Peter Hayes: Surveying the Municipal Bond Landscape

The Long View

Morningstar

Finance, Dan Lefkovitz, Amy Arnott, Entrepreneurship, Investing Leaders, Jeff Ptak, Investors, Christine Benz, Influential Investors, Careers, Long-term Investing, Financial Services, Business, Investing, Morningstar

4.5 • 775 Ratings

🗓️ 28 October 2020

⏱️ 51 minutes

🔗️ Recording | iTunes | RSS

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Summary

BlackRock’s head of muni-bond investing on how states and municipalities are faring, where stimulus is most needed, and risks and opportunities investors face.

Transcript

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0:00.0	At Jackson, we've created a digital retirement planning experience with you and mine.
0:05.5	Visit jackson.com to explore our easy-to-understand resources and user-friendly tools
0:10.1	that are designed to enable financial professionals and clients to plan a path to financial freedom.
0:15.5	Jackson is short for Jackson Financial Incorporated, Jackson National Life Insurance Company, Lansing, Michigan,
0:20.5	and Jackson National Life Insurance Company of New York, purchase New York.
0:26.5	Please stay tuned for important disclosure information at the conclusion of this episode.
0:33.0	Hi, and welcome to the Longview. I'm Christine Bands, Director of Personal Finance for Morningstar.
0:38.1	And I'm Jeff Battack, Global Director of Manager Research for Morningstar Research Services.
0:42.5	Our guest this week is Peter Hayes. Peter is a managing director at BlackRock, where he heads the firm's municipal income group and sits on its global fixed income executive committee.
0:53.0	In his role, Peter oversees all aspects of
0:55.6	municipal fund management, including portfolio management, research, strategy, and trading. Among
1:01.7	his responsibilities, Peter is one of the managers of the Black Rock Strategic Opportunities Fund.
1:07.3	In addition to these duties, Peter is also a member of Black Rock's global operating committee.
1:12.6	Before joining BlackRock in 2006, Peter was a portfolio manager at Merrill Lynch Investment
1:17.8	Management, where he led the short-term tax-exempt trading desk and managed short-term
1:22.5	municipal bond strategies. Peter earned a bachelor's in economics from the College of the Holy Cross. Peter,
1:28.6	welcome to the Longview. Oh, thank you very much for having me. Nice to be here. So let's start
1:34.4	big picture. How are state and municipal finances looking and where are we in that process?
1:40.8	It seems like states and municipalities might have gotten a reprieve amid all of that fiscal
1:45.7	and Fed stimulus, but has that just postponed a reckoning? Where are we in the process with
1:52.1	municipal finances? It's actually a good question because when you think about what's taken
1:58.4	place, it gives you a sense that we're still pretty early in the entire process.
	...

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