MacKay Shields

Leader In Specialty Fixed Income.

MacKay Shields provides investors with specialty fixed income expertise and investment agility across fixed income markets.

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#MacKayMoments | Using High Yield in an Uncertain Environment.

Joseph Maietta looks at how asset allocators should be thinking about high-yield bonds as part of their toolkit.

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Explore the benefits of investing in taxable municipal bonds. In this video, Sanjit Gill highlights how taxable munis may offer attractive long-term yields and attractive credit quality compared to corporate bonds. With most bonds rated -A or higher and durations extending up to 30 years, we believe they present a stable investment option, especially in a Federal Reserve rate cutting cycle.

Click here to view more: https://t.co/mbmErm0ffI

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Amid tightening spreads and market shifts, Neil Moriarty discusses the complexities of the securitized sector and exploring opportunities in undervalued areas like commercial real estate and asset-backed securities.

Click here to view: https://t.co/XsPyttLhNC

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The securitized market accounts for over 20% of the entire US bond market, making it as substantial as the corporate credit market itself. As an active manager, we focus on under-appreciated sectors. Today, we're zeroing in on structured credit, a $4 trillion opportunity set that may be ripe for alpha generation (source: Bloomberg).

Zachary Aronson explores the segments of non-agency commercial mortgages and asset-backed securities, where amidst market challenges and price dislocation, potential pockets of value that offer above-market yields at below-market prices can be found.

Click here to view more: https://t.co/koKWOqpfYy

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As total-return investors, we're excited about the opportunity to buy bonds at a discount. In a landscape of attractive yields but tight spreads, this phenomenon offers potential for both return and resilience in multi-asset portfolios.

Did you know you can now buy a 5% income stream for $89 given the average yield on the US Aggregate Index, compared to over $101 in 2008 (source: Bloomberg)?

In our view, this marks an attractive entry point as bonds are typically redeemed at par value, the "pull-to-par" effect results in price appreciation as the bond matures.

Click here to view more → https://t.co/y3UdpqXaXs

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Last month, MacKay Shields teamed up with colleagues across New York Life to support Good Shepherd Services. Together, we donated backpacks full of school supplies to the Truman Beacon Community Center, empowering NYC kids from Pre-K to High School. We are proud to invest in our city's future, one backpack at a time!

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👉 Explore the opportunities with specialty fixed income perspectives from Michael DePalma, Zachary Aronson, Neil Moriarty, and Sanjit Gill. Download the full report → https://t.co/PyQGYz2CyS

#FixedIncome #Bonds #InvestmentStrategy #PortfolioManagemen👉 Explore the opportunities with specialty fixed income perspectives from Michael DePalma, Zachary Aronson, Neil Moriarty, and Sanjit Gill. Download the full report → https://t.co/PyQGYz2CyS

#FixedIncome #Bonds #InvestmentStrategy #PortfolioManagemen👉 Explore the opportunities with specialty fixed income perspectives from Michael DePalma, Zachary Aronson, Neil Moriarty, and Sanjit Gill. Download the full report → https://t.co/PyQGYz2CyS

#FixedIncome #Bonds #InvestmentStrategy #PortfolioManagemen👉 Explore the opportunities with specialty fixed income perspectives from Michael DePalma, Zachary Aronson, Neil Moriarty, and Sanjit Gill. Download the full report → https://t.co/PyQGYz2CyS

#FixedIncome #Bonds #InvestmentStrategy #PortfolioManagemen👉 Explore the opportunities with specialty fixed income perspectives from Michael DePalma, Zachary Aronson, Neil Moriarty, and Sanjit Gill. Download the full report → https://t.co/PyQGYz2CyS

#FixedIncome #Bonds #InvestmentStrategy #PortfolioManagemen👉 Explore the opportunities with specialty fixed income perspectives from Michael DePalma, Zachary Aronson, Neil Moriarty, and Sanjit Gill. Download the full report → https://t.co/PyQGYz2CyS

#FixedIncome #Bonds #InvestmentStrategy #PortfolioManagement

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Our upcoming video series looks at how using multiple diversified sources of return may create flexibility to respond to changing opportunities → https://t.co/BNjldrJnYp……

1. Michael DePalma highlights the overlooked benefits of discounted bonds, which in our view offer greater risk mitigation during market downturns and potential enhanced gains during rallies.

2. Zachary Aronson explores yields in non-agency commercial mortgages and asset-backed securities, despite current challenges.

3. Neil Moriarty discusses opportunities in what we believe are undervalued areas such as commercial real estate as market spreads tighten.

4. Sanjit Gill, CFA emphasizes the value of taxable municipal bonds, which may provide improved yields and credit quality, especially in a rate-cutting cycle.

#FixedIncome #Bonds #PortfolioManagement #Munis #RealEstate #Credit

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Explore Unique Opportunities in the CMBS Markets! Recent shifts have widened spreads in conduit CMBS, presenting what we see as a chance to capture enhanced yields with less risk. Especially for triple-B rated CMBS, current market conditions suggest potential for price appreciation and attractive returns.

With strong credit support and robust underwriting, we believe these securities are poised to remain resilient, making them a viable option for diversifying portfolios in uncertain times. Check out our latest MacKay Moment to learn more.

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#MacKayMoments | Employee Spotlight – Jack Muller

Learn more about Jack Muller, Research Analyst at MacKay Municipal Managers TM in our latest Employee Spotlight!

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Despite recent challenges like rising interest rates and shifts in work and shopping habits, we believe the commercial real estate market holds resilient investment opportunities. Thanks to robust structural protections and credit enhancements that can mitigate potential losses even in severe stress scenarios, in our view conduit CMBS can be an attractive investment option. Check out our latest MacKay Moment to learn more.

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Amid uncertain future yields, three scenarios emerge. In this video, we outline potential 3-month Treasury yield paths. Learn more → https://t.co/W35AyilErz

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MacKay Moments | Asian Pacific Heritage Month.

"With our partnership with New York Life's Asian Pacific Circle and AAPI New Jersey, we hope to continue to inspire our employees" - Dale Sang, Chief Technology and Operations Officer, MacKay Shields. https://t.co/Mff8AVYZ0p

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Please check out our latest edition of Forward Guidance, where we discuss the asymmetric risk profile for Treasury yields and our ongoing view that the macro backdrop and bottom-up fundamentals support range-bound credit spreads at tight levels.

In this environment we see opportunities in agency MBS and pockets of the CMBS market, emerging markets and the higher-quality end of the US high yield market.

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For the first time in years, rising yields have made bonds a much more powerful part of the asset allocator’s toolkit. How should asset allocators be thinking about the role of fixed income in portfolios? Download the report → https://t.co/52arUsmtN6

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#MacKayMoments | Employee Spotlight - Frances Lewis.

"Find some good teammates and mentors that will support your career and motivate you to achieve your professional and personal goals."

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Seismic shifts anticipated in the 2024 municipal bond market may bring enhanced valuations amid interest rate cycles, leading to flow returns. Watch MacKay's Megha Shrimal and Mike Denlinger explore how disruptions in asset management could reshape credit valuations, unveiling relative value prospects. https://t.co/9FCZB5c8Yt

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MacKay Shields was proud to host our first-ever women's event for International Women's Day. Through six sessions and an interactive team-building workshop, the day enabled women to connect, share insights, and gain valuable resources for advancing their careers. The event was a huge success, and we are excited to build from our learnings to inspire and empower the next generation of female leaders to improve relationships across our teams.

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MacKay Moments | Good Fundamentals in Emerging Market Debt High Yield. Valentina Chen, Co-Head of Emerging Market Debt, looks at one of the fastest growing fixed income segments over the past 20 years. #FixedIncome #EmergingMarketDebt #EMD