Municipal Fixed Income Perspectives — June 2025

June 12, 2025 — This presentation provides an overview of our municipal market outlook and key themes, and it illustrates how Sage is positioned in the current environment.

Key Takeaways

  • Tax-exempt yields remain near historic highs, and at a 30% tax rate or higher, municipal bonds are outyielding most other fixed income options.
  • The 10s30s curve offers a generous +120 bps to purchase long bonds, so if extending duration is an option, the long end offers attractive term premium.
  • A significant increase in new issuance should provide advantageous issuer level opportunities.

  • DATE: June 12, 2025
  • TYPE: PDF
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