2025 Top Five Insights – Mid-Year Update
Mike Denlinger shares why muni supply, tax clarity, and credit shifts make the second half of 2025 one to watch.
The Muni 360 Podcast from New York Life Investment Management · Eric Kazatsky, Mike Denlinger
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Show Notes
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.
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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.
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