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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

Equitable for All - Visualizing Our Differences

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
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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GSE Privatization—Navigating Complexities and Market Implications

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.

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GSE Privatization—Navigating Complexities and Market Implications

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.

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Downgrade – Assessing the US Fiscal Picture

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.

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Downgrade – Assessing the US Fiscal Picture

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.
June 19, 2025
Focused on Inflation
The Committee’s June economic projections shifted in a hawkish direction, with firmer inflation leading to a modestly higher policy rate path in 2026 and 2027 despite a weaker growth and labor market outlook. And while the median Committee participant still projects two rate cuts by the end of this year, the individual projections also moved in a hawkish direction – seven Committee participants now see no rate cuts this year, up from four in the March projections.
May 23, 2025
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.
April 18, 2025
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.
April 16, 2025
2Q25 Specialty Fixed Income Outlooks
Explore the investment landscape with MacKay Shields' Investment Teams.
3 MIN READ
Perspectives March 31, 2025
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.
3 MIN READ
Perspectives March 26, 2025
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 Watch Video
MacKay Moments March 19, 2025
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.
5 MIN READ
Perspectives March 14, 2025
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.
3 MIN READ
February 7, 2025
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.
5 MIN READ
January 30, 2025
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.
January 10, 2025
1Q25 Specialty Fixed Income Outlooks
Explore the investment landscape with MacKay Shields' Investment Teams.
5 MIN READ
Perspectives January 10, 2025
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.
2 MIN VIDEO
MacKay Moments January 7, 2025
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?
2 MIN VIDEO
Perspectives December 13, 2024
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.
December 10, 2024
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.
4 MIN READ
October 14, 2024
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.
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.
2 MIN VIDEO
MacKay Moments 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.