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

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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.

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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Twitter @MacKayMuniMgrs

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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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Twitter @MacKayMuniMgrs

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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 tax-exemption status of municipal bonds

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Twitter @MacKayMuniMgrs

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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.

Host Chris Roberti welcomes Portfolio Manager and Trader Sunny Gill from the MacKay Municipal Managers trading desk in Los Angeles. They discuss key themes shaping the municipal bond market in 2025, including rate volatility, increasing supply, and credit fundamentals. Sunny provides insights on how investors can identify opportunities amid shifting economic conditions and why active management remains essential in a complex market. They also break down the impact of Fed rate cuts, tax-adjusted yield comparisons, and sector positioning strategies that could benefit muni investors this year. Tune in for expert insights to help guide your municipal investment decisions.

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• Twitter @NYLInvestments
• Twitter @MacKayMuniMgrs
• Facebook @NYLInvestments
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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: 7684023

Issuance ticked up in the higher education sector, with various results

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Twitter @MacKayMuniMgrs

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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.

Host Chris Roberti sits down with Mike Denlinger, Portfolio Manager at MacKay Municipal Managers, to break down the biggest trends shaping the municipal bond market in 2025. Instead of just focusing on interest rates and inflation, investors now need to pay closer attention to picking the right bonds and sectors. Mike shares insights on market shifts, why security and sector selection are more important than ever, and what investors should watch for in the coming months. They also discuss tax policy updates, market supply, and how active management can help navigate this changing landscape. If you're investing in munis or want a better understanding of the market, this episode is packed with valuable insights.

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• Twitter @NYLInvestments
• Twitter @MacKayMuniMgrs
• Facebook @NYLInvestments
• 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.

SMRU: 7585472