July 13, 2026 09:00 AM GMT Municipal Strategy | North America More Paths to High Income More choices mean PMs may not get as carried away with credit risk. We favor: levered BBBs > NR, unlevered NR > BBBs, & NR > HY. We'd rather own structural leverage (housing) & structured finance (prepay) over outright credit risk. We prefer restructured PR > Tobacco, and Senior Living > Charters. Key Takeaways During the zero-lower-bound era, muni investors seeking high income had few choices besides traditional high yi ...