The municipal bond market is navigating a period of rising rates, shifting demand, and headline-driven narratives but the underlying story may be more stable than it seems.

In this episode of Muni 360, host Eric Kazatsky is joined by Jack Muller from the credit desk at MacKay Municipal Managers. They look at what has been driving the recent backup in rates across the yield curve, why the move in munis is largely a treasury story, and what that means for investors who are paying attention right now. Eric and Jack also address the noise surrounding New York City's bond market and walk through why the fundamentals there remain on solid ground despite the headlines.

For anyone trying to separate what actually matters from what is just market chatter, this episode offers a grounded look at where things stand and why the current environment may be worth leaning into.

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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: 8795788

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In the first quarter of 2026, municipal bond new issuance remained solid despite a more challenging backdrop by the end of the quarter.

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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 take comfort in the current strength and historical resiliency of municipal credit especially given geopolitical uncertainty and concerns around private markets.

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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

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Markets are facing a great deal of uncertainty right now. Geopolitical tensions, rising interest rates, and signs of stress in parts of the private credit market are prompting investors to ask new questions.

In this episode of Muni 360: Weekly Wrap Up, host Eric Kazatsky sits down with Jack Muller, CFA, to discuss what’s happening across the broader market and what it could mean for municipal bond investors. Eric and Jack also explore the key structural differences between private credit and municipal bonds, including issuer profiles, revenue stability, leverage structures, transparency, and liquidity.

Listen to the full episode to hear their perspective on how these trends are shaping today’s market and what investors should be watching next.

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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: 8743814

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Despite persistent market volatility and steady supply, demand for municipal bonds remains resilient.

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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.

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A week of geopolitical shock sent equities lower and oil higher, but municipal credit held up evidenced by strong inflows and steady demand

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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.

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Municipals still offer attractive tax-adjusted yields even after strong YTD net fund flows.

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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.

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The municipal bond market kicked off 2026 with strength but volatility, supply dynamics, and state-level policy are already shaping the road ahead.

In this Weekly Wrap Up, host Eric Kazatsky is joined by Jack Muller, CFA, Credit Analyst at MacKay Municipal Managers, to break down the latest muni insights. They explore why munis have outperformed taxable fixed income so far this year, how richening ratios reflect continued demand, and why investors are keeping a close eye on credit fundamentals. The conversation zooms in on California’s improved fiscal outlook and the proposed wealth tax ballot initiative, as well as Florida’s potential property tax reform and what both mean for municipal credit.

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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: 8683632

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