Highlights

  • Much of the municipal market recovered in the second quarter as yields for high-grade issuers fell and investor demand returned.
  • The municipal market began the quarter still reeling from the surge of the crisis in March. As the second half begins, market participants find themselves in the more familiar environs of inadequate supply to meet the needs of reinvestment flows and positive fund flows.
  • The team believes the fundamental credit backdrop will loom large as lockdowns are lifted and the economy attempts to re-engage.
Municipal Securities Risk: Municipal markets may be volatile and can be significantly affected by adverse tax, legislative or political changes and the financial condition of the issuers of municipal securities. The views and opinions expressed may change based on market and other conditions.

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