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 traditional yield curves fall short in illiquid markets
• How odd-lot trades can signal balance sheet stress
• What makes Spline’s models faster and more accurate
• How automation and electronification are changing Munis
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.