The difference in yields between the 2 year and 30 year points on the municipal yield curve is the highest it’s been in 5 years.

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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.

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Crossover buyers recently started investing in munis

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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.

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The muni market in 2025 is marked by heavy issuance, steeper curves, and clear tax policy—and investors are watching how it all plays out.

In this episode, host Eric Kazatsky welcomes back Mike Denlinger, Portfolio Manager at MacKay Municipal Managers, for a midyear review of their Top 5 Insights. They unpack what’s actually driving underperformance so far this year, why the tax exemption remains intact, and how sector-specific credit risks are shaping opportunity. Mike also shares his outlook for the second half, what’s shifting in demand, and why now might be the time to lean in, especially on the long end of the curve.

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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: 8128367.1

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MacKay Municipal Managers’ philosophy on high yield munis.

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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.

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The muni market in 2025 is shaped by shifting supply, political headlines, and an evolving rate environment and investors are watching closely.

In this episode, host Chris Roberti is joined by Ian France, Credit Analyst and Portfolio Manager at MacKay Municipal Managers, to unpack the key trends so far this year. From elevated new issuance and lackluster flows to cheapened ratios and sector-specific risks, Ian offers a clear-eyed view of what’s driving market behavior. They discuss credit dynamics post-U.S. downgrade, why healthcare is under the microscope, and how the latest federal legislation impacts tax exemption. The conversation also highlights the value of active management and where opportunities exist on the curve, especially in AMT bonds and long-duration credits.

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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: 8055098.1

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New deals are seeing oversubscriptions.

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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.

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We explain why municipal to treasury ratios are important to municipal bond investors.

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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.

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

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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.

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

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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.

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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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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

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