Markets found new footing in the second half of 2025, as technicals improved, long duration rallied, and investor sentiment turned more constructive. But what does that mean as we look toward 2026?

In this episode, host Chris Roberti welcomes back Matt Hage, Portfolio Manager at MacKay Municipal Managers, joining from the firm’s Los Angeles trading desk. They unpack the factors behind muni performance this year, including curve dynamics, the impact of steady inflows, and why the long end of the curve remains well bid.

Matt also shares why political noise isn’t moving markets much, what’s really changed in the credit landscape, and where he sees opportunity heading into 2026, especially in the housing sector.

There’s a lot to take away here, especially if you're navigating muni allocation decisions as we head into the new year. Listen in to get Matt’s latest insights straight from the desk.

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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: 8633803.1

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Recent new issue municipal debt deals were oversubscribed.

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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 look at the week’s well-received — and not-so-well-received — new issue municipal debt deals.

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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.

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Municipal bonds have shown meaningful strength this fall, with performance building across the curve and investor sentiment improving. In this episode, host Chris Roberti is joined by Francis Adarkwa, Research Analyst at MacKay Municipal Managers, for his debut appearance direct from the trading desk in Los Angeles.

They discuss what’s driving recent returns, how nontraditional buyers are influencing the long end of the curve, and why the team remains constructive even amid rate uncertainty and political headlines. Francis also breaks down the current credit landscape—highlighting healthcare systems as a key sector to watch—and explains where he’s seeing attractive relative value opportunities today.

If you’re evaluating positioning into year‑end or thinking about re‑allocating from cash-like instruments, this conversation provides timely perspective on where the market stands and where value may be forming next.

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• Twitter @NYLInvestments
• 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.

SMRU: 8567530.1

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A rundown on election results and their impacts to the municipal bond market

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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.

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Deals pricing this week, highlighting the large ones

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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.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Deals pricing this week in gas prepay sector

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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.

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Momentum is building in the muni market and despite ongoing uncertainty, opportunity is still out there.

In this episode, host Chris Roberti welcomes back Ian France, Research Analyst and Portfolio Manager at MacKay Municipal Managers, for a timely look at what’s shaping the current tone of the municipal bond market. They unpack September’s strong performance, why long-end munis are still attractively priced, and what’s behind the steepness in the curve. Ian also breaks down credit fundamentals, inflation expectations, and how active managers are thinking about portfolio positioning and risk in a market that remains technically challenged.

Follow Us

• 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: 8458785.1

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.