• “This is an asset class that defies conventional treatment due to the sheer scope and diversity of the sectors that it encompasses. Just like its taxable counterpart, the high-yield municipal asset class deserves recognition as a stand-alone global asset class, with its own internal dynamics, whose investment potential is made more topical by the current state and local government fiscal crisis.”

• “By the summer of 2007, the market was set up for a financial 'perfect storm.’ While the entire municipal market suffered along with every other asset class, the high-yield sector experienced a complete meltdown in liquidity. High-yield spreads gapped out to more than 600 basis points, a new historical wide.”

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