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Leader In Specialty Fixed Income
For decades, MacKay Shields delivered specialty fixed income solutions backed by disciplined research and a commitment to providing long-term value for our clients. The MacKay Shields client experience provides investors direct access to senior investment professionals.
Equitable for All—Visualizing Our Differences
At MacKay Shields we commit to the equitable treatment of all. To demonstrate this, MacKay worked with artist and photographer Maya Barkai to create this piece, which is meant to embody our diversity, equity and inclusion (left image). The piece of art (right) is created by MacKay's own Alina Sysak and represents the unique and diverse makeup of our firm.
Performance Focused, Independent Thinking, Client Access
With a rich history over eight decades, we have much to be proud of and are truly anchored to knowing ‘Who We Are’ as we partner with clients and support employees.
From Spread to Stability: A Potential Structural Turning Point for Pemex?
A recent sovereign-backed issuance illustrates how innovative funding structures can provide near-term stability while preserving credit strength. With spreads narrowing and demand surging, could this signal a turning point for one of EM's most challenging credits? Learn more from our Emerging Market team’s latest insights.
3Q 2025 Specialty Fixed Income Outlooks
Explore key trends shaping the fixed income market with perspectives from our specialty fixed income teams. MacKay Shields examines the evolving risk and return dynamics in global fixed income.
Muni Market Still Firmly a Retail Focus
Muni performance is mixed along the curve. $20 trillion of cash/cash equivalents may need a home. Muni market offer lists speaks to retail dominance. We explain in our latest MacKay Municipal Monitor.
FEATURED INSIGHTS
The Muni 360 Podcast - Weekly Wrap Up
Listen to the most recent podcast, as the seasoned active investors at MacKay Municipal Managers share their latest views on the municipal market.
A Hawkish Hat Trick
Chair Powell’s remarks during his post-FOMC press briefing skewed somewhat hawkish and certainly displayed no urgency to begin cutting rates in September. Check out the latest episode of Forward Guidance, where Steven Friedman highlights three remarks in particular.
Defensive Agility
The rally in risk assets in recent weeks reflects a confluence of catalysts: falling trade tensions, reduced threats to Middle East oil supply, and anticipated Fed easing. Given this perfect storm of positivity, markets remain vulnerable to a repricing, especially around trade policy and the inflation outlook. We are navigating with what we call defensive agility: respecting the rally’s momentum but prioritizing structure and optionality.
GSE Privatization—Navigating Complexities and Market Implications
As discussions around the future of Fannie Mae and Freddie Mac re-emerge, investors are weighing what privatization could mean for the $6.6T U.S. mortgage market. While a near-term resolution is unlikely, the stakes are high. Without strong government backing, we could see higher mortgage rates, reduced liquidity in agency MBS markets, and challenges to housing affordability—especially for low- and moderate-income communities. The path forward is complex, but understanding the risks is essential.
Downgrade – Assessing the US Fiscal Picture
The US fiscal landscape is deteriorating, with the debt-to-GDP ratio projected to reach 120-130% over the next decade. This fiscal decline, exacerbated by potential new legislation that could add $3 trillion to deficits, is expected to bring increased volatility to the Treasury markets. The 5-year Treasury yield, a key indicator of the government's cost of funding, is rising, and the yield curve has steepened due to a mix of fiscal and monetary policy factors. Stay informed and consider how these shifts may affect your investment strategies.
Relief Rally, Reality Check
In the latest episode of Forward Guidance, Steven Friedman and Michael DePalma dissect the implications of provisional trade war de-escalation for the economy, markets and portfolio positioning. The Treasury market also remains top of mind amid curve steepening and a fiscal plan making its way through Congress that could add close to $3 trillion to the public debt over the next decade.
Weathering Market Volatility - Muni Market Update with Bob DiMella
MacKay Municipal Managers team remains vigilant in assessing changes that the recent tariff policy’s impact has on the broader municipal market including the state and sector level. In case you missed our webinar hosted by Bruno Machado, Head of Family Office Sales, Bob DiMella, Co-Head of MacKay Municipal Managers provided an update on the dynamic municipal market landscape and strategies to enhance your investment decisions and current opportunity set.
2Q25 Specialty Fixed Income Outlooks
Explore the investment landscape with MacKay Shields' Investment Teams.
Employee Spotlight - Alison Micucci
Our new CEO, @Alison Micucci, shares her excitement about leading the MacKay team at a time of growing demand for public fixed income among institutional and retail investors. Under Alison's leadership, the team will be focused on building MacKay's experienced position in Municipals, High Yield, and Convertibles, while expanding our multi-sector and multi-asset solutions.
2025 Taxable Municipal Themes
Demand for taxable municipals will remain elevated as absolute yields and solid credit fundamentals provide a haven during a period of global economic uncertainty.
US Banks: Could Regulation Roll Back Go Too Far?
For fixed income investors, US banks should continue operating within a robust regulatory framework despite potential changes. Banks' first line of defense is their profitability, and the likely cancellation of proposed regulations should benefit their bottom lines.
Key Insights on Multi-Sector Bond Positioning
In this video, Neil Moriarty analyses what makes the Strategic Bond Strategy different, using last year's snap elections in Europe and the UK, which created market volatility, as an example.
Navigating Market Volatility: Key Insights on Multi-Sector Bond Positioning
Hear from Neil Moriarty discussing MacKay’s Strategic Bond strategy which focuses on diversified sources of alpha, embracing underappreciated sectors, and leveraging market volatility to identify attractive investment opportunities.
Taxable Municipal Bonds: An Overlooked Asset Class 2025
Contrary to conventional thinking, taxable municipals are a compelling solution within fixed income portfolios, as they offer a high-quality issuer base, low historical default rates, attractive yield potential, and total return potential.
A Compelling Case for Diversification Beyond Treasuries: Echoes of the Mid-1990s
One benefit of higher interest rates has been that many investors have become comfortable holding US Treasuries, and with good reason—they’ve served as a low-volatility, liquid core holding.
1Q25 Specialty Fixed Income Outlooks
Explore the investment landscape with MacKay Shields' Investment Teams.
US Banks 2025: Opportunities in a Transforming Landscape
With the backdrop of strong economic fundamentals, favorable regulatory shifts, and evolving market dynamics, we believe the US banking sector is positioned as an attractive opportunity set for income seeking investors.
MacKay Moments - Using High Yield in an Uncertain Environment
How should asset allocators be thinking about high yield bonds as part of their toolkit in this uncertain environment of 2025?
Municipal Credit Research Q&A: Why It Matters Now More Than Ever
Full time professional credit research all day and every day has never been more critical in the municipal market.
Taxable Municipals: Complement to Core Bonds
Taxable Municipals can be a strategic complement to core bonds in your portfolio, helping to reduce risk and generate income. Watch to learn more.
Emerging market corporate debt: A potential core investment for institutional investors
Emerging market debt has gained significant prominence over the last two decades, in both economic and financial spheres.
Opportunities in Synthetic Risk Transfers
The US banking industry is undergoing significant changes that are creating new markets for fixed income investors. One of those markets is Synthetic Risk Transfers or SRTs.
MacKay Moment - Investing in Commercial Real Estate Debt: Zombie Apocalypse or Diamond City
Despite recent challenges, we believe the commercial real estate market holds resilient investment opportunities.
MacKay Municipal Managers Top 5 Insights Mid-Year Update
The Year of FUNDamental Municipal Investing
US-China Trade Wars: A Benign Déjà Vu or Potential for Wider Escalation?
EMD Team gives timely perspectives on the latest developments on the US-China trade relations.
Finding Relative Value in Mortgage-Backed Securities
Mortgage-backed securities offer institutional investors varied investment prospects, particularly as residential and commercial MBS.
Taxable Municipal Bonds: An Overlooked Asset Class
Municipal bonds are historically excluded from qualified retirement plans and IRAs. Yet, they are a compelling solution within fixed income portfolios.
Exploring the Current Landscape of China
Emerging Market Debt Team answers topical questions on China.
Finding Relative Value in Mortgage-Backed Securities
Mortgage-backed securities offer institutional investors varied investment prospects, particularly as residential and commercial MBS.
Banks and Commercial Real Estate
The US banking sector is currently facing major stress faced, particularly in commercial real estate. Although bruised, we expect the larger banks to fair well in CRE at the other end.
MacKay Municipal Managers Top 5 Insights for 2024
The Year of FUNDamental Municipal Investing
Stepping Out of Cash and into Short Duration
With short duration bonds currently generating high levels of income, we explain why it is now the time to step out of cash and into short duration bonds.