalty rate is low. It’s two percent royalty rate; that’s pretty low to be honest. Typically, host countries get higher royalty,” Leo Mariani, who covers explorers and producers at the New York and Texas-based NatAlliance Securities, told Demerara Waves Online News. He said royalty rates are generally five, seven or 10 percent. READ MORE

Where Amazon and Municipal Bond Finance Collide

By: Dean Myerow | January 24, 2018

Amazon.com, Inc (NASDAQ: AMZN) is looking for a new headquarters, but the biggest cities vying for the privilege are drowning in debt, and having a new HQ in a high debt city won’t be good for Amazon going forward. READ MORE

Muni Bonds From a Roar to A Whimper For Yield 2018

By: Dean Myerow | January 22, 2018

The municipal bond market has entered 2018 rather quietly, compared to the fevered pitch it reached as we ushered out 2017. The start of the New Year has not been kind to those looking to put their money to work in the tax-free municipal bond market. READ MORE

Bond ETFs Awash in Pain May Be Red Flag for Risk Appetite

By: Dani Burger and Sid Verma | January 22, 2018

It’s much faster to make a short, or bearish, bet on an ETF than through cash bonds, according to Andrew Brenner, the head of international fixed-income at Natalliance Securities in New York. Later when traders cover those shorts the ETFs recover, he said. READ MORE

Investors Are Seeing Something Unfamiliar in 2018: Sweet Yields

By: Dani Burger | January 04, 2018

“It’s the right strategy if you’re looking for income,” said Andrew Brenner, head of international fixed income at Natalliance Securities in New York. “You should be moving all your assets and risk into shorter fixed-income because you’re getting paid for it.” READ MORE 

Be Reasonable! Dow Jumps 150 Points, Breaks 25,000 Because Greed Is Good

By: Ben Levisohn | January 04, 2018

About that number. NatAlliance Securities’ Andrew Brenner calls it “meaningless.” Not only did U.S. indexes close higher, Japan soared, Europe rallied, and even Greek bonds were being bought, he says. READ MORE

Puerto Rico’s post-Maria recovery under further strain as residents flee island by the masses

By: Ashley Williams | November 06, 2017

“It’s an absolute humanitarian crisis on top of the existing economic crisis that was there before,” said Dean Myerow, bond portfolio manager for Las Olas Wealth Management of NatAlliance Securities, LLC. READ MORE

Wall Street has a problem with this part of the new tax plan

By: Bob Pisani | November 02, 2017

The long-awaited tax bill has finally arrived, and it does indeed reduce the corporate tax rate to 20 percent from 35 percent. But buried in the bill (page 217 of the 429-page bill) are a few short paragraphs that appear to limit the deductibility of corporate debt. READ MORE

As Defaults Mount And Loom, It May Be Time To Dust Off Meredith Whitney’s Analysis

By: Dean Myerow | June 12, 2017

As defaults mount and loom, it may be time to dust off Meredith Whitney’s analysis. READ MORE

Bankruptcy Should Be A Last Resort For Struggling Hartford, Conn.

By: Dean Myerow | May 17,  2017

Last Tuesday, the Mayor of Hartford, Conn., Luke Bronin, announced that he has had initial conversations with attorneys who specialize in Chapter 9, municipal bankruptcy. The move was a surprise to the municipal bond market as well as other members of the Hartford city board who were unaware of the mayor’s intentions, and many called the move premature. READ MORE

Dean Myerow and Sean Vesey Launch Las Olas Wealth Management of NatAlliance Securities

By: Dean Myerow | May 23, 2017

Las Olas Wealth Management launched recently as a premier wealth management group within NatAlliance Securities LLC of New York City. Specializing in municipal bonds and tax advantaged income, Las Olas Wealth Management is dedicated to helping institutions and high-net-worth families manage their municipal bond portfolios. READ MORE