The RSA Municipal High Yield Group focuses on undervalued credits in the non-rated and below BBB tax-exempt market. We specialize in areas of Health Care (Hospitals and Assisted Living Centers), Charter Schools, Industrial Revenue Bonds and distressed municipal credits. The demise of the credit enhanced (bond insurance) market has created special opportunities for the credit markets. The size and breadth of outstanding bonds and the historic difficulty in harvesting financials and current disclosure have made credit research challenging. We have met this challenge by developing relationships with municipal issuers and experts in this field to access the necessary information to understand overlooked credits. We rely on internal research and deep historical relationships with high yield municipal fund managers, investment advisors, insurance companies and the network of dealers to excavate undervalued and evolving credits.
Our focus is to share with our clients the opportunities we see to deliver high current Tax-Exempt income and higher after-tax total return for their municipal assets.