Franklin Intermediate High Yield Municipal SMA Q1 2026 Commentary
Franklin Templeton·2026-06-26·via All Articles on Seeking Alpha
Summary
In the first quarter of 2026, new issuance of municipal (muni) bonds exceeded the average seen in the past few years.
Municipal bond valuations continue to appear attractive, particularly on a tax-adjusted basis.
The strategy’s tilt toward lower-rated bonds boosted relative results as higher-rated issues tended to underperform during the period.
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Key Takeaways
Markets: In the first quarter of 2026, new issuance of municipal (muni) bonds exceeded the average seen in the past few years. The war in the Middle East which began at the end of February continued throughout
