State Customization and Tax Equivalent Yield Brochure
May 13, 2025 — When evaluating an investment in a tax-exempt security, like a municipal bond, investors might overlook that its yield isn’t directly comparable to that of a taxable security. The tax-equivalent yield (TEY) is the pretax yield a taxable bond must have to match the yield of a tax-exempt bond. The TEY allows for a fair comparison between taxable and tax-exempt bonds.
Featured Insights
Municipal Fixed Income
Municipal Fixed Income Investment Strategy, July 2025
July 16, 2025 -- Sage provides an outlook for the municipal market, including our sector views and positioning.
Municipal Fixed Income
A Muni Minute — Avoid Paying More for Less
July 11, 2025 -- In fixed income markets, most investors are familiar with an inverted yield curve — when long-term bonds yield less than short-term ones. A similar . . .
Municipal Fixed Income
Municipal Fixed Income Perspectives — July 2025
July 11, 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.