2025 Top Five Insights – Mid-Year Update

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 UsTwitter @NYLInvestmentsTwitter @MacKayMuniMgrsFacebook @NYLInvestmentsLinkedIn: New York Life InvestmentsLinkedIn: 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: 8128367.1