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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.

Research Intensive

Focused, high conviction teams develop and implement well-defined investment philosophies, approaches, and processes best suited to their respective asset classes.

Strategies

Strategies

High Touch Service

We offer our clients direct access to our investment teams. We’re well aware that our people are the best investment of all.

Our Investment Teams

Our Investment Teams

Responsibility In Action

We provide purposeful opportunities for our employees and promote the well-being of the environment and communities in which we work and live.

Responsibility

Responsibility

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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. 

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Equitable for All—Visualizing Our Differences
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We Are MacKay Shields

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.

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Specialty Fixed Income Outlooks

Specialty Fixed Income Outlooks

In our latest outlooks, the investment teams review how the US economy's sustained momentum has implications on fixed income markets, and strategic investment approaches for navigating the evolving financial landscape in the fourth quarter of 2024.

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Specialty Fixed Income Outlooks
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EMD Potential Core Investment for Instl Investors
EMD Potential Core Investment for Instl Investors

Emerging Market Corporate Debt: A Potential Core Investment for Institutional Investors

We believe emerging market corporate debt is an asset class well suited for institutional investors that seek structural risk premium and superior risk adjusted returns.

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Opportunities in SRTs

Opportunities in Synthetic Risk Transfers (SRTs)

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.

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Opportunities in SRTs

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. Our video explains how taxable municipals can potentially offer a  reliable income stream and enhance your core bond investments. Watch to learn more.

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FEATURED INSIGHTS

5 MIN READ
October 2, 2024
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.
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.
2 MIN VIDEO
July 24, 2024
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.
5 MIN READ
July 16, 2024
MacKay Municipal Managers Top 5 Insights Mid-Year Update
The Year of FUNDamental Municipal Investing
4 MIN READ
May 29, 2024
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.
5 MIN READ
May 9, 2024
Finding Relative Value in Mortgage-Backed Securities
Mortgage-backed securities offer institutional investors varied investment prospects, particularly as residential and commercial MBS.
5 MIN READ
March 25, 2024
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.
3 MIN READ
March 27, 2024
Exploring the Current Landscape of China
Emerging Market Debt Team answers topical questions on China.
5 MIN READ
May 9, 2024
Finding Relative Value in Mortgage-Backed Securities
Mortgage-backed securities offer institutional investors varied investment prospects, particularly as residential and commercial MBS.
7 MIN READ
April 11, 2024
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.
5 MIN READ
January 11, 2024
MacKay Municipal Managers Top 5 Insights for 2024
The Year of FUNDamental Municipal Investing
3 MIN READ
January 22, 2024
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.
5 MIN READ
December 11, 2023
MacKay Fixed Income Top 5 Insights for 2024
In navigating 2024’s landscape, concerns around the US budget deficit, along with the required Treasury debt issuance, continue to captivate investors.
November 1, 2023
Emerging Markets Debt: Fresh Thinking on an Evolving Asset Class
While providing investors with a multiverse of global exposure and opportunities, we believe it's time for fresh thinking around the evolving nature of EMD.
3 MIN READ
October 26, 2023
High Quality, Durable Income with Taxable Munis
With a late cycle economy and sticky inflation, investing in higher credit quality fixed income bonds with durable income yields, may earn longer term benefits.
4 MIN READ
July 20, 2023
A Unique Opportunity in Structured Credit
Read more to see how investors can enjoy high single-digit yields in a secured investment while still maintaining an investment grade credit rating.
Tackling Liquidity Webinar
Watch our key highlights from the Tackling Liquidity webinar.
CMBS Market Update
Michael DePalma, Co-Head of the Global Fixed Income team explains how opportunities and demand in the commercial real estate market still remains strong despite concerns over the office market.
6 MIN READ
October 24, 2023
Bonds Are Back: Take 2
Mark Kehoe, CFA, gives an update on the Bonds are Back piece released earlier in the year.
September 1, 2023
MacKay Moments - High Yield's Resiliency: Leverage and Interest Coverage
As we assess the current high yield market, a key development stands out – its resiliency, even amidst a potential market slowdown.
2 MIN AUDIOGRAM
August 30, 2023
MacKay Shields Convertibles Market Update – August 2023
Edward Silverstein, Head of Convertibles at MacKay Shields shares his observations of the Convertibles market for August 2023.
2 MIN READ
August 7, 2023
Employee Spotlight – Cameron White
Meet Cameron White, Managing Director and Head of Fundamental Research at MacKay Shields in our latest Employee Spotlight.
March 29, 2023
Opportunities in Emerging Market Debt
View the latest insights and perspectives from the MacKay Shields Emerging Market Debt team.
4 MIN AUDIOGRAM
May 23, 2023
MacKay Shields High Yield Market Update – May 2023
Nate Hudson, Portfolio Manager at MacKay Shields shares his observations of the High Yield market for the first quarter of 2023.
5 MIN READ
May 16, 2023
Failures, Funding and Financial Resiliency: 1Q 2023 Bank Earnings
What matters to credit investors?
5 MIN READ
April 27, 2023
Employee Spotlight – Philip Fielding
Meet Philip Fielding, co-head of Emerging Market Debt, in our latest Employee Spotlight.
5 MIN READ
March 31, 2023
Banking Crisis—How Deep a Contagion?
Mark Kehoe analyses the current bank crisis and provides background on what Additional Tier 1 Securities are and how they play a role in the crisis.
8 MIN READ
December 9, 2022
US Taxable Municipal Bonds: Beyond the Basics
Preferential capital treatment, historically stable ratings, and ESG friendly credits, have piqued institutional interest in the taxable municipal bond asset class.
5 MIN READ
February 15, 2023
Bonds Are Back to Being Bonds
Bonds are back to being bonds in 2023, as we believe higher income will drive investment grade returns.
5 MIN READ
December 8, 2022
The Year of the Bond
In our 2023 outlook, the Global Fixed Income team explains why we fervently believe bonds are back and 2023 will be the “Year of the Bond.”
Inflation Reduction Act of 2022–A Look at Key Implications
Explore the Inflation Reduction Act’s potential impact on climate, macro and sector implications.