January 22, 2024
Stepping Out of Cash and into Short Duration

With short duration bonds currently generating attractive levels of income, in MacKay Shields Fixed Income latest insight, we explain why now might be the time to step out of cash and into short duration bonds.  

January 11, 2024
MacKay Municipal Managers  Top 5 Insights for 2024

After two tumultuous years, we expect a municipal market recovery in 2024 and we believe municipal bond mutual funds will outperform other investment vehicles.  

December 11, 2023
MacKay Fixed Income Top 5 Insights

Fixed Income Resiliency. As we navigate the intricate financial landscape of 2024, the overarching concerns surrounding the size and scale of the US budget deficit, coupled with the substantial Treasury debt issuance required to address it, continue to captivate the attention of investors. 

November 7, 2023
Emerging Market Debt: A Fresh Thinking on an Evolving Asset Class

While providing investors with a multiverse of global exposure and opportunities, we believe it's time for some fresh thinking around the evolving nature of Emerging Market Debt.

October 30, 2023
High Quality, Durable Income with Taxable Munis

An overlooked solution for insurers.

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.

 

 

 

October 4, 2023
High Yield's Relative Value

When we analyze high yield performance versus equities, we look at key valuation metrics such as the yield to worst of the high yield index, the S&P’s current earnings yield, and instances of high yield outperforming equities.

September 13, 2023
High Yield's Resiliency

As we assess the current high yield market, a key development stands out – its resiliency, even amidst a potential market slowdown. View our latest MacKay Moment for more. 

 

September 28, 2023
Specialty Fixed Income Outlooks

We believe active management and a focus on higher quality sectors will continue to be key factors in the fourth quarter of 2023.

 

 

 

JUNE 26, 2023
The Role of Fixed Income in Driving Reallocation

Today’s unique environment requires unconventional thinking. 

MAY 16, 2023
Failures, Funding, and Financial Resiliency - 1Q Bank Earnings

What matters to credit investors? 

MAY 1, 2023
Making India a Global Growth Engine

Can the World’s Largest Democracy Become the Growth Engine of the Next Decade?

APRIL 12, 2023
Is the Fed on the Verge of Cutting Rates?

Don’t count on it. The Fed is willing to tolerate labor market pain in order to bring inflation back to target and make sure it stays there.

FEBRUARY 15, 2023
Bonds are Back to Being Bonds

Are bonds back? The Global Credit team give their thoughts as to why higher income will drive investment grade returns.

JANUARY 12, 2023
Preparation Seizes Opportunity — Higher Accruals Set the Pace

Looking ahead to the year 2023, the MacKay Municipal Managers team provides their top 5 market insights on the year to come.

JANUARY 6, 2023
Recession, Resiliency, and Risks

In his 2023 outlook, our senior macroeconomist Steve Friedman gives his perspective on a possible recession in 2023, what the path for a soft landing would look like, consumer stress, and more.

JANUARY 6, 2023
2023 Macroeconomic Outlook

2023 will be the year in which the full impact of global policy tightening will be felt in force, with growth slowing and inflation moderating.

 

JANUARY 6, 2023
Find Enduring Value in High Yield

Andrew Susser, Head of High Yield, discusses the challenges faced in 2022, the unseen risks that may present itself in 2023, and shares how he thinks about building client portfolios using a bottom-up approach while thinking of an impending recession.

JANUARY 6, 2023
Return of the Bond

Neil Moriarty, Co-Head of Global Fixed Income, reflects on 2022 and discusses where the opportunity may lie in 2023.

JANUARY 6, 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.”

JANUARY 6, 2023
Downgrades, Defaults and Regional Allocations

Michael DePalma and Cameron White on the Global Credit team share their outlook for the Global Credit market for 2023.

JANUARY 6, 2023
2023 Global Credit Outlook

We believe that 2023 will be a game of two-halves. Markets do not operate on any particular script, but at a minimum, we expect markets to offer plenty of relative value opportunities in 2023.

JANUARY 6, 2023
Countries of Interest, Trends and Regional Outlooks

In the team’s 2023 outlook, Philip Fielding and Valentina Chen, Co-Heads of Emerging Market Debt team gives their latest insights.

 

 

 

JANUARY 6, 2023
2023 Emerging Market Debt Outlook

After two consecutive down years of total return in emerging markets debt, we are more positive on the total return outlook for 2023.

 

 

 

 

 

 

JANUARY 6, 2023
Issuance, Interest Rates, and Investment Process

Edward Silverstein, Head of Convertibles, gives their outlook on convertibles as an asset class in 2023, their investment process, and more.

DECEMBER 10, 2022
Think Outside the Usual Toolbox

What are some of the lessons learned from the inclusion of high yield corporates and how are they similar to taxable and tax exempt municipals? 

DECEMBER 10, 2022
Gain Muni Exposure Through a Specialized Manager

When investors contemplate about including municipals in their portfolios, they believe it’s already covered with their core managers. So then should investors look to be exposed directly to these funds or through a specialized managers? 

DECEMBER 10, 2022
Are All Muni Bonds Tax Exempt?

Wait, aren’t all municipal bonds tax exempt? Bob Burke, Portfolio Manager on the MacKay Municipal Managers team, answers this and other questions investors have around taxable municipal bonds.

DECEMBER 10, 2022
US Taxable Municipal Bonds: Beyond the Basics

Preferential capital treatment, low correlations, historically stable ratings, and ESG friendly credits, have piqued institutional interest in the taxable municipal bond asset class.

DECEMBER 1, 2022
Don't Judge a Bond By Its Label

As the volume of green, social, sustainable and sustainability-linked (GSSS) bonds grows, the terms of new, supposedly green or sustainable debt are getting looser or failing to reflect current best practices (or both). 

 

 

 

NOVEMBER 8, 2022
Reaping Rewards from Early Policy Responses

We find that current emerging market valuations have priced in negative scenarios that are already reflected in risk premiums.

NOVEMBER 4, 2022
What We Expect from the 2022 Midterm Elections

MacKay Municipal Managers consider public policy and the political landscape to be a critical component of the team’s investment process.

OCTOBER 24, 2022
The Perceived Problem

Read our analysis of market pricing and the impact of Federal Reserve and ECB interventions in the corporate bond market.

 

 

 

SEPTEMBER 29, 2022
Implications for the Energy Sector

Our Head of Fundamental Research Cameron White discusses the implications of the IRA for the energy and utilities sectors.

SEPTEMBER 28, 2022
Implications for the Auto Industry

Our credit analysts discuss the potential impact of the IRA on the auto sector as it relates to the investment grade and high yield credit markets.


SEPTEMBER 12, 2022
The Macroeconomic Effects of the IRA

While the IRA should result in significantly lower greenhouse gas emissions over time, it is likely to have very little impact on one of its stated goals.

 

SEPTEMBER 12, 2022
Will the Stars Align for a More Orderly Transition?

The IRA represents the emergence of a national climate policy in the US, one that relies primarily on incentives in hopes that innovation will drive change.

 

JULY 31, 2022
2022 Municipal Bond Market Insights: Mid-year Update

We believe the municipal bond market offers relatively attractive prices and yields, and credit health remains solid.

 

 

 

JULY 31, 2022
Top 5 Fixed Income Market Insights for 2022: Mid-year Update

We believe fixed income valuations are meaningfully more attractive and current yields have greatly improved the income profiles for investors.

JULY 31, 2022
Convertibles 2022 Mid-year Outlook

With the rise in rates, we expect more companies will be coming to market and issuing converts. As the rate differential rises between convertibles and straight bonds the quality of companies issuing converts will likely improve.

JULY 31, 2022
Emerging Markets Debt: 2022 Mid-year Outlook

We believe that amid the very negative overall market reaction in the first half of 2022, underlying improvements in sovereign and corporate balance sheets have not been fully reflected in valuations.

JUNE 28, 2022
Forward Guidance: To Neutral and Beyond

In our latest episode of Forward Guidance, we discuss the market reaction to the July FOMC policy decision and communications about the outlook for the economy and policy.

JUNE 28, 2022
Only Hawks go to Central Bank Heaven

Many investors expect the next contraction to be brief and shallow, followed by a robust recovery, because they assume the Fed will quickly pivot to lower rates, aggressive use of forward guidance and quantitative easing.

JUNE 9, 2022
After the Shock: Picking Winners and Losers in Emerging Markets

Financial markets are experiencing sharp declines this year driven by rising inflation, Russia’s invasion of Ukraine, challenges to the growth outlook in China and general investor pessimism.

MAY 17, 2022
No, Record-High Job Openings Do Not Improve Prospects for a Soft Landing

Chair Powell has stated that the high level of openings affords policy-makers the opportunity to fine-tune labor demand without causing a recession.

MAY 16, 2022
Convertibles: Why Now?

At 2% of the US investment-grade market and 15% of the US high yield market, US convertibles are often overlooked by investors. 

 

 

 

MAY 15, 2022
Rapid Transition to Electric Vehicles Will Upend Global Auto Industry

The global auto industry is on the cusp of a transformation.

 

 

 

MAY 8, 2022
After the First Quarter Shock: Investing in Emerging Market Debt

Most financial markets sold off sharply in 2022’s first quarter in response to the war in Ukraine, rising inflation and expected interest-rate hikes.

 

MAY 6, 2022
Post FOMC Roundup - Clarity from the Fed…For Now

In this Post-FOMC Roundup, we discuss the Fed’s forward guidance for the next few months and what it could mean for financial markets.

 

MARCH 31, 2022
Balancing How to Stay the Course in Challenging Times

Inflation is rising across regions; the US Federal Reserve and the European Central Bank are on the cusp of normalizing interest rates.

 

 

 

MARCH 31, 2022
Hard Truths on Soft Landings

Chair Powell noted that the historical record provides “some grounds for optimism” regarding prospects for a soft landing.

MARCH 23, 2022
Speak Loudly and Carry a Small Stick

Chair Powell’s tough words on inflation and the Committee’s latest projections.

MARCH 7, 2022
Dislocations in the Taxable Municipal Market Today

Given the backdrop of both geopolitical tensions and changing monetary policies at a global level, we have seen elevated volatility since the beginning of the year. 

FEBRUARY 17, 2022
Remaining Constructive on the Outlook

Yes, there’s reason to worry about inflation and the Federal Reserve’s hawkish pivot. But there are also reasons to remain constructive about the outlook. Here are three. 

JANUARY 19, 2022
MacKay’s Global Fixed Income Insights 2022

2021 proved to be a year of transition in fixed income.

 

JANUARY 13, 2022
MacKay Municipal Managers’ Insights 2022

The past two years are altering the future direction of our lives: where we live, work, learn, communicate and how to prudently invest in municipal bonds.

October 2, 2023
Tackling Liquidity Webinar

Watch our key highlights from the Tackling Liquidity Webinar  

JUNE 27, 2023
Using High Yield As An Equity Substitute to De-Risk Client Portfolios

How should allocators look at relative value of high yield vs. equities with the view to de-risk portfolios?  

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.

 

 

 

MARCH 31, 2023
Banking Crisis—How Deep a Contagion?

Mark Kehoe, Portfolio Manager and Senior Analyst on the Global Credit team at MacKay Shields gives his thoughts around the current bank crisis 

MARCH 29, 2023
Opportunities in Emerging Market Debt

Valentina Chen, Co-head of EMD, explores the outlook across currencies, rates and corporate bonds both local and hard currency and set out views on where value may lie.

MARCH 23, 2023
Where are we in the High Yield market today

Joseph Maietta on the MacKay Shields High Yield team breaks down his thoughts on the market today.

 

MARCH 23, 2023
Default rates in the latest economic cycle 

What default rates are the High Yield team expecting in the latest economic cycle?

APRIL 1, 2022
Panel Q&A with MacKay Analysts

The economic impact of the unfolding crisis in Ukraine is likely to be stagflationary for advanced economies, including the U.S.

 

 

 

APRIL 1, 2022
Economic Outlook Discussion

By year end, GDP growth is likely to slow to its trend rate of about 2%, with core inflation still above 4%.

 

 

 

APRIL 1, 2022
Asset Allocation Discussion

Watch our panel discussion on understanding asset prices, inflation and growth in a structured way.

 

 

 

 

MARCH 31, 2022
Making A Difference In The Community

We recognize the women at MacKay who make a difference in our communities. Hear their stories and how service has enriched their lives.

 

 

 

MARCH 22, 2022
Mentorship and Finding Inspiration

Our colleagues share the importance of mentorship. See how they give and find inspiration along their career journeys. 

 

 

 

 

MARCH 17, 2022
Tougher Talk on Inflation

In a Post-FOMC Roundup, we discuss the Fed's growing emphasis on fighting inflation, while also noting how accommodative policy remains. 

MARCH 14, 2022
Celebrating the Women of MacKay: Careers in Finance

Hear the heartfelt career conversations from the women of MacKay and their advice for others in pursuit of this field.

MARCH 10, 2022
Policy, Price Pressure and Portfolios

Watch the recording on MacKay’s discussion of macro, sector and asset class dynamics in advance of the next FOMC meeting.

 

 

 

MARCH 1, 2022
Celebrating Women’s History Month

The women of MacKay inspire through collaboration, diversity, agility, commitment, drive, integrity and resilience. 

JANUARY 31, 2022
Out of Patience

In a Post-FOMC Round Up, Steven Friedman and Stephen Cianci discuss raising rates, inflation, and how we're repositioning portfolios. 

DECEMBER 14, 2021
Convertibles Team - 2022 Outlook

Thomas Wynn, CFA, Portfolio Manager, focuses on the impact of rising rates, lower volatility than stocks, and asymmetric returns.

DECEMBER 14, 2021
Global Fixed Income Team - 2022 Outlook

The Global Fixed Income Team discusses a cycle like no other, inefficient bond pricing, and a bifurcated market.

DECEMBER 14, 2021
Global Credit Team - 2022 Outlook

Eric Gold, Head of Global Credit, highlights rising stars, relative value in single Bs, and yield + upgrades in energy.

 

DECEMBER 14, 2021
Macroeconomic Outlook for 2022

Steven Friedman, Senior Macroeconomist, highlights the Fed's pivot from patience on inflation and conflicting signals on trend growth.

 

DECEMBER 14, 2021
ESG Outlook for 2022

Erin Heide, Director of ESG & Sustainability Initiatives, talks climate risk, standard metrics, and engagement.

DECEMBER 14, 2021
High Yield Team - 2022 Outlook

Andrew Susser discusses inflation and pricing power and iinterest-rate and Ccedit risk in high yield.

SEPTEMBER 29, 2021
Beyond Ratings and Labels

Our High Yield Team and Global Credt Team, join Municipal Managers to discuss Fixed Income & ESG.

MARCH 8, 2022
International Women’s Day—Break the Bias

Imagine a world where difference is valued and celebrated. We can all do our part—hear and see our commitment.

Muni 360 Podcast

Listen to the most recent podcast, as the seasoned active investors at MacKay Municipal Managers share their latest views on the municipal market.

December 31, 2023
Core Investment Grade

Seeks to outperform the benchmark by eliminating or reducing uncompensated risk while allocating across Core sectors. 

December 31, 2023
Core Plus

Seeks to outperform the benchmark by eliminating or reducing uncompensated risk while opportunistically allocating investments across a range of core and off-benchmark sectors. 

December 31, 2023
Core Plus Opportunities

Seeks to outperform the benchmark by eliminating or reducing uncompensated risk while opportunistically allocating investments across a range of core and off-benchmark sectors. 

December 31, 2023
Intermediate Fixed Income

Intermediate seeks to outperform the benchmark by eliminating or reducing uncompensated risk from investments in fixed income intermediate securities.

December 31, 2023
Short Term Fixed Income

The Short Term Fixed Income investment objective is to provide, over an interest rate cycle, a total rate of return that exceeds the return of the benchmark index.

December 31, 2023
Strategic Bond

Strategic Bond managed by the Global Fixed Income team. 

December 31, 2023
Structured Product Opportunities

Unconstrained, seeking to outperform Libor through top-down analysis and bottom-up security selection.

December 31, 2023
Structured Product Total Return

Seeks to outperform the benchmark through top-down analysis and bottom-up security selection.

December 31, 2023
Convertibles

Seeks to maximize total return by outperforming the market and our competition while managing against downside risk.

December 31, 2023
High Yield

Seeks to identify securities that will minimize defaults and maximize yield and capital appreciation.  

December 31, 2023
Low Volatility High Yield

Seeks to earn attractive, risk-adjusted income through a combination of safety and yield. 

December 31, 2023
Global High Yield

Seeks to outperform the benchmark by seeking to eliminate uncompensated risk from investments in below investment grade securities.

December 31, 2023
High Yield Active Core

Seeks to outperform the benchmark by eliminating uncompensated risk from investments in below investment grade securities. 

December 31, 2023
Credit

Seeks to outperform the benchmark by eliminating or reducing uncompensated risk from investments in corporate credit securities. 

December 31, 2023
Municipal Taxable Active

Principally invests in taxable municipal bonds that are rated investment grade. 

December 31, 2023
Municipal High Yield

Seeks to generate attractive after tax returns by investing primarily in lower investment grade and non-investment grade municipal securities.

December 31, 2023
Municipal Investment Grade

Seeks to generate attractive after-tax returns by investing primarily in investment grade municipal securities.

December 31, 2023
Municipal Short Term

Seeks to generate attractive after tax returns by investing primarily in tax-exempt and taxable municipal securities with a maximum portfolio duration of three years. 

April 12, 2022
Strategic Bond

A dynamic allocation across multiple market environments. 

April 12, 2022
Core Plus Opportunities

A different kind of core plus fixed income solution. 

Employee Spotlight - Chris Garcia

Director, Emerging Market Debt

Employee Spotlight - Parul Miglani

Director - High Yield Team

Employee Spotlight - Cameron White

Managing Director - Head of Fundamental Research 

Employee Spotlight - Riley Osborn

Analyst - High Yield Team 

 

 

 

 

Employee Spotlight - Michelle Hennigar

Head of the Business Response Team

Employee Spotlight - Philip Fielding

Co-Head of Emerging Market Debt Team

Employee Spotlight - Valentina Chen, CFA

Co-Head of Emerging Market Debt Team 

Employee Spotlight - Rene Bustamante

Chief Administrative Officer

Employee Spotlight - Alina Sysak

Enterprise Business Services Associate

 

 

 

 

 

Employee Spotlight - Thomas Musmanno

Client Portfolio Manager

MARCH 21, 2022
Balancing How to Stay the Course in Challenging Times

Inflation is rising across regions; the US Federal Reserve and the European Central Bank are on the cusp of normalizing interest rates.

MARCH 7, 2022
Dislocations in the Taxable Municipal Market Today

Given the backdrop of both geopolitical tensions and changing monetary policies at a global level, we have seen elevated volatility since the beginning of the year. 

FEBRUARY 24, 2022
International Equity Market Review and Outlook

In 2021, stock selection within the Healthcare and Technology sectors drove most of the outperformance of our International Equity strategy. 

FEBRUARY 17, 2022
Remaining Constructive on the Outlook

Yes, there’s reason to worry about inflation and the Federal Reserve’s hawkish pivot. But there are also reasons to remain constructive about the outlook. Here are three.