First Eagle Investments-

Quarterly Views from First Eagle Municipal Credit Team: 3Q26

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Munis Meet the Moment As Rates Rise

Head and Chief Investment Officer of Municipal Credit Team John Miller discusses why he believes the Fed's recent rate increase, record municipal issuance and resilient credit fundamentals have coalesced to create a compelling entry point for tax-exempt municipal bonds. He also explains why he is bullish on the long-term outlook and opportunity for municipal debt in the face of heightened uncertainty.

 

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Contacts


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First Eagle Investments is an independent, privately owned investment management firm headquartered in New York with approximately $216 billion in assets under management as of September 30, 2026.* Dedicated to providing prudent stewardship of client assets, the firm focuses on active, fundamental, and benchmark-agnostic investing, with a strong emphasis on downside mitigation. With over 15 years of experience managing assets on behalf of insurers, First Eagle is focused on meeting their unique portfolio and servicing needs through bespoke investment solutions and a dedicated insurance coverage team. The firm’s investment capabilities for the insurance market include alternative credit, fixed income, and global equities.
 

All figures related to assets under management (AUM) are preliminary figures based on management’s estimates and as such are subject to change. Some offerings may not be available in all jurisdictions.

* The total AUM listed above represents the combined AUM and assets under advisement of First Eagle Investment Management, LLC, First Eagle Separate Account Management, LLC, Napier Park Global Capital (US) LP (Napier Park), Napier Park Global Capital Ltd, Napier Park CMV LLC (CMV of Napier Park), First Eagle Alternative Credit LLC (FEAC), and Diamond Hill Capital Management, LLC as of 30-Sep-2026. It includes $2.7 billion in committed/non-fee-paying capital from Napier Park, inclusive of assets managed by CMV, and $0.6 billion in committed/non-fee-paying capital from FEAC. For CLO warehouses, AUM represents maximum commitment (loan par value). As of 5-Sep-2025, Napier Park and FEAC investment activities are unified under Napier Park’s brand and management. Each of FEAC and Napier Park also act in a sub-advisory capacity to a number of First Eagle’s registered funds.
 

Katie Cowan   
Head of Insurance Client Solutions
katie.cowan@firsteagle.com
(310) 893-2440
 

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