OpenYield Markets Podcast
The OpenYield Markets Podcast is where industry experts, thought leaders, and innovators come together to discuss the latest trends, challenges, and advancements in the fixed-income market. It provides insightful commentary on financial technology, trading strategies, and market dynamics, offering listeners valuable perspectives on how the landscape is evolving.
Episode 5: The Vince Lombardi of Credit | Kevin Lynyak on Market Structure, SMAs & Fed Policy
In this episode of The OpenYield Markets Podcast, host Mark Hebert sits down with Kevin Lynyak, a 20-year Morgan Stanley veteran as well as Managing Director and portfolio manager for taxable strategies on Parametric’s fixed income team.
Dubbed “The Vince Lombardi of Credit,” Kevin shares lessons from a career spanning crisis-era trading, market structure innovation, and the rise of advisor-led SMAs. The conversation covers:
🔹 Kevin’s pioneering work in odd-lot and algorithmic credit trading
🔹 The rise of tax-loss harvesting and muni strategies in retail portfolios
🔹 How financial advisors think about duration, volatility, and preferreds
Episode 4: Reinventing Muni Bond Pricing with Spline CEO Matt Smith, the Thomas Bayes of Fixed Income
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 Mu...
Episode 3: The Ernest Hemingway of Credit - Mark Rieder on Markets, Risk & His New Book
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 disl...
Episode 2: Innovation & Quant Strategies with The Albert Einstein of Munis, Chad Wildman of FMS
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...
Episode 1: Automating Fixed Income With TDSAT Co-Heads Marty Mannion and Matt Schrager
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 an...
