Top Five Municipal Market Insights for 2025 – Mid-Year Update – New York Life Investments – 7.15.25

Overview:
Title: Top Five Municipal Market Insights for 2025 – Mid-Year Update
Date: Tuesday, July 15, 2025
Time: 1:00 PM Eastern Daylight Time
Duration: 1 hour

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Summary:

At the midpoint of 2025, municipal bond investors face a market marked by elevated yields, compelling valuations, and complex supply dynamics. Join MacKay Municipal Managers™ as we revisit our Top Five Insights for 2025 and assess where the market is heading for the second half of the year. This discussion will focus on the macro and credit themes shaping tax-exempt and taxable municipal strategies in the current environment.

Key discussion points will include:

  • The value of traditional tax-exemption
  • Navigating a supply-heavy market
  • Credit selection in a normalizing fiscal environment
  • High yield municipal bonds: evaluating risk and reward
  • Beyond cash: reassessing the front end of the curve

Accepted for 1 CFP/ IWI / CFA CE Credit

Speakers:
David Dowden David Dowden Managing Director, Portfolio Manager MacKay Municipal Managers™

David is a Portfolio Manager on the municipal bond team and is focused on Intermediate Investment Grade Municipals. Joined MacKay Shields in 2009. Before joining the firm he was Chief Investment Officer at Financial Guaranty Insurance Company. David was previously with Alliance Capital Management as a Senior Portfolio Manager and at Merrill Lynch & Co. as a Municipal Strategist. David has an AB from Brown University and an MBA from Columbia University. He has been in the investment management industry since 1989.
Eric Snyder, CFA (Moderator) Eric Snyder, CFA (Moderator) Director, Client Portfolio Manager MacKay Municipal Managers™

Eric joined MacKay Shields in October 2021 focusing on client relationship management and business development initiatives for MacKay Municipal Managers team. Prior to joining the firm, Eric was a Product Manager at New York Life Investments covering the MainStay/IndexIQ municipal bond product suite. From 2011 to 2018, Eric worked at PGIM Investments most recently as a product manager covering their public real estate and municipal fixed income products. He started his career at Bank of America Merrill Lynch in 2007, serving most recently as a Merrill Edge Financial Solutions Advisor. Eric earned a B.S. in finance from the University of Rhode Island. He is a CFA charterholder and holds FINRA Series 24, 7, and 66 securities registrations and has been in the investment industry since 2007.
All investments involve market risk, including loss of principal. Bonds are subject to interest-rate risk, credit risk, and potential loss of value if rates rise. Municipal bonds carry risks such as issuer repayment ability, limited information, and possible tax or legislative changes. Lower-rated securities may have higher risks of nonpayment.

This material reflects the opinions of MacKay Municipal Managers™ not necessarily MacKay Shields LLC. Opinions are subject to change without notice and are for informational purposes only. This is not investment advice or a recommendation. Information is believed to be reliable but not guaranteed. Forward-looking statements are as of their date and may not be updated. Reproduction requires written permission. ©2021, MacKay Shields LLC. Past performance is not indicative of future results, and there is no assurance that investment objectives will be met.

MacKay Municipal Managers™ is a trademark of MacKay Shields LLC, a subsidiary of New York Life Investment Management Holdings LLC, itself 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. Securities are distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, a wholly owned subsidiary of New York Life Insurance Company.

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