Credit fundamentals across most municipal bond issuers have improved markedly and may be more immune from some of the recent geopolitical events in eastern Europe and rising commodity prices relative to many corporate or sovereign credits. That, coupled with aging populations, a steady stream of daily retirements in the U.S., and increased demand for high-quality fixed income securities, especially tax-exempt issues, leaves the municipal bond market well supported.

In this episode of All the Credit®, host and Senior Portfolio Manager, Mike Collins, is joined by PGIM Fixed Income's Jason Appleson, CFA, FRM, Head of Municipal Bonds, and Lee Friedman, CFA, U.S. Investment Grade Corporate Bonds Portfolio Manager, to dissect the taxable and tax-exempt municipal bond market and discuss its evolution. The trio reviews some key characteristics of the broad municipal bond complex, highlights the fundamental trends amongst issuers, assesses the attractiveness of municipal bond valuations, and shares our best ideas and municipal positioning across our fixed income strategies.

Recorded on March 8, 2022.