March 2024 - Monthly Review

State HFAs: An Oasis of Value

The municipal market is enjoying solid year-to-date performance versus taxables, leaving investors thirsting for value. MainLine still sees value in one very “SWAN”ish sector: State Housing Finance Authority bonds (HFAs). It is not a mirage that an investor can receive both higher income and have higher credit quality. This month, we show the reality of State HFAs and provide a primer on this “eccentric” sector of the muni market.

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Expert Insight About The Municipal Bond Market

Our team of investment professionals are active in the market daily. Our blog includes posts with valuable insight and commentary about critical municipal finance topics and expert interpretation of how current economic factors may affect the municipal bond market.

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About The Author

Mike Maciolek, CFA, is a Senior Vice President at MainLine West and a member of the investment team for individually managed client accounts and our family of Tax Advantaged Opportunity Funds. Prior to his current role, he was a portfolio manager for First Data Corporation. Mike directed a set of municipal bond portfolios approaching $12 billion in market value, and $7 billion in interest rate derivatives, applying his expertise to meet the various objectives of the portfolios. He began his 24 year career in New York City as an analyst with management responsibilities for $2 billion in tax-exempt money market funds for Oppenheimer Funds.

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