NMCO - Muni Market Update January 2022: The Sector Corrects

• Munis are giving us a chance to own them again at some compelling discounts relative to long-term valuations.
• Today's valuations are in the bottom 20% of all observed data points going back to 1996. Thus, only 20% of the time have discounts been wider.
• However, when you compared current discounts to those of the last five years, they are about average.
• We think investors can take some gradual steps to owning these at these - IF AND ONLY IF- your time horizon is long-term.
• Our top picks are BTA, EVN, NMCO, LEO, DMB, and MYI.  We would also consider more MMD at slightly wider levels.

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