August 19, 2019
With falling Treasury yields and potentially lower interest rates, investors recently have been increasingly turning to municipal bonds. A longer-term trend, however, shows a variety of influences that may be sending more municipal investors further down the credit quality curve to high yield. In this paper, “Moving down the credit curve with high yield municipal debt,” Greg Gizzi, head of municipal bonds, examines the high yield municipal category and how this asset class differs substantially from its taxable counterpart.
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