These are challenging times to generate a liability-friendly return within a limited risk budget. However, US taxable municipal bonds, ‘munis’, are offering competitive yield and high credit quality. In addition, their low correlation with other asset classes and long duration make them particularly well-suited to insurers. Yields on 10-year AAA and AA taxable munis compare favourably to gilts, even after deducting currency hedging costs. In addition, the muni bond market has a proven track record of low volatility, near zero default rates and offers liquidity and diversity. This mallowstreet University dinner offers the opportunity to learn more about munis from Franklin Templeton’s US-based specialist team, and to discuss the practicalities for UK investors.