On the latest episode of the Debtwire Municipals Muni Lowdown podcast, Managing Editor Paul Greaves and Reporter Kunal Kamal speak with John Miller, Head and Chief Investment Officer of the Municipal Credit Team at First Eagle Investments.

John has had a front-row seat to the municipal market for over three decades. The discussion starts with John by sharing a couple of key principles that have guided him through previous periods of uncertainty in the market.

The discussion segues into the performance of the First Eagle High Yield Municipal Fund since its inception in the January 2024 and YTD 2025.

The conversation shifts to one of First Eagle’s top holdings, Brightline. It has had a complex credit journey, including the deferred interest payment announcement, rating downgrades, but improving performance. Given that backdrop, John provides his current investment thesis for Brightline, as well as highlighting risks and opportunities looking ahead.

The podcast concludes with John discussing investment considerations in the high yield/unrated municipal market.

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