Baird

Key Takeaways Municipal bonds have long funded the backbone of U.S. economic growth From canals and railroads to highways and utilities, municipal financing has supported the systems that move goods and sustain communities. Infrastructure needs continue to evolve, from physical networks to digital systems Today’s investments include data centers and supporting utilities, showing how municipal financing adapts to new drivers of productivity and growth.

Key Takeaways Spreads Have Re-Tightened A brief macro-driven widening early in 2026 has reversed; competition and thin deal flow reaffirm a borrower's market in both public and private channels. The Redemption Story Is a U.S., Retail One The gating headlines sit with U.S. semi-liquid, retail vehicles. Europe's closed-ended, institutionally funded mid-market is structurally insulated.

John Taft, Baird Vice Chair, recently joined the Scholars of Finance “Investing in Integrity” podcast to discuss the state of the finance industry and where it needs to go next to stay true to its core purpose – addressing real world challenges, needs and opportunities. He also reflects on his own career journey and why stewardship in modern finance has never been more important.

Baird Tech Strategist Ted Mortonson recently joined CFA Society New York’s Compound Insights podcast to discuss the rapidly evolving technology landscape and the investment implications of AI. In the episode, Mortonson shares his perspective on how AI-driven infrastructure spending is reshaping global markets and what it means for the future of technology investing.

STAMFORD, June 1, 2026 – Baird announced today that Jason Modak has joined the firm’s Fixed Income Capital Markets group as Senior Vice President, Agency Mortgage-Backed Securities Trader. In this role, Modak will be based in Stamford and focus on trading a broad range of agency mortgage-backed securities (MBS) products, including pass-throughs, Agency CMBS, CMOs, and TBA securities, helping provide liquidity and strategic execution to institutional clients.

Peter Arment, Baird Senior Research Analyst covering Aerospace & Defense, joined Steve Eisman on The Real Eisman Playbook podcast to discuss the shifting dynamics shaping the defense industry. The conversation explores how the increased investment in defense technology is beginning to disrupt traditional industry players and reshape the competitive landscape.

PITTSBURGH, May 29, 2026 – Baird has named Kim Tillotson Fleming, Vice Chair of Baird, and Craig Tillotson, Managing Director, Family Wealth Advisor with the Tillotson Chamberland Hook Group in Wexford, Pa., the 2026 recipients of the Brenton H. Rupple Citizenship Award, the firm’s highest community service honor.

Baird was honored to receive the United Way Worldwide Leading Corporate Partner award in recognition of our century-old partnership with the United Way. Baird’s founder, Robert W. Baird, helped establish a connection between the firm’s core beliefs and United Way’s mission from the very beginning as a co-founder of Milwaukee’s United Way chapter.

Rich Lee, Head of Program Trading & Execution Strategy at Baird, recently joined the ETF Prime podcast to discuss current trends shaping the ETF landscape. During the conversation, Lee highlighted the role of institutional trading in supporting ETF liquidity and efficiency. He also shared perspective on the continued evolution of market, areas to watch, the growth of active ETFs, and emerging opportunities such as crypto-related products.

ADF Engineering LLC (“ADF Engineering” or the “Company”), a multidisciplinary engineering and consulting firm serving clients across North America, announced a strategic partnership with Heartland Growth Partners (“Heartland”), a private investment firm backed by owner-operators of industrial companies. Baird Business Owner Solutions served as the exclusive financial advisor to ADF Engineering on the transaction.