Explore every episode of the podcast The Muni 360 Podcast from New York Life Investment Management
| Title | Pub. Date | Duration | |
|---|---|---|---|
| Finding Value After the July Sell-Off | 21 Aug 2026 | 00:23:36 | |
After one of the toughest Julys for municipal bonds in decades, opportunity may be picking up, but only for those who know where to look. In this episode of the Muni 360 podcast, host Eric Kazatsky and guest Jack Muller dig into the forces behind the recent correction, what’s really happening with credit fundamentals, and how investors can position amid technical headwinds, political uncertainty, and shifting tax proposals. They break down the implications of the Missouri tax vote, what supply surges could mean for returns, and why higher yields should have muni buyers paying close attention right now. Whether you’re watching flows, digging for value, or weighing credit shifts, this conversation covers the essential market drivers you need to know. Watch the full episode now. Follow Us
Presented by New York Life Investments 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: 8796789 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| Robust Demand Absorbs a Heavier New-Issue Calendar | 20 Aug 2026 | 00:03:14 | |
Munis remain well-supported by 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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| Post-Fed Muni Valuation Snapshot | 31 Jul 2026 | 00:02:34 | |
Muni valuations held steady post-Fed
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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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| Munis Stay Resilient | 24 Jul 2026 | 00:03:01 | |
Record Muni Supply: A Second-Half Outlook
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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 . Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| The Market Rewarded Discipline | 17 Jul 2026 | 00:20:52 | |
The first half of 2026 challenged many of the market assumptions investors started the year with. While headlines focused on inflation, interest rates, tariffs, and geopolitical uncertainty, the municipal bond market rewarded discipline instead. In this episode, host Eric Kazatsky is joined by Jack Muller for a midyear review of their 2026 outlook. They revisit the year's key themes, explain why technicals and investor demand have driven performance, and share where they continue to see value across the municipal market. Tune in to hear what worked, where opportunities remain, and what to watch in the second half of 2026. Follow Us
Presented by New York Life Investments 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: 8796551 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| Munis Stay Resilient | 26 Jun 2026 | 00:03:35 | |
Munis Stay Resilient as July Technicals Appear Supportive
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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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| Volatility Has Reset the Opportunity Set | 19 Jun 2026 | 00:27:55 | |
Volatility has been the dominant theme in the municipal market, but it has also created new opportunities for investors. In this month's Muni 360 Market Insights, Eric Kazatsky and Jack Muller discuss how recent rate volatility has led to higher yields across the municipal curve while credit fundamentals remain largely intact. They explore shifting relative value opportunities, the importance of year-round tax management, the impact of increased issuance on market technicals, and what wealth tax and millionaire tax proposals could mean from a municipal credit perspective. Listen as Eric and Jack examine the key factors influencing today's municipal market and discuss where current conditions may be creating opportunities for long-term investors. Follow Us
Presented by New York Life Investments 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: 8796276 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| Supply Meets Demand | 12 Jun 2026 | 00:02:38 | |
Elevated issuance is still being met with strong investor demand
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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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| A Well-Supported Market Still Rewards Selectivity | 05 Jun 2026 | 00:04:48 | |
Munis are in-demand, but investors must navigate carefully
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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 Investment Management” 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. | |||
| Compelling Muni Yields | 29 May 2026 | 00:03:07 | |
Even some the highest-rated bonds offer currently attractive yields.
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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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| Silver Lining | 22 May 2026 | 00:02:34 | |
Macroeconomic volatility creates value for muni bond investors. Follow Us LinkedIn: New York Life Investments LinkedIn: MacKay Municipal Managers Presented by New York Life Investments
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. | |||
| Volatility, Rate Reset & Where the Opportunity Is in Munis | 15 May 2026 | 00:25:47 | |
The municipal bond market has shifted in recent weeks, with higher yields, heavier supply, and ongoing volatility shaping investor sentiment while also creating new opportunities across the market. In this episode of Muni 360: Monthly Market Insights, Eric Kazatsky sits down with Jack Muller from the MacKay Municipal Managers credit team to discuss the recent backup in yields, Treasury-driven market moves, and the technical factors influencing municipal performance. They also explore why higher yields may be improving opportunities for after-tax income investors, how supply trends inside 10 years are affecting the market, and why fundamentals remain stable despite ongoing volatility. The conversation also touches on wealth tax discussions and what they may, or may not, mean for municipal credit. Tune in for a practical look at the key forces shaping today’s muni market and where investors may be finding opportunity. Follow Us
Presented by New York Life Investments 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: 8795990 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| Healthcare Sector Checkup | 01 May 2026 | 00:03:42 | |
Healthcare bond issuance is up 63% year-over-year.
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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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| Rate Backup, NYC Credit & Finding Opportunity in Volatility | 17 Apr 2026 | 00:28:44 | |
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. Follow Us
Presented by New York Life Investments 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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| Robust First Quarter New Issue Supply | 10 Apr 2026 | 00:02:59 | |
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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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. | |||
| Take Comfort In Munis, Even During Volatile Times | 27 Mar 2026 | 00:03:28 | |
We take comfort in the current strength and historical resiliency of municipal credit especially given geopolitical uncertainty and concerns around private markets. Follow Us LinkedIn: New York Life Investments LinkedIn: MacKay Municipal Managers Presented by New York Life Investments 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. | |||
| Geopolitical Risk, Private Credit Stress & Why Munis Are Different | 20 Mar 2026 | 00:30:26 | |
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. Follow Us
Presented by New York Life Investments 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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| Volatility meets opportunities in longer duration | 13 Mar 2026 | 00:04:17 | |
Despite persistent market volatility and steady supply, demand for municipal bonds remains resilient.
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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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| Risk-Off Headlines, Resilient Munis | 06 Mar 2026 | 00:03:47 | |
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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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. | |||
| Supportive Tailwinds and Compelling Tax-Adjusted Income | 27 Feb 2026 | 00:03:11 | |
Municipals still offer attractive tax-adjusted yields even after strong YTD net fund flows.
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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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| Credit Themes and State Policy Spotlight | 20 Feb 2026 | 00:20:25 | |
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. Follow Us
Presented by New York Life Investments 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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| Healthcare and Education Sector Technicals | 13 Feb 2026 | 00:03:27 | |
Supply and demand picture in these sectors
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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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| Primary Market Deals | 06 Feb 2026 | 00:02:55 | |
A closer look at the Taxable Municipal Market
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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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| What’s Driving Muni Ratios? | 30 Jan 2026 | 00:02:29 | |
We walk through factors driving ratios so far this year.
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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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| Higher Ed Munis: 2-Minute View | 23 Jan 2026 | 00:02:53 | |
We discuss our outlook for 2026 on the higher education sector
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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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| Discipline Drives Differentiated Results in 2026 | 16 Jan 2026 | 00:17:10 | |
A new year brings new market dynamics and fresh insight for municipal investors looking to stay ahead in 2026. In this episode, host Eric Kazatsky is joined by Mike Denlinger, Managing Director and Portfolio Manager at MacKay Municipal Managers, to walk through the team’s Top Five Insights for 2026. From the resilience of essential service revenue bonds to the dispersion emerging in high yield, Mike shares what themes and strategies matter most in the current environment. They break down curve positioning, taxable muni opportunities, and how active flexibility can uncover value where passive strategies fall short. If you’re positioning muni portfolios for the year ahead, this conversation is packed with data-backed takeaways. Follow Us
Presented by New York Life Investments 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: 8563817 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| 2026 New Issue Supply Forecast | 19 Dec 2025 | 00:03:05 | |
Many street estimates are expecting 2026 to be in the $600 billion range
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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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| A Solid Second Half Sets the Tone | 12 Dec 2025 | 00:16:11 | |
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. Follow Us
Presented by New York Life Investments 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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| New Issuance Is Being Absorbed Well | 05 Dec 2025 | 00:02:50 | |
Recent new issue municipal debt deals were oversubscribed.
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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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| Post-Shutdown, What’s Next for Munis? | 21 Nov 2025 | 00:03:23 | |
A look at the week’s well-received — and not-so-well-received — new issue municipal debt deals.
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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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| A Strong Fall Municipal Market with Opportunities | 14 Nov 2025 | 00:14:01 | |
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. Follow Us
Presented by New York Life Investments 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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| Municipal Bonds After the Ballot | 07 Nov 2025 | 00:04:24 | |
A rundown on election results and their impacts to the municipal bond market
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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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| Primary Market Deals | 31 Oct 2025 | 00:02:52 | |
Deals pricing this week, highlighting the large ones
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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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| Gas prepay sector and its growth | 24 Oct 2025 | 00:03:01 | |
Deals pricing this week in gas prepay sector
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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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| A Stronger Market Tone Where Opportunities Persist | 17 Oct 2025 | 00:18:44 | |
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
Presented by New York Life Investments 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. | |||
| Spooky Seasonality, Compelling Opportunity | 10 Oct 2025 | 00:03:24 | |
Typical seasonal patterns looking ahead to positive technicals
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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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| From Rally to Opportunity | 03 Oct 2025 | 00:04:04 | |
September’s rally could give way to an opportunity to buy the dip in October
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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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| Back to Basics | 19 Sep 2025 | 00:13:50 | |
In this episode of Muni 360, host Eric Kazatsky sits down with Scott Sprauer, Portfolio Manager at MacKay Municipal Managers, for a timely discussion on why municipal bonds remain a compelling option in today’s shifting market. From Fed policy and supply dynamics to the resilience of muni credit quality, Scott explains how active management and smart curve positioning can unlock opportunities for investors. He also shares why elevated supply is the new norm, why municipal yields are competitive against other fixed-income classes, and how investors should consider reallocating cash as the Fed begins its rate-cutting cycle. Tune in now for practical insights that highlight why municipals remain a cornerstone for long-term, tax-efficient portfolios. Follow Us
Presented by New York Life Investments 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: 8364320.1 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| Ideas across the muni curve | 12 Sep 2025 | 00:04:01 | |
Two ideas at different spots on 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.
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| Curve Appeal | 05 Sep 2025 | 00:02:47 | |
Our view is that OBBBA’s actual financial impact to states will be small, and quite manageable.
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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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| Hospitals Prove Durability in a Dynamic Environment | 22 Aug 2025 | 00:03:12 | |
Healthcare has been one of the most dynamic pockets of the market uniquely facing the challenges of pandemic and now Medicaid challenges with the passing of the OBBA, however hospitals have remained resilient evidenced by improving median metrics. Follow Us
Presented by New York Life Investments 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: 8311303.1 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| Attractive Levels Garnering Attention | 15 Aug 2025 | 00:17:03 | |
Issuance is up, the curve is steepening, and tax policy is finally clear—conditions that have muni investors taking a closer look. In this episode, host Chris Roberti is joined by Matt Hage, Portfolio Manager at MacKay Municipal Managers, for a timely look at market dynamics and positioning. Matt shares why issuance is running 20% above last year’s record pace, how shifts in the curve are opening long-term opportunities, and what the “One Big Beautiful Bill” means for tax policy and sector risk. They also discuss credit fundamentals, potential catalysts for a rally, and why active management may be better equipped than passive strategies in today’s environment. Follow Us
Presented by New York Life Investments 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: 8252992.1 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| States vs. OBBBA: Financial Fallout Overhyped? | 08 Aug 2025 | 00:03:59 | |
Our view is that OBBBA’s actual financial impact to states will be small, and quite manageable.
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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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| Now is the time to build-in durable tax-exempt income | 01 Aug 2025 | 00:02:31 | |
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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| Crossover Buyers Are In. Should You Be Too? | 25 Jul 2025 | 00:03:17 | |
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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| 2025 Top Five Insights – Mid-Year Update | 18 Jul 2025 | 00:17:54 | |
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. Follow Us
Presented by New York Life Investments 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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| Our approach to the tax-exempt high yield market | 27 Jun 2025 | 00:04:56 | |
MacKay Municipal Managers’ philosophy on high yield munis. Follow Us
Presented by New York Life Investments 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. | |||
| Year to Date Trends Persist | 20 Jun 2025 | 00:23:44 | |
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. Follow Us
Presented by New York Life Investments 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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| Oversubscriptions highlight the level of demand | 13 Jun 2025 | 00:03:09 | |
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.
Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| The Importance of Municipal to Treasury Ratios | 06 Jun 2025 | 00:03:26 | |
We explain why municipal to treasury ratios are important to 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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||