Episode 375: Taxable Munis: The Original Infrastructure Credit and a Modern Portfolio Ballast

In this episode of the insuranceaum.com podcast, host Stewart Foley, CFA, is joined by Emily Wiener, Chief Investment Officer of the TIAA General Account, and Dan Close, Head of Municipals at Nuveen, to discuss the role taxable municipal bonds can play in resilient, liability-aware insurance portfolios. They examine why municipal bonds remain a vital source of infrastructure financing and how taxable munis can provide high-quality, long-duration exposure.   The conversation explores relative value beyond headline spreads, including credit quality, default and recovery experience, downside protection, supply dynamics, and the importance of specialized research. Emily and Dan also discuss how TIAA uses municipal bonds as portfolio ballast and why experienced market access matters in a diverse and highly specialized asset class.