Municipal solutions from MacKay Shields


  • Investment Grade

  • High Yield

  • State-Specific Strategies


  • Investment Grade

Opportunities in Today's
Municipal Bond Market

Tax reform creates potential opportunities for well-positioned investors.

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Mid-Year Update: Top 5 Municipal Market Insights for 2018

MacKay Municipal Managers provides an update to their forecast for a year of return and risk.

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Short-Term Headwinds and Long-Term Value

Municipal Market Update

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Capitalizing on Municipal Value in High-Tax States

California and New York in the spotlight.

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Municipal Bonds: The Case for Active Management

In a complex market, what advantages do experienced managers offer?

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MacKay Municipal Managers:
On Target for Puerto Rico

Our interactive timeline shows how the managers of our tax-advantaged solutions have navigated the events of Puerto Rico.

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For more information about MainStay Funds,® call 800-MAINSTAY (624-6782) for a prospectus or summary prospectus. For more information about IndexIQ®  funds, call 888-934-0777 for a prospectus or summary prospectus. Investors are asked to consider the objectives, risks, and charges and expenses of the investment carefully before investing. The prospectus or summary prospectus contains this and other information about the investment company. Please read the prospectus or summary prospectus carefully before investing.

Before you invest
All investments are subject to market risk and will fluctuate in value. 
A portion of a municipal fund’s income may be subject to state and local taxes or the Alternative Minimum Tax. Funds that invest in bonds are subject to interest-rate risk and can lose principal value when interest rates rise. Bonds are also subject to credit risk, in which the bond issuer may fail to pay interest and principal in a timely manner. High-yield securities (commonly referred to as “junk bonds”) are generally considered speculative because they present a greater risk of loss than higher-quality debt securities and may be subject to greater price volatility. High-yield municipal bonds may be subject to increased liquidity risk as compared to other high-yield debt securities.

Municipal securities risks include the ability of the issuer to repay the obligation, the relative lack of information about certain issuers, and the possibility of future tax and legislative changes which could affect the market for and value of municipal securities. Such uncertainties could cause increased volatility in the municipal securities market and could negatively impact the Fund's net asset value and/or the distributions paid by the Fund. Securities purchased by the Fund that are liquid at the time of purchase may subsequently become illiquid due to events relating to the issuer of the securities, market events, economic conditions, or investor perceptions.

Active management is the use of a human element, such as a single manager, co-managers or a team of managers, to actively manage a fund’s portfolio. Active management strategies typically have higher fees then passive management.

P3s are Public-Private Partnerships, which are a popular infrastructure financing structure outside of the U.S. Pari passu: At the same rate or on equal footing.

This material contains the opinions of the MacKay Municipal Managers™ team of MacKay Shields LLC but not necessarily those of MacKay Shields LLC. The opinions expressed herein are subject to change without notice. This material is distributed for informational purposes only. Forecasts, estimates, and opinions contained herein should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. Any forward-looking statements speak only as of the date they are made and MacKay Shields assumes no duty and does not undertake to update forward-looking statements. No part of this document may be reproduced in any form, or referred to in any other publication, without express written permission of MacKay Shields LLC. ©2017, MacKay Shields LLC.

MacKay Shields LLC is an affiliate of New York Life Investments. MainStay Investments® is a registered service mark and name under which New York Life Investment Management LLC does business. MainStay Investments, an indirect subsidiary of New York Life Insurance Company, New York, NY 10010, provides investment advisory products and services. Securities are distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, a wholly owned subsidiary of New York Life Insurance Company. NYLIFE Distributors LLC is a Member FINRA/SIPC.

Not FDIC/NCUA Insured  Not a Deposit  May Lose Value  No Bank Guarantee  Not Insured by Any Government Agency