Franklin Intermediate Municipal SMA Q3 2025 Commentary

Franklin Templeton 4.62K Follower s Follow 5 Share Save Play ( 4min ) Comments Summary In the third quarter of 2025 (Q3), new issuance of municipal (muni) bonds exceeded the average seen in the past few years. Over the quarter, Franklin Intermediate Municipal SMA Composite outperformed its benchmark, Bloomberg Managed Money Intermediate Index. An overweight to AAA rated muni bonds, along with an underweight to AA rated munis, contributed to results for the period. The muni bond yield curve continues to steepen, with longer-maturity bond valuations cheapening somewhat. Municipal bond valuations continue to appear attractive, particularly on a tax-adjusted basis. peshkov/iStock via Getty Images Key Takeaways Markets: In the third quarter of 2025 (Q3), new issuance of municipal ( MUNI ) bonds exceeded the average seen in the past few years, driven by a 34% year-over-year surge in July issuance. By quarter end, the This article was written by Franklin Templeton 4.62K Follower s Follow Franklin Resources, Inc. [NYSE:BEN] is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With more than 1,300 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and over $1.4 trillion in assets under management as of June 30, 2023. For more information, please visit franklintempleton.com and follow us on LinkedIn, Twitter and Facebook.

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