MacKay Shields' municipal investment arm suggests long-dated state and local debt offers compelling value, particularly bonds maturing in 12 to 22 years. These longer maturities are less favored by separately managed accounts, which typically prefer shorter-term securities, leaving them attractive for flexible, unconstrained managers. While 10-year muni yields are near peak relative value to Treasuries, longer-dated bonds present a cheaper opportunity, with 30-year munis offering 85% and 20-year munis offering 81% of similar Treasury yields.