About the Author

Stephen Winterstein

Managing Director & Chief Municipal Fixed Income Strategist

Stephen is responsible for establishing the municipal bond portfolio management and research processes for Wilmington Trust. He also sets municipal bond strategy for the firm’s institutional and individual clients.

Stephen has more than three decades of municipal fixed income portfolio management, trading, and research experience. Prior to joining Wilmington Trust, he was managing director of municipal fixed income with PNC Capital Advisors, LLC in Philadelphia for more than 12 years, where he established and led a team of 15 municipal fixed income professionals dedicated to municipal bond management for high-net-worth individuals and institutional clients.

In both 2014 and 2015, in a ballot distributed to over 1,000 institutional municipal fixed income industry peers, Stephen was elected to SMITH’s Research & Gradings Municipal All-Star Team in the category of Municipal Strategist.  A thought leader in the municipal bond market, he is widely recognized in industry circles for his contribution to areas such as municipal bond indices, evaluations, performance attribution, and risk management. Stephen holds an MBA from Lehigh University and bachelor’s degree in Economics from Millersville University.

By the Author

Municipal Fixed Income Quarterly Market Commentary 1Q 2018

Stephen Winterstein |
Investment Management

In the 1Q 2018 issue of our quarterly publication, we: Explore how variable rate demand notes (VRDNs)—a type of municipal bond—may have the potential to perk up a bland fixed income diet and are an important part of a well-balanced portfolio. Look back on municipal bond market performance and supply/demand in 1Q. Provide a round-up