Non-profit/Muni bonds - Cohen Municipal Management

Cohen Municipal Management offers investors access to pools issued by middle market non-profit corporations organized under section 501(c)(3) of the Internal Revenue Code.

Middle market 501(c)(3)s are positioned to benefit from positive fundamentals, growing management sophistication, and the decreasing cost of tax-exempt debt. In the 2004-2005 and 2005-2006 Not-For-Profit Medians and Outlook reports, Moody’s Investor Service characterized the sector as stable with positive upgrade/downgrade trends and strong cash flows, solid debt service coverage ratios and improved liquidity. NPPF is designed to provide institutional investors access to this attractive market. Cohen & Company provides program management.

Benefits of the program include:

• Focus on corporations with strong cash flows, stable fundamentals and high franchise value
• Implied average borrower credit estimates of [BB-/B+] by a nationally recognized statistical rating agency
• Diversification across geographic regions and 501(c)(3) sub-segments, including cultural, education, healthcare, philanthropic, research and service/advocacy