We explain the State and Local Tax deduction cap and the extent to which it impacts municipal bond investors

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Presented by New York Life Investments
www.newyorklifeinvestments.com

MacKay Municipal Managers is a team of portfolio managers at MacKay Shields. MacKay Shields is 100% owned by NYLIM Holdings, which is wholly owned by New York Life Insurance Company. “New York Life Investments” is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company.

Absolute yields in municipals are attractive and the yield at which you purchase fixed income is critical.

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Presented by New York Life Investments
www.newyorklifeinvestments.com

MacKay Municipal Managers is a team of portfolio managers at MacKay Shields. MacKay Shields is 100% owned by NYLIM Holdings, which is wholly owned by New York Life Insurance Company. “New York Life Investments” is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company.

Despite persistent volatility and a looming rate pivot, the fixed income market is showing signs of renewed opportunity – if you know where to look.

IIn this episode, host Chris Roberti is joined by Scott Sprauer, Senior Portfolio Manager at MacKay Municipal Managers, to explore the evolving dynamics in the municipal market. The conversation covers the growing appeal of high-quality, high-yield munis, the impact of constrained supply, and how investors are shifting duration strategies in anticipation of rate cuts. Chris and Scott dig into key themes driving the market, including tax-aware investing, spread compression, credit fundamentals, and the importance of nimble, active management in today’s environment. With thoughtful commentary on the macro backdrop, and practical insights for portfolio positioning, this episode is essential listening for anyone navigating the muni landscape.

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Presented by New York Life Investments
www.newyorklifeinvestments.com

MacKay Municipal Managers is a team of portfolio managers at MacKay Shields. MacKay Shields is 100% owned by NYLIM Holdings, which is wholly owned by New York Life Insurance Company. “New York Life Investments” is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company.

SMRU: 7936190.1

Issuance for taxable muni’s is up 29% compared to the same time last year

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Presented by New York Life Investments
www.newyorklifeinvestments.com

MacKay Municipal Managers is a team of portfolio managers at MacKay Shields. MacKay Shields is 100% owned by NYLIM Holdings, which is wholly owned by New York Life Insurance Company. “New York Life Investments” is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company.

Continued resilient demand amid strong supply for the year provides insights into valuations 

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LinkedIn: New York Life Investments

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Presented by New York Life Investments
www.newyorklifeinvestments.com

MacKay Municipal Managers is a team of portfolio managers at MacKay Shields. MacKay Shields is 100% owned by NYLIM Holdings, which is wholly owned by New York Life Insurance Company. “New York Life Investments” is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company.

The ongoing new issue supply wave continues to create opportunities for active managers

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LinkedIn: New York Life Investments

LinkedIn: MacKay Municipal Managers

Presented by New York Life Investments
www.newyorklifeinvestments.com

MacKay Municipal Managers is a team of portfolio managers at MacKay Shields. MacKay Shields is 100% owned by NYLIM Holdings, which is wholly owned by New York Life Insurance Company. “New York Life Investments” is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company.

Uncertainty in the municipal bond market isn’t new but how you respond to it makes all the difference. With spreads widening, rates rising, and liquidity tight, active management is being put to the test.

In this episode, host Chris Roberti is joined by Matt Hage, Portfolio Manager and Trader at MacKay Municipal Managers, speaking from the firm’s trading desk in Los Angeles. Matt shares real-time insights on what’s shaping the municipal bond market this spring, covering issuance trends, political uncertainty, liquidity challenges, and the valuation backdrop clients are watching closely. Chris and Matt unpack what’s working in today’s portfolios, how active management is navigating recent volatility, and why the current muni setup may be one of the most compelling in years. They also talk credit fundamentals, portfolio positioning, and how investors should be thinking about duration risk going forward.

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• Twitter @MacKayMuniMgrs
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• LinkedIn: MacKay Municipal Managers

Presented by New York Life Investments
www.newyorklifeinvestments.com

MacKay Municipal Managers is a team of portfolio managers at MacKay Shields. MacKay Shields is 100% owned by NYLIM Holdings, which is wholly owned by New York Life Insurance Company. “New York Life Investments” is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company.

SMRU: 7862272

A discussion around recent market volatility

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LinkedIn: New York Life Investments

LinkedIn: MacKay Municipal Managers

Presented by New York Life Investments
www.newyorklifeinvestments.com

MacKay Municipal Managers is a team of portfolio managers at MacKay Shields. MacKay Shields is 100% owned by NYLIM Holdings, which is wholly owned by New York Life Insurance Company. “New York Life Investments” is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company.

A discussion around how policy changes might impact the higher education sector 

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Presented by New York Life Investments
www.newyorklifeinvestments.com

MacKay Municipal Managers is a team of portfolio managers at MacKay Shields. MacKay Shields is 100% owned by NYLIM Holdings, which is wholly owned by New York Life Insurance Company. “New York Life Investments” is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company.

A discussion around tax-exemption status of municipal bonds 

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Twitter @MacKayMuniMgrs

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LinkedIn: New York Life Investments

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Presented by New York Life Investments
www.newyorklifeinvestments.com

MacKay Municipal Managers is a team of portfolio managers at MacKay Shields. MacKay Shields is 100% owned by NYLIM Holdings, which is wholly owned by New York Life Insurance Company. “New York Life Investments” is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company.