In this episode of OpenYield Markets Podcast, host Mark Hebert sits down with Matt Smith, founder and CEO of Spline, to explore how machine learning, real-time data, and modern infrastructure are transforming the municipal bond market.

Founded in 2022, Spline is a fintech company redefining fixed income analytics with a focus on municipal bonds. The firm delivers high-frequency secondary market pricing, live yield curves, and predictive analytics for new issue pricing — all updated every five minutes, even across the odd-lot space. Matt shares how his experience at Headlands Tech Global Markets led him to identify gaps in the Muni ecosystem and build a platform engineered to solve them.

Topics covered in this episode include:

• Why Muni yield curves are harder to model than treasuries — and how Spline tackles the challenge
• The role of odd-lot data in identifying market tone and liquidity stress
• How Spline’s real-time curves compare to traditional sources like MMD
• The importance of inference and forward-looking data in predictive analytics
• Why customer success — not just raw data — is key to Spline’s nearly zero churn rate
• Reflections on market volatility, from COVID to recent rate moves, and how Spline models held up
• The future of electronification in Munis and the limits of automation in a market with no shorting and minimal hedging
• Why the MCDX index failed — and what it says about liquidity, structure, and trade interest in municipal credit

Matt also discusses the meaning behind the name “Spline,” how customer education is central to their product strategy, and why illiquid assets may be the next frontier beyond Munis.

If you're a trader, portfolio manager, fintech builder, or market enthusiast looking to understand where municipal finance is headed and how data science is shaping its future - this episode is essential listening.

In this third episode of the OpenYield Markets Podcast, host Mark Hebert is joined by Mark Rieder, Chief Investment Officer at LaMar Assets and author of Reminiscences of a Bond Operator, a book that’s quickly becoming a must-read on credit desks across the industry. Known for his sharp market instincts and decades of experience in both public and private credit, Rieder brings a rare combination of macro perspective and micro-level credit acumen to the conversation.

The two Marks dive into the state of today’s fixed income markets, drawing parallels between the current volatility and past dislocations like the global financial crisis—while also pointing out what makes this cycle uniquely dangerous. Rieder discusses how tariffs, government spending cuts, and a fatigued consumer are converging to create a market backdrop unlike anything we've seen before.

They explore how passive credit flows are distorting price signals, why liquidity can disappear just when it’s needed most, and why some investors may be overestimating the resilience of private credit markets. Rieder also shares his framework for identifying attractive entry points in credit, emphasizing the importance of being a liquidity provider when others are forced to sell.

The conversation turns tactical as the two explore sector themes, including stress in travel and leisure, potential tailwinds in utilities and energy infrastructure, and the role of AI in driving demand for data center-related credits. Rieder also lays out his “tariff playbook” and explains how smart investors can build portfolios positioned for resilience amid policy-driven volatility.

Whether you’re managing institutional capital or simply navigating your own investment strategy, this episode is packed with honest insights, historical context, and practical tools for thinking through today’s credit market challenges.

If you want to understand what seasoned credit professionals are watching right now, this is an episode you won’t want to miss.

In this episode, Mark Hebert sits down with Chad Wildman, the Head of Quantitative Strategies at FMS Bonds. Chad, who has been dubbed the "Albert Einstein of Municipal Bonds," shares his journey from academia to Wall Street, providing insights into how quantitative strategies are transforming municipal bond trading.

Chad discusses his innovative models for profitable bond trading, the challenges of hedging in the Muni market, and the evolution of liquidity and automation. He also dives deep into the differences between municipal and corporate bonds, offering a unique perspective on the future of bond trading.

Join us as Chad breaks down complex concepts into actionable insights for both industry veterans and newcomers alike. Whether you're in fixed income trading or simply curious about the future of municipal bonds, this episode offers valuable lessons and cutting-edge knowledge.

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In this inaugural episode of OpenYield’s Monthly Markets with Mark, host Mark Hebert dives into the evolving landscape of fixed income automation with two pioneers in the field, Marty Mannion and Matthew Schrager. Both co-heads of TD Automated Securities, they share their insights into the transformative impact of automation on fixed income markets.

Marty and Matt's journey into automation started in the municipal bond market, where they saw an opportunity to address inefficiencies through technology. They explain how they built the foundation of Headlands Securities, which would later be acquired by TD, and discuss the challenges and advantages of automating fixed income markets, especially in comparison to faster, more centralized markets like equities.

They delve into the role of latency, liquidity, and technology, noting how automation is catching up in fixed income. They highlight how recent regulatory changes and advancements in automation are driving market efficiency, resulting in reduced friction and costs for both institutional and retail investors. This trend has significantly improved liquidity, especially for retail clients, who now have better access to fixed income markets.

The discussion also touches on the future of retail involvement in fixed income markets, with innovations like apps and platforms making bond trading more accessible to the average investor. Marty and Matt emphasize the importance of educating retail investors and building infrastructure to support their participation.

As the conversation shifts to the integration of voice and automated trading, they share how TD is handling various trading formats, including ETFs, RFQs, and voice trading, and how these synergies enhance market liquidity and efficiency.

Finally, they explore the potential for change in the primary market, which has traditionally been slow to evolve, and discuss how advances in technology and transparency could bring new opportunities for both issuers and investors.

Marty and Matt are excited about the future of automated fixed income markets and the role of new players in accelerating innovation. They conclude by reflecting on the progress made and the long journey ahead, stressing the enormous potential of the fixed income space in the coming years.