PRAG has unparalleled knowledge of the municipal capital markets due to our ongoing involvement in the market through the issuance of large amounts of debt for major and frequent municipal debt issuers including the State of California, the City of New York and the Commonwealth of Massachusetts. We provide current information on market conditions, pricing and structures to our clients as we are constantly in the market and aware of trends in interest rates, changes in investor sentiment and newest products. We frequently communicate with syndicate managers across the spectrum of investment banks, both large national broker-dealers and smaller regional firms, which enables us to form a comprehensive view on rates, coupon preferences, spreads and investor demand for our clients’ securities. This knowledge and experience combined with our own in-house analysis enables us to provide clients with a comprehensive review of developments in the marketplace and the impact on municipal issuers. Our President, Steven Peyser, leads our market effort.