Global Guaranty's All-American Municipal Analysts program continues to improve, thanks in large part to the input of analysts and investors across the nation.

The objective of Global Guaranty's All-American Municipal Analysts program is to provide recognition for analysts that have produced high-quality municipal research.

Municipal analysts at rating agencies, bond insurance companies, Wall Street firms (sell side) and instutional investors (buy side), are all eligible for Global Guaranty's All-American Municipal Analysts program.

Moreover, Global Guaranty is dedicated to producing a program that is above board and honest about the voting process and results.

After last year's program, Global Guaranty took several steps to improve the program so it can remain worthy of the industry's support.

First, the 1991 blue ribbon ballot committee consists of 10 institutional investors and five top flight heads of municipal finance.

Institutional investors in municipal bonds have a significant monetary interest in receiving high quality research. That is why they are included on the ballot committee and were selected as the electorate for the program.

Leading investment bankers also have significant interests in high quality research. Additionally, they are included because they have the opportunity to see the work of municipal analysts at bond insurance companies and rating agencies.

Improving 1991 All-American Program

The ballot committee reviewed last year's ballot and decided to combine the three general obligation categories into two categories.

Two new categories were added to this year's ballot: High Yield Municipal Bonds and Lease-Backed Municipal Bonds.

Once the final ballot was approved by the ballot committee, it was printed on four pages, versus a double-sided single-sheet, and the quality of the paper stock was upgraded.

The ballot was then mailed to the chief investment officers at the top 1,000 institutional investors in municipal bonds.

A telephone response team then called all 1,000 chief investment officers.

As a result of our telephone work, the balloting process became much more akin to a survey of a institutional investment community.

Roughly half of the chief investment officers disqualified themselves from voting in the program.

Most chief investment officers disqualified themselves on the grounds they did not see enough research to make an informed decision on which analysts was "the best".

A significant portion of those disqualifying themselves also noted that they purchase municipal bonds primarily within a certain region, state, or select bond categories.

Of the remaining 500 institutional investors, we received a response rate of 22%.

Ultimately, results speak for themselves and the high caliber of the municipal analysts selected to this year's program is evidence that the process works.

All-American Conference

First-team All-American have been invited to speak on their respective areas of expertise at this year's All-American Municipal Analysts Conference

Information about how you can attend will be available in Global Guaranty's newsletter and advertisements that will appear in the coming weeks, or, you can call Global Guaranty at (212) 943-6988.

Hall of Fame

This year's All-Americans are being asked to help found the Municipal Analysts' Hall of Fame.

Only municipal analysts that have retired and made significant contributions to profession will be eligible for the Hall of Fame.

To begin the Hall of Fame, 1991 All-American Municipal Analysts will select five individuals to be eligible.

The Spring of 1992, All-American Municipal Analysts will be asked to elect one individual to the Hall of Fame.

In subsequent years, each term of All-American Municipal Analysts will be asked to nominate one individual to the slate and induct one person into the Hall of Fame.

The induction ceremony will be held each Spring and the Hall of Fame will be located at the office of The American Banker Bond Buyer.

Finally, the All-American Municipal Analysts Team will be asked to help improve the process by participating in the selection of ballot committee members and making suggestions.

For example, several All-Americans have suggested that analysts be given the opportunity to submit works that will judged by the ballot committee.

In summary, I wisk to thank the 1991 ballot committee members for participating in this year's All-American Municipal Analysts Program. We look forward to seeing you at the conference in the Fall.

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