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.

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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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: 8055098.1

New deals are seeing oversubscriptions.

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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.

We explain why municipal to treasury ratios are important to 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.

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

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Twitter @MacKayMuniMgrs

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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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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.

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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• Twitter @NYLInvestments
• 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: 7936190.1

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

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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.